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What Are the Easiest Personal Loans to Get?

Jordan Bishop • February 22, 2024

Couple reviewing personal loans on laptop

It can be challenging to pay for unexpected expenses and financial emergencies if you don’t have a strong credit score or a stable income. One solution is a personal loan, especially an easy-to-get personal loan designed for anyone with a less-than-ideal credit history or a fluctuating income.

Understanding the benefits, risks, and alternatives to personal loans can give you the knowledge to make smart choices when a financial challenge arises. Whether it’s a no credit-check-loan, a pawnshop loan, or a payday loan, there are many options to explore.

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What can you use a personal loan for?

Before we get into the benefits and risks of easy-to-get personal loans, let’s first understand what you can use a personal loan for.

One common use of personal loans is debt consolidation. This is when you combine multiple debts into a single loan with a lower interest rate and more manageable repayment terms. Debt consolidation helps streamline your finances and will save you money on interest payments over the long run.

Another reason you might get a personal loan is for home improvements like renovations, repairs, and upgrades. Since personal loans provide a lump sum of money upfront, they can be handy for covering the large expenses involved in home improvement projects, which can increase your property value.

Other popular uses of personal loans include financing major purchases, covering medical expenses, and funding significant life events like weddings or moving. The flexibility of personal loans makes them a great choice for anyone who needs to access funds without specific limitations on how they’re used.

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Easy loans explained and their risks

Certain types of personal loans are easier to get than others, though they come with risks.

Easier-to-get loans generally have a simple application and approval process requiring minimal documentation. They also have relaxed eligibility criteria, which often means no credit checks, minimal income verification, or the use of collateral to secure the loan. This makes these loans particularly relevant for people with a less-than-perfect credit score or those who need money urgently since they provide a quicker path to receiving funds.

However, these loans also come with risks and have higher interest rates and fees. This can substantially increase the cost of borrowing over time. Borrowers may also be vulnerable to predatory lending practices, so it’s important to be on guard against lenders looking to take advantage of others’ financial situation.

Getting a personal loan certainly offers convenience and accessibility. Still, borrowers should always exercise caution by reviewing the loan terms and realistically assessing their ability to repay it to avoid falling into debt.

5 easiest loans to get

You can get several different types of loans, though each has pros and cons. From loans that don’t require a credit check to those secured by collateral, understanding the differences between these five options will help you make the best decision for you:

  • No-credit-check loans: No-credit-check loans are one of the easiest personal loans to get with bad credit. Unlike traditional loans that rely heavily on your credit score, lenders offering no-credit-check loans assess your ability to repay based on your income and financial stability. This makes no-credit-check loans available to a broader range of borrowers who may have difficulty securing credit elsewhere.
  • Retirement plan loans: Borrowing from your retirement plan offers a quick source of funds without needing a credit check. However, it’s important to consider the potential long-term consequences on your retirement savings. Regularly dipping into your retirement funds may hurt your ability to build a substantial nest egg for the future, so weigh the short-term convenience against your long-term financial security.
  • Unsecured loans: Unsecured personal loans come with higher interest rates compared to secured loans that require collateral. However, they don’t require you to pledge assets like your home or car as security. These minimal personal loan requirements makes them relatively easy to obtain and an ideal fit for people who lack assets they can pledge. While the interest rates are generally higher, unsecured loans provide a means for borrowers to access funds without risking the loss of their belongings.
  • Pawnshop loans: Some pawnshops offer a straightforward lending option by accepting valuable items as collateral for a loan. One advantage of pawnshop loans is that they don’t involve a credit check, making them a viable choice for borrowers with value items to pledge as collateral. However, carefully assess the value of the collateral you’re pledging and the loan terms to ensure you aren’t being taken advantage of.
  • Payday loans: Payday loans are short-term, high-interest loans designed for people with a low or no credit score. These loans are easy to qualify for, relying on your income and ability to repay within a short period. With that said, payday loans have very high interest rates and can send some borrowers into a debt trap, so consider these a last resort when no other viable borrowing options are available.

While these easy-to-get loans offer convenience, weigh their advantages and disadvantages to avoid putting yourself in a bad position.

Alternatives to easy loans

While easy loans can provide quick access to funds, they aren’t the only way to meet your cash needs. Here are a few alternatives to easy loans that may better suit your financial needs and goals.

  • Credit unions: Credit unions often offer more favorable terms and lower interest rates compared to traditional banks or payday lenders.¹ They also prioritize their members’ financial well-being and are generally more willing to work with people with less-than-perfect credit histories. By becoming a credit union member, you may be able to access personal loans with lower fees and interest rates than through the methods outlined above.
  • Credit cards: For those with available credit on their existing credit cards, this can also be a convenient way to cover unexpected expenses. Credit cards offer a flexible and readily accessible line of credit. However, it’s important to use that credit responsibly since carrying a balance on your credit card is expensive and can hurt your credit score.
  • Payment plans: Some service providers offer payment plans that allow you to spread the cost of the products or services you buy over time. This can be a practical option for specific purchases, such as medical bills or other large purchases. Some payment plans don’t charge interest at all, making them a cost-effective way of managing expenses without taking out a loan.

If you’re in a position where you need some additional cash, it’s worth exploring alternatives like credit unions, credit cards, and payment plans to get more favorable terms and reduce your overall costs.

Personal loans aren’t your only option

Finding the easiest personal loans can be a lifesaver when you’re facing unexpected expenses. However, weighing the risks and costs associated with these loans before moving ahead is crucial since many of these options can charge high fees. If you can, it’s worth considering alternatives to reduce your costs while still getting access to cash quickly.

Making smart choices around debt is a must for your financial well-being. Find out more about managing debt effectively.

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¹ Information from Investopedia’s Credit Unions vs. Banks: Which One Is the Best for You? as of February 8, 2024:

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