Best personal loans that are easy to get in August 2023
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BLUEPRINT
Published 2:22 a.m. ET Aug. 1, 2023
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A personal loan can be a lifesaver in many situations, such as if you need to cover an emergency expense, consolidate debt or pay for a large purchase. However, some loans are harder to qualify for than others.
The easiest personal loans to get come with more lenient credit score requirements, competitive interest rates, and convenient online application processes as well as a variety of repayment terms and loan amounts. Some of the top lenders also allow you to apply with a co-signer, which can increase your approval chances.
To determine the easiest personal loans to get, we compared 23 personal loan lenders by these metrics along with other factors like state availability, late payment fees, funding time, and customer service experience.
Easiest personal loans to get
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LendingPoint
: Best for long repayment terms
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Upstart
: Best for thin credit
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Avant
: Best for fair credit
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LendingClub
: Best for co-borrowers
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SoFi
: Best for discounts
Compare the easiest personal loans to get
Why some lenders didn’t make the cut
Of the 23 personal loan lenders that we reviewed, only a fraction made the cut. The reasons for this varied by lender, with some receiving lower ratings due to having stricter credit score requirements while others had limited customer service options or poor customer reviews.
Methodology
Our expert writers and editors have reviewed and researched 23 popular lenders to help you find the easiest personal loan to get. Out of all the lenders considered, the five 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%) and 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.
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 debt-to-income (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, Rocket Loans provides same-day funding to approved borrowers while LendingPoint and Avant can fund loans as soon as the next day after approval.
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.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
