If you need to borrow a small amount of money to consolidate debt, pay a medical bill or cover an emergency expense, you may be considering a small personal loan. Smaller loans aren’t likely to earn as much interest for the lender, so not every lender offers them.

But many lenders offer personal loans for amounts of $5,000 or less. Here’s how small personal loans work and where to find them.

If you’re looking for a small loan, Credible makes it easy to see your prequalified personal loan rates from various lenders, all in one place.

A small personal loan is generally considered to be a loan in the amount of $5,000 or less. You can use the funds from a small loan for nearly any expense, including debt consolidation, car repairs, medical bills, or a vacation.

Small personal loans are installment loans. You’ll receive the funds in a lump sum, then you’ll make fixed monthly payments (including interest) toward the balance over a set period of time.

In most cases, small personal loans are unsecured, so they don’t require you to provide an asset as collateral. If you have bad credit you may be able to qualify for a secured loan, which would require collateral, such as your car or a savings account.

If you have little or no credit history, or your score isn’t where you’d like it to be, it may be more challenging to qualify for a small personal loan. Many lenders work with bad credit borrowers, but you’ll pay a higher interest rate to borrow money than someone with good credit.

You can find small personal loans from banks, credit unions and online lenders.

When money is tight, it’s tempting to take advantage of any loan offer you receive. But you should avoid these types of small loans if possible:

If you’re looking for a small personal loan, these 10 Credible partner lenders are a good place to start:

Visit Credible to compare personal loan rates from various lenders, without affecting your credit score.

Small personal loans have advantages and disadvantages to consider before you apply.  

Once you’ve decided you’re ready to apply for a personal loan, follow these five steps:

If you’re ready to apply for a small loan, Credible lets you quickly and easily compare personal loan rates to find one that suits your needs.

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Whether you need to consolidate credit card debt, remodel your bathroom or cover another large expense, a personal loan might be a good choice. If you decide to take out a loan — such as a $10,000 personal loan — be sure to carefully consider your lender options to find a loan that best suits your needs.

Here’s what you should know before getting a $10,000 personal loan:

Here are a few types of lenders that offer $10,000 personal loans:

An online lender is one of the most convenient options when it comes to getting a personal loan. These types of lenders provide both large and small personal loans and often provide competitive rates to borrowers who qualify. 

The time to fund for online loans is usually one week or less — though some lenders will fund loans as soon as the same or next business day after approval. This could make online lenders one of the best options if you need a fast personal loan.

Before taking out a personal loan, make sure to consider as many lenders as you can to find the right loan for you. You can compare your prequalified rates from Credible’s partner lenders in the table below in just two minutes.

You can also get a $10,000 personal loan through a traditional bank, which may have an online presence, local brick-and-mortar branches, or both. 

Banks can be a good option if you prefer applying for a loan in-person. Though you might also have the option to apply online, visiting your local branch allows you to ask questions face-to-face and even get personalized underwriting for your unique financial situation.

If you already have an account with a specific bank, you might find it easier to take out a loan or even qualify for a rate discount. You may also be able to link your existing accounts to your new loan to facilitate automatic payments.

Credit unions are similar to banks in that they may have both brick-and-mortar branch locations and an online presence, making it easy to apply in-person or from your computer. The difference is that credit unions typically require membership, so you’ll need to apply and join the credit union before you can take out a new loan.

Memberships may be limited to specific groups of individuals or based on location. In some cases, though, a credit union may open membership to anyone. Because credit unions are not-for-profit organizations, they sometimes offer better rates and terms than banks or online lenders. Once you’re a member, you can apply for personal loans and other financial products. 

Your credit score is a major factor when it comes to qualifying for a personal loan. It also impacts the interest rates you might get. Generally, borrowers with good credit — usually a score of 670 or higher — will qualify for lower interest rates compared to borrowers with bad credit.

To get approved for a $10,000 personal loan, you’ll typically need a credit score of 620 or higher — though keep in mind that some lenders are willing to work with borrowers who have scores lower than this. If you have poor credit and can wait to get a personal loan, it might be a good idea to work on building your credit so you can qualify for better rates in the future.

In addition to your credit score, lenders will consider other personal and financial factors when reviewing your application. These include your income, your debt-to-income ratio (DTI), and whether or not you’re applying with a co-borrower. Depending on these factors — and the loan terms you’re requesting — the actual credit score requirement may vary.

How much you’ll pay each month on a $10,000 loan depends on two important factors: the interest rate you qualify for and the repayment term you choose.

For example, a $10,000 personal loan at an 8.5% APR would have a $124 monthly payment over a 10-year term. For the same loan over a five-year term, your monthly payment would jump to $205. If that $10,000 loan was instead offered at a 12% APR, your monthly payment obligation would shift to $143 over 10 years or $222 over five years.

The better your credit score, the lower the interest rate you’ll typically snag, which will have a major impact on how much you’ll pay for a $10,000 loan.

Once you’re ready to get a personal loan, spend some time comparing as many lenders as possible to find the right loan for you. You can do this easily with Credible — after filling out a single form, you can see your prequalified rates from each of Credible’s vetted partner lenders.

You can also check out Credible’s personal loan calculator to see how much your loan will cost you each month, what loan term you should choose, and how much you’ll pay in interest over the course of your loan.

It’s important to shop around and compare multiple lenders when looking for the right personal loan. Doing so will help you find a loan with the terms that fit your budget, for the lowest possible cost. 

When comparing lenders, here are the factors you’ll want to consider:

Before taking out a personal loan, remember to consider as many lenders as you can. This way, you can find a loan that works for you. Credible makes this easy — you can compare your prequalified rates from multiple lenders that offer $10,000 personal loans in two minutes.

If you’re ready to get a $10,000 personal loan, follow these three steps:

Here are some answers to a few commonly asked questions regarding personal loans:

You can use a personal loan for pretty much any purpose. The money can be used to take a vacation, refinance student loans, consolidate credit card debt, cover big home renovation projects, make large purchases and much more.

Yes, several lenders offer $10,000 personal loans to borrowers with bad credit. However, keep in mind that personal loans for bad credit typically come with higher interest rates compared to good credit loans.

If you’re struggling to get approved, another option is applying with a cosigner. Not all lenders allow cosigners on personal loans, but some do. Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.  

How fast you can get a personal loan depends on the type of lender you use. Here are the typical funding times to expect:

Online lenders are usually the quickest option — many offer approval decisions within minutes, which can help speed up the loan funding time. Some online lenders even offer next-day or same-day loans if you’re approved. 

When shopping for a personal loan, you’ll usually be presented with the loan’s annual percentage rate, or APR. This percentage represents your total annual cost for that loan, including charges such as interest and fees. Your interest rate, on the other hand, only represents the cost of borrowing that money, or the interest you’ll pay to your lender. 

In many cases, an APR will be higher than an interest rate. But if your loan has no additional fees, these two numbers may be the same.

If you’re ready to shop for a personal loan, remember to compare as many lenders as you can to find the right loan for you. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.

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Lawmakers in multiple states are considering the prohibition of specific food additives following California’s ban on four dangerous chemicals in food. 

Last fall, Gov. Gavin Newsom signed a bill into law that prohibits the manufacture, sale and distribution of food products that contain brominated vegetable oil, potassium bromate, propylparaben, or red dye 3, all of which have been linked to things like hyperactivity and neurobehavioral effects in children, digestive tract problems and an increased cancer risk, according to Consumer Reports. 

The law will go into effect in January 2027. Any violations of the California Food Safety Act will result in a civil penalty.

CALIFORNIA BILL WOULD BAN ‘TOXIC’ CHEMICALS FOUND IN SKITTLES, PEZ, OTHER POPULAR CANDIES

States like New York, New Jersey, Pennsylvania, Illinois and Missouri are looking to follow suit. 

There is a bill in the New York Senate, that would, if passed, “prohibit the use of certain substances as food additives or color additives in the manufacture and commercial distribution of food products.” 

Like California, this bill includes brominated vegetable oil, potassium bromate, propylparaben, red dye 3 and titanium dioxide. 

A bill being considered in Pennsylvania would also prohibit the use of potassium bromate, brominated vegetable oil and butylated hydroxyanisole. Meanwhile, another bill being proposed in the state would prohibit the use of red dye 3, red dye 40, yellow dye 5, yellow dye 6, blue dye 1 and blue dye 2. 

OVER 3K POUNDS OF MEAT RECALLED OVER POSSIBLE E. COLI CONTAMINIATION

A bill introduced in Illinois last November would also prohibit the manufacturing, distribution and sale of food and beverages that have brominated vegetable oil, potassium bromate, propylparaben and red dye 3. If passed, this bill would go into effect in January 2027.

Similarly, a bill was proposed in Missouri that would ban the manufacturing, distribution and sale of food and beverages containing the food additives brominated vegetable oil, potassium bromate, propylparaben and red dye 3. It would also take effect in January 2027 if passed. 

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In November 2023, the Food and Drug Administration proposed to revoke the regulation authorizing the use of brominated vegetable oil in food after conducting studies “that clearly show adverse health effects in animals in levels more closely approximating real-world exposure.”

The FDA said in a statement that it “can no longer conclude that this use of BVO in food is safe.” 

Abbott, which owns the PediaSure brand, told FOX Business that it “previously committed to remove Red 3 from all PediaSure products in 2024” and that it is “on track to meet that goal by this summer.”

Red dye No. 3

Otherwise known as erythrosine, red dye No. 3 is made from petroleum and gives foods and drinks a bright cherry-red color, according to the FDA. 

The FDA in 1990 denied a petition to authorize use of red No. 3 in cosmetics and topical drugs because of data demonstrating that it is associated with animal carcinogenicity.

It can be used in baked goods, candies, frostings, icings, cereals and beverages, according to the University of Rhode Island. 

BVO, a vegetable oil that is modified with bromine, is authorized to be used in small amounts as a stabilizer for fruit flavoring in beverages to keep the citrus flavoring from floating to the top, the FDA said. The agency said that many beverage makers have reformulated their products to replace BVO with an alternative ingredient. 

Potassium bromate is an oxidizing agent used as a food additive, mainly in the bread-making process, according to the National Institutes of Health.  

Titanium dioxide is a synthetically produced white pigment that is used in a variety of FDA-regulated foods, such as bakery products and candy. 

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