A loan is required by most of us at some point in our lives. Most loans will require you to have a guarantor, who would act as a supporter of your claim and the ability to pay back the loan amount. In some cases, you can work without a guarantor, but then you might have to give the bank or the loan providers a mortgage or property that they can seize if there is an inconsistency in paying the loan. There are a few cases where none of the abovementioned scenarios are applicable for a borrower. If an individual does not have a guarantor or any assets to mortgage, then they can opt for a small unsecured personal loan.

Avant
The most appealing quality of this loan provider is the simplicity of their process. Once you choose this service, you will have to start by checking the loan options available to you through the Avant online tool. Once this is complete, the tool will perform a soft credit check that does not hold the capacity to harm your credit rating; it is only a simple check.

LendingClub
The LendingClub stands out due to its peer-to-peer lending model. This service will not make you deal with a bank or financial institution and neither does it rely on the traditional lending model. Instead, it will connect you to individual investors that will fund your loan. LendingClub is among the pioneers of small unsecured loan providers online, which increases their credibility and reliability. The loan amount for applications is between $1,000-$40,000, the amount is usually received within three to seven days, and the repayment period is between three and five years. This loan provider will charge an origination fee of 1% to 6% on the loan amount. As for the application process, you will face a soft credit check before you can submit the preliminary application form. Once the check is complete and you are eligible, the small unsecured personal loan provider will offer a set of different loans with a varying APR, terms and monthly payments. LendingClub will list a variety of loan options on the website for the investors to view. The loan will only be approved once the investor agrees to fund at least 60% of your loan. Once the funding comes in, the loan provider will perform income and identity verification.

Prosper
If you are one who wishes to exercise the utmost control over your loan and have all the details on a mobile app, Prosper would be ideal for you. The BillGuard app by the company will allow you to track your loan payments and spending habits as well as give you a monthly credit score monitoring without any extra costs. Furthermore, they also have a great track record. Since their inception in 2006, they have provided over $6 billion in loans. If you are looking to get a loan from Prosper, you will require a minimum credit score of 640. Their ARPs range from 5.99% to 36%, while they offer loan amounts of $2,000-$35,000. The usual time for the money to come in is three to five days and the repayment time is three or five years. An origination fee between 1% and 5% on the entire loan amount is charged by the small unsecured personal loan provider.

LightStream
If you have a great credit rating, only then should you venture toward this small unsecured personal loan provider. LightStream will do a thorough background check of your finances and credit rating as well as research about the actual reasons for your loans. The interest rates are tweaked according to the reason for your small unsecured personal loan application. For example, if you take a loan of $10,000 and the reason is home improvement, the monthly payments will be between $196-$213 and the APR will be between 6.54% and 10.04%. If the same loan amount is requested for a debt consolidation, then the monthly payment will be between $202-$219 and the APR would be 7.70%-11.29%. To be considered for a personal loan approval from LightStream, you need to have a credit score of 680 and above.