Get a Small Loan Without Damaging Your Credit

August 9, 2021 | Louis Tully

woman got a mall loan

Wondering how to get a small loan without harming your credit score? We have just the advice you're looking for!

What Is a Small Loan?

There is no formal definition of a small loan. However, in the industry, any borrowing amount under $3,000 is typically considered to be one. They are usually personal loans used to cover emergencies, such as:

  • Large or unexpected medical bills
  • Fixing home repairs after a storm or other type of natural disaster
  • Restoring your vehicle after an accident or weather damage
  • Covering essential household bills after you've taken a pay cut

Qualifying for a small loan is often easier because there are fewer dollars on the line. However, you tend to have fewer options when you get a small loan since favorable terms are usually hard to find. That is common because larger financial institutions have decided it doesn't make sense to offer small loans due to the work/return ratio.

Where to Get a Small Loan Without Damaging Your Credit

Despite having fewer options, there are still plenty of places for you to get a small loan — most of which won't damage your credit score.

getting a small loan won't affect credit

Consider these options:

1. P2P Lenders

P2P lender matches you (the borrower) with investors who are willing to quickly lend you the money you need. As with most small loans, the application process is fast and easy to understand.

However, it's worth understanding that some P2P lending platforms do not offer small loans. So, pick the site carefully.

2. Credit Unions

Not all credit unions are built the same. Some offer small loans, and some do not. Some require you to head in-store, others allow you to get the job done from the comfort of your own home. Find one that suits you.

You may even be able to find traditional banks offering small loans. However, this is an infrequent occurrence. Not to mention you often need a near-perfect score to gain approval.

3. Family and Friends

Borrowing money from your loved ones can put undue stress on your relationship. However, it is an option when you're in a tricky situation.

Ensure you write out an agreeable contract that stipulates how and when you'll repay the loan. We've found this to be incredibly beneficial and lessen any adverse effects on your relationship.

4. Pawn and Title Loan Lenders

If you own your vehicle (car, truck, or van), you might be able to use it as collateral and bag yourself a title loan. Lenders use the value of your vehicle to determine how much money you can receive.

It's much easier to get a small loan from a lender like this than a regular bank or credit union. You don't need to have a near-perfect credit score; it's all about the value of your vehicle.

5. Lines of Credit

A line of credit is an option if you'd like a revolving source of cash to dip in and out of whenever necessary. You only ever repay the portion you use, so it's effective if you're unsure exactly how much money you'll spend.

6. Online Payday Loan Lenders

Finally, you can get fast payday loans online with Fast Payday Loans of Kentucky, LLC. You could receive between $100 and $500 to fund your emergency without damaging your credit score.

Our requirements are very simple, and we welcome those with good OR bad credit. We have a team of dedicated, qualified loan experts ready to help you get the money you need as soon as possible.

It all starts with a form. Find out exactly how to get quick payday loans below.

quick payday loan application

How to Get a Small Loan With Fast Payday Loans of Kentucky, LLC

  1. Submit the quick payday loans form with all the necessary details. The form sends your details straight to your nearest Fast Payday Loans of Kentucky, LLC location.
  2. A qualified loan expert from that location will get in touch to discuss the requirements and answer any questions.
  3. Take the necessary documents to that store location:
    • Your driver's license or a different kind of identification issued by the government
    • Your most recent paystub
    • A blank check from a checking account open in your name
  4. One of our friendly loan specialists will establish the amount of cash you qualify for by looking at your documents.
  5. Once that is complete, they will walk you through the end of the process, answering any additional questions along the way.
  6. After that, you will be all set to get your money. Depending on the type of bank you have and how early in the day you apply, you can get your cash the same day. With some banks, delays can apply.

Obtain Quick Payday Loans with Us Today

You can get a small loan with Fast Payday Loans of Kentucky, LLC. today. The money you need is just a simple form and phone call away. Call us at 800-514-2274 or submit a short request form for quick payday loans on our website to get started!