Getting a personal loan can be challenging if you have less-than-perfect credit or limited credit history, but several lenders offer more flexible qualification requirements. While these “easier” loans typically come with higher interest rates, they can provide crucial access to funds when traditional lenders aren’t an option.
Here’s our take on some of the easiest personal loans to get, including possible options for easy approval loans for fair credit, low income, or no credit history. 💰
With MoneyLion, you can access offers up to $100,000 from top lenders. Compare rates, terms, and fees to find the deal that fits your needs.
8 Easiest personal loans to get approved for
Navigating personal loan options can feel overwhelming, but we’ve done the research to provide choices that may lead to easy loan approval.
1. Best for bad credit: Upgrade Personal Loans
Upgrade shines as an option for easy approval loans for bad credit borrowers or those with less-than-perfect credit. With competitive rates and no prepayment penalties, this loan is designed to help you consolidate debt or cover unexpected expenses.
| APR: 9.99% – 35.99% | Loan purpose: Refinancing, debt consolidation, large purchases |
| Loan amount: $1,000 to $50,000 | Origination fee: 1.85% to 9.99% |
| Credit score needed: 600+ | Prepayment penalty: N/A |
| Terms: 24 to 84 months | Late fee: Up to $10 |
2. Best for no fees: SoFi Personal Loans
SoFi Personal Loans stands out for its no-fee personal loans, offering borrowers competitive rates and flexible terms. Ideal for those who value transparency, SoFi provides additional perks like unemployment protection and access to financial planning tools.
| APR: 8.99% – 29.99% | Loan purpose: Emergencies, debt consolidation, large expenses |
| Loan amount: $5,000 – $100,000 | Origination fee: 0% |
| Credit score needed: None | Prepayment penalty: None |
| Terms: 2 to 7 years | Late fee: None |
3. Best for same-day approval: LightStream
LightStream delivers speed and flexibility with same-day approval and funding for borrowers with strong credit. Known for its competitive rates and zero fees, LightStream is an excellent option for major expenses like auto purchases or home improvement projects. The online application is quick, and its Rate Beat program can help you get the best deal available.
| APR: 6.99% – 25.29% | Loan purpose: Emergencies, debt, debt consolidation, vehicle financing, large expenses |
| Loan amount: $5,000 – $100,000 | Origination fee: None |
| Credit score needed: 660 | Prepayment penalty: None |
| Terms: 2 to 7 years for most loans | Late fee: None |
4. Best for small loan amounts: Upstart Personal Loans
Upstart stands out for its AI-driven approval process that looks beyond credit scores to consider your education and work history. This approach makes it ideal for borrowers who may still need to establish credit. With loan amounts starting as low as $1,000, Upstart is perfect for smaller financial needs, and funds are often available within one business day.
| APR: 7.40% – 35.99% | Loan purpose: Refinancing, debt consolidation, other expenses |
| Loan amount: $1,000 to $50,000 | Origination fee: 0% to 12% |
| Credit score needed: 300+ | Prepayment penalty: N/A |
| Terms: 36 and 60 months | Late fee: 5% of last amount due or $15, whichever is greater |
5. Best for fast funding: Avant Personal Loans
Avant specializes in loans for borrowers with fair credit, offering fast funding and a simple application process. With flexible terms and an easy-to-navigate platform, Avant ensures you can manage your loan without complications. It’s an excellent choice for those needing quick access to funds for emergencies or other short-term needs.
| APR: 9.95% – 35.99% | Loan purpose: Major expenses, debt consolidation |
| Loan amount: $2,000 to $35,000 | Origination fee: Up to 9.99% |
| Credit score needed: 580+ | Prepayment penalty: None |
| Terms: 24 to 60 months | Late fee: Up to $25 |
6. Best for large loan amounts: Discover Personal Loans
Discover Personal Loans combines flexibility with simplicity, offering personal loans with no fees and competitive rates. With loan amounts up to $40,000, Discover is a great choice for significant expenses like medical bills or major home repairs. Borrowers benefit from a streamlined application process and reliable customer service.
| APR: 7.99% – 24.99% | Loan purpose: Debt consolidation, medical expenses, fertility treatments, business expenses, emergencies |
| Loan amount: $2,500 – $40,000 | Origination fee: None |
| Credit score needed: 660 | Prepayment penalty: None |
| Terms: 3-7 years | Late fee: $39 |
7. Best for debt consolidation: Happy Money Personal Loans
Happy Money is designed specifically for consolidating credit card debt, offering tailored solutions to simplify your payments and reduce your interest rates. With no fees and tools to track your financial progress, Payoff makes it easy to stay focused on achieving your debt-free goals.
| APR: 8.95% – 17.48% | Loan purpose: Debt consolidation |
| Loan amount: $5,000 – $40,000 | Origination fee: Up to 7% |
| Credit score needed: 640 | Prepayment penalty: None |
| Terms: 2 to 5 years | Late fee: None |
8. Best for flexible terms: LendingClub Personal Loans
LendingClub offers a peer-to-peer lending model that provides borrowers with competitive rates and flexible terms. Whether you’re consolidating debt or funding a major purchase, LendingClub allows for joint applications and offers tailored options to suit your financial needs. The platform’s transparency and user-friendly tools make it a reliable choice for borrowers looking for relatively easy approval loans.
| APR: 8.91% – 35.99% | Loan purpose: Debt consolidation, emergencies, bills, auto financing |
| Loan amount: $1,000 – $40,000 | Origination fee: 3% to 8% |
| Credit score needed: 600 | Prepayment penalty: None |
| Terms: 2 to 5 years | Late fee: 5% of the outstanding payment or $15, whichever is greater |
4 Keys when choosing easy approval loans
“Easy” personal loans often come with a hidden catch – but knowing the right factors to evaluate can help avoid costly mistakes and find a loan that truly fits your needs.
Interest rates and APR: Don’t be blinded by promises of quick approval – your APR is crucial. Easy approval loans may feature higher interest rates than traditional lending products. You’ll want to compare multiple lenders to find competitive rates for your credit profile. Remember: even a few percentage points can mean thousands in savings over your loan term.
Credit requirements: Sometimes, lending labeled as “easy approval,” may still have basic eligibility criteria. Look for lenders who advertise flexible credit score minimums. Some lenders also offer prequalification with a soft credit check, letting you gauge approval chances without impacting your score.
Loan terms: Don’t get sold on just the loan amount! The entire loan structure needs to work for your financial situation. While longer repayment terms may make monthly payments more manageable, they could cost you more in interest over time.
Documentation requirements: Be prepared to provide a variety of personal verification documents, including proof of income, government-issued photo ID, and proof of address like utility bills.
Alternatives to quick and easy personal loans
Looking for other ways to access funds? While quick personal loans can be a solid choice for many borrowers, it’s worth exploring all your options to find the best fit for your situation.
Earned wage access
Allows you to access wages you’ve already earned before your scheduled payday, typically for a small flat fee rather than interest charges. MoneyLion’s Instacash® allows you to access up to $500 of your paycheck before you get paid — without interest or mandatory fees*.
Credit cards
You may be able to gain immediate access to funds with a revolving credit line, potentially including 0% APR promotional periods for new purchases or balance transfers. However, the better offers come to those with good credit.
Credit builder loans
Credit builder loans can be a smart alternative when you need to build credit. Instead of giving you immediate access to funds, they can help you establish a positive payment history while building a savings cushion that you can access later, potentially allowing you to qualify for better loan terms in the future when you truly need to borrow.
The bottom line
While “quick and easy loans” loans can provide immediate financial relief, the smartest choice isn’t always the easiest one.
Take time to compare multiple lenders, understand their true costs, and read the fine print before signing. Remember: even with less-than-perfect credit, you have options – whether it’s online lenders or secured loans.
The right lender won’t just offer easy approval, but terms that set you up for financial success rather than a cycle of debt.
FAQs
Which personal loans are the easiest to get approved for?
Loans from lenders like Upgrade and LightStream are known for their fast approvals and relatively lenient credit requirements.
Can you get a personal loan with bad credit?
Yes, lenders like Upgrade specialize in providing personal loans to borrowers with lower credit scores.
What do lenders look for when approving a personal loan?
Lenders typically evaluate your credit score, income, debt-to-income ratio, and employment status.
How fast can I get a personal loan?
Some lenders, like LightStream, offer same-day approval and funding.
Are there personal loans that don’t require a credit check?
Some lenders provide no-credit-check loans, but they often come with higher fees and interest rates.
Methodology
For our take on the easiest personal loans to get, we’ve researched lenders to identify the most accessible personal loans, evaluating their minimum credit score requirements, income thresholds, and similar holistic information to help you find realistic borrowing options for your situation.
