The best short-term loans in California are from Oportun because it has a minimum repayment period of 6 months, loan amounts of $300 - $12,000, and an APR range of 36% maximum. Oportun doesn't have a credit score requirement and their origination fees depend on the customer.
Several options are available, though. In addition to other national lenders, there are lenders based in California worth considering.
Alternatively, you may want to consider using a credit card for a short-term loan, or borrowing from friends or family members. On the other hand, you should avoid payday loans because they are way too expensive.
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 best ways to borrow money fast are to get a personal loan known for quick approval and funding or to charge your expenses to a credit card. Other ways to borrow money fast include drawing from an existing home equity line of credit, borrowing from a friend, or getting a credit card cash advance. It’s also possible, though far from ideal, to borrow money from a retirement account for fast cash.… read full answer
Ways to Borrow Money Fast
Personal Loan: Funding within 7 business days
It usually takes less than seven business days to get approval and funding for a personal loan. But that might not be fast enough for you, depending on how soon you need the funds. The fastest personal loans come from LightStream, which gives the chance of same-day funding. However, this isn’t guaranteed, and LightStream reportedly requires a credit score of 660+.
Credit Card: Instant funding
For immediate needs, a credit card might be the best choice. If you have a credit card account open already, you can make purchases with it instantly, as long as the charges are less than or equal to your available credit. The best credit cards for financing purchases are ones with introductory 0% APRs, but if you don’t have a credit card yet, it could take a few weeks to get approved and receive one in the mail.
Home Equity Line of Credit (HELOC): Funding as soon as same day
If you don’t already have a HELOC, you can drop this option from consideration, as HELOCs take multiple weeks for approval and funding. But if you have one open, you’ll be able to borrow up to your credit limit whenever you want.
Cash Advance: Instant funding
You can use a credit card to withdraw money from an ATM, up to a certain cash advance limit set by your issuer. In order to do this, you’ll need a PIN. While cash advances can get you instant money, they charge fees of 3% to 5% of the amount borrowed, and interest starts accruing right away at a high rate.
Borrowing From a Friend: Funding as soon as same day
You can get money from someone else relatively quickly since they won’t make you fill out an application. The terms for the loan can also be as strict or as lenient as the lender wants. But before you get the money, it’s important to write up an agreement and sign it so there’s no conflict over expectations for repayment.
Retirement Account: Funding as soon as same day
You can take money out of your retirement account. But unless you repay that money within 5 years (or earlier if you lose your job), you’ll owe a 10% withdrawal penalty as well as income tax on the money. These loans do charge interest, but it goes back into your retirement account. The point of it is to make up for money you lost while your funds weren’t invested.
Ways to Borrow Money Fast Compared
Fastest Possible Funding
Same day (usually a few business days)
4% - 36%
May charge origination fee of 1% - 8%
Same day (if open already)
2% - 7%
Secured by your house
Credit card purchase
20.16% on average
Not accepted everywhere
Credit card cash advance
22.53% on average
Requires PIN; high fees & APRs; no grace period
Borrowing from friend
Risk ruining relationship if you can’t repay
Prime rate +1%
Owe 10% early withdrawal penalty and income tax if not repaid in 5 years
Places to Avoid for Borrowing Money Fast
There are also a few less reliable ways to borrow money fast, like taking out a payday loan or auto title loan, or going to a pawn shop. These places offer same-day funds but have far too high of a cost to be worthwhile.
Major personal loan requirements include being at least 18 years old, having a bank account, having a good credit history, and having enough income or assets to afford monthly loan payments. Specific personal loan requirements vary by lender, however. Avant requires a credit score of 600 or higher, for example, while … read full answerProsper sets the bar at 640 and SoFi asks for 680. Most lenders don’t disclose annual income requirements, but two exceptions are LendingPoint ($20,000+) and Citibank ($10,500+).
Some personal loans may have additional requirements, such as collateral to secure the loan. Lenders will also look at plenty of other factors when you apply, including your existing debt, employment status and housing payments.
Personal Loan Requirements
18+ Years Old
A loan is a binding contract, and most states won’t let you enter into a binding contract unless you are at least 18. Lenders generally do not offer loans to minors as a result.
SSN and U.S. Residency
Many (but not all) lenders will only make loans to U.S. citizens and permanent residents. You may be required to have a Social Security number. Some lenders allow applicants to use an Individual Taxpayer Identification Number or a Visa instead.
Lenders usually send the funds as a direct deposit to a bank account. Certain types of loans, such as ones where you provide collateral, may not require you to have a bank account. But most loans will.
Lenders need to be confident that you will repay the loan. So you will need to demonstrate that you have a source of income and/or significant assets. Lenders don’t generally disclose minimum income requirements, but you must be able to manage your monthly payments in addition to any other debts/expenses you have.
Credit Score of 585-700+
Lenders require applicants to meet a certain credit score threshold for approval. The most popular lenders usually require a credit score of at least 585 to 700. However, these requirements aren’t set in stone. Having a high income might help make up for a low credit score, and vice versa.
Reasonable Financial Obligations
If the lender determines that you already owe too much money relative to your income and assets (i.e. the amount you can afford to pay back), you probably won’t qualify. Lenders will also consider monthly expenses like housing payments that will decrease the amount of money you can put toward repaying a loan.
It’s not impossible to get a loan if you don’t have a job. But if you’re unemployed you’ll need a strong alternative source of income, such as a pension, government benefits or investments.
Overall, good credit and disposable income are the two most important personal loan requirements. You can check your latest credit score for free as well as compare personal loans based on their minimum credit score requirements on WalletHub. Lenders will be able to provide more detailed information about other requirements.
Although each lender is a bit different, the basics of the application and approval processes are pretty much the same. You can take the same general approach to maximize your odds of success, too.
Personal loan applications require several key pieces of personal information, including your name, SSN/ITIN, address and date of birth, along with financial information such as your yearly income and monthly mortgage/rent payments. It usually takes less than 7 business days to get a decision and to receive your money if you’re approved.
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