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How (and where) to get a $950 personal loan

Written by: David Heiling

Updated:

4 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.

If unexpected expenses are putting pressure on your finances, a loan could provide some relief. 

But it’s important to know that small loans can come with expensive terms (and sometimes cost you more in interest than the amount you borrow).  Some of these loans can be called payday loans. To find the best option for your situation, compare loan terms and shop around. 

We’ll guide you through potential lending options and how to apply, as well as suggest alternatives to consider before you decide which small loan may be right for you.

The best $950 personal loans

Sezzle

Sezzle might make sense if you’d like to buy something today and pay for it later, over four interest-free installments. As long as you make your payment on time, you won’t have to worry about any fees. But you’ll need to come up with a 25% down payment and then three payments of 25% every two weeks for 6 weeks to pay 0% in interest.

Rise

Rise Credit might be worth considering if you have fair or bad credit and want a personal loan without origination fees or prepayment penalties. Since it reports to the major credit bureaus, it can help you improve your credit. But interest rates can reach well into triple digits.

PenFed Credit Union

PenFed Credit Union is worth considering if you have good credit and need a small personal loan. You don’t need to be a member to apply, but the credit union charges late fees and returned payment fees.

How can I get a $950 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.

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

Depending on your situation, there are some small loan alternatives that you may also want to consider.

  • Payday alternative loans from credit unions: These are small, affordable loans provided by certain federal credit unions as an alternative to traditional payday loans. Check if a local credit union offers them.
  • Medical repayment plans/forgiveness: If you find yourself faced with unexpected medical bills, consider discussing repayment options with your hospital. Low-income or underinsured individuals may get access to financial assistance.
  • Charitable grants or utility payment plans: You may be eligible for an emergency assistance grant or loan based on your financial situation. Exploring your area’s offerings could be worthwhile to see what support is available.

FAQs about $950 loans

What is the total cost of a $950 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.

Will a $950 loan affect my credit?

Many financial institutions that offer traditional personal loans for small amounts require a hard pull of your credit before approving you for a loan, which can temporarily drop your credit score. However, a personal loan can build credit, especially if your lender reports to the credit bureaus and you make your payments on time. Other lenders like buy now pay later, payday lenders, or payday apps may not require a hard credit check.

Can I get a $950 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.