What is the minimum amount I can borrow with a personal loan?

Minimums by lender type: Online lenders: LightStream ($5,000 minimum), SoFi ($5,000 minimum), Marcus by Goldman Sachs ($3,500 minimum), Discover ($2,500 minimum), Avant ($2,000 minimum), Upgrade ($1,000 minimum), LendingClub ($1,000 minimum), Upstart ($1,000 minimum). Credit unions: Many have lower minimums. Alliant CU: $1,000. Navy Federal: $250 minimum. Pentagon Federal: $600 minimum. Regional credit unions: often $500-$1,000. Banks: Traditional banks often have $1,000-$2,000 minimums. OneMain Financial: $1,500 minimum with physical branches.

Why minimums exist: The cost of originating, underwriting, and servicing a loan is largely fixed - it costs roughly the same amount to process a $500 loan as a $5,000 loan. Origination fees on small loans may not cover costs. Most lenders structure minimums to ensure profitability.

Alternatives for sub-$1,000 needs: Credit card: if you have a credit card with available credit, using it for an urgent $300-$800 expense and paying it off in 1-2 billing cycles is cheaper than a personal loan. Cash advance apps (Dave, Earnin, Brigit): $20-$750 at low or no cost for short-term needs. Savings-secured loans at credit unions: some offer very small loans ($200-$500) secured by savings. Credit-builder loans: designed to help build credit, often $500-$2,000 with low rates.

Is a small personal loan ever the right choice? Yes, when: you need $1,000-$2,000 for a specific purpose over 12-24 months, you do not have a credit card, and a credit union small loan is unavailable. The rate on a $2,000 personal loan at 15% APR over 24 months is $240 in interest - manageable for the right purpose.