Best easy loans for quick approval

An easy loan is simply any loan that's relatively quick to get and easy to qualify for. No-credit-check loans may be the easiest type of loan to get, but can create more problems than they solve due to very short repayment periods and high fees. But other options, like personal loans, can get you money the same or next day and have affordable repayment schedules and terms. 

Since there's no one-size-fits-all solution, it’s essential to understand the different types of easy loans available — in particular, which to avoid.

Compare personal loan rates

Best easy loans

Before you take out any loan, your first step should be to compare annual percentage rates (APRs) and terms between options. Personal loans give you an easy way to do this via prequalification, which provides quick loan quotes with APR estimates you may be eligible for. Getting prequalified for a loan won't hurt your credit, but it's not an offer of credit either. 

Be prepared to provide your date of birth and Social Security number so lenders can provide customized rate estimates. And know that when you formally apply for a loan, the lender will conduct a hard credit pull, which could temporarily ding your score.

Methodology

We evaluated the best personal loan lenders for easy loans based on factors such as minimum fixed rate, maximum loan amount, funding time, loan terms, fees, discounts, minimum credit score requirements, and whether cosigners are accepted. Our team of experts gathered information from each lender’s website, customer service department, directly from our partners, and via email support. Each data point was verified by a third party to make sure it was accurate and up to date.

Types of easy loans

Before explaining the different types of easy loans, it’s important to go over the annual percentage rate (APR) first. The APR includes the interest rate and upfront fees, and is a better tool for comparing lenders instead of just relying on the interest rate. It shows you how much you’ll pay to borrow money — a higher APR translates to a higher borrowing cost. Some types of easy loans with very high APRs are almost always best avoided:

• Payday loans: Payday loans are short-term, high-cost loans meant to be repaid by your next payday. They provide quick access to small amounts of cash (typically $500 or less) for immediate financial needs. However, a combination of high costs and short repayment periods makes it challenging to repay payday loans on time. This isn’t surprising, considering the APRs on payday loans can average over 200% in most states, according to a Pew Charitable Trusts study. This often leads the borrower to extend or roll over the loan, increasing the total cost.
• No-credit-check loans: No-credit-check lenders determine your eligibility for a loan without considering your credit score. Instead, the lender mainly looks at your employment status and income. Because they don’t require credit checks, no-credit-check loans usually have very high interest rates, though they may not be as high as regular payday loans, and you may have longer to repay. For example, OppLoans offers no-credit-check loans in some states with an APR of 160%.
• Personal loans: Most personal loans are unsecured loans provided by online lenders, banks and credit unions. Unlike secured loans, such as car and mortgage loans, these personal loans are not backed by an asset. Instead, they’re granted based on your credit score, income, and other factors. As a result, they usually have lower fees and longer repayment periods. Consider that the average interest rate on a 2-year personal loan was 12.35% in November 2023, according to the Federal Reserve — which makes this a much better option if you can qualify.
• Cash advances: If you have a credit card, a certain amount of your credit limit may be available as a cash advance. Cash advances don’t require a credit check, since you already have the credit card, making them a solid option if you can’t get approved for a traditional loan. However, cash advances should never be taken lightly, as they tend to have high interest rates, like 30%, and extra fees, such as 5% of the advanced amount.
• Cash advance app: Unlike a credit card cash advance, these apps allow you to request small amounts that aren’t based on any credit limit. Apps also don’t require a credit check and typically won’t charge you interest. However, expect fees like a subscription fee, expedited funds fees, or optional tips. Depending on your income and the app, you may borrow anywhere from $100 to around $500 or more. For example, EarnIn offers $100 per day (which equates to $750 per pay period.)
• Car title loans: A car title loan is a short-term, high-interest loan that uses your vehicle's title as collateral. Car title loans typically have to be repaid in 15 to 30 days, and may have APRs around 300%. Since you put up your car as collateral for the loan, the lender can seize your car to pay off the debt if you’re unable to repay the loan when it’s due. Because of their high risk, car title loans, along with payday loans, are generally not recommended.
• Payday alternative loans: Payday alternative loans (PALs) are meant to provide borrowers with a more affordable way to pay for immediate financial needs. These small loans are offered by certain federal credit unions to their members and have lower interest rates and fees. In fact, PALs may not have an APR higher than 28%. Additionally, there are two types to choose from, a PAL I or a PAL II. The two differ in terms of loan amounts, repayment terms, and eligibility requirements. These loans make sense for people who need cash quickly but want to avoid the high costs associated with traditional payday loans.

How to get an easy loan

As the name suggests, easy loans are typically easier to get than traditional loans. This is because they may not require a credit check and most don’t require collateral. The application process varies by loan type and lender, but usually involves gathering your income and bank account information. Depending on the lender, you can either apply online or in person.

With many unsecured personal loans, you can prequalify, which won’t impact your credit score. You can see what rates and terms you may be eligible for before formally applying. Once you apply, the lender will perform a hard credit check, which will impact your credit temporarily. Prequalification doesn’t act as an offer for a loan, however, it’s only an estimate. Your final rate may differ depending on your credit profile.

Compare easy loan lenders

With many different easy loan lenders out there, it can be challenging to know what to look for. Generally, pay attention to APR, fees, and repayment periods when comparing easy loans.

• APR: The APR shows you how much a loan will cost you, represented as a yearly percentage. It accounts for the interest rate and any upfront fees, like an origination fee. The higher the rate, the more you’ll pay to borrow money.
• Fees: Easy loan fees may include origination fees, late fees, and rollover fees. To choose a loan with as few fees as possible, always compare APRs and review the terms carefully.
• Loan amounts: The amounts can vary depending on which type of loan you’re getting. Payday loans are typically no higher than $500, while an unsecured personal loan can range from $1,000 to $100,000.
• Repayment periods: The repayment period on a loan is the amount of time you have to repay it, and varies by loan type and lender. Personal loans typically have longer repayment periods than payday loans and car title loans.
• Time to fund: Some lenders may take more than a few days to get you the money after you’ve been approved. If you can’t wait, choose a lender with a same- or next-day turnaround that offers loans with reasonable fees.

Pros and cons of easy loans

Some pros and cons of easy loans include:

Pros:

• Access to cash fast: The main benefit of easy loans is the ability to access cash quickly for immediate needs. This can be helpful for emergency expenses, such as car repairs or other unexpected bills.
• Credit isn’t always a barrier: Easy loans are appealing to borrowers with bad credit, as some types don’t require a hard credit check. Many easy loan lenders will still check your credit when you apply. However, they primarily look at your income to determine eligibility.

Cons:

• Fees and interest may be high: Easy loans may have higher fees and interest rates relative to traditional loans. For example, payday loans may charge fees ranging from $10 to $30 for every $100 borrowed. This is why it’s crucial to compare APRs to ensure you’re going with a lender that charges reasonable fees.
• May have short repayment schedules: Though easy loans give you quick access to cash, many also require quick repayment. For example, payday loans typically require repayment in two to four weeks. Missing your loan payments can result in extra fees and damage your credit score.

Minimum credit score requirements

A credit score is a number, typically between 300 and 850, that lenders use to judge how likely you are to repay your debts. A high score represents a low-risk borrower, and a low score represents a high-risk borrower. 

Here are the credit score ranges, according to FICO:

• Under 580: Poor (“bad credit”)
• 580-669: Fair
• 670-739: Good
• 740-799: Very Good
• 800 and above: Exceptional

Credit scores are calculated based on payment history, credit utilization, length of credit history, and other factors. The minimum credit score for loan approval depends on the loan type and lender. If you have a poor or bad credit score, you'll need to apply with lenders that consider applicants with bad credit, or that don't require a credit check. Just beware that some no-credit-check loans are considered predatory. Predatory loans can lead to further and deeper debt that's difficult to escape.

To illustrate, compare credit score minimums from the lenders below:

Easy loan alternatives

• Credit counseling services: Credit counseling agencies can help you create a budget and provide educational resources to help manage your financial situation. They can also negotiate with your creditors to consolidate your debts and get you on an affordable payment plan.
• Debt management programs: Debt management plans (DMPs) are offered by credit counseling agencies and other organizations. With a DMP, you consolidate most or all of your credit card debts into a single monthly payment, making it easier to stay on top of your bills. The credit counseling agency administers the plan for a small fee.
• Borrow money from someone you know: Sometimes, the best solution is to borrow money from a friend or family member to avoid loan applications and fees. Make sure you discuss repayment expectations from the beginning, for example, if they expect the money back right away or over time.
• Get a cosigner: If you have high-interest debt you’d like to consolidate, a cosigner with good credit can help you qualify for a personal loan with a reasonable rate. Usually a close friend or family member, this person vouches for your ability to repay and puts their credit and finances on the line to do it. So, make sure you can afford the payments for the loan’s term. Not all lenders allow cosigners.

Best easy loans for quick approval FAQ

Can I get a personal loan with bad credit?

If you have bad credit (a FICO score below 580), you may still be able to get a personal loan. However, your loan options will be more limited, and you may pay higher interest rates and fees. You can try applying with a cosigner to improve your loan application. If you want to fix bad credit, pay your bills on time and reduce debt as much as possible.

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

It varies by lender, but generally, you can expect to receive approval or denial for a personal loan as soon as the same day you apply or within a few business days. Many online lenders, such as LightStream and Avant, offer same-day or next-business-day processing.

How fast can I get a loan?

It depends on the lender, but typically within one to seven business days. Some loans are faster than others. For example, some personal loan lenders can review your application and provide funds on the same day.