Easiest personal loans to get in July 2024
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BLUEPRINT
Updated 11:07 a.m. UTC July 8, 2024
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If you’ve struggled to qualify for a personal loan or you just want a simpler process, you have options. Several lenders make it easier to get a loan by accepting lower credit scores and offering quick online applications. Some will even let you apply with a co-signer or co-borrower to help your chance of approval.
But it’s still important to compare lenders before you apply instead of just going with the first loan you find. We’ve done the hard part to help make the process as painless as possible. Here are the easiest personal loans to get in 2024.
Editor’s Note: This article contains updated information from a previously published story.
Easiest personal loans to get
- Upgrade: Best for poor credit.
- LendingPoint: Best for long repayment terms.
- Prosper: Best for peer-to-peer lending.
- Avant: Best for fair credit.
- Oportun: Best for small loans.
- Upstart: Best for thin credit.
- LendingClub: Best for co-borrowers.
- SoFi: Best for discounts.
Why trust our personal loan experts
Our team of experts evaluated hundreds of personal loan products and analyzed thousands of data points to help you find the best fit for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.
- 40 personal loan lenders reviewed.
- 640 data points analyzed.
- 6-stage fact-checking process.
Our top picks for easy personal loans in 2024
Compare the easiest personal loans to get
| INTEREST RATES | LOAN AMOUNTS | MIN. CREDIT SCORE | ACCEPTS CO-SIGNERS? | LEARN MORE | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Upgrade | 8.49% to 35.99% | $1,000 to $50,000 | No minimum | No (joint applicants permitted) | Compare Rates Via Fiona’s website | |||||||
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 LendingPoint | 7.99% to 35.99% | $2,000 to $36,500 | 600 | No | Compare Rates Via Fiona’s website | |||||||
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 Prosper | 8.99% to 35.99% | $2,000 to $50,000 | 560 | No (joint applicants permitted) | Compare Rates Via Fiona’s website | |||||||
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 Avant | 9.95% to 35.99% | $2,000 to $35,000 | 580 | No | Compare Rates Via Fiona’s website | |||||||
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 Oportun | 34.95% to 35.99% | $300 to $18,500 (larger loans require collateral) | No minimum | Yes (in some cases) | Compare Rates Via Fiona’s website | |||||||
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 Upstart | 7.80% to 35.99% | $1,000 to $50,000 | 300 | No | Compare Rates Via Fiona’s website | |||||||
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 LendingClub | 8.98% to 35.99% | $1,000 to $40,000 | No minimum | No (joint applicants permitted) | Compare Rates Via Fiona’s website | |||||||
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 SoFi | 8.99% to 29.49% | $5,000 to $100,000 | 680 | No (joint applicants permitted) | Compare Rates Via Fiona’s website | |||||||
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All rates include autopay discounts where noted by the lender and are accurate as of July 8, 2024.
Methodology
Our expert writers and editors have reviewed and researched multiple lenders to help you find the easiest personal loan to get. Out of all the lenders considered, the eight that made our list excelled in areas across the following categories (with weightings):
- Loan details: 20%
- Loan cost: 25%
- Eligibility and accessibility: 35%
- Customer service: 15%
- Ease of application: 10%
Within each major category, we considered several characteristics, including maximum loan amounts and terms, APR ranges, late payment fees, minimum credit score requirements and co-signer acceptance. We also evaluated each provider’s customer support options and customer reviews as well as if an online application is offered.
How easy is a personal loan to get?
How easy it is to get a personal loan depends on several factors, including the lender you choose as well as your financial situation. If you have good credit (usually a FICO score of 670 or higher), verifiable income and a low debt-to-income ratio, you’ll have a greater chance of qualifying.
There are also several lenders that accept lower credit scores. For example, Oportun and LendingClub have no specific minimum credit score requirement. However, keep in mind that personal loans for bad credit tend to come with higher interest rates compared to good credit loans.
Be prepared before you apply: 7 personal loan requirements and how to qualify
Comparing the easiest personal loans
While some personal loans are easier to get, they might not come with the most competitive rates or favorable terms. Before you apply, it’s important to shop around and compare as many lenders as possible to find the right loan for your needs.
Here are some tips to help you weigh your options:
Compare interest rates
Your interest rate will be one of the biggest determining factors of your overall borrowing costs. Personal loan interest rates generally range from under 6% up to 36%, depending on the lender. You’ll typically need good to excellent credit to qualify for the best advertised rates.
Consider repayment terms
The length of your repayment term will impact both the monthly payment as well as your total interest charges. Personal loan terms typically range from one to seven years, depending on the lender. In general, you’ll pay less in interest and might even qualify for a lower rate with a shorter term — though your monthly payments will be higher. You could also opt to extend your term to reduce your monthly payments, though this means you’ll pay more in interest over the life of the loan.
Tip: You can use our personal loan calculator to estimate what your monthly payments and total interest costs could look like with different repayment terms
Look into fees
Many lenders charge fees on personal loans — such as origination fees and late fees — that can increase your total cost. Be sure to ask about any potential charges before committing to a loan.
Consider a co-signer or joint applicant
If you’re struggling to get approved on your own, applying with a creditworthy co-signer or joint applicant could make it easier to qualify. Having a co-signer or co-borrower could also help you get approved for a lower rate than you’d get on your own.
Not all lenders permit co-signers or joint applicants, so you’ll have to double-check before applying. Also keep in mind that a co-signer will be on the hook if you can’t make your payments while a joint applicant will share equal responsibility for the loan from the start.
Research the lender’s reputation
Be sure to check customer reviews and ratings of the lenders you’re considering with sites like the Better Business Bureau or Trustpilot. A lender’s reputation can give you an idea of what to expect as far as reliability, trustworthiness, customer service and more. You might also gain insight into how easy it is to get approved.
How to get a personal loan
If you’re ready to apply for a personal loan, follow these steps:
1. Check your credit
While some lenders make their loans easier to get by accepting lower credit scores, it’s still important to check your credit to see where you stand. This is because the lender will review your credit when you apply to determine if you qualify. Your credit also has an impact on the interest rate you get — in general, the higher your credit score, the better your rate will be.
You can use a site like AnnualCreditReport.com to review your credit reports for free. Be sure to report any errors to the appropriate credit bureau to potentially boost your credit score.
2. Shop around and compare lenders
It’s important to research and compare your options with as many lenders as possible to find a loan that suits your needs. As you shop around, consider factors like interest rates, loan amounts, repayment terms and lender reputability. Also look into each lender’s eligibility requirements and, if you plan to apply with a co-signer or co-borrower, whether they’re permitted.
3. Pick a loan option and apply
After you’ve done your research, pick the lender you like best. You’ll then need to submit a full application. In most cases, this can be done online, though some traditional banks or credit unions might require you to visit a loan officer at a local branch. Also be prepared to provide required documentation, such as pay stubs or tax returns.
As you fill out the application, make sure all of the information is as accurate as possible. Also respond to any requests from the lender for additional information quickly to prevent any delays in your loan’s processing.
4. Get your funds
If you’re approved, the lender will have you sign a loan agreement detailing the terms of the loan. Take your time to review this carefully before accepting.
The loan will then be disbursed to you — usually in about a week, depending on the lender. Online lenders typically offer the fastest funding speeds, with some providing same- or next-day funding after approval.
Is a personal loan right for you?
A personal loan can come in handy in various situations. Getting one could be right for you if:
- You have a strong financial profile. Having good credit, a steady income and a low debt-to-income (DTI) ratio can help you qualify for a personal loan with a low interest rate and minimal fees.
- You can afford the monthly payments. Review your loan’s repayment terms — along with your budget — to make sure you can manage the monthly bills.
- You want to consolidate high-interest debt. Depending on your credit, you could qualify for a lower interest rate on a personal loan than what you’re currently paying on other debts. Using a personal loan to consolidate and reduce your interest rate can help you save money and potentially get out of debt faster.
- You’ve ruled out alternative financing options. It’s worth exploring all your financing options before you borrow to find the most affordable one. In some cases, for instance, a credit card that comes with a 0% annual percentage rate (APR) introductory period could be a better option than a personal loan.
Looking to consolidate debt? Compare the top debt consolidation loans
Pros and cons of personal loans
There are advantages to taking out a personal loan, but there are also some downsides to keep in mind. Here’s what you should consider:
| PROS | CONS |
|---|---|
Can have competitive interest rates that are lower than credit card rates
| Eligibility requirements can be strict (depending on the lender)
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Predictable monthly payments with a fixed rate
| Might come with fees (like origination fees or late fees)
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Flexible uses for almost any personal expense (such as home improvements or weddings)
| Missed payments will be reported to the credit bureaus and damage your credit
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Can help you build credit with on-time loan payments
| Adds to your overall debt load and impacts your DTI ratio
|
Alternatives to easy personal loans
If an easy-to-get personal loan doesn’t seem right for you, here are some alternatives to consider.
Credit card
Unlike a personal loan that provides a one-time lump sum, a credit card gives you access to a revolving credit line that you can repeatedly draw on and pay off. While you’ll typically need good credit to qualify for a credit card, there are some cards available for bad credit — though they tend to come with lower credit limits and high interest rates. Additionally, rates on credit cards tend to be higher for credit cards than personal loans.
You could also consider a secured credit card. This type of card requires a cash deposit, which acts as collateral and will be the same amount as your credit limit. Because this is less risky for the lender, it can be easier to qualify for a secured credit card compared to an unsecured one. Plus, if you make consecutive, on-time payments for a certain period of time, you might be able to convert your secured card to an unsecured one and get your deposit back.
Secured personal loan
If you’re struggling to qualify for an unsecured personal loan, a secured loan could be an option. With a secured loan, you’ll have to provide collateral — such as your car or other property — to act as security for the loan. This reduces the risk for the lender, which can make secured loans easier to qualify for. This also tends to result in larger loan amounts and lower interest rates.
However, if you can’t keep up with your payments, you risk losing the collateral tied to the loan.
Collateral vs. no collateral: See the differences between secured vs. unsecured loans
Borrow from friends or family
Another option is asking your friends or family for a loan. However, you’ll need to carefully manage repayment — otherwise, you could end up straining your relationships.
If you go this route, be sure to have a written agreement in place and follow through on your end of the deal.
Be careful with no-credit-check loans. While it can be easy to get a payday loan, pawn shop loan or car title loan, these sorts of loans tend to come with extremely high APRs and fees. This can make them extremely difficult to repay and can lead to a cycle of high-interest debt that’s hard to get out of. In most cases, you’re better off applying for a traditional personal loan with less stringent eligibility requirements instead.
Frequently asked questions (FAQs)
In general, the easiest loans to get approved for are ones that — unlike traditional personal loans — don’t require a credit check. For example, payday loans, pawn shop loans and car title loans typically have much less stringent credit requirements (if any). However, these types of loans are often predatory in nature and can come with astronomically high interest rates and fees — possibly as high as 500% to 600% APR. Ultimately, these sorts of loans should only be used as a last resort.
It’s generally a much better idea to apply for a traditional personal loan instead. While some personal loan lenders have strict qualification requirements, there are several others that have more lenient eligibility criteria when it comes to credit and income. You can also expect these types of loans to come with reasonable interest rates and fees.
You’ll typically need good to excellent credit to be approved for a personal loan. A good credit score is usually considered to be 670 or higher. However, there are also lenders that offer personal loans for lower credit scores, though these loans tend to come with higher interest rates compared to good credit loans.
In general, the higher your credit score, the better your rate will be. But keep in mind that other factors can also affect your eligibility for a loan, such as income, job stability and DTI ratio.
Payday loans can often be some of the fastest loans to get, often offering immediate cash if you’re approved. But remember that these loans come with major risks and should be avoided in most cases.
There are also many personal loan lenders that offer fast funding on their loans. For example, SoFi provides same-day funding to approved borrowers while LendingPoint and Avant can fund loans as soon as the next day after approval.
Yes, you might be able to get an instant personal loan with bad credit. However, you’ll need to carefully consider the type of loan you apply for. While you can likely get a payday, pawn shop or car title loan almost instantly, they come with major risks.
There are also several lenders that offer fast approval decisions — often within minutes — as well as same- or next-day funding after approval for emergency personal loans. While you typically need good credit to qualify for a personal loan, some of these lenders work with borrowers who have poor or fair credit. For example, Upgrade accepts credit scores as low as 580 and will fund loans within a day of clearing necessary verifications.
Just keep in mind that bad credit loans tend to come with higher interest rates compared to good credit loans.
If you’re having trouble getting approved, there are some strategies that could help:
- Compare lenders. While many lenders have similar eligibility criteria, some can be much easier to qualify with compared to others. Be sure to shop around and consider your options with as many lenders as possible — you might be surprised to find lenders out there that provide easy-approval personal loans.
- Apply with a co-signer or co-borrower. If you can’t qualify on your own, consider applying with a co-signer or co-borrower. This can be anyone — such as a parent, relative or trusted friend — who has good credit and is willing to share responsibility for the loan. Just keep in mind that this person will be liable for the loan if you don’t make your payments.
- Consider a secured loan. Some lenders offer secured personal loans. Because these loans are secured with collateral, they can be easier to qualify for and sometimes have lower interest rates compared to unsecured loans.
- Build your credit. If you can wait to take out a personal loan, it can be worth spending some time to improve your credit so you can get approved more easily in the future. There are plenty of ways to build your credit, such as paying all of your bills on time or paying down credit card debt.
A hardship loan is a type of loan that can help you cover expenses if you’re experiencing financial hardship or crisis — such as from an emergency or sudden loss of income. These are usually small, short-term loans with low interest rates.
While not all lenders offer these kinds of loans, you might have luck finding them through small banks, credit unions or your employer. You could also look into a 401(k) hardship withdrawal — though this means taking away from your retirement funds and possibly losing out on market gains.
Rebecca Safier contributed to the reporting of this story.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
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