Loans that are easy to get

Easiest Loans To Get

Bad credit can make financing very difficult. Access to a loan, when needed, is often limited and when you can get a loan, interest rates can be high. Still, you have options with some of them being better than others. Let’s take a quick look at your bad credit loan options.

There is always an option for financing no matter what your credit looks like. Depending on what kind of loan you are looking for, you probably have options.

Easiest Loans By Category (Choose Your Need)

1) Small Dollar Loans

A small dollar loan is a loan for a few hundred dollars. You might need it to pay for a sudden emergency bill or if your paycheck comes up a little short.

Your easiest small dollar loan to get is a cash advance or payday loan. Here is what you need to know.

Why Is This Loan Easy?

This is perhaps the easiest loan to get because all that you need is a checking account and a source of income. The income does not even need to be a job, it can be any money that you receive on a regular basis.

Loan Pros

Low credit requirements, a short quote process and fast payouts. This is what you need in an emergency and that is what most of these loans are used for, emergencies. It takes just a few minutes to get a loan decision and most will be deposited into your account as soon as the next business day.

Loan Cons

High fees and a short loan term are the drawbacks. Loans are due to be paid back at the borrowers next payday. This is usually two weeks or less and because of the short term, the interest rate of the loan is high. A fee might be $15 for every hundred dollars borrowed which might be reasonable in an emergency. That equates to an interest rate of over 400% though.

In addition, loans are capped by the state and vary depending on where you live. Your limit could be as little as $300 or as much as $1000.

Get A Small Dollar Loan Quote

2) Personal Loans

The online installment loan is your best choice if you have bad credit and need more than $1000 and need more time to pay it back.

Why Is This Loan Easy?

You can apply for a loan online and get a fast decision. When you get your quote online, you can get access to more lenders. This increases your odds of approval, making it a good choice if you have bad credit.

Loan Pros

The biggest benefit to an installment loan is that you can get more money and have more time to pay it than you would with a cash advance. In addition, when going online, you get more lenders to potentially work with. This improves your odds of getting approved.

Each lender will have their own set of loan requirements. If you just apply to a single lender, you have to meet their requirements only. Not a match, you get denied and have to start all over. With lender networks online, if you get denied by one, your information will simply go to the next lender. This is repeated until you get an approval or until you run through all of the lenders.

Loan Cons

When you have bad credit and need a loan, there will always be a con. In this case, it is the interest rate. The worse your credit, the more you will pay in interest. Also, the longer the loan term, the longer you will pay this interest.  This is why you must always look at the total cost of your credit when making a loan decision.

Get An Installment Loan Quote

3) Car Loans

When you have bad credit, the last thing that you want to do is get declined at the dealership. This is where online car loans come in as the best choice for an easy loan. Online lenders are more adept at working with those with bad credit. Even if you plan on going to a dealer, you should start online for your approval.

Why Is This Loan Easy?

Online lenders are more plentiful. Dealers work with a handful of lenders and if you have bad credit, they might not have someone who can handle your situation. Online, you can find smaller lenders willing to take more of a risk. Dealerships like to keep things easy and work with the ones they are familiar with exclusively.

Loan Pros

Quick approval is the biggest benefit to working online. In addition, when approved online, you can go to a dealership with financing already arranged. Use this financing to purchase your vehicle or see if the dealership can beat the rate. Having a rate that you are approved at can give the dealership something to beat, saving you money.

Loan Cons

If you have poor credit, interest rates are always going to be high. This means that you might find yourself in need of a refinance in a few months or years. This is a bit of additional work but it will not cost you anything, there are no fees on a refinance.

Get An Online Auto Loan Quote

4) Home Loans

Home loans are not the easiest loans to get but you have some options with less than perfect credit. An FHA loan is about the easiest to get.

Why Is This Loan Easy?

FHA loans allow buyers to get a loan with a score as low as 580. That is a fairly low score for a purchase as big as a home. Besides the minimum credit score, you will also need 3.5% down which is much lower than the 20% needed for conventional funding.

Loan Pros

The biggest advantage is the low credit score requirement. 580 is a fairly easy score to achieve. If your score is lower, there are many ways to improve your credit. Take action and you can be at FHA credit levels in a matter of months. If you need to move sooner on a home, you can qualify with a score as little as 500 if you put 10% down.

Loan Cons

The biggest con, for most people, will still be the down payment requirement. Although lower than that needed for a conventional loan, 3.5% can still be tough to come up with. That is $7,000 on an average $200,000 home.

Another con of this loan is the mortgage insurance. Mortgage insurance payments are required for the life of the loan unless you put 10% down. Even then, you must carry mortgage insurance for 11 years. This can add a couple hundred dollars to your monthly payment.

Posted by
James Car

James Car is a finance, loan and budget expert based in the United States. After attending Brookhaven college, he went on to become a successful entrepreneur. He now enjoys writing articles that help people save and make the most of their money.