Need help getting approved for a personal loan? Don’t worry, we’ve got your back in 2024! Even with less-than-perfect credit, lenders are willing to work with you. Imagine having access to flexible terms, low minimum loan amounts, and lightning-fast approval times – sometimes as quick as a day!
Whether you need funds for a home renovation, a dream vacation, or an emergency expense, the right personal loan could be just what you need. Stick around as we explore the best personal loan options in 2024, tailored to help you get approved and quickly get the cash you need.
What Are the Easiest Personal Loans to Get Approved for?
Getting a personal loan in 2024 is a breeze, even if your credit score could be more impressive. The top lenders are making it super simple with relaxed credit requirements, fair interest rates, and fast online applications. Oh, and get this—some will let you hire a co-signer to boost your chances of getting approved!
Payday Loans
Payday loans are short-term loans you must pay back on your next payday. They are usually for $500 or less and require a postdated check. The problem with payday loans is that they can have super-high interest rates, like 400% or more. This can trap people into borrowing more to cover their bills.
No-Credit-Check Loans
No-credit-check loans, or “bad credit loans,” are for people who can’t get approved for traditional loans due to low credit scores. These loans are easy to get but costly, with interest rates up to 160%. This can cause problems for borrowers, especially if they can’t pay it back on time.
Unsecured Personal Loans
If your credit score is fair (580-669), you might get a personal loan, but options may be limited and costly. OneMain Financial, for example, charges up to 35.99% interest and a 10% fee. These “emergency loans” should only be used if truly needed, and no other options exist.
Retirement Plan Loans
If you’re in a tight spot and have retirement savings, consider borrowing from your 401(k) without a credit check. However, the IRS advises caution as not repaying on time can result in taxes, and leaving your job may require immediate repayment. Additionally, you’re taking money meant for retirement compounding. Borrowing from your 401(k) should be a last resort.
Pawnshop Loans
Pawning items at a pawnshop is another option for quick cash, but the terms are not in your favor. You’ll only receive a fraction of your item’s value; the pawnshop can sell it if you don’t repay. Pawnshop loans don’t require a credit check and are easy to get with valuable items like jewelry or electronics as collateral. However, this should be a last resort due to the unfavorable terms.
Most Accessible Personal Loans to Get
We have compiled some of the most accessible loans we can opt for in 2024 based on various criteria, such as credit history, lender type, lender terms and conditions, type of loan, and loan amount.
- Best for bad credit: Avant Personal Loans
- Best for flexible terms: OneMain Financial Personal Loans
- Best for no credit history: Upstart Personal Loans
- Best for fast approval: LendingPoint Personal Loans
- Best for small loan amounts: Oportun
Compare Offers to Find the Best Loan
Comparing lenders to find the most suitable terms and rates is essential when exploring personal loans. Start by comparing interest rates, ranging from under 6% to 36%, with the best rates typically requiring good to excellent credit. Consider the repayment term length, which impacts monthly payments and total interest costs. Shorter terms may lower interest but increase monthly payments, while longer terms reduce monthly payments but raise total interest.
Be mindful of potential origination and late fees affecting your overall cost. If approval is challenging, consider a co-signer or joint applicant to improve your chances and secure a lower rate. Remember to research the lender’s reputation through customer reviews on platforms like the Better Business Bureau or Trustpilot to gauge reliability, customer service, and approval ease. This comprehensive approach will help you decide when selecting a personal loan.
Best for bad credit
Here are some of the most significant choices for bad credit personal loans. A low credit score should allow you access to necessary finances when faced with financial difficulties:
Avant Personal Loans
Avant Personal Loans cater to individuals with low credit scores, starting from 550, making it a suitable option for those needing quick funds. With a soft inquiry prequalification process, you can receive an approval decision within minutes and access the money by the next day if approved by 4:30 p.m. CT on weekdays. Loan amounts range from $2,000 to $35,000, with terms spanning 24 to 60 months and no early payoff fees. Expect up to 4.75% in origination fees and a potential $25 late payment fee if payments are missed.
Annual Percentage Rate (APR):
9.95% to 35.99%
Loan purpose:
Debt consolidation, significant expenses, emergency costs, home improvements
Loan amounts:
$2,000 to $35,000
Terms:
12 to 60 months
Credit needed:
Poor/Fair
Origination fee:
Administration fee of up to 9.99%
Early payoff penalty:
None
Late fee:
Up to $25 per late payment after a 10-day grace period
Pros:
Avant Personal Loans is designed for applicants with lower credit scores, starting from 550. It offers quick funding by the next day with a soft credit check prequalification. The lender charges no early payoff fees and provides a 10-day grace period for late payments. These features make Avant a convenient option for those needing fast and accessible funding.
Cons:
While Avant Personal Loans offer quick funding and cater to lower credit scores, some drawbacks exist. These include an origination fee, potentially high interest rates capped at 35.99% APR, no autopay APR discount, inability to make direct payments to creditors for debt consolidation, and the absence of co-signer options. These limitations should be weighed against the benefits when considering Avant as a lending option.
Best for Flexible Terms
Thinking about flexible terms? We’ve compiled a list of the most excellent solutions available in the financial industry to help you choose the perfect repayment plan for your specific needs and preferences:
OneMain Financial Personal Loans
OneMain Financial Personal Loans is suitable for individuals seeking flexible term lengths. With 24—to 60-month options and no minimum credit score requirement, the lender evaluates applicants based on income, expenses, and debts and may offer secured loan options with collateral.
Funding takes approximately one day on average, and physical branches are available for in-person assistance. Loan amounts range from $1,500 to $20,000, but borrowing can be costly, with origination fees, high interest rates, and late fees. However, there are no early payoff penalty fees.
Annual Percentage Rate (APR):
18.00% to 35.99%
Loan purpose:
Debt consolidation, significant expenses, emergency costs
Loan amounts:
$1,500 to $20,000
Terms:
24, 36, 48, 60 Months
Credit needed:
Poor/Fair
Origination fee:
Origination fee starts at $25 to $500 or percentage ranging from 1% to 10% (depending on your state)
Early payoff penalty:
None
Late fee
Up to $30 per late payment or up to 15% (depending on your state)
Pros
OneMain Financial Personal Loans is an ideal choice for applicants with bad or fair credit, offering no early payoff fees, reasonable minimum loan amounts, and the option to prequalify with a soft credit check. The lender provides ACH funding within 1-2 business days and offers secured loan options for potentially lower rates. Borrowers can choose their monthly due date and apply with a co-applicant or separately from a spouse. These features make OneMain Financial a versatile and accessible lending option.
Cons
While OneMain Financial Personal Loans offer flexibility for applicants with bad or fair credit, some drawbacks exist. These include high origination fees, elevated interest rates, the absence of autopay APR discounts, and the inability to have co-signers. These limitations should be weighed against the benefits when considering OneMain Financial as a lending option.
Best for No Credit History
If an individual has no credit history, here are the best personal loan options for their emergency cash needs:
Upstart Personal Loans
Upstart is suitable for individuals with insufficient credit history, as it evaluates loan applications based on factors beyond credit scores, such as education, income, and employment history. The lender does not perform a hard inquiry for preliminary loan term checks and offers two term lengths (36 and 60 months) with loan amounts ranging from $1,000 to $50,000.
Upstart provides next-business-day funding upon approval and charges no prepayment penalty fees. However, high origination fees (up to 12%) and interest rates should be considered, particularly for those with no or bad credit. Late payment fees apply if payment is more than 10 days late.
Annual Percentage Rate (APR)
7.8% – 35.99%
Loan purpose
Debt consolidation, credit card refinancing, wedding, moving or medical
Loan amounts
$1,000 to $50,000
Terms
36 and 60 months
Credit needed
A credit score of 300 on at least one credit report (but will accept candidates whose credit history is so inadequate that they need a credit score).
Origination fee
0% to 12% of the target amount
Early payoff penalty
None
Late fee
The greater of 5% of the last amount due or $15, whichever is greater
Pros
Upstart is ideal for borrowers with fair credit (minimum 300 scores) and those with insufficient credit history who need a credit score. The lender does not charge early payoff fees and typically disburses 99% of personal loan funds the next business day after completing the necessary documentation by 5 p.m., Monday through Friday. These features make Upstart a convenient and accessible lending option for individuals with fair credit or limited credit history.
Cons
While Upstart benefits borrowers with fair credit and limited credit history, it has some drawbacks. These include high late fees, an origination fee of 0% to 10% automatically withheld from the loan, and a $10 fee for paper copies of the loan agreement. Additionally, applicants must have a Social Security number. These limitations should be considered when evaluating Upstart as a lending option.
Best For Fast Approval
Seeking quick approval? Look no further. Below, we list the top options known for their quick approval procedures, guaranteeing you obtain the money you need when you need it.
LendingPoint Personal Loans
LendingPoint is suitable for individuals needing quick funding. The lender offers instant approval and typically disburses funds within one business day. It caters to borrowers with poor credit and considers factors like credit score, income, and loan amount during the application process.
Borrowers with a minimum yearly income of $35,000 can prequalify with a soft credit request. Loan amounts can vary from $2,000 to $36,500, with 24 to 72-month adjustable terms. While an origination fee of up to 8% may apply, LendingPoint does not charge early payoff penalties, providing borrowers with repayment flexibility.
Annual Percentage Rate (APR)
7.99% to 35.99%
Loan purpose
Debt consolidation, wedding, car repair, home renovations and more
Loan amounts
From $2,000 to $36,500
Terms
24 to 72 months
Credit needed
Poor/Fair
Origination fee
Origination or other fees from 0% to 8% may apply depending on your state of residence.
Early payoff penalty
None
Late fee
LendingPoint does not charge late fees but reserves the right to assess up to $30. Fees vary by state.
Pros
LendingPoint is an excellent choice for those seeking a fast and efficient loan process. It offers same-day approval and potential next-day funding once final documents are verified. The lender considers applicants with a minimum credit score 620, allowing for a soft inquiry to prequalify. Additionally, LendingPoint does not charge early payoff fees, providing flexibility for borrowers looking to repay their loans ahead of schedule. These features make LendingPoint a convenient and accessible option for individuals needing quick financial assistance.
Cons
While LendingPoint offers fast application and approval processes, there are some drawbacks. These include origination fees ranging from 0% to 8%, unavailability in Nevada and West Virginia, a social security number requirement, and the absence of joint or co-signed loan options. These limitations should be weighed against the benefits when evaluating LendingPoint as a lending option.
Best for Small Loan Amounts
Are you in need of a small loan? You are in luck. We’ve compiled a list of the best solutions for individuals looking for small amounts, allowing you to get cash quickly for your current requirements.
Oportun
Oportun is a viable option for individuals needing small loan amounts, starting as low as $300, especially for those with limited or no credit history. With a minimum repayment period of 12 months, Oportun provides a more favorable alternative to short-term payday lenders. Borrowers can repay the loan early without incurring any penalty fees.
The lender offers prequalification without affecting credit scores, and the application process typically takes less than 10 minutes, with most loans funded on the same day. However, origination fees and loan terms may vary by applicant and state, and Oportun’s services may only be available in some states. Hence, exploring alternative loans like Oportun is advisable if you are ineligible.
Annual Percentage Rate (APR)
Up to 35.99%
Loan purpose
Quick cash, home improvement, deposits, and more
Loan amounts
$300 to $8,000
Terms
12 to 53 months
Credit needed
No credit history is required.
Origination fee
Not specified
Early payoff penalty
None
Late fee
Depends on the loan terms
Pros
Oportun is an ideal option for borrowers with no credit history, offering same-day funding and loan amounts as small as $300. The lender does not charge early payoff fees, providing flexibility for borrowers looking to repay their loans ahead of schedule. These features make Oportun a convenient and accessible option for individuals needing small loans without a credit history.
Cons
While Oportun offers benefits such as same-day funding and small loan amounts for borrowers with no credit history, some drawbacks exist. These include the possibility of origination fees and the unavailability of services in all states. These limitations should be weighed against the benefits when evaluating Oportun as a lending option.
People Also Read : Do Personal Loans Verify Income?
Conclusion
Alternative options exist when an unsecured personal loan isn’t the right fit. A credit card gives a revolving credit line, with solid credit often necessary to qualify. However, there are choices for adverse credit, although with lesser loan limits and higher interest rates. Secured credit cards demand a cash deposit as collateral, making them more straightforward to qualify for and potentially convert to an unsecured card if timely payments are made.
Secured personal loans involve providing collateral, such as a car or property, to ensure the loan, reducing risk for the lender and leading to easier qualification, more significant loan amounts, and lower interest rates. Lastly, borrowing from friends or family can be an option. Still, it’s crucial to manage repayment carefully to avoid straining relationships, with a written agreement and adhering to the terms being essential when borrowing from personal connections.
FAQs
What Is the Lowest Credit Score Required to Borrow Money?
Lenders approving loans without a credit check cater to individuals with no or low credit scores, but these bad credit loans usually have significantly higher rates and fees. Borrowers must weigh the benefits against the costs to manage higher payments effectively.
How Long Does It Take to Get Loan Funds?
The time it takes to receive loan funds varies by lender, with some providing fast loan funding in just a few business days. This quick funding process can be beneficial for those needing immediate financial assistance.
What is the most accessible bank from which to get a personal loan?
The most accessible bank for a personal loan depends on income, credit history, and location. To identify suitable lenders, seek companies that allow you to “check your rate” or estimate your approval chances before officially applying, minimizing the impact on your credit score. This approach helps borrowers find lenders likely to approve their loan applications.
How Do People Use Personal Loans?
Investopedia surveyed 962 U.S. adults from August 14, 2023, to September 15, 2023, who had utilized personal loans. The survey aimed to understand how individuals utilized their loan proceeds and their potential future loan intentions. The findings revealed that debt consolidation was the primary reason for borrowing, followed by home improvement and other significant expenses. This data provides insights into the common uses of personal loans among borrowers.
