Easiest Personal Loans to Get In January 2024
Our ratings consider the cost of the loan, its specifics, accessibility and eligibility, customer satisfaction, and the application process. All ratings are determined solely by our editorial team.
The 2017 upgrade offers easily accessible online and mobile banking and credit services. Since then, the platform has extended its online and mobile services and made over $3 billion in credit available to over 10 million applicants. Upgrade offers loans to people with bad credit, even though the maximum APRs are higher than those of other online lenders.
Loans amounts, which range from $1,000 to $50,000. Upgrade has two- to seven-year terms available. Upgrade charges an origination fee between 1. 85% and 9. 99% of the loan amount is due at the time of loan, and borrowers will be assessed a 10% late fee if their payment is made later than the allotted number of days or does not process; autopay discounts are not available. However, since upgrade borrowers are exempt from prepayment penalties, if you are able to pay off your loan early, you will be able to lower the total amount you pay back.
Upgrade simplifies the lending process by providing accessible personal loans along with a mobile app that allows borrowers to view their balance, make payments, and update personal information. Additionally, Upgrade’s Credit Health tool makes it simple to monitor your credit score throughout the term of your loan. Pros & Cons.
- Low minimum credit score requirement
- Borrowers can use loans to cover business expenses
- Offers direct lender payoff for debt consolidation loans
- High APR range
- Charges fees for origination, late payment and insufficient funds
Details
Overview: Available on mobile and web platforms, Upgrade was introduced in 2017 and offers credit and banking services. Since then, the platform has extended its online and mobile services and made over $3 billion in credit available to over 10 million applicants.
Upgrade charges an origination fee between 1. 85% and 9. 99% of the loan amount is due at the time of loan, and borrowers will be assessed a 10% late fee if their payment is made later than the allotted number of days or does not process; autopay discounts are not available. However, since upgrade borrowers are exempt from prepayment penalties, if you are able to pay off your loan early, you will be able to lower the total amount you pay back.
Upgrade simplifies the lending process by providing accessible personal loans along with a mobile app that allows borrowers to view their balance, make payments, and update personal information. Additionally, Upgrade’s Credit Health tool makes it simple to monitor your credit score throughout the term of your loan.
Eligibility:
- Minimum credit score: 580
- No minimum income requirement
- Allows co-applicants
Loan uses:
BEST FOR FAST FUNDING & BELOW-AVERAGE CREDIT
Our ratings consider the cost of the loan, its specifics, accessibility and eligibility, customer satisfaction, and the application process. All ratings are determined solely by our editorial team.
Atlanta-based LendingPoint is an online lender that provides personal loans to applicants in 48 states as well as Washington, D.C. C. It does not provide loans in West Virginia or Nevada. In states where they qualify, potential borrowers can apply online and get fast funding.
The minimum loan amount for a Georgia loan is $3,500, while the range of LendingPoint personal loans is $2,000 to $36,500. The repayment terms vary from two to five years, or 24 to 60 months.
LendingPoint’s two primary drawbacks are its high maximum APRs and origination fees. Although you can generally prevent high APRs by keeping a high credit score, LendingPoint origination fees range from 0% to 207% depending on the state in which you reside. Pros & Cons.
- Origination fee up to 10%
- Co-signers or joint loans not permitted
- Not available in Nevada and West Virginia
Details
Qualifications: You must reside in one of the 48 qualifying U.S. states and have a minimum credit score of 600 in order to be eligible for a LendingPoint personal loan. S. states or Washington D. C. West Virginian and Nevadan borrowers are not eligible for loans.
Time to approval: Your funds could be sent to you as soon as the following business day.
BEST FOR COMPARING MULTIPLE OFFERS
Our ratings consider the cost of the loan, its specifics, accessibility and eligibility, customer satisfaction, and the application process. All ratings are determined solely by our editorial team.
Through its partners, Universal Credit is an online lending platform that provides personal loans ranging from $1,000 to $50,000. Repayment terms vary from three to seven years, or 36 to 84 months.
There are some compromises with Universal Credit, even though it allows people with bad credit to obtain a personal loan. It charges exorbitant annual percentage rates (APRs) compared to the most affordable rates on our list. Second, Universal Credit charges a 5. 25% to 9. 99% origination fee on all personal loans. You must account for this when calculating the amount of your loan since it will be subtracted from the proceeds, ensuring that you will receive the required sum after the fact. Pros & Cons.
- High APRs
- All personal loans charge a 5.25% to 9.99% origination fee
Details
Eligibility: A minimum credit score of 580 is required for Universal Credit, which makes it appropriate for a variety of borrowers.
Time frame: In one business day after approval, Universal Credit will transfer the funds to your bank. However, the speed at which your bank processes the transaction will determine when your funds become available. It could take up to two weeks if the money is being used to pay off another creditor directly.
BEST FOR QUICK APPROVALS
Our ratings consider the cost of the loan, its specifics, accessibility and eligibility, customer satisfaction, and the application process. All ratings are determined solely by our editorial team.
Because of its artificial intelligence and machine learning-based approach to borrower qualification, Upstart has made a name for itself in the personal loan market. Actually, according to Upstart, it has been able to approve 227 percent more borrowers than would have been possible under a traditional lending model. Upstart is not the best lender for borrowers who can qualify for more favorable rates because of its competitive APRs. But even with that, people with fair credit can still use the platform because its minimum credit score is 600.
Additionally, Upstart provides a fairly flexible range of loan options, starting at $1,000, so you don’t have to borrow more money than you actually need or pay interest on it. In addition, even though Upstart’s loan maximum is $50,000—less than that of some lenders—many potential borrowers will probably find this to be sufficient.
Although Upstarts’ three- and five-year loan terms are more stringent than those of other lenders, applicants who might not be accepted in a more traditional lending environment will probably find it to be a fair trade-off. Additionally, it is accessible in all states save West Virginia and Iowa, making it just as accessible as many other leading lenders. Pros & Cons.
- Accessible to borrowers with fair credit
- Offers prequalification with a soft credit check
- Ability to choose a custom payment date
- Fees associated with origination up to 8% of the loan amount
- No secured or co-signer option
- Loans only available for three-, five-, seven-year terms
Details
Eligibility: Upstart distinguishes itself by assessing borrower applications based on a variety of non-traditional factors using an AI-based platform. Additionally, even though the platform states that applicants must have a minimum credit score of 300, Upstart may accept candidates with insufficient credit history. College degree, employment history, place of residence, debt-to-income ratio, bankruptcies and delinquencies, and quantity of credit inquiries are all factors that Upstart takes into account when assessing potential borrowers.
Additionally, borrowers must have a regular part-time job, a full-time job offer beginning in six months, or another source of income with a minimum annual income of $12,000. Co-signers and co-applicants are not permitted.
Uses of loans: Credit card and other debt consolidation, special occasions, relocation and move-related expenses, dental and medical care, and home renovations are all eligible uses for personal loans from Upstart. Upstart permits borrowers to use personal loan funds to pay for educational expenses, in contrast to many other traditional and online lenders (except in California, Connecticut, Illinois, Washington and the District of Columbia)
New borrowers are not permitted to use personal loans to finance unlawful activity or to buy illicit drugs, weapons, or other firearms.
Time of turnaround: Borrowers whose loans are approved before 5 p.m. can receive funding the following business day from Upstart. m. Eastern time Monday through Friday. Loans that are approved after 5 p. m. are normally funded the day after or the next business day. Having said that, Upstart notes that 99% of loan applicants get their money back one business day after agreeing to the terms of the loan. After a loan is accepted, it may take an extra three business days to process loans for educational costs.
BEST FOR A RANGE OF REPAYMENT OPTIONS
Our ratings consider the cost of the loan, its specifics, accessibility and eligibility, customer satisfaction, and the application process. All ratings are determined solely by our editorial team.
APR range Upon approval, a customer’s actual loan terms may change depending on their credit score, state legislation, and other considerations. Minimum loan amounts vary by state.
Loan amounts: An example loan of $5,900 with a $4 administration fee 75% and an amount financed of $5,619. 75, with 36 monthly installments and a 29.9% annual percentage rate 95% would have monthly payments of $250. 30. The precise loan terms that a customer is eligible for, if accepted, may change depending on state law, credit evaluation, and other considerations. Minimum loan amounts vary by state.
580 Depending on state law, credit evaluation, and other considerations, a customer’s actual loan terms may change if their application is accepted. Minimum loan amounts vary by state.
9. 95% to 35. 99 percent example: a $5,900 loan with a $204 administration charge 75% and an amount financed of $5,619. 75, with 36 monthly installments and a 29.9% annual percentage rate 95% would have monthly payments of $250. 30. The precise loan terms that a customer is eligible for, if accepted, may change depending on state law, credit evaluation, and other considerations. Minimum loan amounts vary by state.
Avant is a Chicago-based consumer lending platform that was established in 2012 and provides both secured and unsecured personal loans via a third-party bank (WebBank). Unsecured loans are available in Washington, D. C. and all states with the exception of Maine, Iowa, New York, Vermont, West Virginia, and Hawaii The platform only requires a minimum score of 580 to qualify, and it specializes in middle-class borrowers with fair to good credit.
Although the maximum loan amounts are lower than those offered by other lenders, borrowers can still access this option due to the low minimum amount and flexible repayment terms (two to five years). However, Avant personal loans have a cost, just like many other loans for subprime borrowers. Furthermore, there will be an administrative fee of up to four 75% of the loan amount, Avant’s APR range (9. 95% to 35. For applicants with a good to excellent credit score of E2%80%94, 99%) is on the higher end and there is no autopay discount. Nevertheless, the platform receives high marks from borrowers who require fast access to funds but have less than perfect credit.
It’s also worth noting that Avant agreed to a $3. In April 2019, the Federal Trade Commission (FTC) reached a settlement of 85 million. The lawsuit was filed in response to claims that Avant, among other things, charged consumers interest and late fees that they did not owe and collected payments from customers without authorization or in amounts greater than permitted, according to FTC documents. We contacted Avant to inquire about any changes they had made to their practices following the settlement, but we never heard back. Even so, Avant has a high 4. 7 star rating on Trustpilot. Pros & Cons.
- Secured and unsecured loan options available
- Low credit score requirement (580)
- Loan terms available up to 60 months
- Charges an upfront administrative fee
- High starting APR for prime borrowers
- Co-signers and co-applicants not allowed
Details
Eligibility: A variety of clients, including those with fair credit, are targeted by Avant to receive credit services. Because of this, Avant requires a minimum credit score of 580, with borrowers typically scoring between 600 and 700. Similarly, Avant targets borrowers with low-to-middle-class incomes and only requires a $20,000 minimum, even though the majority of borrowers make between $40,000 and $100,000 annually on average.
In order to increase your eligibility, Avant may also take into account the income of other members of your household in addition to your employment income, such as alimony and child support. That said, Avant does not allow co-signers or co-applicants.
Loan purposes: Avant loans, like those from many other personal loan providers, can be used to pay for debt consolidation as well as expenses related to moving, healthcare, auto repairs, home renovations, vacations, and travel. The platform does allow current borrowers to refinance their current Avant loans with another loan—possibly at a lower APR—but Avant borrowers are not permitted to use personal loan funds to cover business expenses.
Time to completion: Applicants who apply in advance and are accepted for an unsecured loan by 4:30 p.m. m. Mon–Fri at Central time, they might get their money the following working day. But just like with other lenders, the borrower’s bank determines how quickly money is funded. Additionally, borrowers who take out secured loans may experience delays.
BEST FOR ONLINE EXPERIENCE
Our ratings consider the cost of the loan, its specifics, accessibility and eligibility, customer satisfaction, and the application process. All ratings are determined solely by our editorial team.
LendingClub is a peer-to-peer—or marketplace—lender founded in 2007. LendingClub, the biggest online lender for personal loans, has financed more than $55 billion in loans and worked with over 3 million borrowers. It is also among the most widely available options in terms of geography, having lending capabilities in all states other than Iowa and the U.S. S. territories.
Despite having high interest rates and no autopay discount, LendingClub allows borrowers to choose between $1,000 and $40,000. This lender has a larger maximum loan cap than some others. That being said, compared to other lenders on our list, LendingClub offers less flexible loan terms, with a maximum of two to five years. Additionally, origination fees between 2% and 6% of the total loan amount are assessed to borrowers; these fees are deducted from loan proceeds at funding
Additionally, LendingClub facilitates debt consolidation by providing a balance transfer loan. LendingClub provides direct payment for this kind of loan to over 1,700 creditors and other third-party lenders. You can specify the precise percentage of your new loan amount that you want LendingClub to pay to each creditor in addition to the platform handling payment processing for you. Pros & Cons.
- Will settle third-party debts directly as part of the balance transfer loan
- Co-applicants permitted
- Available to borrowers with fair to excellent credit
- Origination and late fees
- Limited loan term availability
- High APR range
Details
To be eligible for a LendingClub loan, applicants must have a minimum credit score of 600 and a minimum of three years of credit history. Additionally, applicants must have a debt-to-income ratio of less than 2040 percent for single applicants and 2035 percent for joint applicants. These elements, such as evidence of income, assist LendingClub’s investor platform in determining who to lend to. For borrowers using LendingClub, co-applicants are accepted, but co-signers are not.
Loan purposes: Major expenditures such as debt and credit card consolidation, home repairs, medical bills, and special occasions can be covered by loans obtained through LendingClub. Additionally, LendingClub facilitates debt consolidation by allowing direct payment to creditors outside of the company. Borrowers are prohibited from using their money for gambling, illegal activity, investing, or postsecondary education.
Time to completion: After a loan is approved, LendingClub borrowers usually receive their funds in as little as four days. But if an application is complete or the lender needs more proof or documentation, this timeline might change.
Summary: Best Easy Personal Loans To Get In 2024
When comparing the simplest personal loans to obtain, keep the following in mind:
- Look at their requirements beforehand. Check your eligibility for a loan by reading the lender’s credit and income requirements before you begin completing loan applications. Some lenders post their requirements publicly on their websites. You can get the requirements over the phone by calling the customer service number if it isn’t listed.
- Know how much you need to borrow. Many lenders have strict minimum and maximum loan limits. It’s crucial to know if the amount you need to borrow is within the lender’s restrictions before applying for a loan.
- Compare fees and APRs. The amount of interest you pay over the course of the loan is determined by the interest rate. The interest rate plus any other costs you may incur make up the annual percentage rate, or APR. Always remember to compare interest rates and lender APRs.
- Figure out how much you can afford to repay. Usually, the lender offers you a range of repayment terms when you apply for a personal loan. Shorter repayment terms typically have higher monthly payments and lower interest rates, while longer repayment terms typically have lower monthly payments and higher interest rates. Determine the monthly payment amount you can afford, then select a repayment period accordingly.
What Makes a Loan Easy to Get?
When personal loans have flexible income and credit score requirements, they are easier to obtain. Although the best personal loan providers typically require a high credit score—typically between 600 and 680—some—like the ones on this list—accept scores as low as 560.
Finding a lender that specializes in working with borrowers who have damaged credit and has a lower credit score threshold will make qualifying much easier.
What Are the Easiest Personal Loans to Get?
A personal loan with a low credit score requirement—which varies based on the lender—is the easiest to obtain. But when compared to traditional lenders like banks and credit unions, online lenders typically have more lenient qualifying standards. Applying for a personal loan through an online lender will probably be more successful if you are aware that your credit has been damaged.
However, it’s crucial to remember that online lenders who accept applications from borrowers with bad credit usually have higher interest rates. However, when applying for a loan with bad credit, your objective should be to find a lender who can meet your unique needs and financial situation rather than to get the lowest rates available.
How to Get an Easy Personal Loan
To apply for an easy personal loan, just follow these general steps, as the procedure may differ depending on the lender:
- Check your credit score. Knowing your credit score is preferable before submitting a loan application. Your bank, credit card company, or one of the many websites that provide free credit scores can all provide you with your score. Being aware of your score can help you choose the best lender for your needs.
- Take time to boost your score, if necessary. If your credit score is below the required minimum, work to raise it. As a general guideline, ensure that your credit report is free of errors and pay off any outstanding debt.
- Determine what you can afford to pay. Before you apply for a loan, you should know what monthly payment you can afford. Examine your income and outgoings to see what you can manage. This will prevent you from taking out unrepayable loans.
- Prequalify with multiple lenders. Prequalification is a process some lenders offer so you can see what terms you might be eligible for without having to worry about your credit score being negatively impacted. Finding multiple lenders to prequalify you is the simplest way to find the best offer for your unique circumstances.
- Submit your application. Once you’ve located and selected a lender that suits your needs, complete the official application. Your birthdate, contact information, Social Security number (SSN), employment information, and other pertinent details must be entered into the application.
2 Alternatives to Easy Approval Loans
If an easy personal loan doesn’t seem like the best option for you, think about these other options.
If you’re in need of money but aren’t eligible for a personal loan, you might want to look into crowdfunding websites like Kickstarter or GoFundMe. These websites enable you to raise money for nearly any reason, usually in exchange for a small fee. These websites are frequently used by people to raise money for commercial endeavors, medical expenses, pet costs, home emergencies, and other reasons.
A crowdfunding campaign’s proceeds are not required to be paid back. But it’s difficult to gauge how much money you can raise and how soon.
Payday Alternative Loan
A federal credit union personal loan is known as a payday alternative loan (PAL). The interest rate on a personal loan is comparable to that of a PAL, with a maximum amount of 20%. The maximum loan amount is $2,000, and the terms vary from one to twelve months.
Although the credit score requirements for PALs are more lenient than those for conventional personal loans, applicants must be federal credit union members for a minimum of one month in order to be eligible. That can be a problem if you need money quickly.
Based on 14 data points in the areas of loan details, loan costs, eligibility and accessibility, customer experience, and the application process, we evaluated 18 well-known lenders. We selected lenders who require a minimum credit score of 600 or below, and we ranked them according to the weights given to each category:
- Eligibility and accessibility: 30%
- Loan cost: 25%
- Loan details: 20%
- Customer experience: 15%
- Application process: 10%
We also took into account a number of factors within each category, such as loan amounts, terms of repayment, APR ranges, and any associated costs. We also examined the geographic reach of each lender and whether they accept joint applications or co-signers. Lastly, we assessed the borrower benefits, customer service resources, and features that streamline the loan application process—such as prequalification and mobile apps—for each provider.
We deducted points where necessary based on how well a lender satisfied each requirement.
Visit our Loans Rating to find out more about our editorial process and how Forbes Advisor rates lenders.
Frequently Asked Questions (FAQs)
It will be considerably more challenging for you to be approved for a personal loan if you are unemployed. Proof of income is important to lenders. To be eligible for a personal loan, you probably need a co-signer or co-borrower if your income is low, inconsistent, or nonexistent.
What credit score do I need for an easy personal loan?
While specific credit score requirements differ between lenders, generally speaking, a personal loan requires a minimum credit score of between 580 and 600.
Is a personal loan easy to get with bad credit?
When requesting a personal loan, credit scores are an important consideration. It will be harder for you to get a personal loan if your credit is poor. Thankfully, some lenders—including those on this list—accept borrowers with poor credit. Spend some time raising your credit score if you are not eligible for an easy personal loan before reapplying.
Next Up In Personal Loans
Jordan Tarver has worked as a writer and editor for a number of prestigious financial magazines, including Forbes Advisor. He simplifies complicated financial concepts by combining his personal experience and knowledge from his bachelor’s degree in business finance. Jordans promise is actionable advice thats easy to understand.
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FAQ
What is the easiest loan to get approved for?
Which loan types are the easiest to get approved for? Payday loans, auto title loans, and pawnshop loans are the easiest to get approved for because they don’t require a credit check, but because of their astronomically high interest rates and fees, they are also highly predatory in nature.
How to borrow $500 quickly?
A $500 loan can be obtained through a credit card cash advance, payday loan, payday alternative loan, cash advance app, or personal loan. However, some options are better than others. Some small loans have exorbitant fees, which may put you in debt.
Read More :
https://www.forbes.com/advisor/personal-loans/easiest-personal-loans-to-get/
https://www.cnbc.com/select/easiest-personal-loans/