Easiest Personal Loans to Get in 2024

Personal loans are one of the most versatile and common forms of credit available these days. However, not all personal loans are easy to get, particularly if you have a poor credit score or a limited credit history. Fortunately, some lenders offer personal loans with more flexible requirements, faster approvals, and lower minimum amounts. Here’s a look at some of the easiest personal loans in 2024; read on to find out now.

What Makes a Loan Easy to Get?

Certainly, several factors contribute to making a loan easy to obtain, including the flexibility of eligibility criteria like credit score, income, and debt-to-income ratio requirements. As you probably know, top personal lenders often have strict score requirements, ranging from 600 to 680 typically.

Still, the great news is that some lenders are willing to accept credit scores just as low as 560. Qualifying also appears to be much easier if you’re able to find a lender that has a lower credit score requirement and specializes in assisting borrowers with poor credit.

What Are the Easiest Personal Loans to Get in 2024?

To define, the easiest personal loans to get should be offered by reliable lenders with a low credit score threshold (of course, different lenders have different standards). Generally, compared to banks and credit unions, online lenders tend to have less strict qualification requirements. If your credit is not good, you will probably have better success applying for a personal loan from an online lender.

But it’s vital to understand that online lenders, those specializing in serving borrowers with low credit scores, usually impose higher interest rates. When applying for a personal loan, if your goal is not to get the lowest interest rates possible, you should find a lender who can best serve your financial situation and needs. Besides, never forget to take into account factors like the lender’s reputation and reliability, the possible fees associated with the loans, and more.

If you are looking for the easiest personal loans to get in 2024, below are some options to take into consideration:

Upgrade Personal Loan

Upgrade, an online lender, was launched in 2017 and has been well-known among borrowers for being pretty flexible with its credit score threshold, accepting a minimum score of 580 and above.

This online lender charges the APR (annual percentage rate) from 8.49% to 35.99%. Borrowers can borrow from $1,000 to up to $50,000, with repayment terms ranging from 2 to 7 years.

Once approved, borrowers may receive their funds within one business day after completing any required verifications. However, please note that Upgrade also charges an origination fee ranging from 1.85% to 9.99% of the loan amount.

LendingPoint Personal Loan

LendingPoint Personal Loan can be a good option for those with fair credit, with a credit score as low as 600. It also requires borrowers to have an annual income of at least $25,000. The regular APR charged by this lender is between 7.99% and 35.99%, and the loan amount you can borrow is between $2,000 and $36,500, which is a bit limited compared to other lenders’ offers. Repayment terms typically range from two to five years.

LendingPoint charges origination fees (up to 10%) and late fees. And it’s also worth noting that LendingPoint Personal Loans are unavailable in West Virginia and Nevada.

Upstart Personal Loan

The Upstart lending platform has gained recognition in the personal loan industry for its use of AI and machine learning to assess borrower eligibility. Upstart offers a flexible range of loan amount options; borrowers can request a loan amount as low as $1000 to as high as $50,000.

As for the APR range, Upstart has a rate between 6.40% and 35.99%. The credit score requirement to apply for a loan from this lender is 300 and above. Notably, applicants with such a limited credit history that they do not have a credit score will also be considered for acceptance. Along with credit score and credit history, Upstart also considers other variables, like work history and regular sources of income.

Upstart charges pretty high origination fees in addition to late fees and a $10 fee to request paper copies of your loan agreement. Personal loans offered by Upstart come with either 3-year or 5-year terms.

Avant Personal Loan

For those who have low credit scores but need quick access to funds, Avant Personal Loans are likely a great choice. Avant works with borrowers with credit scores of at least 580. The lender offers personal loan amounts within the range of $2,000 to $35,000 for terms ranging from one to five years. Avant charges multiple types of fees, including an upfront administration fee, a late fee, and more.

The personal loan APR range charged by Avant starts at 9.95% and can soar up to 35.99%, which is relatively less competitive compared to other lenders. Just make sure you're ready to face a high APR if your credit score is low. Note that Avant’s unsecured loans are unavailable in Hawaii, Maine, New York, Vermont, Iowa, and West Virginia.

Rocket Loans Personal Loan

Rocket Loans is well-known for its great customer service. The lender accepts fair credit scores of as low as 640 and above (and an annual income of at least $24,000). So, if you have a below-average score and want to get a quality, unsecured personal loan, Rocket Loans can be a good option.

The possible amount for a personal loan offered by Rocket Loans is between $2,000 and $45,000, with the regular APR ranging from 9.116% to 29.99% with AutoPay. On the downside, Rocket Loans personal loans are not available in all states. It also does not accept co-signers and co-borrowers.

In addition, there might be an origination fee on your loan, potentially reaching up to 9% of the loan amount. Rocket Loans’ repayment term options are limited, with only 02 choices: 03 years or 05 years.

How to Get an Easy Personal Loan

The application process for an easy personal loan varies by lender, but you can generally follow these steps:

• Check your credit history and credit score:

It’s essential to know your credit score when considering and applying for a personal loan, as it’ll help you find the most suitable lender for your needs. You can get this information from your bank, credit card company, or several free websites offering credit scores.

• Improve your credit score, if possible and necessary:

If you find your credit score below the minimum requirements, take time to boost it to have a better chance of getting approved for the loan. It's a good idea to check for errors or inaccuracies on your credit report and work on paying off your balances.

• Figure out how much you’re able to repay:

Determining what monthly payment you are able to afford before taking the loan is a must. As you can guess, defaulting on the loan can negatively affect your opportunities to apply for other loans in the future. So, spend time reviewing your current expenses and income to find out what you can afford. This will prevent you from borrowing money that you cannot repay.

• Prequalify with different lenders:

Certain lenders provide a prequalification process, which allows borrowers to see the terms they may get if qualified without negatively impacting their credit score. Pre-qualifying with several lenders is the easiest and most convenient method to determine the most suitable offer for your needs and circumstances.

Choose a lender and submit your application:

As soon as you make an informed choice of the lender that does work for you based on a wide variety of factors like your credit score, APR, the loan amount, the associated terms, the lender’s reliability, your specific financial situation, etc., it’s time to fill out the application and then submit it.

Bottom Line

These days, individuals have many options for personal loans from lots of lenders and lending platforms. Even if you have a poor or insufficient credit history, there are still reasonable options to consider. The key lies in understanding your own financial needs and situations, coupled with insights into potential lenders and what they offer, you can make informed decisions about the best and easiest personal loans to get in 2024. If necessary, you can consult with your financial advisor or a knowledgeable person in this field before getting a personal loan, particularly if you plan to apply for a large loan.

Read more: Top 07 Factors to Consider Before Picking a Personal Loan