When it comes to getting a small personal loan, you have options. Banks, credit unions, payday lenders, and online lenders are the main types of lenders you'll come across.
Traditional financial institutions may offer lower interest rates for small personal loans, but they often have a more extensive application process. This could disqualify anyone with less-than-perfect credit.
On the other hand, payday loan providers and online lenders often specialize in small personal loans for bad credit. They understand that your credit history is not the only factor that determines your creditworthiness. By considering other factors such as your income, employment history, and overall financial situation, online lenders can often provide loans to applicants with bad credit.
Online lenders also have a more streamlined application process. You can usually complete the entire process online from the comfort of your own home. This makes it convenient and accessible for anyone in need of a small personal loan.