Easiest Personal Loans To Get in December 2024

OneMain Financial has some of the easiest personal loans to get thanks to low credit requirements and the availability of secured loans. When you need a personal loan, there is no shortage of lenders to choose from, including traditional banks, credit unions, and online lenders. However, if you need a loan fast or have bad credit, your options may be limited.

Many personal loans have certain eligibility requirements, like a minimum credit score requirement. But there are some loans that don't or that have flexible requirements and therefore are less difficult to qualify for. Keep in mind that certain loan types can charge predatory rates and fees, so be wary of any that guarantee approval.

Compare rates on the easiest personal loans in December 2024

Easiest loans to get

We’ve compiled a list of the easiest loans to get, based on lenders that are willing to consider a low credit score and low income. Compare annual percentage rates (APRs), loan amounts, repayment terms, and other factors to find the right loan for you.

Methodology

Credible evaluated the easiest personal loans to get based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, fees, discounts, and whether cosigners are accepted. Credible’s team of experts gathered information from each lender’s website, customer service department, directly from our partners, and via email support. Each data point was verified by a third party to make sure it was accurate and up to date.

Learn more about how Credible rates lenders by exploring our Personal Loans Lender Rating Methodology.

What are easy loans?

Easy loans typically have low credit score requirements or may not require a credit check at all. They also offer quick funding, often within minutes or as soon as the same day.

Instead of requiring good credit, these lenders may look at other aspects of your personal finances to determine your ability to repay a loan, such as your income. They also often charge high APRs to account for the increased lender risk.

Related: How Do Personal Loans Work?

Types of easy loans

A few examples of easy loans may include bad-credit personal loans, payday loans, and cash advance apps. Compare your loan options to find the best type for your situation.

Personal loans

A personal loan is a type of installment loan that you can get from a bank, credit union, or online lender. A few lenders offer loan amounts less than $1,000, but many personal loans start at $1,000 or more, with typical repayment terms from one to seven years. 

You receive a lump sum upfront and make regular monthly payments based on a fixed rate (in most cases) and a set repayment term. These loans are typically unsecured, which means the loan doesn’t require collateral, such as your house or car. Instead, lenders determine eligibility for the loan based on your credit score and income, though some lenders may consider FICO scores as low as 300.

Cash advance apps

Cash advance apps like Money Lion, Dave, and EarnIn often allow you to get an advance on your paycheck in amounts ranging from less than $100 to $750. These apps may not require a credit check, making them easier to qualify for.

Cash apps offer relatively small, short-term loans that you typically must repay by your next paycheck. The short repayment term can be challenging, especially if you live paycheck to paycheck.

Fees may include expedited funds fees, subscription fees, and optional tips. But the fewer fees you pay, the more affordable these loans are. For instance, expedited funds fees can make some cash advance apps almost as expensive as payday loans. Cash advance apps generally connect to your bank account, which may not be ideal for everyone.

Explore: Types of $500 Loans and How to Get One

Payday loans

A payday loan is a small, short-term loan that must be paid back by your next paycheck. The loans generally come in amounts of $500 or less and don’t require a credit check.

While the lack of a credit check can make these loans easy to get, it also leads to high fees, which can make them hard to pay back. In most states, payday loan APRs exceed 100%, and in some states they can be 400% or more, which makes them a very expensive short-term loan option. State laws typically regulate payday loan fees between $10 and $30 for every $100 borrowed, and not all states allow payday loans.

Learn More: Payday Loans vs. Personal Loans

Payday alternative loans (PALs)

Payday alternative loans are offered by certain federal credit unions as affordable alternatives to payday loans. You don’t typically need to have good credit to apply, as your credit union will more heavily scrutinize your income, and interest rates are capped at 28%. PALs come in two types, PALs I and PALs II.

• PALs I have loan amounts from $200 up to $1,000 and repayment terms from 1 to 6 months. You typically must be a member of a federal credit union for at least 1 month to be eligible.
• PALs II don’t require any waiting period for eligibility. Loan amounts are higher (up to $2,000) with repayment terms from 1 to 12 months.

What is APR?

One of the most important features of any loan is the annual percentage rate. Your loan’s APR accounts for both the interest rate and any upfront fees to give you a sense of the loan's total cost.

When assessing easy loan options, it’s beneficial to compare APRs instead of relying on the interest rate alone. Some loans, such as personal loans, charge primarily interest on the loan. Meanwhile, payday loans and cash advance apps charge fees instead of interest. The APR provides a way to compare loan costs apples to apples.

Learn More: APR vs. Interest Rate on Personal Loans

How to compare easy loans

When you’re shopping for easy loans, compare features to find one that works best for your situation. Here are a few loan characteristics to compare:

• APR: The higher the APR, the more expensive your loan. Certain types of loans, such as payday loans, tend to have higher APRs than other types.
• Fees: The most common type of fee for a personal loan is an origination fee, which is typically 1% to 12%. Other types of easy loans could also have certain fees that apply.
• Loan amount: Some loan types may only be available in amounts of a few hundred dollars, while personal loan amounts range depending on your credit, income, and current debt. Consider how much you aim to borrow to help narrow down your loan options.
• Repayment term: The length of your repayment term can affect how much your loan costs you. The longer your repayment term, the more in interest you’ll pay, but your monthly payment may be lower. Terms can range from a matter of weeks for payday loans to several years for personal loans.
• Monthly payment: Your monthly payment is determined by your loan amount, APR, and loan term. Choose a loan with a monthly payment that can fit comfortably within your budget.
• Time to fund: If you’re in a financial bind, the funding time of your loan may be a crucial factor. Some easy loans may have immediate funding, while others might take a few days. Many personal loan lenders can fund your loan as soon as the same or next business day after approval.
• Customer reviews: Choose a reputable company with good customer service. Check out customer reviews on sites like Trustpilot and the Better Business Bureau.

Pros and cons of easy loans

Here are a few benefits and drawbacks of easy loans.

How to apply for an easy personal loan

Whether you need an easy personal loan for debt consolidation, a large purchase, or a financial emergency, the process doesn’t have to be difficult. Here are the steps to apply for a personal loan:

1. Check your credit: Always check your credit before applying for any type of loan. Most loans have minimum credit scores, so check your report to get an idea of what loans you may be eligible for. Additionally, checking upfront can help you see if there’s anything you can do to boost your score before you apply. You can visit AnnualCreditReport.com for free credit reports.
2. Compare lenders: Compare multiple lenders on APR, loan amount, repayment term, and time to fund to find the best option for you.
3. Get prequalified: Certain loan types and lenders allow you to prequalify for a loan without any impact to your credit. But prequalification is not an offer of credit, and your final rate may differ from the estimate.
4. Apply for your loan: After you’ve prequalified for several loans, you can officially apply for your loan. Keep in mind that the lender will perform a hard credit pull, which can lower your score temporarily. You may also be required to share certain personal and financial information, such as proof of income and identity.
5. Get your loan funds: In most cases, easy loans have fast funding — you can often get your money the same business day. Depending on your lender, you could receive the money in your bank account. If you’re consolidating debt, some lenders may even send the funds to your current creditors.

Easy loan alternatives

Before applying for an easy loan, consider these alternatives:

• Secured personal loan: A secured loan is backed by a certain asset as collateral. Your vehicle, the items in your home, the money in your savings account, or your home may be considered collateral. However, if you default on your loan, the lender can seize your asset.
• Get a cosigner: A cosigner is someone with good credit who cosigns the loan with you. They could make it easier for you to qualify for a loan with a good APR. Keep in mind that they become responsible for making payments if you don’t.
• Credit card: While credit cards have high interest rates, they can be suitable alternatives to loans in some cases, such as when you qualify for a 0% APR offer, or you can’t qualify for a lower-interest alternative elsewhere. The average APR for a credit card was 21.76%, according to the Federal Reserve. However, the APR you get may depend on your credit score and income.
• “Buy now, pay later” services (BNPL): These services let you split up a purchase into smaller payments. If you make regular payments every two weeks, you can typically avoid paying any interest. Longer repayment terms, which typically come with interest charges, range from 3 to 12 months. Late fees may apply depending on the provider. Affirm and Afterpay are two examples of BNPL services.
• Friend or family loan: When you’re in a financial pinch, borrowing money from a friend or family member might be your best option. However, structure the loan in a way that’s fair to both of you and only borrow if you’re sure you can pay it back.
• 401(k) loan: A 401(k) loan allows you to borrow against the vested balance in your 401(k) account. You don’t have to go through a credit check or formal application process since it’s your money. But you do need to have a 401(k) plan that allows loans. You can generally borrow up to $50,000 or 50% of your vested balance, whichever is less. If 50% of your vested account balance is less than $10,000, you may be able to borrow up to $10,000 (but not all plans allow this).
• Financial assistance: If you’re facing true financial hardship, you may be eligible for hardship assistance from government programs or local nonprofit organizations. A quick online search can help you find programs available in your area. Contact 211 for local assistance and community services.

Learn More: 401(k) Loan vs Personal Loan

Read More:

• Best Personal Loans for Fair Credit
• Best Personal Loans for Good Credit
• Best Emergency Personal Loans
• Best Banks for Personal Loans
• Best Credit Unions for Personal Loans
• Best Online Personal Loans