What Are the Easiest Personal Loans to Get?

Our experts answer readers’ personal loan questions and write unbiased product reviews (here’s how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.

• The easiest personal loans to get are ones with low or flexible credit score requirements.
• You may have the easiest time applying with an online lender or your current financial institution.
• If you’ve struggled to qualify for a personal loan, consider working on boosting your credit score.

A personal loan can be an excellent option when you need cash for just about anything, from debt consolidation to home renovation. If you need money fast, there are many lenders that can have the funds in your bank account in a day or two.

But lenders generally have certain requirements to approve personal loan applications, including a decent credit score, reliable income, and an overall healthy financial picture. Not only will these factors determine whether you qualify for a loan at all, but they also impact the amount you can borrow and the interest rate you’ll get. The good news is some lenders and types of loans are easier to qualify for than others.

Which lender is easiest to get a personal loan from?

When you’re looking for a lender that’s easy to get a personal loan from, consider one that has a low credit score requirement. In fact, some lenders don’t have a set minimum credit score and instead take a holistic look at your entire financial picture.

Overall, the easiest lender to get a personal loan from is Upstart. The company accepts borrowers of any credit profile, as well as those who don’t have sufficient credit history to have a credit score. Instead of solely considering your credit in its lending decisions, Upstart takes into account other aspects of your finances, including your education and current employment. 

If you have someone willing to cosign your personal loan, it may also be worth exploring other lenders. For example, LendingClub offers personal loans to borrowers with poor credit and also allows joint loans, which Upstart doesn’t.

What are the easiest places to get a personal loan? 

There are more places than ever to get personal loans, but there isn’t a one-size-fits-all personal loan source for everyone. 

When shopping for a personal loan, you’ll have three primary options: traditional banks, credit unions, and online lenders. Each of these lender types has certain characteristics that could make it easier to get a loan.

“Ultimately, the best personal loan lender depends on the borrower’s unique circumstances, preferences, and the level of personal attention and support they require,” says Michael Pugh, President and CEO of Carver Federal Savings Bank.

First, you may have an easier time getting a personal loan from a bank or credit union if you already have a relationship with the financial institution. The application process may be streamlined because the lender already has your personal information. You may also be eligible for certain member benefits, including discounted interest rates and fees.

Next, a credit union is often an easier place to qualify for a personal loan than a traditional bank. Banks are for-profit entities, meaning their first responsibility is to their shareholders. But because credit unions are nonprofit organizations, they often have more flexible borrowing requirements.

Finally, there are many online banks that specifically cater to borrowers with poor or fair credit. Because of their lax credit score requirements, these lenders are often the easiest overall sources of personal loans. However, you may also pay higher interest rates.

Are personal loans easy to get? 

Overall, whether a personal loan will be easy to get depends on your overall financial picture. You’ll have the easiest time qualifying for a personal loan if you meet the following criteria:

• You have an excellent credit score. The better your credit score, the easier it is to qualify for a personal loan. While most lenders don’t only accept borrowers with excellent credit, it certainly makes it easier to qualify. Additionally, an excellent credit score will net you the best interest rates, making your loan more affordable.
• You have a solid, stable income. Lenders generally verify your employment to ensure you make the income listed on your application. Additionally, lenders want to see a debt-to-income ratio (DTI) that will allow you to fit new loan payments into your budget.
• You have a preexisting relationship with the lender. It’s often easier to apply and qualify for a personal loan through a lender you already have accounts with. Even if you ultimately get a loan elsewhere, your current financial institution is always a great place to start.

While the criteria listed above will give you the best chance of being approved for a personal loan, you aren’t necessarily disqualified if you don’t meet them. Plenty of lenders accept borrowers with less-than-ideal credit scores. And while having some source of income is nearly always a must-have, some lenders may be more flexible with their DTI requirements.

What to do if you can’t get an easy loan

If you’ve struggled to get a personal loan so far, you aren’t necessarily out of luck. There are a few other options to consider, starting with taking some time to improve your financial situation.

“Focus on building a positive credit history by paying bills on time, reducing existing debt, and keeping credit card balances low,” Pugh says. “Over time, these efforts can help improve your credit score, making it easier to qualify for a personal loan in the future.”

Another option is to ask friends and family for help. If you feel comfortable doing so, consider asking a loved one for a low or no-interest loan. Even if you don’t feel comfortable borrowing directly from friends and family, you could ask a loved one with good credit to cosign your loan.

“A cosigner acts as a guarantor and shares the responsibility of repaying the loan,” Pugh says. “This can increase your chances of approval and potentially result in more favorable loan terms.”

Just make sure that you’re confident you’ll be able to repay the loan before asking someone to cosign. If you fail to make your loan payments, you risk putting the debt burden on your loved one or damaging their credit with late or missed payments.

Finally, while these options aren’t ideal, you may carefully consider a short-term financing solution, such as a cash advance or, as a last resort, a payday loan. These options have lots of risks, including notoriously high interest rates. There is almost always a better solution, but in a true financial emergency, knowing all of your options can be helpful.

Frequently asked questions