What Is The Easiest Loan To Get? (2024)

FAQs

Which type of loan is usually the easiest to get? ›

Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans. Personal loans with essentially no approval requirements typically charge the highest interest rates and loan fees.

The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.

If you struggle to get approved for a personal loan or need a loan in a hurry, products like emergency loan and payday loans may be appealing. All may come with higher interest rates and shorter repayment timelines than a standard personal loan.

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 they consider people with scores below 640, so even people with bad credit may be able to qualify.

Hardship personal loans are a type of personal loan that is designed to help you overcome financial difficulties. This type of loan is generally offered by small banks and credit unions, and has lower interest rates, lower maximum loan amounts, and shorter repayment periods than standard personal loans.

Eazzy Loan is an easy loan to get, without the need for guarantors or filled out forms.

Best for excellent credit: LightStream

It's one of the fastest overall in terms of loan funding speed, with borrowers able to obtain funds as quickly as the same day they're approved. LightStream loanscan be used to cover a variety of expenses, from debt consolidation to home renovations to emergency car repairs.

Payment history is weighed the most heavily in determining your credit score, along with your total outstanding debt. Generally, borrowers need a credit score of at least 610 to 640 to even qualify for a personal loan. To qualify for a lender's lowest interest rate, borrowers typically need a score of at least 800.

Paying down debts, increasing your income, applying with a co-signer or co-borrower and looking for lenders that specialize in loans within your credit band could increase your approval odds.

Who will lend me money when no one else will? ›

Fair Finance is a direct lender. This means there is no middle man involved, such as a credit broker, agent or financial advisor. If you want to take out a personal loan with us, you apply to us directly. We then make the lending decision without needing to involve anyone else.

There are many reasons your application might have been turned down. These include: a history of missed payments or possible fraudulent activity on your file. the lender deciding you wouldn't be able to repay.

Although payday loans are easy to get, they're often hard to repay on time, so borrowers renew them, leading to new fees and charges and a vicious cycle of debt. Personal loans or credit cards are better options if you need money for an emergency.

The easiest online loans to get with bad credit are typically payday loans, installment loans, or loans from lenders that specialize in subprime borrowers.

Finally, pure discount loans are perhaps the simplest form of loans. In these, the borrower takes out an upfront loan and pays nothing until the end of the loan period, at which point they pay back the full principal of the loan plus a predefined amount of interest.

Government-backed loan options, such as FHA, USDA and VA loans, are typically the easiest type of mortgage to get because they may have lower down payment and credit score requirements compared to conventional mortgage loans.

What is the easiest type of installment loan to get? In general, the easiest type of installment loan to get will be a short-term personal loan that doesn't require a credit check, such as a payday loan, pawn shop loan or car title loan.