A couple in a meeting shaking hands.

What Is The Easiest Loan To Get?

Miranda Crace8-minute read
UPDATED: June 02, 2024

Share:

The word “easy” doesn’t always come to mind when thinking about getting a loan. Searching for the right lender, gathering paperwork and waiting to hear whether your credit score nets you a decent interest rate can take time and energy. It’s understandable, therefore, that some borrowers wish to skip the traditional process in favor of an easier approval.

Fortunately, you may be able to snag funding through a variety of less traditional loan options with approval processes that aren’t so time-consuming or complicated. To help simplify matters, let’s take a look at the easiest loans to get and what makes them more accessible than other financing options.

What Does An ‘Easy’ Loan Mean?

Getting a loan “easily” can have different meanings for different borrowers. However, an easy loan is typically a loan with a not-so-rigid credit score requirement, timely funding and a straightforward application process.

Lenient Credit Score Requirements

A roadblock for some borrowers is credit score since many loans require a credit inquiry. If your credit score isn’t high enough, you could face a high interest rate for your loan – if you’re approved at all. Some of the easiest loans to get skip the credit check entirely, basing your approval on collateral or other factors.

Fast Funding

An issue many borrowers face when seeking a loan is time. Depending on the type of loan you need and how quickly you need it, some lenders may not be able to deliver it fast enough. The easiest loans typically promise fast or immediate disbursal of funds.

A Convenient Application Process

Convenience can also be key if you’re looking for an easy time getting a loan. With options to apply for a loan online, you can complete an online application from the comfort of your home.

Getting a personal loan has never been easier.

The Rocket LoansSM application process makes borrowing simple.

What Is The Easiest Loan To Get With Bad Credit?

If your credit report isn’t what it needs to be for most loan options, you can get any of the following loans without a credit check. These same-day loans, sometimes called emergency loans, can also deliver your money the day you apply.

Payday Loans

Pros

Cons

Same-day funding

Nearly 400% APR

No credit check

Repayment due your next payday

Rollover options

High lending fees

A payday loan is a short-term loan meant to be repaid when the borrower receives their next paycheck. You can often find these loans online through private lenders or physical branches. Eligibility requirements typically only call for you to have an active bank or credit union account, show personal identification and proof of income, and be at least 18 years old.

Payday lenders often forego credit checks and consequently may attract borrowers with poor credit. But the fees and annual percentage rate (APR) imposed by payday lenders can add up to an expensive ordeal. Lending fees are typically $10 – $30 for every $100 borrowed, and APR can be nearly 400%. Rolling the loan over incurs another lending fee charge.

So, while qualifying for a payday loan can be easy, the financial risks may make another option more attractive.

Auto Title Loans

Pros

Cons

Same-day funding

A risk of losing the car in the event of a default

No credit check

A short repayment period

Rollover options

Finance fees as high as 25%

A title loan operates similar to a payday loan, except it’s a secured loan. You usually need to offer your vehicle’s title up as collateral.

An auto title loan repayment period is typically 15 – 30 days. This type of loan can include rollover options, but with financing fees around 25%, equal to a 300% APR. With a short turnaround time, high fees and the risk of losing your vehicle, title loans can be dangerous to take on.

Pawn Shop Loans

Pros

Cons

Same-day funding

The risk of losing collateral in the event of a default

No credit check

Up to 200% APR

Pawn shop lenders will also forego a credit check in exchange for a loan if you can offer a valuable item as collateral. Loan repayment terms and interest rates can vary between pawnbrokers, but a pawn shop loan APR is generally around 200%. As with a title loan, you stand to lose your collateral if you default on the loan.

The easiest pathway to a loan may not be the best way. If your credit is holding you back from better loan options, taking steps to improve your credit score is usually best.

Alternatives To Getting An Easy Loan

The loans discussed above are some of the easiest to get approved for, but they come with risks that some other financing options don’t. If you want to avoid the pitfalls of these “easy” loans, consider some of the options discussed next.

Apply For An Unsecured Personal Loan

Quick Take:

●      10% – 32% APR on average

●      Potential origination fees

●      No collateral needed

●      A simple application process

●      A required credit check

Approval and Dispersal of Funds:

1 – 7 business days

An unsecured personal loan is relatively easy to get, but it does involve credit checks. Unsecured loans don’t require any collateral, however, so your APR largely depends on your credit score. A score of 650 or higher typically qualifies for a good interest rate and repayment term. But certain lenders offer personal loans specifically for borrowers who have a relatively low credit score.

An unsecured personal loan is also an installment loan, meaning you repay it in monthly installments over the loan term. In addition to the interest you’ll pay each month, lenders may tack an origination fee onto your payments.

The personal loan application process is straightforward. Some lenders and lending platforms even let you apply entirely online. You should consider prequalification to make sure you can land the loan amount, interest rate and repayment term you want.

Once you submit a full application, approval and fund disbursal can happen in 1 – 7 business days. Some lenders, including Rocket Loans℠, can offer same-day funding to certain borrowers.1 Under the right circumstances, a personal loan can be a fast, easy and safe option for borrowers in need of cash.

Have A Co-Signer

Quick Take:

●      A better chance of loan approval and a lower interest rate

●      The potential for missed or late payments to affect both the borrower and co-signer’s credit

Approval and Dispersal of Funds:

Personal discussions, 1 – 7 business days

If your credit score is too low for a personal loan, consider having a trusted family member or friend co-sign on your application. If the co-signer has good credit, you may get better loan offers and lower interest rates.

Another option is to secure a joint loan with a co-borrower. But keep in mind: Missed or late payments will hurt both parties’ credit scores, regardless of whether it’s a joint loan or a loan with a co-signer.

At this time, Rocket Loans does not accept co-signers on loans.

Get A Credit Card Cash Advance

Quick Take:

●      A cost of 3% – 5% of the total loan amount

●      Higher APR than typical credit card purchases

●      No credit check

Approval And Dispersal Of Funds:

Immediate

If you have a credit card, a cash advance can get you immediate funds right from an ATM. Cash advances borrow against your credit line and add the loan amount to your balance. There’s no credit check required, as being a cardholder is enough to qualify you with your card issuer or bank.

Cash advances come with service fees and charges, typically 3% – 5% of the loan amount. They also tend to have a higher APR than regular credit card purchases. Additionally, there’s no grace period before interest starts accruing on your advance.

Take Out A Credit-Builder Loan

Quick Take:

●      Lenient credit requirements

●      No funds until loan amount is paid off

●      The opportunity to build credit

●      $1,000 loan amount limit

Approval And Dispersal Of Funds:

Once loan amount is paid

If you have a weak, limited or nonexistent credit history, consider taking out a credit-builder loan. Lenders tend to offer these loans with more relaxed credit requirements than you’ll find with a traditional loan. But a credit-builder loan works differently than the previously discussed financing options.

Instead of getting money and paying it back, you receive a set amount of money held in a savings account or certificate of deposit (CD). You’ll make payments toward the loan amount and pay interest while building credit in the process. Once you pay off the loan in full, you gain access to your funds. Credit-builder loans amounts are relatively limited, usually going up to no more than $1,000.

If you need quicker access to funds or more money than a credit-builder loan allows, this may not be your best option. However, it can make approval for different funding options easier to come by in the future.

Use Your Emergency Fund

Quick Take:

Use savings and lose savings

Approval And Dispersal Of Funds:

Immediate

Building an emergency fund is an excellent way to always have cash on hand in case of an emergency. Since the money is already yours, there’s no credit check, application or approval process. And you certainly won’t need to worry about interest rates or APR. However, building a fund takes time. Be sure to start saving as soon as possible so you’ll have adequate resources to tap into for unexpected events.

FAQs About Easy Loan Approval

Still wondering whether the easy approval route is the best way for you to secure loan funding? To help inform your decision, let’s explore the answers to some common questions people ask about easy loans.

What is the easiest loan to get approved for?

Payday and pawn shop loans can be the easiest to get approved for. But their repayment terms can bring difficulties. Borrowers with a lower credit score can sometimes still get approved for a personal loan, but it may come with a high interest rate. A credit-builder loan can come with high approval odds and the opportunity to boost your credit, but you must repay the loan amount before you can access the funds.

What is the fastest and easiest way to get a loan?

Payday, car title and pawn shop loans, as well as credit card cash advances, can offer same-day funding. Some personal loan lenders also offer more or less instant approval and funding. Applying for a personal loan online will likely be the most secure, fastest and easiest way to get a loan.

Always research and compare your options, and do your best to avoid predatory lenders.

What is the easiest loan to get online?

Personal, payday and most other types of loans are available through online lenders. Choose the best loan for your circumstances, and you’ll likely find an online provider.

What is the easiest personal loan to get?

A secured personal loan technically tends to be easier to get than an unsecured personal loan. Since you put collateral on a secured loan, you’ll likely be able to get approved despite less-than-excellent credit. However, you risk losing whatever asset you secure the loan with if you don’t repay the loan. Unsecured loans require stronger credit, but they don’t put an asset at risk if you fail to pay off the loan.

Final Thoughts

Bad credit loans often don’t require credit checks, but their risks, fees and interest rates often outweigh their benefits. If possible, treat these loans as a last-resort option for necessary funding.

If you have good credit, a personal loan is usually a better and safer source of funds. In the end, though, the simplest option for you will depend on your financial situation and what you’re comfortable with.

Wondering what interest rate and repayment term you can get with a personal loan? Apply online today with Rocket Loans.

1Same-day funding is available for clients completing the loan process and signing the Promissory Note by 1:00 p.m. ET on a business day. Also note, the ACH credit will be submitted to your bank the same business day. This may result in same day funding, but results may vary, and your bank may have rules that limit our ability to credit your account. We are not responsible for delays that may occur due to an incorrect routing number, an incorrect account number or errors of your financial institution.

Apply For A Personal Loan.

Explore your options today and see what's possible in one simple click.

Miranda Crace

Miranda Crace is a Senior Section Editor for the Rocket Companies, bringing a wealth of knowledge about mortgages, personal finance, real estate, and personal loans for over 10 years.