Easiest Personal Loans to Get in April 2024
Updated March 29, 2024 at 7:32 am
Here are the easiest personal loans to get based on credit score requirements and funding times.
A personal loan can be a useful financing option for a variety of situations. You can use one to finance home renovations, consolidate high-interest debt, pay for a wedding or cover another big expense.
While some lenders have stringent requirements for credit, others are willing to accept applicants with lower credit scores. The easiest personal loans to get accept fair or bad credit and can be funded the same or next day you’re approved.
Here are our picks for the best personal loans that have the easiest personal loan approval criteria, along with flexible repayment terms and a streamlined application process.
Our Methodology Newsweek Vault’s loan experts evaluated multiple data points to help our readers make sense of their borrowing options across student loans and personal loans. To narrow down the best available offers, we weigh the product pros and cons across five core categories, including:
- Application process
- Eligibility requirements
- Interest rates
- Loan amounts (minimum and maximum)
- Repayment flexibility”
Our Picks for the Best Easiest Personal Loans to Get in 2024 - Best for debt consolidation: Upgrade
- Best for thin credit: Upstart
- Best for fast funding: Universal Credit
- Best for flexible repayment terms: OneMain Financial
- Best for secured loans: Best Egg
- Best for fair credit: LendingPoint
- Best peer-to-peer lender: Prosper
- Best for small loan amounts: Avant
- Best for joint loans with a co-borrower: LendingClub
9 Easiest Personal Loans to Get Approved in 2024
Best for Debt Consolidation
Upgrade
on Credible’s website
Why we chose it: Upgrade accepts fair credit scores starting at 580 and can fund your loan within one day of verifying your information. This online lender may be an especially good fit if you’re looking to consolidate debt with a personal loan, as it can send your loan directly to your creditors on your behalf. Upgrade also lets you apply with a co-borrower, which may be helpful if you can’t meet approval requirements on your own. Read our Upgrade personal loans review.
Pros
- Accepts fair credit starting at 580
- Will send funds directly to creditors for debt consolidation
- Permits joint applications with a co-borrower
Cons
- Rates can go up to 35.99%
- Charges origination and late payment fees
- Can’t borrow more than $50,000
Additional Information
Early Payoff Penalty
- None
Late Fee
- Up to $10
Origination Fee
- 1.85% – 9.99%
Best for Thin Credit
Upstart
on Credible’s website
Why we chose it: Upstart is one of the easiest personal loans to get due to its low credit score requirement of 300. This online lender will also consider applicants who don’t have enough of a credit history to generate a score. Unlike traditional lenders, Upstart uses AI to make personal loans accessible to more applicants. Read our Upstart personal loans review.
Pros
- Accepts credit scores as low as 300
- Considers applicants who don’t have a credit score
- Offers competitive starting rates
Cons
- Maximum APR can be as high as 35.99%
- Charges an origination fee up to 10%
- Only offers two repayment term options
Additional Information
Early Payoff Penalty
- None
Late Fee
- 5% of payment amount or $15, whichever is greater
Origination Fee
- 0% – 10%
Best for Fast Funding
Universal Credit
on Credible’s website
Why we chose it: Universal Credit, which is owned and operated by Upgrade, can fund your personal loan within a day of clearing the necessary verifications. It partners with Cross River Bank and Blue Ridge Bank to fund personal loans up to $50,000 with repayment terms from three to five years. Universal Credit accepts fair credit starting at 620 and allows you to apply with a co-borrower.
Pros
- Fast funding
- Accepts fair credit
- Accepts co-borrowers
Cons
- Charges origination and late fees
- Higher APR than some other lenders
- Not available in Iowa or Washington, D.C.
Additional Information
Early Payoff Penalty
- None
Late Fee
- $10
Origination Fee
- 5.25% – 9.99%
Best for Flexible Repayment Terms
OneMain Financial
on Credible’s website
Why we chose it: OneMain Financial offers repayment terms of two, three, four or five years on its personal loans, which range from $1,500 to $20,000. You can also change your payment due date once each year (for a total of two times over the life of the loan). Although OneMain Financial doesn’t disclose a minimum credit score, it considers borrowers with less-than-perfect credit. Read our OneMain Financial personal loans review.
Pros
- Lets you choose your payment due date
- Offers multiple repayment plan options
- May accept borrowers with fair credit
Cons
- Charges origination fees
- Doesn’t disclose minimum credit score
- Loan amounts max out at $20,000
Additional Information
Early Payoff Penalty
- None
Late Fee
- Up to $30 or 15% of payment amount, depending on your state
Origination Fee
- 1% – 10% or $25 – $500, depending on your state
Best for Secured Loans
Best Egg
on Credible’s website
Why we chose it: Best Egg offers both unsecured and secured personal loans. Its unique secured loan option is available to homeowners and asks you to use items in your home, such as light fixtures, cabinets or vanities, as collateral. According to Best Egg, borrowers who opt for a secured loan over an unsecured one see an average APR discount of 20%. Read our Best Egg personal loans review.
Pros
- Unsecured and secured loan options available
- Secured loan may have lower rates and more affordable monthly payments
- Can pay off creditors directly for debt consolidation
Cons
- Charges origination and late payment fees
- Higher credit score requirement than some other lenders
- Secured loan only available to homeowners
Additional Information
Early Payoff Penalty
- None
Late Fee
- $15
Origination Fee
- 0.99% – 8.99%
Best for Fair Credit
LendingPoint
on Credible’s website
Why we chose it: LendingPoint accepts fair credit scores starting at 600. This online lender can fund your loan quickly, but be aware that your loan could come with an origination fee as high as 10%. LendingPoint loans are available in every state except for Nevada and West Virginia. Read our LendingPoint personal loans review.
Pros
- Accepts fair credit
- Can fund loan the next business day after approval
- No prepayment penalties
Cons
- Doesn’t accept co-signers or co-borrowers
- Not available in Nevada or West Virginia
- Origination fees up to 10%
Additional Information
Early Payoff Penalty
- None
Late Fee
- Not disclosed
Origination Fee
- Up to 10%
Best Peer-to-Peer Lender
Prosper
Vault Verified
Why we chose it: Prosper is a peer-to-peer lender that matches your loan request to individual investors rather than a traditional bank or credit union. You can apply on the Prosper website, though funding times may take longer than some other online lenders. Prosper accepts fair credit scores starting at 640 and lets you apply jointly with a co-borrower. Read our Prosper personal loans review.
Pros
- Accepts fair credit
- Offers competitive interest rates
- Has a disaster relief benefit that includes payment reductions
Cons
- Charges origination fees
- Charges loan fees
- Some loan requests may take longer to fund
Additional Information
Early Payoff Penalty
- None
Late Fee
- $15 or 5% of payment amount, whichever is greater
Origination Fee
- 1% – 7.99%
Best for Small Loan Amounts
Avant
on Credible’s website
Why we chose it: Avant has a low credit score requirement of 580. It offers immediate approval and next-day funding, and you can pre-qualify with a soft credit check. Read our Avant personal loans review.
Pros
- Accepts fair credit starting at 580
- Offers repayment terms from one to five years
- Can offer an approval decision within minutes
Cons
- Charges an administration fee upfront
- Doesn’t accept co-signers or co-borrowers
- Not available in Hawaii, Iowa, New York, Vermont, West Virginia or Maine
Additional Information
Early Payoff Penalty
- None
Late Fee
- $25
Origination Fee
- Up to 9.99%
Best for Joint Loans With a Co-Borrower
LendingClub
on Credible’s website
Why we chose it: Formerly a peer-to-peer lender, LendingClub is now a traditional online lender that funds personal loans up to $40,000. It allows you to apply with a co-borrower and can pay off your creditors directly if you’re using the loan for debt consolidation. Read our LendingClub personal loans review.
Pros
- Accepts joint applications
- Can pay off your creditors directly for debt consolidation
- Offers loans starting at $1,000
Cons
- High maximum APR of 35.99%
- Charges origination fees up to 8%
Additional Information
Early Payoff Penalty
- None
Late Fee
- Charges late fees, but amount is not disclosed
Origination Fee
- 3% – 8%
Who Is an Easy Approval Personal Loan Best For?
The easiest personal loans offer an easy application process, fast funding and a range of repayment terms. Here are some reasons why an easy personal loan may be a good fit for you:
- You have a low credit score. Having a low credit score can make it difficult to get approved for a personal loan, but it’s not a dealbreaker. Some lenders accept lower scores than others or let you apply with a co-borrower to strengthen your chances of approval. On the FICO scoring range, credit scores between 580 and 669 are considered fair, while scores below 580 are considered poor.
- You have a limited credit history. Some consumers don’t have sufficient credit history to generate a credit score at all. If this describes you, look for a lender that accepts borrowers with a thin credit history like Upstart.
- You need to cover a big expense or consolidate debt. Personal loans can be used for a wide variety of purposes. If you need to finance a major expense or consolidate high-interest debt, finding an easy personal loan may be a lifesaver.
- You’ve exhausted other sources of funding. Before taking on debt, it’s worth exploring your options for more affordable financing, such as using an emergency fund or borrowing from friends or family. If you can’t find a less expensive option, though, an easy personal loan might be your best bet.
- You want to avoid a payday loan. Payday loans may not require a credit check, but they can have exorbitant rates of 400% APR or higher. By contrast, personal loan rates typically max out at 36%. Even if you end up with a high rate on a personal loan, it will probably be a more affordable option than a payday loan.
How to Choose the Best Personal Loan For You
As you look for the easiest personal loan to get, it’s worth comparing options from multiple lenders to find the best rates and terms. Here are some tips for comparing personal loans and finding the best offer for you.
Prequalify With Multiple Lenders
Many personal loan providers let you prequalify for a personal loan online, a process that only takes a minute or two. You’ll provide some basic personal details, and the lender will show you what offers you might qualify for.
The lender will run a soft credit inquiry, so prequalifying won’t harm your credit score. While your rates and terms aren’t guaranteed until you officially apply, prequalifying gives you an initial sense of your loan offers from multiple lenders.
Compare Interest Rates And Fees
Interest is the cost of borrowing money, and your loan interest rate affects both your monthly payments and long-term costs. You can generally find rates starting around 6% or 7% and going up to 36%. Finding a loan with the lowest rate can help you save money in the long run.
Along with interest, keep an eye out for any fees that could add to your borrowing costs. A loan with a slightly lower interest rate but a high origination fee, for instance, may be a more expensive option than a loan with a slightly higher rate but no fee.
Review Repayment Terms And Monthly Payments
Your repayment terms also impact your monthly payments and overall costs of borrowing. A shorter term will have higher monthly payments, but you’ll pay less interest overall. A longer term will have more affordable payments from month to month, but you’ll be in debt for a longer period of time and pay more interest. Consider what repayment terms work for your budget while also keeping interest costs at bay.
Consider Applying With a Co-Signer or Co-Applicant
If you’re having trouble getting approved for a personal loan — or want to access better rates — consider adding a creditworthy co-signer or co-applicant to your loan application. Applying jointly can reduce risk for the lender, which might offer your lower interest rates as a result. But your joint applicant’s credit will be impacted by the loan. They will also be expected to provide payments if you fall behind.
Check Out Customer Reviews
Before choosing a lender, it’s worth reading what other borrowers have to say about their experiences from a site like TrustPilot or the Better Business Bureau. If you find a lot of customer complaints, you might look for a lender with a better reputation. Along similar lines, find out what the lender offers regarding customer support, as a reliable customer service team can help make the borrowing process go smoothly.
Easy Approval Personal Loans vs. Other Personal Loans
Easy approval personal loans are ones that accept fair or poor credit scores. By contrast, some other personal loan providers require good credit scores of 670 or higher.
If you have good credit, you may qualify for rates starting around 6% or 7% and avoid origination fees on your loan. An easy approval personal loan, by contrast, may come with higher rates that go up to 36% and origination fees anywhere from 1% to 10% of your loan amount. According to the Federal Reserve, the average interest rate on a two-year personal loan is currently 12.35%.
Frequently Asked Questions
Can I Get Approved for a Personal Loan Without Proof of Income?
It’s difficult to get approved for a personal loan without proof of income, as most lenders require that you upload pay stubs or an offer of employment when you apply for the loan. This requirement helps the lender ensure that you have the means to pay back your loan in full and on time. If you don’t have proof of income, you may be able to take out a personal loan by applying with a co-signer or co-borrower who can meet the lender’s income requirement.
Is a Personal Loan Easy To Get With Bad Credit?
There are some personal loan providers that are willing to work with borrowers with bad credit. You can also improve your chances of approval by applying with a co-borrower or backing your loan with collateral. If you have bad credit, you’ll likely end up having to pay an origination fee and an interest rate that’s on the higher end of a lender’s range.
What Is the Minimum Credit Score for a Personal Loan?
There’s no universal minimum credit score for a personal loan, as each lender sets its own requirements. Online lender Upstart has one of the lowest minimum credit score requirements around (300). Some other lenders ask for a minimum score of 580. A higher credit score will help you access more competitive rates and attractive terms on a personal loan.
Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.
