What Are Small Personal Loans?
Small personal loans are short-term, unsecured loans that normally range from $100 to $5,000. You repay them over a few weeks or months, depending on the loan type. Because the amounts are modest and no collateral is required, the approval process is faster than with traditional bank loans. Most borrowers complete an online form and receive a decision in minutes.
At 24CashFast, we streamline this process by connecting you with multiple lenders through a one easy application, saving you time and increasing your chances of approval, even with less-than-perfect credit.
Basic Eligibility Requirements
You do not need perfect credit, but you must meet several minimum standards most lenders share:
- Be at least 18 years old and a U.S. resident or citizen
- Have a verifiable, recurring income (job, benefits, or self-employment)
- Maintain an active checking account for electronic deposits and payments
- Provide a valid phone number and email address
- Present government-issued photo ID and proof of current address, if requested
Types of Small Personal Loans.
Payday Loans
A payday loan is a single-payment advance designed to carry you until your next paycheck. You write a post-dated check or authorize an automatic debit for the principal plus finance charge. The lender then deposits that payment on the due date.
Terms and conditions are simple: you borrow a flat amount and repay it in one lump sum. Many states cap payday loans at $500 or $1,000 and restrict fees. However, effective APRs can exceed 400% because the fee covers a very short time.
Cost example: Borrow $400 for 14 days at a $15 fee per $100 borrowed. Total fee = $60. You repay $460 on day 14. The APR is roughly 391%. Eligibility focuses on stable income and an active bank account. Bad credit doesn’t automatically mean denial.
Installment Loans
Installment loans break the balance into equal monthly payments, making them easier to budget than payday loans. The lender may weigh your credit score, but many approve scores as low as 580 if your income supports the payments. Typical terms run three to twenty-four months. APRs are lower than payday loans, especially for borrowers with stronger credit.
Cost example: Borrow $2,000 for 12 months at 32% APR. Your monthly payment is about $189. Total repayment is $2,268, so finance charges equal $268. Lenders require proof of income and may request access to your bank account for automatic withdrawals.
|
Loan Type |
Typical Amount |
Repayment Period |
Average APR* |
|
Payday Loan |
$100 – $1,000 |
On your next payday (7–31 days) |
200% – 650% |
|
Installment Loan |
$500 – $5,000 |
3 – 24 months |
19% – 36% (prime credit) 60% – 180% (sub-prime) |
*APR ranges vary by state law, lender, and borrower profile.
From Application to Deposit: The 24CashFast Process
The exact process with 24CashFast is simple:
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Complete our online application with your personal, employment, and banking details.
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We instantly send your information to multiple lenders who review your credit and income. Many use a soft credit pull that doesn't affect your FICO score.
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Within minutes, we display all loan offers you qualify for, showing each one's Annual Percentage Rate (APR), fees, payment schedule, and total repayment amount.
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You compare options and select the best one for your needs. After signing the electronic agreement with your chosen lender, funds are usually deposited into your bank account as soon as the same business day or the next day.
With 24CashFast, you only need to complete these steps once instead of applying to multiple lenders separately, saving you valuable time and effort.
Ready to Start?
You can complete the secure application in about five minutes. Have your Social Security number, income details, and bank routing number handy. Click “Get Started” on 24CashFast and see your potential loan options today.