When it comes to finding the perfect loan that meets your needs, the process can be a lot of work. However, avoid the hassles of heading to multiple lenders by using an affordable small-dollar loan comparison service like LendingTree.com
What is a small-dollar loan?
A small-dollar loan is a personal loan that does not require credit scores and can be used for any purpose, even your rent. Credit unions are the best option for many people because they offer great rates, flexible terms, and plenty of other benefits if you’re using them as your financial institution of choice.
A small-dollar loan is a small, unsecured loan up to $2,000 that can be given with very little documentation. Small-dollar loans are popular among people who don’t have a credit history and want to borrow money for big purchases, such as buying a home or starting a business.
Getting your loan for $1,000.00 or less
You can get small-dollar loans from organizations like Kiva, Prosper and Lending Club. If you are unable to qualify for a standard loan below $100,000.00, you can still take advantage of these programs for lower amounts. These organizations typically provide loans with one month’s repayment on principal and no interest – meaning that their borrowers are not charged interest by the lenders.
Small-dollar loans are available to all borrowers with monthly incomes of $1,000.00 or less. The installment loan interest rate is capped at 36%. You can borrow up to $2,000.00 for a 3-month term and as long as you repay the loan on time, you’ll be eligible for an extension until the end of your term.
Compare lenders and see their rates
Personal loans can help you make the purchases that you need without having to worry about taking out a loan from a bank or other financial institution. The lenders that are available tend to be small and have flexible terms, so there is no reason not to look into them. We’ve compiled a list of different personal loan providers for you to compare rates, term lengths, and more.
When you’re shopping for a loan, it can be tough to know which company is worth your time. The best thing to do is compare lenders and find the one that’s offering you the best rates. There are many different factors that go into a loan, so make sure to find the ones with the lowest rates before heading over to get one.