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How (And Where) To Get A $50 Personal Loan

Written by: David Heiling

Updated:

3 min read
This date may not reflect recent changes in individual terms.

Editorial Note: Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse our editorial content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

A loan may help if unexpected expenses are squeezing your budget.

But keep in mind that these types of loans can often come with expensive terms, sometimes even costing more in interest than the principal amount you borrow. Some of these loans can be called payday loans. It’s important to shop around and compare loan terms.

We’ll recommend some lenders to consider and things to think about before you apply, as well as alternatives before you take out a small loan.

Average monthly payments for a $50 unsecured loan by loan duration and credit score range

Brigit

The Brigit app is worth considering if you want a small cash advance with no interest on their Instant Cash feature. There’s no credit check, but you’ll need what’s called a “Brigit score” to qualify. Brigit will assess your score based on factors like your bank account activity and spending habits. While there’s no interest on the Instant Cash feature, the company charges a monthly membership fee to access its loan option. Brigit’s Instant Cash is not available in all states.

Klarna

The Klarna app can be a good choice if you’d like to use a buy-now, pay-later app for an online or in-store purchase and pay it off in installments over time. But there’s no guarantee your purchase will be approved, and you can be charged late fees if you don’t make a payment when it’s due.

Possible Finance

Possible Finance touts its loans as an alternative to payday loans. Even if you have bad credit, you may get approved. But these small-dollar loans aren’t available in most states, and where they are available, borrowing will cost you 10%–25% of the loan amount.

How can I get a $50 loan fast?

There are ways to get fast funding for small loans, but be sure to consider the loan terms, interest rates and other fees associated with the loan before moving forward. Many traditional personal loan lenders don’t offer small loans less than $1,000, but some online lenders, credit unions, loan apps and payday lenders do.

Here are some popular types of small loans you may encounter.

Small online loans

Small online loans may provide fast funding and accept people with lower credit scores, but they may also come with very high maximum interest rates that can harm financial wellness.

You can apply to prequalify with some online lenders with a soft credit inquiry, which allows you to compare rates and terms without affecting your credit scores. If you choose to move forward with a loan option, however, lenders will often perform a hard credit inquiry for final approval.

Buy-now, pay-later

Buy now, pay later apps (BNPL) can help you make purchases and spread the cost across several interest-free payments, often without a credit check. 

With BNPL plans, you may be able to sign up and make an eligible purchase on the same day. These apps may be a good option if you need to make an urgent purchase but need a little more time to pay it off. Be aware that some BNPL apps charge late fees if you’re unable to pay on time. 

And remember, you’ll need to have a purchase that qualifies for a buy-now, pay-later loan to use this option. 

Payday advance apps

Payday advance apps may let you tap into a portion of your upcoming paycheck, often without a credit check. This money can help cover everyday expenses like utilities and groceries until payday.

Many payday advance apps verify regular deposits into your bank account before offering you access to funds. If you haven’t used a payday advance app before, verifying income can take a few days and might not be the best option for same-day needs. 

Many payday advance apps are interest-free but be aware there may be fees involved. Some payday advance apps require a monthly membership fee, and there may be an additional fee for quick access to money. Some payday advance apps also suggest giving a tip, which can increase the total cost of the loan. 

Payday loans

If you have a financial emergency, a payday loan may give you fast access to funds for short-term needs without affecting your credit scores. But you may end up paying a hefty price for the convenience — payday loans often come with extremely high fees that equate to annual percentage rates (APRs) of up to 400%.

Payday lenders typically offer small loans of $500 or less and require you to repay the loan by your next payday. And although some payday lenders advertise same-day funding, when you actually get access to cash varies by lender.

Small loan alternatives

  • Medical repayment plans/forgiveness: If you’re hit with unexpected medical bills, discussing repayment plans with the hospital that provided care is a good idea. Additionally, low-income or underinsured patients may qualify for other payment arrangements or financial help. 
  • Payday alternative loans from credit unions: Payday alternative loans are available from some federal credit unions. These loans are designed as a cost-effective alternative to expensive payday loans. 
  • Charitable grants or utility payment plans: Your current financial situation may make you a candidate for an assistance grant or loan. Hardship grants and specialized financial support programs may be available in your area to help residents facing financial challenges. Taking the time to research the financial assistance options in your area is a good idea.

FAQs about $50 loans

 Can I get an $50 loan with bad credit? 

Yes, getting a small loan is usually possible even if you have bad credit. Lenders willing to loan small amounts to individuals with poor credit scores typically charge higher interest rates because they perceive these loans as higher risk. Other options to consider include payday alternative loans, buy now, pay later apps and payday advance apps.

What is the total cost of an $50 loan? 

The cost of a loan depends on a few factors, including the interest rate, loan term and any fees assessed by the lender. Consider using a loan calculator to calculate monthly payments and total interest paid over the life of the loan. 

Can I get an $50 loan without a job? 

You may be able to get a small loan without a job, but lenders may still require proof of income. If you have regular income unrelated to a job, you can often include that in your application. Another option to consider is a secured loan. Secured loans are attached to an asset, like a house or a car, which allows the lender to take control of that asset if you’re unable to pay back your loan.

*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the personal loan, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.