What is the easiest loan to get immediately?

What is the Easiest Loan to Get Immediately?

If you urgently need funds, finding a quick and easy loan can feel overwhelming—especially if your credit score is less than ideal. Whether you're dealing with an emergency, planning a big event, or simply needing extra cash for a purchase, understanding which loans are the easiest to get and what to expect can save you time and stress. Let’s dive into some of the best options for getting a loan quickly and with minimal hassle.

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1. Best for Bad Credit: Avant Personal Loans

Avant is known for working with borrowers who have poor or fair credit, with credit scores as low as 580. One of the biggest advantages of Avant is that you can prequalify with a soft credit inquiry, which won’t impact your credit score. Loan amounts range from $2,000 to $35,000, giving you flexibility in the amount you can borrow.

Loan terms with Avant range from 24 to 60 months, and there are no penalties for paying off your loan early. However, you should be aware of fees—Avant charges up to 9.99% in administration fees, and if you miss a payment, late fees can add up quickly (up to $25). Despite these fees, Avant remains one of the top choices for those with less-than-stellar credit.

• Loan Amounts: $2,000 to $35,000
• Loan Terms: 24 to 60 months
• Credit Needed: Poor/Fair (580+)

2. Best for Flexible Terms: OneMain Financial Personal Loans

If you need more flexibility, OneMain Financial is a good option. They offer loans from $1,500 to $20,000 and operate over 1,300 branches in 44 states, giving borrowers access to in-person support. OneMain's terms range from 24 to 60 months, and they have flexible payment structures. They don’t charge prepayment penalties, which is a benefit if you plan to pay your loan off early.

Origination fees with OneMain Financial can vary—either a flat fee between $25 and $500 or a percentage of the loan amount (1% to 10%). Late fees can also be significant, so it’s important to stay on top of payments.

• Loan Amounts: $1,500 to $20,000
• Loan Terms: 24, 36, 48, or 60 months
• Credit Needed: Poor/Fair

3. Best for No Credit History: Upstart Personal Loans

Upstart offers personal loans specifically designed for people who have little to no credit history. Upstart looks at more than just your credit score—they also consider your education, employment history, and other factors to assess your ability to repay the loan. With Upstart, you can borrow anywhere from $1,000 to $50,000, with terms ranging from 36 to 60 months.

While Upstart provides access to higher loan amounts, there are fees to consider. You might pay up to 12% in origination fees, and late payments incur penalties (5% of the unpaid amount or $15, whichever is greater).

• Loan Amounts: $1,000 to $50,000
• Loan Terms: 36 or 60 months
• Credit Needed: No credit history required, with credit scores starting at 300

4. Best for Small Loan Amounts: Oportun

For those who need a smaller loan, Oportun offers loan amounts as low as $300 and as high as $10,000. Oportun is known for working with borrowers who don’t have a credit history, and they offer a prequalification option that won’t hurt your credit score. One of the downsides is that Oportun isn’t available in every state, so you’ll need to check availability.

Loan terms can range from 12 to 53 months, and fees and interest rates will depend on the applicant’s location and financial profile.

• Loan Amounts: $300 to $10,000
• Loan Terms: 12 to 53 months
• Credit Needed: No credit history required

5. Best for Fast Approval: LendingPoint Personal Loans

If you need cash in a hurry, LendingPoint stands out for its fast approval process. LendingPoint considers multiple factors when evaluating your application, including your credit usage and other financial behaviors. This lender offers loans from $1,000 to $36,500, with terms of up to 72 months.

LendingPoint’s loans are available in most states, though they do charge an origination fee of up to 8%. You can receive your loan funds as soon as the next business day.

• Loan Amounts: $1,000 to $36,500
• Loan Terms: 24 to 72 months
• Credit Needed: Poor/Fair

6. Best for Longer Loan Terms: Upgrade Personal Loans

Upgrade offers some of the longest loan terms, with repayment periods of up to 84 months. Loans range from $250 to $50,000, giving you a lot of flexibility in both the amount and repayment schedule. You can also apply with a co-applicant, which may increase your chances of approval.

Upgrade’s standard credit score requirement is 600, but they do offer programs for applicants with scores as low as 560. Like many personal loans, Upgrade comes with some fees, such as origination fees.

• Loan Amounts: $250 to $50,000
• Loan Terms: 24 to 84 months
• Credit Needed: Poor/Fair

Advantages and Disadvantages of Easy Personal Loans

While some personal loans are easier to obtain, they often come with certain trade-offs that borrowers should carefully evaluate.

Pros:

• You receive a lump sum of money that can be used for almost any purpose.
• Lenders may accept applicants with poor credit or no credit history.
• Having a co-signer can simplify the approval process and potentially secure better interest rates.

Cons:

• Lenders may require collateral from borrowers with lower credit scores.
• Easier-to-get personal loans often come with higher fees.
• Loan amounts may be smaller compared to other loan options.

How to Choose the Right Loan for You

When deciding which loan is easiest for you to get, consider the following factors:

• APR: Loans that are easier to qualify for often come with higher interest rates. Look for competitive APRs, especially if you have bad credit.
• Fees: Many personal loans come with application, origination, and late payment fees. Fewer fees mean a more affordable loan.
• Loan Term: Longer loan terms can reduce your monthly payments but may lead to higher overall costs due to accruing interest.
• Funding Speed: If you need money fast, look for lenders with quick approval times and same-day or next-day funding.

What Makes a Loan Easy to Get?

Several factors determine how "easy" it is to get a loan. Typically, loans with flexible credit score requirements, faster approval times, and fewer income restrictions are easier to secure. The availability of prequalification processes that don’t affect your credit score also makes the process smoother. Some lenders will approve your loan and transfer funds within a day, making these loans perfect for emergencies.

Conclusion: Preparing for a Loan

Securing a loan doesn’t have to be a difficult process, even if you have poor credit or no credit history. By knowing your credit score, determining how much you need to borrow, and comparing different loan options, you can find a loan that meets your needs. Be sure to evaluate the terms and fees associated with each loan to ensure you’re getting the best deal. With the right lender, you can access funds quickly and easily—without breaking the bank.