What are the best vacation loans for bad credit?

The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates that they consider people with scores below the fair credit range (below 640). So even people with bad credit may be able to qualify.… read full answer

Wells Fargo normally requires a credit score of 660 for their unsecured personal loans. However, they also offer secured personal loans that are available even with lower scores. Wells Fargo’s secured loans require collateral in the form of money in a Wells Fargo savings account or CD.

Most banks that offer personal loans require a credit score of at least 660. Some require even higher scores, like Citizens Bank (680) and Barclays (700).

Easiest Banks to Get a Personal Loan From:

• USAA: Will lend to people with less than fair credit (scores below 640)
• Wells Fargo: 660 minimum credit score for unsecured; no minimum for secured
• American Express: 660 minimum credit score
• Discover: 660 minimum credit score
• TD Bank: 660 minimum credit score for existing customers (750 for non-TD customers)

These credit score requirements are either official info from the lender or the consensus of third-party sources.

The average person’s credit score is over 660, which puts them in a decent position to qualify for a personal loan from most banks. But if your score is lower, you can apply with USAA or get a secured loan from Wells Fargo.

You might also want to look outside of banks. Some credit unions and online lenders offer better chances of being approved with bad credit. For example, Avant’s minimum score requirement is reportedly 600 and LendingPoint’s is 585.

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.

Easiest Loans to Get Approved For… read full answer

• OppLoans: No credit check. 59% - 160% APR.
• 60MonthLoans: No credit check. 19.24% - 69.5% APR.
• Integra Credit: No credit check. 99% - 300% APR.
• LendingPoint: 580+ credit score required. 9.99% - 35.99% APR.

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 - 60 months, and they have an APR range of 9.99% - 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.

Payday Loan

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

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.

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.

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.