10 Easiest Personal Loans: Easy Loans to Get Approved For Fast (2023)

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Finding the easiest personal loan to get approved for can be a daunting task, especially if you have bad credit. Every online lender has their own interest rates, fees, and credit score requirements.

To help you find the best personal loans, we’ve reviewed the top online lenders for fast funding and easy approval. Whether you’re looking for debt consolidation, payday loans, or money to pay for emergency expenses, here are the easiest loans to get approved for.

Easiest Personal Loans To Get

  • SoFi: Easiest personal loans to get for good credit borrowers
  • ClearViewLoans: Best for easy installment loans and fast funding
  • Upgrade: Best personal loans for fair credit (600+ credit score)
  • BadCreditLoans: Easiest personal loans for bad credit
  • LendingPoint: Simple loan process with fast funding (up to $36.5k)
  • Upstart: Best for borrowers with limited credit history
  • LightStream: Best for low interest rates (good and excellent credit required)
  • Prosper: Top rated peer-to-peer lending platform
  • OneMain Financial: Best for secured loans
  • LendingClub

Review of the Easiest Loans to Get Approved For

#1. SoFi: Best Personal Loans for Good Credit and No Fees

SoFi is one of the best personal loan companies for borrowers with good to excellent credit. SoFi has many advantages including no fees, low interest rates, and large loan amounts available.

SoFi, short for Social Finance, Inc., began with an idea by Stanford business school students in 2011 and has funded over $50 billion in unsecured personal loans since then. As a lender, SoFi stands out among the competition because of its perks, including no fees, free financial advising, and flexible repayment terms.

SoFi offers multiple discounts to borrowers that lower interest costs, such as taking off 0.25 percentage points for using autopay for your monthly payment. If you’re applying for a debt consolidation loan, SoFi offers a 0.25 percentage point discount if they directly pay off your creditors instead of sending you the loan funds.

Loan amounts and terms

SoFi offers unsecured loan amounts from $5,000 to $100,000, providing a wide range of options for financing that help you pay emergency medical expenses or buy a car. The minimum loan amount is high compared to other personal loan lenders, so borrowers looking for small loans might not find what they need with SoFi.

SoFi repayment terms are between two to seven years, providing enough flexibility to find the best plan for your circumstances. You can choose a shorter term to pay less interest overall or a longer term for lower monthly payments.

SoFi enables borrowers to add a co-signer to their application. Joint loans help borrowers have a better chance of qualifying for loans with lower interest rates when they apply with someone who has a good credit score. The typical APR is 7.99% to 23.43%, lower than other online lenders. SoFi doesn’t offer secured loans, so you won’t be able to lower your interest rate with collateral such as your car.

Another notable perk of choosing SoFi is that if you lose your job while paying off a loan, you can apply for the unemployment protection program. If you get approval, SoFi will modify your monthly payment until you get a new job. The platform offers its members free career coaching to help with job transitions and branding.

Fees

One of the most attractive bonuses of using SoFi is the lack of fees. The company doesn’t charge late fees or origination fees, which is unique for an online lender. If you’re worried about loan agreements with hidden fees, SoFi’s zero-fee model will give you the most peace of mind.

Qualifications

SoFi requires applicants to meet the following criteria:

  • 18 years old or older
  • U.S. citizen or permanent resident
  • Employed with sufficient income or have an offer of employment within 90 days

SoFi doesn’t have a minimum credit score requirement to apply for an unsecured personal loan. Instead, the lender evaluates your cash flow, credit history, existing debt, and other factors. The average SoFi borrower has a credit score of 700, and the most common loan uses are credit card debt consolidation, emergencies, and house repairs.

You can use SoFi’s mobile app or go to the website to pre-qualify by providing your personal and financial information, including the loan amount, reason, and employment or income. You can preview loan offers and submit an application for the one you choose. After loan approval, you could receive your funds as soon as the same day.

Key Features

  • No fees
  • Low fixed rates
  • No minimum credit score requirement
  • Discount for autopay
  • Mobile app
  • Unsecured loan amounts from $5,000 to $100,000
  • APR from 7.99% to 23.43%
  • Unemployment protection

Click Here to Apply Online or Check Rates with SoFi

#2. ClearViewLoans: Easy Loans to Get Approved for Fast Cash Up to $5,000

ClearViewLoans offers the best personal loans for borrowers that need money fast for emergency expenses. ClearViewLoans has low minimum loan amounts and next business day funding, making it a great option for people that need a small personal loan up to $5,000.

Instead of being a direct lender, ClearViewLoans is a marketplace that connects borrowers with loan offers from a large network of lenders.

You only have to fill out your information once to see multiple offers, making it more convenient when you’re on the hunt for the lowest interest rate. However, you should be aware that each lender has its own fees and terms separate from ClearViewLoans. It’s essential to read through a loan agreement carefully before signing.

Loan amounts and terms

ClearViewLoans is not a direct lender but shows borrowers loan offers from $100 to $5,000. The minimum loan amount is very low, so you can use ClearViewLoans to find personal loans for smaller expenses. You can borrow funds for any reason, including car repairs, vacations, or expensive appliances.

To find an unsecured personal loan using ClearViewLoans, you’ll start by filling out the online application with your personal information. Your information goes to the lenders in the ClearViewLoans network, and you’ll start to receive loan offers if you meet the lenders’ criteria. You can compare your personal loan options and send your application to the lender of your choice.

After loan approval, the lender will use direct deposit to send the funds to your checking account. You could receive your funds within 24 to 48 business hours of applying. To make repayment easy, you can authorize your lender to take automatic withdrawals each month. This feature can help you avoid late fees if you’re prone to forgetting about making payments.

Fees

ClearViewLoans doesn’t charge a fee for filling out the online form to search for personal loan offers. However, you should thoroughly review the loan terms before accepting an offer because lenders might charge extra costs like an origination fee. You’ll also need to read the agreement to find out how the lender handles late payments.

Qualifications

ClearViewLoans doesn’t have a minimum credit score, making it an excellent resource for those with poor credit scores to get the funds they need. With a vast lender network available at your fingertips, it will be easier to find a personal loan with interest rates you can afford. However, a good credit score will qualify you for legit personal loans with lower interest rates at higher amounts.

The typical eligibility requirements of the lenders in the ClearViewLoans network are the following:

  • At least 18 years old
  • Employed for 90 days minimum
  • At least $1,000 of monthly income
  • A personal checking account
  • A valid email address and home and work phone numbers

Key Features

  • Wide network of lenders
  • Fast loan approval
  • Offers from multiple lenders
  • Straightforward online application
  • Loan amounts between $100 to $5,000

Click Here to Apply Online or Check Rates with ClearViewLoans

#3. Upgrade: Easy Approval Loans with Fast Funding

Upgrade is one of the best personal loan companies for borrowers with fair credit. Since 2017, Upgrade has supplied over $19 billion in credit to millions of borrowers with various types of credit. The platform provides straightforward credit and banking services online and through its mobile app. The app enables borrowers to review their credit balances, make loan payments, and update their information. Upgrade isn’t available in Iowa, Vermont, and West Virginia.

Loan amounts and terms

The loan amounts from Upgrade lenders begin at $1,000 and max out at $50,000, which is lower than traditional lenders. The platform’s highest APRs are also steep relative to other lenders, but these characteristics are due to the fact that Upgrade helps borrowers connect with lenders that offer poor or bad-credit loans.

You can use personal loans from Upgrade to consolidate debt, make large purchases, and pay off credit card debt. Unlike most lenders, Upgrade allows you to use your personal loan to cover expenses related to your business. The lender will also directly pay third-party lenders to streamline debt consolidation loans.

Once you get approval for a personal loan from a lender, it typically takes as long as four business days to receive the funds. For direct third-party lender pay-offs, it might take up to two weeks for the payments to go through. The available term lengths are two to seven years.

Fees

Upgrade has an origination fee that ranges between 1.85% and 8.99% depending on the loan, and late payments incur a $10 fee if they’re 15 days past the due date. The late fee applies even if the payment was made before the due date but didn’t go through. You won’t get a discount for opting into autopay, but there’s no prepayment penalty preventing you from paying off your loan early.

Qualifications

Borrowers using Upgrade to apply for loans should have a credit score of at least 560 to qualify, so those with poor credit can potentially find loans using the platform. There’s no minimum income requirement, but applicants should have a monthly cash flow of at least $800. The average income of Upgrade borrowers is $95,000 per year. Besides your mortgage, your debt-to-income ratio should be no more than 45% to be eligible for personal loans via Upgrade.

Key Features

  • Minimum credit score of 560
  • APRs from 7.46% to 35.97%
  • Loans from $1,000 to $35,000
  • Loan terms of 2 to 7 years
  • Mobile app
  • Credit score tool
  • Direct pay-offs to third-party lenders
  • No prepayment penalty

Click Here to Apply Online or Check Rates with Upgrade

#4. BadCreditLoans: Easiest Loans for Bad Credit

BadCreditLoans is the best personal loan company for bad credit loans. BadCreditLoans is another marketplace-style lending service where the company uses your information to connect you with many lenders. If you need a fast personal loan, you can fill out the online form to find offers that fit your qualifications and receive the funds as soon as the next business day. Even if you don’t have excellent credit, BadCreditLoans will help you find lenders that work with low credit scores.

The extended network of lenders has no minimum credit score requirements and offers a wide range of loan terms, interest rates, and amounts, helping you quickly find a short-term personal loan that fits your unique situation. Since the company isn’t providing the funds, any issues with your payments or changes need to go through your lender.

Loan amounts and terms

With BadCreditLoans, you can access online personal loans from $500 to $10,000, making it an excellent tool for finding small loans that you’ll pay off in as little as three months and no longer than three years. The typical interest rate is 5.99% to 35.99%, varying drastically depending on your credit score and credit history.

The lenders in the network have unique terms that you should review carefully before accepting any offers. BadCreditLoans is not a lender, but the company reviews the lenders in its network to ensure that they meet the quality standards. The platform sends your information to its lending network but secures it with encryption technology.

With a bad credit score, it can seem impossible to find a reputable lender willing to accept a poor credit history. BadCreditLoans can help many Americans struggling with poor credit find unsecured loan options with fixed monthly payments they can afford. The service helps you find the easiest personal loans to get without the hassle of filling out countless forms.

Fees

The service is free, but it’s important to remember that the company isn’t a direct lender. The lenders you connect with using the platform have fees and terms that they will provide before you sign the loan agreement. When comparing different lenders, check costs like the origination fee and late payment fee to ensure that you don’t miss a better deal.

Qualifications

While having an impressive credit report helps you get more favorable loan terms, you don’t need an excellent credit score to qualify for a personal loan. Many lenders accept borrowers with a poor credit score or no credit usage, instead using other qualifications to determine eligibility for the loan amount.

The most common qualifications for lenders in the network include the following:

  • 18 years old or older
  • Proof of citizenship, such as a Social Security number
  • A checking account
  • A regular income
  • Phone numbers for work and home
  • A valid email address

The qualifications of each lender vary, so meeting the above requirements does not automatically qualify you for a loan. When you apply for a loan, the lender might perform a hard credit check and ask for personal and financial documents to determine your terms and eligibility.

Key Features

  • Short loan term
  • Poor-credit loans
  • Loans between $500 and $10,000
  • Interest rates from 5.99% to 35.99%
  • Terms from 3 months to 3 years
  • Simple online loan application
  • Network of many lenders
  • Easy loan offer comparison
  • Funds as fast as the next business day

Click Here to Apply Online or Check Rates with BadCreditLoans

#5. LendingPoint: Unsecured Personal Loans with Fast and Easy Approval

LendingPoint is an online lender with competitive rates and exceptionally fast funding for unsecured personal loans. The company doesn’t accept co-applicants or collateral for a secured loan, and it reports to two of the three major credit reporting bureaus. LendingPoint is not available in Nevada and West Virginia.

With lower loan amounts compared to other lenders, LendingPoint is best for borrowers who need cash for low- to medium-cost expenses. Even if you have a fair to bad credit score, you might qualify for funds, whether you need them for an emergency loan or a home improvement project.

Loan amounts and terms

LendingPoint offers loans ranging from $2,000 to $36,500, lower than some of its competitors. The rates are 7.99% to 35.99%, and repayment terms can be between two to five years. The average borrower takes a loan amount of $10,760 with a 24.60% APR and a term of 53 months. Most LendingPoint borrowers use loans for home improvement and debt consolidation.

When you preview loan offers from LendingPoint, you can review up to 12 offers and customize your loan amount and repayment term. The offer will show you the estimated monthly payment, helping you choose the loan that fits your budget best. You can also change your payment date after receiving the loan, allowing you to fit your loan payment into your financial schedule.

LendingPoint has a hardship plan that helps borrowers going through a tough time, offering reduced payments over time, a lower interest rate, or extended repayment terms. The lender also allows you to refinance your loans in case your credit score goes up and you can qualify for a better interest rate.

You can use LendingPoint for debt or credit card consolidation, but the lender doesn’t directly pay your creditors like some of its competitors. Where LendingPoint stands out is the speediness of funding loans after approval, typically going into the borrower’s bank account the next business day.

Fees

LendingPoint might charge you an origination fee of up to 7% of your loan proceeds. Since the fee comes out of the loan amount, you should ensure that you apply for enough funds to cover the expenses. LendingPoint offers to increase your loan amount to accommodate the origination fees.

Qualifications

The minimum credit score is 600, and the lender doesn’t allow co-applicants or joint loans, so you’ll have to rely on your credit score to qualify. Additionally, you must have a minimum credit history of 6 months and a debt-to-income ratio of no more than 50% (except mortgage payments). LendingPoint doesn’t have a minimum income requirement.

You can use LendingPoint’s mobile app to pre-qualify with a soft credit check and view loan offers, helping you shop around for the best unsecured personal loans. You must meet the following criteria to apply for a personal loan from LendingPoint:

  • A U.S. citizen age 18 or older
  • A Social Security number
  • A personal bank account

Key Features

  • Pre-qualify with a soft credit check
  • Quick funding
  • Mobile app
  • Term lengths from 2 to 5 years
  • Loans from $2,000 to $36,500
  • APRs from 7.99% to 35.99%
  • 600 minimum credit score
  • 6 months minimum credit history
  • Origination fees

Click Here to Apply Online or Check Rates with LendingPoint

What Makes a Loan Easy To Get?

Loans with lenient qualifications and credit score requirements are easy to get because more people can access them despite their income or credit history. The majority of lenders have basic qualifications, including being over 18, being a U.S. citizen, and having a regular monthly income. Typically, you’ll have to provide documents to support your loan application, but most lenders have a fully online loan process.

Many lenders have a minimum credit score requirement of 600 and up, but some accept credit scores on the lower end. Our list includes lenders that offer loans to individuals with a low credit score, making it easier for anyone to get access to loan funds for emergencies and other important purchases. The lenders use your credit history, income information, and other factors to determine your loan amount, interest rate, and loan term.

How To Get an Easy Personal Loan Online

The process of getting an online personal loan varies depending on the lender, but the following steps will help you navigate applying for an easy personal loan wisely:

Find out your credit score. You can check your credit score with a free online service or through your bank or credit card company. Knowing your credit score is essential to finding a personal loan lender. Many lenders have a minimum credit score requirement, so finding out before you apply will save you time. Borrowers that have a fair credit score or higher find it easier to get approved for loans.

Grow your credit score. If possible, research tips for improving your credit score before applying for personal loans. Excellent credit can qualify you for a better interest rate and loan amount, but bad credit can make loans costly. Lenders that cater to bad credit typically have higher fees and less favorable rates and loan terms.

Calculate your monthly payment. Each time you apply for a loan, the lender conducts a hard credit check, which can impact your credit. To minimize the effect on your score, examine your current budget and expenses to determine a monthly payment you can afford before applying for any personal loans. Learning what you can afford also helps prevent added costs from missed payments.

Pre-qualify with different lenders. When you pre-qualify, you can see potential loan offers with only a soft credit check, lessening the impact on your credit. Pre-qualifying also helps you find the best unsecured personal loans without wasting time on dozens of applications.

Apply for the loan of your choice. While reviewing an offer from pre-qualification, look at the loan amount, loan term, and interest rate compared to other lenders. When you find the best personal loan for your financial situation, send your application form. You must provide your personal information, including your Social Security number, birth date, and employment details.

Types of Easy Loans To Get

Personal loans come in many shapes and sizes, and the right type of loan for you depends on your situation, including the amount of cash you need, how fast you need the funds, and your credit history. Certain types of loans are easier to get but cost more in the long run, so it’s crucial to review your finances and assess the rates and fees of your loan offers.

Payday loans

Payday loans are high-interest, short-term loans typically for $500 or less. With a payday loan, you must repay the funds with your next paycheck instead of paying it off over time. Financial experts usually caution against payday loans because they can cause borrowers to get trapped in a debt cycle.

If a borrower gets a payday loan but can’t pay it off with the next paycheck, they have to take out more loans to pay off the first. Payday lenders offer APRs of up to 400%, meaning that borrowers end up owing significantly more money than before they took out the loan because of interest. According to SFGate, these are the top payday lenders to consider.

Installment loans

Personal loans are a type of installment loan that you can use for almost any reason, including home makeovers and vacations. An installment loan typically has a fixed interest rate, meaning your interest rate and monthly payments remain consistent until you pay off the loan.

Installment loans can be secured, which means that you back the funds with collateral such as your house or car, or they can be unsecured. Unlike credit cards, you receive the money all at once and must make payments every month, including interest. The loan term and interest rate depend on your credit, employment, and financial history.

Debt consolidation loans

When you use a personal loan for debt consolidation, you combine multiple lines of credit into one payment. If you can find a loan with the amount you need and a lower APR than your other loans, you can save money on interest payments. Debt consolidation is one of the most popular uses for secured and unsecured personal loans.

Secured loans

With a secured loan, the borrowed funds are backed by collateral, which could be your car, home, or personal savings account. If you fail to repay your loan, the lender can take the collateral you provided. Examples of secured personal loans include mortgages and auto loans.

Online lenders that offer collateral-backed loans typically allow borrowers to secure the funds with their cars. Secured personal loan interest rates are usually lower because the lender is taking less risk. You can apply for a secured loan from a bank, credit union, or online lender like the ones on our list.

Unsecured loans

Unsecured loans are the most common type of personal loan. The majority of the lenders on our list of the easiest personal loans to get only offer unsecured loans, meaning that borrowers don’t have to provide collateral, such as their car or house, to get a loan. While secured loans generally have better interest rates, unsecured online loans are typically easier to get.

Since unsecured loans are riskier for the lender, they typically offer a higher APR, making it more costly to borrow the funds. The APR on your unsecured loan depends on your credit score, income, credit history, and other factors. Individuals with a low credit score can expect an interest rate of 25% or higher.

Alternatives to Easy Approval Loans

Before taking out a risky payday loan, consider the following alternatives to the easiest personal loans to get. Going to a P2P lender or credit union for unsecured personal loans can help you save money and prevent getting caught in a debt cycle with high-interest payday loans.

Peer-to-peer lending sites

Peer-to-peer (P2P) lending sites are another option for someone with a low credit score needing funds for large purchases. Rather than borrowing from an institution or lending company, you can use the site to connect with people who want to lend cash.

While many P2P lenders use similar criteria as banks or loan companies, such as credit scores and income requirements, some cater to individuals with bad credit. Just like traditional lenders, you can use P2P loans for personal reasons like home improvement, but some sites don’t allow loans for medical bills. However, you can get access to funds to cover business expenses.

Credit unions

It’s always good to check with the bank or credit union you use to see if you qualify for a personal loan. Having an established relationship with the lender could help you get more favorable terms than you would find with one who has to determine your terms and qualification based on your application.

Loans from credit unions typically have lower APRs and offer higher amounts than online lenders. A bank or credit union also offers fast personal loans with same-day funding, but credit score and income requirements are usually more strict.

Line of credit

Many businesses and institutions allow you to open a line of credit when you can’t afford to pay the amount upfront, such as with medical bills, auto loans, or expensive electronics. While you might have to pay interest and fees, you will most likely spend less than you would on a loan. Just like a typical unsecured loan, you can make fixed monthly payments for a specific loan term length.

Opening a line of credit doesn’t require a hard credit check, so you also lessen the impact on your credit score by skipping the loan application process.

Frequently Asked Questions About Easy Personal Loans

How easy is it to get a personal loan with bad credit?

If you have bad credit, it can seem like a challenge to qualify for a loan from a bank or other traditional lender. Fortunately, some lenders can offer an unsecured loan even if your credit needs work. The qualifications for bad credit loans or no credit check loans are more lenient, but the loan term and interest rate you receive will not be as favorable.

ClearViewLoans and BadCreditLoans offer services that help individuals with poor credit connect with lenders that will work with them. You can use the large lending networks to find loans that fit your needs and budget.

What credit score do I need to get approved for a personal loan?

The most common tool lenders use for checking credit is the FICO score, which ranges from 300 to 850. Lenders typically consider FICO scores less than 580 to be poor, while over 670 is good. While credit scores have a significant impact on your eligibility for personal loans, some lenders look at other qualifications, including stable employment and a history of on-time payments.

How long does it take to get approved for a personal loan?

The time it takes to receive your loan funds varies by lender, but many will deposit the loan amount into your bank account within one to three business days.

Do any easy loan providers offer instant approval?

Some loan providers approve loans and provide the funds on the same day. On our list of the easiest personal loans to get, most of the included lenders can provide unsecured personal loans within 24 hours and often as soon as the same day. However, you might have to wait a few days or weeks, depending on the lender and the type of loan.

Summary of the Top Recommended Loans for Easy Approval

  • SoFi: Easiest personal loans to get for good credit borrowers
  • ClearViewLoans: Easy unsecured personal loan with fast funding
  • Upgrade: Best personal loans for consolidating debt
  • BadCreditLoans: Best loans for bad credit
  • LendingPoint: Simple loan process with fast funding (up to $36.5k)
  • Upstart: Best for no minimum credit score requirements
  • LightStream: Best for low interest rates (good and excellent credit required)
  • Prosper: Top rated peer-to-peer lending platform
  • OneMain Financial: Best for secured loans
  • Penfed Credit Union
  • Rocket Loans
  • Avant
  • LendingClub
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