Easy Personal Loans

Get the Easiest Personal Loans in 2021

Personal loans are not the easiest to obtain, especially for those with bad credit scores. Alternative sources that are specialized in financing subprime borrowers can help them borrow money more quickly with minimal requirements.

An online lender-matching service can be a great place to start. After submitting an application information form online, they will connect you with multiple lenders.

The Online Application for Personal Loans is the Easiest

A personal loan may be needed for many reasons. Sometimes, you may need a quick personal loan to cover an emergency like a hospital visit or a car repair. You might also need enough money to purchase groceries until your following loan funds arrive.

These seven companies can help you get personal loans approved, even if your credit profile is imperfect.

1. MoneyMutual

MoneyMutual links borrowers to lenders who can quickly provide them with personal loans of up $2,500 the next day.

According to the company, the online loan application information takes less than five minutes. Personal loan lenders will examine your report and decide if they want to work with you. You will be directed to their website to complete the lender’s lending process if you are accepted.

2. CashUSA.com

CashUSA.com has been a top pick because it is one of three companies we recommend to help consumers get personal loan payments ranging from $500 to 10,000 loans. If you have been in an accident, or your loved one needs to visit the emergency room, this can help pay for significant hospital bills.

The website explains how a loan process works for people with bad credit scores. It also details how to apply for a loan and the eligibility requirements.

 Although lenders don’t care as much about your minimum credit score, they care about your income. CashUSA.com requires that users have a steady income of at least $1,000 per month after taxes.

3. BillsHappen(r)

BillsHappen has specific requirements for borrowers. This includes basic information such as your driver’s license and cellphone number. It continues with simple requirements like a bank account, job, and a physical address.

It is possible to get a personal loan approved quickly. Once you submit your information, an on-screen message will let you know if you have been approved and connected to a lender. It can take up to a minute for a lender to decide if you are a good fit. BillsHappen suggests that you do not close the form or navigate away from the website after completing it.

4. CreditLoan.com

CreditLoan.com assists people with low credit to get a personal loan. However, it does not accept applications from those with pending bankruptcy.

CreditLoan is our favorite site because it provides a wealth of information about how small personal loans can be affected if you don’t have excellent credit and improve your chances of getting one.

5. BadCreditLoans.com

Bad Credit Loans offer some of the most affordable loans available, making it simple to quickly resolve a minor financial issue. There are loans available between $500 and $5,000 with repayment terms of three to three years.

Like other lenders’ networks, they don’t require collateral to obtain a personal loan. Applicants won’t be turned down if they have poor credit histories. Only two things are necessary to secure a loan: a steady income and a checking account.

6. PersonalLoans.com

PersonalLoans.com has the most significant loan amounts out of all the lending networks we have reviewed, with loans up to $35,000. The loan can be used to renovate your house, buy a car or get a loan for business purposes.

PersonalLoans offers two distinct lending networks. The one focuses on people with poor credit scores, while the other is for people with excellent and good credit. If you have a poor credit score and no lenders are willing to lend you money, the company may share your information with partners who can help you with debt relief, credit repair, monitoring, or any other services.

7. CashAdvance.com

CashAdvance.com assists people in finding a payday loan between $100 and $999.

According to the FAQs page, “Short-term loans should be used as a last resort option. They must be paid back before a borrower receives their next credit check.”

Cash Advance requires that borrower agreement earn at least $1,000 monthly payment after income tax. Additional requirements include verification of employment, valid home and work telephone numbers, and valid email addresses.

What makes personal loans easy to get?

After you submit a quick online application process, the lending network we recommend will give you multiple loan options. The process is simple and takes just minutes.

However, it is not guaranteed that you will be approved for a loan. If you meet the lowest rates for a loan, there’s a good chance that at least one lender will offer you one.

These are the basic requirements:

  • Minimum 18
  • Citizenship.Must have a U.S. citizen, resident, or with a valid Social Security Number.
  • Income: You will earn a minimum income of $800 to $1200 each month. After taxes, it is usually $800 up to $1,200.
  • Have a bank account or credit union account.
  • Identification: Enter your Social Security number, valid email address, bank account details, and home and work phone numbers.

It is also possible to obtain loans in other ways. Lenders know applicants have poor credit.

Although lenders prefer those with excellent credit histories, they recognize that some people have credit card debts, late payments, and other credit problems. They may still require a personal loan. Lenders are happy to lend money amounts ranging from $100 to $35,000 to borrowers who have bad credit.

Personal loans are not secured loans. This means that you won’t be able to use your home or any other valuable property as collateral in the event you default on the loan. Subprime lenders charge higher interest rates to cover the lender’s risk.

Federal student loans and auto loans are also easy loans to obtain. Lenders know that people need cars. The government does not limit federal student loans access because young borrowers haven’t established credit histories.

How do I apply for a personal loans? (Easiest Way)

It is simple to apply for a personal loan via a lending network. Each process is different, but they all follow a similar order.

An online lender will ask you to complete a loan application. It may ask for the following information:

  • The reason you need the loan
  • Name
  • Zipcode
  • Social security number
  • Date of birth
  • Address
  • Email address
  • Telephone number
  • The amount of the loan
  • Monthly income

Some matching services might not require any additional information beyond that. Other people may submit your application to the lender. They may ask for additional information. The matching service might require this during prequalification. You may also be asked for the following information:

  • How long have you lived at your address?
  • If you rent or own a property
  • Situation of employment
  • Employment length
  • How often do you get paid
  • No matter if you are an active soldier
  • Gross monthly income
  • Next payday
  • Contact information for employers
  • Driver’s license/state ID number
  • Type of bank account: Savings or checking
  • If you’re paid via direct deposit or paper check
  • How long have you had your bank account?
  • Credit score (OK, to be unsure).

The matching service will find lenders that are interested in funding your loan within minutes if it is not already. The next step is to provide your bank details (e.g. routing number, account number) to enable the matching service to determine where your loan proceeds will be deposited.

The lender’s matching service will likely take you to their website where you can complete the application and provide more information. The lender may ask for your permission to run a credit check.

A lender should be able conduct a credit check in a matter of minutes. You will be issued a loan agreement containing the interest rate and terms if you meet the minimum credit score requirements. You are not required to accept the loan offer.

Most likely, the loan will have fixed interest rates and fees. This means that the interest rate and monthly payment will remain the same throughout the repayment term. A personal loan amount of up to $35,000 can be approved. However, approvals for smaller amounts are easier.

Accepting the loan offer will require you to complete all paperwork and electronically sign the agreement. In one to two days, the cash should be in your bank account. Each month, your loan payment will be taken from your bank account automatically.

The loan is typically repaid over three to 72 monthly fixed-rate installment loans. There shouldn’t be a prepayment penalty on the loan. This allows you to pay it off earlier without additional fees. Any lender matching service is free.

Are Personal Loans Easy to Get with Bad Credit?

Bad credit does not mean that you aren’t eligible for an unsecured personal loan. It doesn’t necessarily have to be a secured personal loan that requires collateral, such as a vehicle loan.

If you have bad credit, it may be challenging to obtain a loan from a bank, credit union, or other traditional lenders. However, the lenders we reviewed have been able to help people with bad credit.

The requirements for a bad credit loan are generally quite lenient, as we have already mentioned. MoneyMutual only requires a monthly income of $800. Part-time work requires a minimum of $10 an hour before taxes. This is based on 80 hours per month or 20 hours per semaine.


If they earn at least $800 per month, self-employed people and those on a fixed income such as Social Security benefits can also be eligible. Lenders will consider a disability, pension, or another type of income as qualifying income.

What credit score do I need to get a loan approval?

Personal loans are a form of a signature loan. You only need to sign a legal agreement agreeing to repay the loan. There is no need to provide collateral. Lenders may consider the applicant’s credit score when weighing the likelihood of repayment.

FICO, one of the most popular credit score providers, is often used by lenders. FICO scores below 580 are considered to be poor or very bad. Although FICO scores below 300 can be considered poor or simply bad, some lenders will still approve small loans for those with these scores.

Lenders need to have your permission before they can access your credit reports. This is called a hard inquiry and can lead to a slight drop in your credit score.

A low credit score should not prevent you from getting a loan. The following are other criteria that lenders might consider:

  • Stable employment history
  • Avoid changing addresses too often
  • Pay your bills on time and keep a good payment record
  • No late payments
  • No more than 30% of your income can be owed to existing debt
  • Each lender will have its approval requirements.

What will my credit history be checked for?

You should not assume that your credit history will be checked by any lender who offers you a personal loan.

A credit check will not be performed during prequalification with a lending company, even the ones we recommend. Once a loan option has been presented, a lender will likely request your approval to run credit checks with at least one credit bureau.

This is a positive sign that loan funding approval will be granted. The credit score will play a major role in determining your interest rate. If you have excellent to good credit, you are likely to get the lowest rate.

Although a hard inquiry to your credit report might lower your credit score, it shouldn’t be significant, and it won’t last long.

You may be concerned about your chances of approval. You might want to consider increasing your credit score. This is the best way to improve your chances of getting approved for a personal loan. Personal loans are an unsecured type, so a borrower’s credit score will be used to determine their likelihood of repaying the loan.

The best ways to improve your credit score are to pay your bills on time and keep your debt levels low. The debt-to-income ratio, or DTI, is one measurement that lenders use. This measures the amount of your debt payments relative to your income. Most lenders prefer that your DTI be below 36%. Your monthly debt payments should not exceed 36% of your gross income.

Another issue is credit card debt. Your credit utilization rate (or CUR) should be below 30%. This ratio is calculated by dividing the amount of credit you use by your available credit (card balances divided with credit limits). The better your credit limit is, the less you use.

Credit utilization and other debts owed make up 30% of your FICO credit score. Therefore, paying down your debt can both lower your CUR as well as increase your credit score.

Debt consolidation is also possible. Consolidating your debts with a 0% balance transfer to one credit card can make it easier to pay down credit card debt.

Are these Loans Payday Loans

If you are a resident of a state that allows them, you might be eligible for a payday loans. Or you could be eligible for an installment loan.

Most of the lending networks that we recommend work with lenders who allow for years to repay the loan, except CashAdvance or MoneyMutual. This is not the way a payday loan should be defined.

CashAdvance partners with lenders who offer payday loans at interest rates as low as 300% to as high as 2,290%.

Personal loans are secured by your next paycheck in the event you default. Some studies have shown that almost half of these loans go into default. This means that the payday lender will take your next paycheck, and your debt will rise.

For small emergencies, these should not be your only loan option. These loans are high-interest and due for payment quickly. Half of the borrowers who default on loans show that they are challenging to pay.

You could be subject to collection from your lender if you only pay a portion of the loan or make late payments. Contact your lender immediately if you believe you might miss a payment. Many lenders will work with you to help you.

What will my interest rate be?

We’ve seen samples of interest rates provided by some lending networks that we reviewed. The lowest rates range from 6% to 36%, with the highest rates being charged to those with poor credit histories. CashAdvance charges interest rates ranging from 300% to 2290% for payday loans. Low credit scores are eligible for the highest interest rates.

Find the best Potential customers will be informed by lending networks that the interest rates may vary depending on the lender. After you have been approved by a lender and matched, you will be transferred to the lender’s website. Here you can review the terms and repayment schedule and any other fees.

Lenders often give examples of interest rates. Bad Credit Loans states on its website that its network of lenders charges between 5.99% to 35.99%. APRs can vary depending on the information you provide in your loan request.

This represents a $2,000 loan over 12 months at a 19.9% APR with a $183.63 monthly payment. To borrow $2,000.00, the total repayment would be $2,203.56. That’s $203.56 in interest.

Customers are reminded by the company that installment loans can be more expensive than other loan products. These loans should not be used as a long-term solution like debt consolidation. They should be used only for immediate financial needs. It can take many years to repay a consolidation loan.

Another website, CreditLoan.com, offers a loan example for a $4,000 loan with a 15% APR. For a total of $4,654.72, the monthly payment would be $193.95.

Although the interest rate is lower than the Bad Credit Loans example, the loan term is twice the length and costs twice as much. CreditLoan.com’s overall payment is approximately $450 higher. Even though the interest rate may be higher, this is one reason why a smaller loan can be paid off faster.

What if I have a credit card?

A personal bank is one time where you have a savings account or a bank account. Most personal banks give people the lowest rates on personal loans, so it’s important to find out how much the personal bank charges for an ‘average’ personal loan. Research online or get in touch with your personal bank to ask what they charge for personal loans before applying.

So, after going through the arduous process of applying for personal loans from banks and credit unions, I not only received the funds but also at a cheaper interest rate than others!  Furthermore, after you get approved for online personal loans, putting cash into your hands is a breeze!

If you don’t have great credit or a low-interest credit rate, it can be costly to put an emergency expense on your credit card. Using a card with a 0% intro period can help you manage your credit card debt.

It’s a wise decision to charge the credit card the amount if you are certain you will have enough money to completely pay off the credit card bill. For borrowers with good credit, interest rates will average almost 24%. Your card provider might charge you a late fee if your monthly late payment is not received on time.

A cash advance is another option. This can be done using a secured credit card or an unsecured credit card. A certain percentage of your card’s credit limit can be borrowed.

A cash advance’s APR is typically around 25%. Fees of between 5% and $10 will be charged on cash advances. Daily interest charges start immediately. This is different from purchases on the card that typically have a grace period around 30 days. An advance on your credit card may have a higher interest rate than if you had a personal loan.

Advances don’t need approval, and money can be accessed immediately. These loans are easy to obtain for emergency expenses, but you will need to repay them as soon as possible to avoid high-interest  rates.

Are these loans subject to an origination fee?

Personal loans don’t usually charge an origination fee. However, you should always check with the lender before signing a loan agreement to determine if they charge this fee. In large loans such as home loans, an origination fee may be charged to cover expenses associated with providing the loan.

We have found that the lending networks we reviewed do not charge for their services. Instead, they are paid when a loan request is received.

The Best Choices for the Most Easy Personal Loans

If you have poor credit, it is possible to obtain personal loans through lending networks specializing in helping borrowers with low credit scores.

Although a cosigner is not necessary, it can increase your approval chances and help you get lower interest rates. You will need to fulfill a few minimum requirements. These include a minimum of $800 in monthly income, steady work, and a bank account.

Although the interest rate will be higher than if you have good credit, these personal loans are not for those with bad credit. The money can be used as an emergency loan to pay for anything you need.


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Author: Alex Darwin

Alex is a former budget manager turned entrepreneur. He works mainly at home on his credit score advice website and writes a financial blog on the side. He hopes to expand his business into a full online lending company for bad credit as soon as he gets enough investors.