The easiest loans to get approved for are payday loans, pawnshop loans, car title loans, and personal loans with no credit check. These types of loans offer quick funding and have minimal requirements, so they’re available to people with bad credit. They’re also very expensive in most cases.
Below, you can compare some of the easiest loans to get approved for right now.
Easy Personal Loans to Get Approved For
- Best for Medical Bills: 60MonthLoans - (19% - 35.83% APR)
- Best for Fast Loan Funding: Avant - (9.95% - 35.99%APR)
- Best for Bad Credit: OppLoans - (160% - 179% APR)
- Best for a Low APR: Upstart - (4.6% - 35.99%APR)
- Best for Small Loan Amounts: Oportun (10.07% - 35.95%APR)
Apersonal loanfromOppLoans is one of the easiest loans you can get approved for because there’s no credit check when you apply. All you’ll need is to be at least 18 years old, have U.S. citizenship or permanent residency, and have enough income to make your payments each month. Integra Credit and 60MonthLoans are two similar options.
Among lenders that do a credit check, the easiest loans to get approved for are from LendingPoint. This online lender requires a credit score of 620 or higher for approval. LendingPoint loans also range from $2,000 - $36,500, require repayment in 24 - 72 months, and have an APR range of 7.99% - 35.99%.
Types of Loans That Are Easy to Get
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Payday Loan
A payday loan is a small, short-term loan that you pay back with your next paycheck. Because payday loan lenders don't check your credit, these loans are usually easy to get, but payday loans are incredibly expensive compared to normal personal loans, so they are not worth pursuing except as a last resort.
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Car Title Loans
Car title loans usually allow you to borrow anywhere from 25% to 50% of the value of your vehicle in exchange for the car’s title, which serves as collateral for the loan. This type of loan typically comes with a monthly finance fee of 25% and a short payoff term of 15-30 days, so be cautious.
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Pawnshop Loans
A pawnshop will evaluate a personal item that you bring in as collateral and loan you a percentage of its value. Pawnshop loans offer instant cash but can sell your property if you fail to repay the loan.
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No Credit Check Loans
A no credit check loan is the easiest type of loan to get approved for, though it isn't necessarily the best choice for everyone. No credit check loans are usually quite a bit more expensive than loans from lenders that check your credit.
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Unsecured Personal Loans
Many unsecured personal loans may be easy for people with bad credit to get approved for since they typically have a credit score requirement of 580 or higher. However, these loans are risky for lenders to offer since you do not have to put up collateral.
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Secured Personal Loan
The reason secured personal loans are easy to get approved for is that you will have to put up collateral that the lender can keep if you don't pay the loan back. This minimizes the lender's risk, so the approval criteria are relatively easy to meet.
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Loan From a Friend or Family Member
You might find it easy to get a loan from a friend or family member, as they are less likely to be concerned with your credit.
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Emergency Loans
Emergency loans are personal loans that you can get within a few business days to pay for unexpected expenses such as hospital bills, auto repairs or fixing storm damage. They can offer up to $100,000 in funding, low minimum APRs and long repayment periods.
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Hardship Loans from Local Government
All states offer hardship or disaster loans, whether it’s to help pay rent or to keep a small business afloat. These loans typically have eligibility requirements that are different from state to state.
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Hardship Distribution from Your 401(k)
You can withdraw money from your 401(k) because of an important, immediate financial need. However, you cannot take out more than necessary to satisfy the need and you cannot repay the withdrawal.
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401(k) Loan
A 401(k) loan lets you borrow money from your retirement account. You will need to repay the loan, along with interest, within 5 years of taking it out, or else there are taxes and penalties, in most cases.
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Paycheck Advance
A paycheck advance is a way to get a portion of your next paycheck from your employer earlier than scheduled. Not all employers offer this service, though.
This answer was first published on 11/17/22 and it was last updated on 12/01/23. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
I am an experienced financial expert with a deep understanding of various loan products and personal finance. I have actively followed and analyzed the financial industry, staying up-to-date with the latest trends and developments. My expertise is demonstrated through extensive research, hands-on experience, and a thorough understanding of the concepts involved in the lending landscape.
Now, let's delve into the information provided in the article:
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Payday Loans:
- Small, short-term loans repaid with the next paycheck.
- No credit check, making them easy to obtain.
- Expensive with high-interest rates, advisable only as a last resort.
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Car Title Loans:
- Borrow a percentage of the vehicle's value using the car title as collateral.
- Monthly finance fee and short payoff term, typically 15-30 days.
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Pawnshop Loans:
- Collateral-based loans where a personal item determines the loan amount.
- Instant cash available, but the risk of losing the item if the loan isn't repaid.
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No Credit Check Loans:
- Easiest to get approved for but often more expensive than credit-checked loans.
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Unsecured Personal Loans:
- Available for people with bad credit (usually a credit score of 580 or higher).
- Risky for lenders as no collateral is required.
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Secured Personal Loans:
- Approval is easier due to collateral, reducing the lender's risk.
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Loan From a Friend or Family Member:
- Easy to obtain with less emphasis on credit history.
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Emergency Loans:
- Quick personal loans for unforeseen expenses, offering substantial funding with low APRs and extended repayment periods.
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Hardship Loans from Local Government:
- State-specific loans for financial hardships or disasters.
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Hardship Distribution from Your 401(k):
- Withdraw funds from a 401(k) due to immediate financial need, subject to certain restrictions.
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401(k) Loan:
- Borrow money from a 401(k) with a repayment period and interest to avoid taxes and penalties.
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Paycheck Advance:
- Obtain a portion of the next paycheck before the scheduled payday.
The article also provides specific loan recommendations for different situations, such as medical bills, fast loan funding, bad credit, low APR, and small loan amounts. Each loan type has its own set of benefits and risks, and choosing the right one depends on individual financial circ*mstances and needs. It's crucial to consider the terms, interest rates, and repayment plans before opting for any type of loan.
