No fair credit loans have guaranteed approval. The closest you can get to a loan with guaranteed approval is a no credit check loan, since it won’t take your credit history into consideration during the application process. These loans are not as good as regular personal loans geared toward people with fair credit, though, since they tend to be more expensive.
As long as you meet the requirements to get a loan, you have a good chance of getting approved, but it’s never guaranteed. You can see a list of the requirements to get a loan below.
Typical Loan Requirements
Be at least 18 years old
Meet the credit score requirement
Own a valid bank account
Be a U.S. citizen or permanent resident with valid identification (e.g. SSN or ITIN)
Have enough income or assets to make the monthly payments
Alternatively, you may want to consider getting a secured personal loan. These loans require borrowers to put up something as collateral, such as money in a savings account or a car, which helps give people with fair credit high approval odds.
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.… read full answer
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 - $30,000, 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.
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.
The easiest loans to get approved for with bad credit are secured, co-signed and joint loans because you can use collateral or another person’s creditworthiness to make up for your bad credit score. Payday loans, pawnshop loans and car title loans also are easy to get, but they’re extremely expensive.… read full answer
Alternatively, personal loans may offer the lowest rates among loan options that are relatively easy to qualify for. Some personal loans won’t even check your credit when you apply. The easiest personal loan to get with bad credit is a no credit check loan from OppLoans, which offers loan amounts of $500 - $4,000, payoff periods of Up to 18 months and APRs ranging from 59% - 160%. To qualify for a loan from OppLoans with bad credit, you will need to have an income that's high enough to pay the loan back.
Types of Loans That Are Easy to Get With Bad Credit
A no-credit-check loan is the easiest type of personal loan to get with bad credit and no co-signer, joint applicant or collateral, but it's bound to be a lot more expensive than loans from lenders that do a credit check. Among lenders that do a credit check, LendingPoint is a great choice. It requires a credit score of 580 to qualify and offers $2,000 - $30,000 in funding for 24 - 72 months. The APR range is 7.99% - 35.99%.
Another easy type of loan to get with bad credit is a secured personal loan. This type of loan requires you to put up collateral that the lender can keep if you default on the loan. Because there's little risk for the lender, it's often easy for people with bad credit to get approved.
Alternatively, you could consider borrowing from a friend or family member. They may not care about your credit score at all. A friend or family member with good credit could co-sign your application or apply jointly with you, too.
Finally, one of the easiest types of loans to get with bad credit is a payday loan, which is a small, short-term loan to be paid back with your next paycheck. You should avoid payday loans unless they're your only option, however, because they charge extremely expensive fees.
It is fairly hard to get a personal loan with fair credit because some major lenders have a minimum credit score requirement of 700+, meaning you need good credit or better for approval. Still, it’s possible to get a personal loan with fair credit if you choose the right lender, have a solid income, and are 18+ years old. … read full answer
The best personal loans for fair credit are from LightStream because the company requires applicants to have a credit score of just 660 and offers loan amounts of $5,000 - $100,000. The loans also have APRs of 5.99% - 22.49%, depending on your creditworthiness, and repayment periods of 24 - 84 months.
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