Top Four Small Unsecured Personal Loan Providers

Many individuals require loans at some point, often without the need for a guarantor or collateral. When borrowers lack assets or guarantors, they can opt for small unsecured personal loans, which are approved based solely on creditworthiness. These loans are suitable for those with strong credit ratings and no assets to pledge. Below are four leading providers known for offering such unsecured loans, making borrowing easier for eligible applicants.

Avant

This lender is known for its straightforward process. First, applicants use the online platform to explore available loan options. A soft credit check is performed, which does not impact credit scores. If eligible, applicants can fill out their details—name, address, date of birth, income, and Social Security number—in minutes. Loan amounts range from $2,000 to $35,000, with repayment terms of two to five years. Ideal for those with an average credit score and annual income above $40,000, Avant offers flexible repayment options and late fee forgiveness, rewarding on-time payments.

LendingClub

This platform operates on a peer-to-peer lending model, connecting borrowers directly with individual investors. It provides loans from $1,000 to $40,000, typically funded within 3 to 7 days with a repayment period of three to five years. An origination fee of 1% to 6% applies. The application process starts with a soft credit check, followed by an offer of various loan options with different APRs, terms, and payment plans. Funding depends on investor approval, with loans funded at least 60% by investors.

Prosper

Known for its user-friendly mobile app, Prosper enables borrowers to control and monitor loans easily. The BillGuard app tracks payments, spending, and offers free monthly credit score updates. Since 2006, Prosper has disbursed over $6 billion in loans. Applicants need a minimum credit score of 640, with APRs ranging from 5.99% to 36%. Loan amounts vary from $2,000 to $35,000, with funds typically available within three to five days. Repayment periods are three or five years, with origination fees of 1% to 5%.

LightStream

Designed for borrowers with excellent credit, LightStream offers personalized interest rates based on the loan purpose. They conduct detailed credit and financial assessments. For example, a $10,000 home improvement loan might have monthly payments between $196 and $213 with an APR of 6.54% to 10.04%. For debt consolidation, monthly payments could be between $202 and $219, with an APR of 7.70% to 11.29%. Applicants need a credit score of at least 680 to qualify.