Some of the easiest installment loans to get are personal loans with no credit check. These loans are meant for people with bad credit or no credit, can be used in any situation, and have the potential to be rather expensive.
Comparing personal installment loans is the key to finding a loan with decent terms that is easy to get approved for. But there aren't too many options with no credit check to choose from, unfortunately. The easiest personal installment loans to get are from 60MonthLoans. The company does not do a hard inquiry into your credit history when you apply, and it offers loan amounts of $2,600 - $10,000, APRs of 19.24% - 69.5% and repayment periods of 24-60 months.
The easiest loan to get approved for is a no credit check loan from OppLoans. In order to get approved, you'll just need to have a steady income and be at least 18 years old and a U.S. citizen or permanent resident with a Social Security number.
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 for 24 - 72 months, and they have an APR range of 7.99% - 35.99%.
There are other easy-to-get loans available besides no credit check loans, as well. Some examples include unsecured personal loans, secured personal loans and payday loans, among others.
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.
Yes, you can get an installment loan if you have bad credit. Some lenders, like Avant and LendingPoint, offer personal loans for people with credit scores as low as 580, which is toward the top of the bad credit range (300-639).
A handful of other types of installment loans are available to people with bad credit, too. For example, … read full answercredit-builder loans and government-funded student loans are available to people with bad credit scores. You could also consider a secured installment loan or borrowing from friends and family.
The best installment loans for people with bad credit offer APRs up to 36%, loan amounts from $1,000 to $50,000, and payoff periods from 18 to 60 months. You may also be able to apply with a co-applicant for some loans.
Do not expect to get the best rates when you apply for a loan if you have bad credit. You're more likely to get approved for the lowest loan amount and the highest APR. However, if you are able to apply with a co-applicant, you may get a better APR depending on the co-applicant's credit history and income.
If you're ready to start applying for installment loans, you can use WalletHub's pre-qualification tool to see your approval odds and what rates may be available to you. Plus, it won't hurt your credit.
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