Gino Rodriguez, Writer
The easiest loans to get approved for are payday loans, car title loans, pawnshop 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-to-get personal loans available right now.
Easy Loans to Get Approved For
- OppLoans: No credit check. 59% - 160% APR.
- 60MonthLoans: No credit check. 19% - 35.83% APR.
- Integra Credit: No credit check. 99% - 300% APR.
- LendingPoint: 580+ credit score required. 7.99% - 35.99% APR.
A personal loan from OppLoans 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 580 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
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.
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.
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.
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.
A payday loan is a small, short-term loan that you pay back with your next paycheck. But payday loans are incredibly expensive compared to normal personal loans, so they are not worth pursuing except as a last resort.
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.
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.
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.
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.
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.
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.
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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