What Is The Easiest Loan to Get Approved for?
4 Min Read
Reviewed by Michael Lefler If you have bad credit, getting a loan is probably not associated with the word “easy” for you. But luckily, there are several options with an online loan process and lenient eligibility requirements. If you’re looking for an answer to the question “what is the easiest loan to get approved for?”, we can offer you a few solutions to consider.
Factors That Make Loans Easy to Get
Easy-to-get loans have a few common things that make them extremely accessible. These are the absence of a minimum credit score requirement and the lack of a hard credit history check. At the same time, these factors make such loans riskier for a lender. That is why easy-to-get cash advances always have above-average interest rates and origination fees than conventional ones.
There are also obtainable options offered by banks and credit unions. They come with credit report checks and usually have reasonable loan terms. In this case, availability is ensured by collateral.
Payday Loans
Payday loans are very popular with bad credit borrowers who are in desperate need of money. This is because they are available with poor credit and offer fast funding within one business day. These unsecured loans come with small loan amounts and short repayment terms.
You will be asked to repay the entire loan after you receive your next paycheck. At the same time, a small payday loan online comes with a high interest rate and origination fee.
Personal Installment Loans
An installment loan is an option that combines features of both payday and personal loans. With the help of these unsecured personal loans, you can get a higher loan amount with a flexible loan term. More than that, your credit score won’t be a reason for denial. Instead of repaying the money in one lump sum, you will be asked to make affordable monthly payments.
Loans from Pawn Shops
These are secured loans that allow you to get loan proceeds by providing some of your valuable belongings as a repayment guarantee. Pawn shops don’t check your employment status and are not interested in your credit history or debt-to-income ratio. But you may lose a pledged item if you won’t repay the money.
Car Title Loans
Car owners with less-than-excellent credit scores can get up to 50% of their car value by providing it as collateral. These easy loans have short repayment terms, usually up to 30 days. Your car will be repossessed if you’re late with your loan payments.
Secured Personal Loans
A secured personal loan is a form of traditional financial assistance. They are one of the easiest personal loans to get approved for as your collateral offsets the risks associated with your credit background. This is also the reason why they usually have reasonable loan conditions. If you want to get personal loan funds at fair rates, contact your bank or federal credit union and ask about the secured loan options offered.
Cash Advances from Family Members
If your loved ones have some spare money and can lend you the needed amount, it can be a great way to save on interest. But make sure you can repay the funds within the agreed period. Otherwise, it can negatively affect your relationships.
Tips on Getting Easy Loan Approval
By following the tips below, your chance of getting approved for a loan will be higher.
Improve Your Credit Score
Try to fix your credit if it’s possible. Start with paying off your existing debt or fixing errors in your credit reports.
Provide Proof of Income
If a lender sees that your disposable income is enough to cover your monthly payment, it will be more inclined to give you a loan.
Apply with a Co-Signer
If some of your family members or friends have good credit, ask them to be your co-signer to get approved easier, even with a lower credit score.
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