Those who need a personal loan do not always need large amounts. For this reason, banks and financial institutions offer the possibility of accessing small personal loans , similar to standard loans in terms of product characteristics, but with a lower amount.

What are small personal loans

As anticipated the small personal loans are personal loans in all respects, whose main feature is to have a reduced amount compared to the most common loans. The amounts that can be financed vary depending on the bank or the chosen financial institution; in principle the small loans do not exceed the figure of 1000 euros , although in some cases figures up to 3,000 euros can be requested. Some institutions that provide credit allow access to specific products dedicated to small personal loans under € 500, designed for those who need to face an expense but do not want to take on too large installments.

Features of small loans

In addition to the reduced amount, that is, which characterizes the small loans is the repayment period and consequently the number of installments . This varies according to the specific product, but usually the maximum time that can be subscribed is no more than 36 months . In any case, the available timelines allow a good balance between the amount paid and the amount of the installments, which are usually quite small.

The interest rates applied to small loans are usually very similar to those typical of a standard personal loan. However, in some cases, such as for small personal loans without collateral , the rates applied may be higher, due to the greater risk associated with the loan for the issuer. A guarantee is also required for a small loan; however, it is worth pointing out that, given the low amount of the figures provided, the constraints are usually less stringent than those of large personal loans.

How to request a small loan

The request for a small personal loan is very similar to what is necessary to obtain a larger loan. First of all, the presentation of personal documents (identity card, tax code and residence permit for foreign citizens), a document attesting the income , such as a pension slip, a pay slip or the latest income tax return is required and a copy of the payment receipt of a user , such as a telephone, gas and light bill. The latter is necessary to demonstrate the place of actual residence of the applicant.

Once the required documents are obtained, the financial company evaluates the practice according to the parameters used for the other loans, which include the indebtedness of the subject and the profile that emerges from the databases. Notification of acceptance or rejection of the practice for small personal loans is usually very brevi.Nel time if the loan disbursement is urgent, it is recommended to contact the provider of small personal loans online, as usually this channel allows a greater speed both in the presentation of the application and in the elaboration of the same. To find the best personal loans of small amount you can use an online comparator , a tool that in a few minutes allows you to compare the offers of more financial, without the need to enter multiple times the required data.