The Easiest Loans To Get Bankrate
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Stephen Zeigler/Getty Images Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. Written by Contributing writer Jerry Brown is a contributing writer for Bankrate. Jerry writes about home equity, personal loans, auto loans and debt management. Aug. 23, 2022 Edited by Loans Editor, Former Insurance Editor Aylea Wilkins is an editor specializing in personal and home equity loans. She has previously worked for Bankrate editing content about auto, home and life insurance. She has been Aug. 23, 2022 Share
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Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we’re putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our loans reporters and editors focus on the points consumers care about most — the different types of lending options, the best rates, the best lenders, how to pay off debt and more — so you can feel confident when investing your money. Bankrate Logo Editorial Integrity
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You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Bankrate Logo Insurance Disclosure
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. It's possible to get approved for a loan if you need fast cash but don't have the best credit score or a steady source of income. Some lenders cater to borrowers who can't get approved elsewhere with emergency loans, payday loans, and bad-credit or no-credit-check loans. These loan products are relatively simple to access. Still, they're worth avoiding and exploring other options, as they can mean bad news for your finances. Why an easy loan can cause difficult risks
Getting approved for an easy loan can give you temporary financial relief. However, these debt products often become more costly than borrowers initially imagined and cause long-term financial distress. For starters, easy loans generally come with exorbitant interest rates and fees, which means you'll pay several hundreds or thousands of dollars in interest over the loan term. If you opt for a payday loan, you could pay less interest, but you'll still be charged a three-figure interest rate that may make it challenging to repay what you borrow by the due date. Falling behind on loan payments could also mean adverse credit reporting, damaging your credit score. So, it's worthwhile to explore traditional personal loan products. They can be a bit more difficult to get approved for, particularly if your credit score is lower, but they have fewer potential pitfalls. Easiest loans and their risks
If you're searching for loans to cover an unexpected expense, you might consider taking out an emergency loan, a payday loan or a bad-credit or no-credit-check loan. While these loans are usually easy to get, each has risks. Emergency loans
An emergency loan is a used to cover unexpected expenses, such as or car repair bills. Lenders typically let you borrow $1,000 or more; some lenders even deposit the funds into your account the same day you sign the loan agreement. The interest rate on an emergency loan depends on several factors, such as your credit score, income and . Expect to pay between 5.99 and 35.99 percent in interest. The lower your credit score, the higher the interest rate. If the lender charges origination fees, you'll generally pay between 1 and 8 percent of the loan amount. Risks: If you don't have a to credit score (at least 670) and a solid income, your loan may come with high interest rates and fees. Payday loans
are short-term loans designed to be paid back by your next pay period or within two weeks of taking out the loan. Because most payday lenders don't check your credit, these are easy loans to get. However, they come with serious drawbacks in the form of steep interest rates and fees. In fact, the average interest rate on a 14-day, $300 payday loan is more than in some states. If you cannot repay the loan by the due date, you could incur what's referred to as rollover fees (assuming payday loan rollovers are permitted in your state). Risks: Since these loans come with excessive fees, they're best used as a last resort. If you can't afford to repay the loan by the next pay period, you risk digging yourself into a deeper hole financially. Bad credit or no-credit-check loans
A is a personal loan for or minimal credit history. Although minimum credit score requirements vary by lender, you'll typically need at least a 580 credit score to qualify. If you don't meet the lender's minimum credit score requirement, getting a is a possible alternative. The downside to a no-credit-check loan is similar to a payday loan - it comes with high APRs and fees. Risks: If you have a really low credit score, you risk being charged a high interest rate and fees - some personal loan lenders have maximum interest rates as high as 35.99 percent. Alternatives to easy loans
If you want to avoid the borrowing costs associated with the loans discussed above, here are some alternatives to consider. Local banks and credit unions
If you're a member of a local bank or credit union, contact it to see if you can qualify for a personal loan. Since you have a relationship with the institution, you may qualify for better rates and terms. For example, PenFed Credit Union offers personal loans with no origination fees and APRs as low as . Local charities and nonprofits
Check with your local chamber of commerce or library or to see if grants are available in your area. Your income level may qualify you for federal or state rental or food assistance programs. If you need help paying for rent, you can use the U.S. Department of Housing and Urban Development's to search for rental assistance programs in your area. Payment plans
If you can't afford to pay for a phone bill, medical bill or another bill in full, ask the company if you can set up a payment plan. Although you'll probably be charged an additional fee or interest, it might cost less than getting a loan. Paycheck advances
Loan or hardship distribution from your 401 k plan
If you need more money than you could get with a paycheck advance or your employer doesn't offer them and you have a 401(k), consider asking for a or . There's no credit check, and you can access the funds quickly in most cases. But you can expect to pay interest on the loan amount even though you're borrowing from yourself. These funds are deposited back into your retirement account but on a post-tax basis. Borrow money from family or friends
If you want to avoid taking out an easy loan or pay minimal interest, ask a family member or friend to borrow money. This option lets you avoid the formal process of applying for a loan, and you may have more flexible repayment options. Also, the person who loans you money might not charge you interest. Get the terms of the loan agreement in writing and repay the loan as promised to avoid damaging your relationship with the lender. Bottom line
Before you take out an easy loan, make sure you explore all of your borrowing options. Take some time to research and weigh each alternative's benefits and drawbacks to decide which makes the most financial sense. Doing so can help you pay the least interest possible or get the best terms. But taking out an emergency loan is your only option to access cash quickly, to compare rates, fees and terms from multiple lenders. If you have a credit union or bank membership, contact it to see if you qualify for a personal loan. Most importantly, assess your spending plan and only borrow what you can afford to pay back promptly. Frequently asked questions
br h6 How long does it take to get the loan funds Every lender is unique. Many lenders, however, offer fast funding, especially those online. You may be able to receive the money via direct deposit within a few business days, 24 hours, or even the same day you apply.
Do I need any documents to apply for a loan
In most cases, you will have to provide some documents to apply for a loan. These may include a government-issued ID like your driver's license or passport that proves your identity, pay stubs, and tax forms that reveal your financial situation.
What can I do to secure a loan with better terms
To get approved for a loan with a low rate and favorable terms, boost your credit score. You can do so if you pay your bills on time, lower your debt levels, limit how often you apply for new accounts, and dispute any errors or inaccuracies on your credit reports. Learn more
Written by Jerry Brown Contributing writer Jerry Brown is a contributing writer for Bankrate. Jerry writes about home equity, personal loans, auto loans and debt management. Edited by Loans Editor, Former Insurance Editor You may also like