Easy Personal Loans

By: George Paunov

Personal Loans that are the Easiest to Get in 2021

For a variety of reasons, you may need a fast and easy personal loans. An unexpected expense, such as a hospital visit, a vehicle repair, or just enough money to purchase food until your next paycheck, may arise at any moment.

Here are seven businesses that assist consumers in obtaining personal loans, even if they have bad credit.

MoneyMutual is the first in the MoneyMutual series

MoneyMutual matches consumers with lenders who can provide them with a quick personal loan of up to $2,500, which may be put in their account the following day.

The firm claims that filling out their online form takes less than five minutes. Lenders will evaluate your information in real-time before deciding whether or not to collaborate with you.

If that’s the case, you’ll be sent to their website to complete the lender’s lending procedure, examine the loan conditions, and sign for the loan if you’re satisfied.

CashUSA is number two on the list.

CashUSA is one of our top choices since it’s one of three businesses we suggest finding personal loans ranging from $500 to $10,000. If you’ve been in an accident or a loved one has to go to the emergency room, this may help you pay for a considerable hospital cost.

Its website does an excellent job of describing how the loan process works for those with poor credit, including essential qualifying criteria and how to fill out a loan application.

While many lenders are unconcerned about your credit score, they are concerned about your income. Users of CashUSA must have a consistent monthly income of at least $1,000 after taxes.

BillsHappen® is a trademark of BillsHappen, Inc.

Borrowers must also meet essential criteria set out by BillsHappen. It begins with identifying information such as your driver’s license number and continues with other essential criteria such as having a bank account, a job, and a physical location.

A rapid personal loan may be granted in a matter of hours. After entering your information, you’ll get an on-screen notification if you’re accepted and connected with a lender.

Because determining whether a lender will work with you may take a minute or more, BillsHappen advises not closing or moving away from its site after completing the form.

CreditLoan is number four on the list

Even if a bankruptcy has been ultimately dismissed, CreditLoan can assist individuals with bad credit to obtain a personal loan. It does not, however, accept applications from individuals who are amid a bankruptcy proceeding.

We particularly appreciate CreditLoan because of its abundance of information on how having less-than-perfect credit may impact your ability to obtain a modest personal loan, as well as how to increase your chances of receiving one.

BadCreditLoans is number five.

Bad Credit Loans has some of the lowest loans available, making it simple to address a short-term financial issue. Loan sums ranging from $500 to $5,000 are offered, with payback periods ranging from three months to three years.

Like those in other lending networks, its lenders do not demand collateral for a modest personal loan, and applicants with bad credit will not be refused a loan. The only security needed is a regular salary and a bank account.

PersonalLoans is number six on the list

PersonalLoans has the most significant loan amounts of any lending networks we’ve looked at, with loans up to $35,000. Your loan may be used for anything, including home renovations, small business startup loans, and vehicle loans to help you purchase a car, among other things.

PersonalLoans is divided into two lending networks. One specializes in assisting individuals with bad credit, while the other works with excellent or outstanding credit people.

Suppose your credit score is so low that no lender will give you a loan. In that case, it may share your information with other partners to help you with debt relief, credit rehabilitation, credit monitoring, and other services.

CashAdvance is number seven

CashAdvance assists individuals in obtaining a payday loan of $100 to $999.

According to the site’s FAQs page, “short-term loans are intended to be utilized solely as a last resort alternative and paid back on or before a borrower’s next paycheck.”

Borrowers must also earn at least $1,000 per month after taxes to qualify for CashAdvance. Verified employment, a legitimate home, work phone number, and a valid email address are also required.

What Factors Influence to make Personal Loans Easy

After filling out a brief loan application form online, the lending networks we suggest make obtaining a personal loan simple by providing you with several loan options from which to select. We’ll go through the steps below, but it just takes a few minutes, and most individuals can satisfy the approval criteria.

However, you are not guaranteed to be accepted for a loan or to get multiple loan offers after applying. However, if you satisfy the minimal criteria, you’re likely to get a loan from at least one lender.

The following are the fundamental requirements:

  • Must be at least 18 years old.
  • Citizenship: You must be a citizen or resident of the United States and have a valid Social Security number.
  • Money: Ensure that you get a certain amount of income or benefits each month, typically between $800 and $1,200 after taxes.
  • Active bank or credit union account: You must have an active bank or credit union account in your name.
  • Identification: A Social Security number, a valid email address, bank account information, and work and home phone numbers are all required.

The loans are straightforward to get in other ways. Lenders are aware that most applicants will have poor credit.

While lenders prefer borrowers with a good credit history, they understand that individuals with high credit card debt, late payments, and other credit issues may require a personal loan at times. As a result, lenders are ready to offer customers poor credit sums ranging from $100 to $35,000.

A personal loans is not a secured loan, which means you have not pledged your house or another significant asset as security if you default on the loan. Subprime lenders often demand higher interest rates to compensate for their risk than customers with a strong credit history would.

Auto loans and federal student loans are two more kinds of loans that are usually simple to get. Because young borrowers do not yet have established credit histories, lenders recognize that individuals need cars, and the government does not restrict access to federal student loans.

What Is the Process for Getting a Personal Loans?

It’s simple to apply for a personal loan via a lending network. Each has its unique procedure, but they all follow a similar pattern.

The online lender will require you to complete a loan application first. It may request the following information:

  • The purpose for the loan 
  • Your name 
  • your zip code 
  • your Social Security number 
  • your date of birth
  • your address
  • your email address 
  • your phone number
  • your loan amount
  • your monthly income

Some matching services may stop there, simply requesting the bare minimum of data from you. Others may forward your application to a lender, who may want more information, or the matching service may demand it as part of its prequalification process. 

  • How long you’ve lived at your current address
  • Whether you own or rent 
  • Employment status 
  • Length of employment 
  • How often you’re paid 
  • Whether you’re active military 
  • Gross monthly income 
  • Next payday 
  • Employer’s contact information 
  • Driver’s license or state ID number
  • Type of bank account you have: checking or savings 
  • If you’re paid via direct deposit or paper check
  • How long you’ve had your bank account (OK to be unsure)

The matching tool will find lenders interested in financing your loan within minutes, if not seconds. You may just need to give bank information, such as your bank’s routing number and account number, so that your loan profits may be deposited.

After that, the matching service will most likely direct you to the lender’s website, where you’ll complete the application by giving more information. This may involve the lender requesting permission to do a credit check on you.

A credit check should just take a few minutes for the lender. You will get a loan agreement containing the rate and conditions of the loan if you satisfy its minimal credit score criteria, among other things. You’re under no obligation to accept the loan offer until you read and understand all of the conditions.

The loan will most likely have a fixed rate, which means the interest rate will remain constant during the repayment period, and the monthly payment will be consistent. An unsecured personal loan may be for as much as $35,000, but lower loan amounts are simpler to be approved for.

You’ll finish the papers and e-sign the agreement if you accept the loan offer. In one to two business days, the money should be put into your bank account. Each month, your loan payment will usually be automatically deducted from your bank account.

The loans are usually paid back in three to 72 monthly installments. There should be no prepayment penalty on loan, allowing you to pay it off early without incurring additional fees. There are no fees associated with using a lender matching service.

Is it Easy to Get a Personal Loan With Bad Credit?

Even if you have poor credit, you may be able to get an unsecured personal loan. It also doesn’t have to be a secured personal loan that needs collateral, such as a vehicle loan.

Getting a loan from a bank, credit union, or another conventional lender may be difficult if you have terrible credit. Still, the lending businesses we’ve evaluated are all willing to deal with individuals with adverse credit.

As previously stated, the requirements for a poor credit loan are generally very liberal. MoneyMutual simply needs a consistent monthly income of $800. If you only work part-time, a wage of $10 per hour before taxes is required, assuming you work 80 hours per month or 20 hours per week.


Self-employed individuals and those on a fixed income, such as Social Security payments, are also eligible provided they earn at least $800 per month. Pensions, disability payments, and other benefits may be accepted as qualifying income by specific lenders.

What is the minimum credit score required for loan approval?

These personal loans are signature loans, which means that all you have to do is sign a legal document promising to repay the amount. You are not required to put up any collateral. Without collateral, lenders may use an applicant’s credit score to assess the likelihood of timely repayment.

Lenders often utilize FICO as a credit score provider. A FICO score of less than 580 is considered poor or terrible. Even if a person’s FICO score is as low as 300, some lenders may still accept a modest loan for them.

To view your credit record, lenders must first get your consent. This is known as a hard inquiry, and it may lower your credit score somewhat.

As previously said, a poor credit score should not prohibit you from obtaining a loan. Other factors that lenders may consider are:

  • A track record of consistent employment
  • Changing addresses seldom
  • A track record of paying invoices and obligations on schedule.
  • There will be no late payments
  • You can’t owe more than 30% of your salary in debt.

However, each lender will have its own set of requirements for acceptance.

Is my credit history going to be scrutinized?

Perhaps, but any lender giving you a quick personal loan should expect to examine your credit history.

A credit check is unlikely to occur during the prequalification process with a loan network, including the ones we suggest. However, after you’ve been provided with a loan choice, a lender would almost certainly ask for your permission to conduct a credit check with at least one credit agency.

This is a positive indication that your loan application will be accepted. Your credit score will strongly influence your interest rate, with high to exceptional credit resulting in a cheaper rate.

A hard inquiry on your credit report may decrease your credit score somewhat, but not much, and the impact should be temporary.

If you’re concerned about your prospects of being approved, you should concentrate on improving your credit score. Because personal loans are unsecured, and a credit score is used to assess the likelihood that a borrower would return the loan, it’s the most excellent method to improve your chances of being approved.

The most significant methods to improve your credit score are to pay your payments on time and keep your debt levels low. The debt-to-income ratio, or DTI, is one metric used by lenders.

It is a ratio that compares your loan payments to your income, and most lenders prefer that your DTI not exceed 36 percent. That is, your monthly loan payments do not total more than 36% of your income.

Another problem is credit card debt. Reduce your credit utilization ratio (CUR) to less than 30%. To get this ratio, divide the amount of credit you’ve utilized by the amount of credit you have available (card balances divided by credit limits). It’s preferable to use as little of your available credit as possible.

Because your credit usage rate and other obligations due contribute to 30% of your FICO credit score, paying down your debt will reduce your CUR while also improving your credit score.

Consolidating your debts may also be beneficial. If you’re paying off several credit cards, and some of them have significantly higher interest rates than others, consolidating them into one credit card with a 0% APR balance transfer may help you pay off your debt quicker.

Is it true that they are payday loans?

If you reside in a state that allows payday loans, you may be offered one, or you may be given an installment loan.

Except for CashAdvance and MoneyMutual, the majority of the lending networks we suggest deal with lenders that give you years to pay back your loan. That isn’t how a payday loan is usually described, and you don’t have to use it as a repayment alternative.

CashAdvance works with lenders that provide payday loans with repayment terms of 15 to 30 days and interest rates ranging from 300 percent to 2,290 percent.

If you don’t pay, these personal loans will use your following salary as collateral. According to some surveys, almost half of these loans fail. That means the payday lender will take your next salary in total, and your debt will grow.

For modest emergency loans, this should be your final resort. They’re high-interest loans with short repayment terms, and the fact that half of such borrowers fail on their loans indicates that they’re tough to afford.

Paying just a portion of the loan, paying late, or not paying the loan back at all may result in extra costs and collections from your lender. If you believe you may miss a payment, call your lender right away to explore your alternatives. If you need assistance, most lenders are ready to work with you.

What Is My Interest Rate Going To Be?

Some of the lending networks we looked at provide sample interest rates from the lenders they collaborate with. The rates vary from 6% to 36%, with individuals with poor credit history paying the highest rates.

CashAdvance specializes in payday loans, with interest rates ranging from 300 percent to 2,290 percent. Borrowers with a poor credit score, of course, get the highest rates.

Lending networks typically warn potential consumers that interest rates vary and are dependent on the lender. You’ll be directed to a lender’s website after you’ve been accepted and matched with one, where you may examine the loan terms, repayment schedule, and any additional costs connected with this loan choice.

Nonetheless, lenders often offer realistic interest rate samples. On its website, Bad Credit Loans states that its network of lenders typically charges between 5.99 percent and 35.99 percent, with APRs varying depending on the information you provide in your loan request.

It provides an example of borrowing $2,000 for 12 months at a 19.9% APR and making a monthly payment of $183.63. The entire payback will be $2,203.56, equating to $203.56 in total interest paid over a year on a $2,000 loan.

According to the business, customers should be aware that installment loans are more costly than other lending options. They should not be used as a long-term financial solution, such as debt consolidation, and should only be used for immediate economic necessities. It may take years to repay a debt consolidation loan.

Another website, CreditLoan, provides an example loan of a $4,000 loan with a 15% APR. For two years, the monthly payment would be $193.95, totaling $4,654.72.

The interest rate is lower than in the Bad Credit Loans example above, but the loan period is twice as long and for twice as much money, resulting in an ultimate payment of approximately $450 more for CreditLoan. This is one of the reasons why, even though the interest rate is more significant, paying off a smaller loan quicker is the greatest method to save money on a personal loan.

Can I Get a Quick Loan With My Credit Card?

Putting an unexpected expenditure on a credit card may be costly unless you have good credit and a low-interest rate on your credit card. For example, opening a new credit card with a 0% introductory period may be a sensible approach to manage credit card debt.

If you’re certain you’ll be able to pay off your credit card bill in full when it comes, charging the cost to the card may be a wise option. If you don’t, you’ll be paying interest of almost 24% on average for borrowers with acceptable credit. If you miss a monthly payment, your card company may charge you a late fee.

Another alternative is a credit card cash advance, which may be done with a secured or unsecured credit card. You may take out a loan up to a specific percentage of the credit limit on your card.

A cash advance’s annual percentage rate (APR) is typically about 25%. Fees of approximately 5% of the advance will be levied, with a minimum of $5 to $10. Daily interest charges start right once, unlike transactions on the card, which usually have a grace period of 30 days or so. An advance on your credit card may have considerably higher interest rates than a personal loan.

The good news is that advances do not need approval, and funds are instantly accessible. They’re simple to get for an unexpected expenditure, but they’re the kind of emergency loan that you’ll want to return as soon as possible to prevent paying excessive interest.

Is an Origination Fee Required for These Loans?

Customers on these personal loans are usually not charged an origination fee, but you should check with the lender before committing to a loan to see if they do. In a big conventional loan, such as a house loan, an origination fee is often levied to offset the costs of issuing the loan.

The lending networks we looked at don’t charge a fee for their services, and the lenders only pay them when a loan is issued.

Your Top Choices for the Easiest Personal Loans

Lending networks specializing in dealing with bad credit consumers can provide the most straightforward personal loans, particularly if you have a low credit score.

Although a cosigner isn’t required, having one may help you get approved and potentially obtain a cheaper interest rate. Instead, you’ll have to fulfill a few essential prerequisites. These requirements include a monthly income of at least $800, stable employment, and a bank account.

Although the interest rate would most certainly be more significant than if you had excellent credit, these personal loans are designed for individuals with bad credit. You may use the funds as an emergency loan for anything you need and repay it as soon as possible.


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