Mayflower Funding features personal, business loans - no collateral

Small Personal Loans for your Personal Funding Needs

Small personal loans can be made in almost any amount from a few hundred dollars to $50,000 or more. Small personal loans, under $2000, are generally made only by specialty lenders who do "Payday Loans". Often the effective interest rates for a very small personal loan can be quite high.

Above $2000 the financing can often be obtained from a bank or other 'mainstream' lender, and the rates will be much lower than those of the small-amount lender. So, if you can qualify for a $5,000 small personal loan from a bank your monthly payments may actually be less than those on a $2,000 from the "Payday Loan" type of lender.

Small personal loans can be used for any purpose - education, vacation, medical, etc. In some cases it can be advantageous to use a small personal loan to consolidate payments to other lenders.

The term "Personal Loan" usually refers to an unsecured loan for personal funding - that is, a loan that is not secured by some type of collateral. With an auto loan, for example, the vehicle is "collateral" for the loan, so the loan is "secured" by the vehicle. With an unsecured small personal loan there is no collateral, and the loan is guaranteed by the borrower's signature - nothing more. Therefore the lenders view the "Personal Loan" as higher risk than a "secured" or "collateralized" loan, and will charge a higher interest rate. Interest rates for the small personal loan vary from person to person. Some borrowers prefer a fixed interest rate and others opt for variable interest rates.

Repayment terms for Personal Loans over $5,000 are generally 36 to 72 months, with the average being 4 years or less. The very small personal loans of a few hundred dollars usually must be repaid in a few months.

Small personal loans can also be used as a small business startup loan. If your business is a start up and can’t get a loan on its own, then a small personal loan can be used in place of a small business startup loan. Instead of filling out the small business loan application, take out a small personal loan and use it for your business.



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