One of the most adaptable types of credit is a personal loan. The money can be used to pay for unforeseen emergencies, significant expenditures, or even to finance a car. You should be able to locate a lender willing to work with you even if your credit is ruined, however qualification requirements differ. The following six lenders provide some of the simplest personal loan applications.Methodology
According to forbes, Based on 14 data points in the categories of loan specifics, loan pricing, eligibility and accessibility, customer experience, and application process, forbes evaluated 18 well-known lenders. Selected lenders who require a credit score of at least 600 and ranked them according to the weighting given to each category:Eligibility and accessibility: 30%
Loan cost: 25%
Loan details: 20%
Customer experience: 15%
Application process: 10%
Within each category, we also considered several characteristics, including loan amounts, repayment terms, APR ranges and applicable fees. We also looked at whether each lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated each provider’s customer support tools, borrower perks and features that simplify the borrowing process—like prequalification and mobile apps.
Where appropriate, we awarded partial points depending on how well a lender met each criterion.Tips for Comparing the Easiest Personal Loans to GetConsider these tips when comparing the easiest personal loans to get:
- Look at their requirements beforehand. Before you start filling out loan applications, review the lender’s credit and income requirements to see if you’re a good candidate. Some lenders post their requirements publicly on their websites. If you don’t see it listed, you can call the customer service number and ask for the requirements over the phone.
- Know how much you need to borrow. Many lenders have strict minimum and maximum loan limits. Before you apply for a loan, it’s important to understand if the amount you need to borrow fits within the lender’s limits.
- Compare fees and APRs. The interest rate dictates how much interest you’ll pay during the loan term. The APR is the interest rate plus any fees you’ll be charged. Always make sure to compare lender APRs and not just interest rates.
- Figure out how much you can afford to repay. When you apply for a personal loan, the lender typically offers a variety of repayment terms to choose from. Longer repayment terms have lower monthly payments and typically come with higher interest rates, while shorter repayment terms have higher monthly payments and typically come with lower interest rates. Decide what monthly payment you can afford and choose a repayment term based on that amount.What Makes Loans Simple to Get or Obtain?
When credit score and income requirements are liberal, personal loans are simple to obtain. While many of the top lenders for personal loans have strict credit score requirements, often ranging from 600 to 680, some—like those on this list—accept scores as low as 560.
If you can locate a lender with a lower credit score cutoff that specializes in working with clients with damaged credit, qualifying will be considerably simpler.What Are the Easiest Personal Loans to Get?
The easiest personal loan to get is one that has a low credit score threshold, which will vary depending on the lender. However, more often than not, online lenders have less stringent qualification requirements compared to traditional lenders like banks and credit unions. If you know you have damaged credit, you’ll likely have more luck applying for a personal loan through an online lender.
It’s important to note, though, that online lenders that cater to applicants with poor credit typically charge higher interest rates. But your goal when applying for a loan with bad credit shouldn’t be to get the lowest rates possible; it should be to find a lender that can serve your specific financial situation and needs.How to Get an Easy Personal LoanWhile the process varies by lender, follow these general steps to apply for an easy personal loan:Check your credit score
. It’s best to know your credit score before you apply for a loan. You can find your score through your bank or credit card provider, or through one of the many free sites that offer credit scores. Understanding your score can point you in the direction of a lender that can serve you best.Take time to boost your score, if necessary
. If your credit score is below the minimum threshold, take time to improve your score. As a good rule of thumb, make sure there are no errors on your credit report and pay down your balances.Determine what you can afford to pay
. You should understand what monthly payment you can afford before you apply for a loan. Go through your current expenses and income to calculate what you can manage. That will keep you from taking out a loan that you can’t pay back.Prequalify with multiple lenders
. Some lenders offer a prequalification process that lets you see what terms you may receive—if you’re eligible—without hurting your credit score. Prequalifying with multiple lenders is the easiest way to find the best offer for your specific situation.Submit your application
. Once you find and choose a lender that works for you, fill out the formal application. To complete the application form, you’ll have to provide your birth date, contact information, Social Security number (SSN), employment information and other relevant details.Alternatives to Easy Loans
Consider these alternatives if an easy personal loan doesn’t seem like the right fit for you.Crowdfunding
If you need money and don’t qualify for a personal loan, you might want to consider a crowdfunding site like GoFundMe or Kickstarter. These sites let you raise money for almost any purpose—typically at the cost of a small fee. People often use these sites to raise money for business ventures, medical bills, pet expenses, household emergencies and more.
The money raised in a crowdfunding campaign does not have to be repaid. However, it’s hard to predict how much you can raise and how quickly.Payday Alternative Loan
A payday alternative loan (PAL) is a personal loan from a federal credit union. The interest rate on a PAL is similar to a personal loan, maxing out at 28%. You can borrow up to $2,000 and terms range from one to 12 months.
While the credit score requirements are more flexible than traditional personal loans, borrowers must be members of the federal credit union for one month to become eligible for a PAL. That can be a problem if you need money quickly.