If you have home repairs, medical bills, a wedding or other large ther expenses, a personal loan can be a lifesaver.
If you're looking for flexible terms, don't have great credit or don't need much money, you might think your options are limited. But there are lenders that offer a range of terms, cater to applicants with fair or poor credit and have low minimum loan requirements.
Some can provide funding in as little as a day.
CNBC Select has picked the lenders with the easiest approval requirements for personal loans, based on credit score requirements, terms, loan amounts and other factors. For more on how we made our selections, read our methodology below.
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Best for bad credit: Avant
Who's this for? Avant is an excellent option if you have weak credit. It approves personal loans for borrowers with scores as low as 550.
Standout benefits: Applicants can receive an approval decision within minutes and, if approved on a weekday by 5:30 p.m ET, get funding the very next day.
Lends to applicants with poor credit and offers next-day funding.
- Lends to applicants with poor credit
- No early payoff fee
- Can prequalify with a soft credit check
- Funding often available next day
- Late-payment grace period of 10 days
- Origination fee
- Potentially high interest
- No autopay discount
- No direct payments to creditors for debt consolidation
- No co-signers
Best for flexible terms: OneMain Financial
Who's this for? OneMain Financial offers personal loans with term lengths of 24, 36, 48 and 60 months.
Standout benefits: From application to funding, the loan process typically takes just one day. While many lenders on this list are online banks, OneMain has close to 1,400 branches across 44 states.
Approves applicants with bad or fair credit and offers secured loans.
- Approves applicants with bad or fair credit
- Relatively low $1,500 loan minimum
- Same-day funding available
- Option to apply with collateral for a lower rate
- Co-applicants allowed
- High origination fee
- High interest rates
- No autopay discount
- No co-signers
*You must complete a loan application and continue to meet any criteria used to select you for a loan offer. Not all applicants are approved. Loan approval and actual loan terms depend on applicant's state of residence and ability to meet OneMain Financial credit standards such as a responsible credit history, sufficient income after monthly expenses, and if applicable, availability of eligible collateral.
Not all approved applicants qualify for larger loan amounts, lower APRs, or the most favorable loan terms. For example, larger loan amounts typically require a first lien on a motor vehicle that is no more than ten years old, meets our value requirements, and is titled in applicant's name with valid insurance. APRs are generally higher on loans not secured by a vehicle.
Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.
OneMain charges origination fees allowed by law. Depending on the state where the loan is opened, the origination fee may be either a flat amount or a percentage of the loan amount. Flat fees vary by state, ranging from $25 to $500. Percentage-based fees vary by state, ranging from 1% to 10% of the loan amount subject to certain state limits on the fee amount.
For information about these fees and minimum and maximum loan sizes available in certain states, visit omf.com/loanfees.
Current OneMain Customers: Loan offers presented to a consumer assume the individual has no active loan with OneMain or one of its affiliates. If a customer applies for a new loan offer, a OneMain representative will discuss available options.
Active-duty military, their spouse or dependents covered by the Military Lending Act (MLA) may not pledge any vehicle as collateral. If you are covered by the MLA, you are not eligible for secured loans.Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB's Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes.
Time to Fund Loans: Funding within one hour after loan closing through SpeedFunds® must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after closing.
Best for no credit history: Upstart
Who's this for? Upstart accepts applicants with scores as low as 300 and those with no credit. Its AI-powered algorithm weighs income, employment history, education and other factors when considering an application.
Standout benefits: You can prequalify with Upstart without hurting your credit score. Funds can be available the next business day if you accept the loan before 5 p.m. ET Monday through Friday.
Upstart offers accessible personal loans for people with fair or average credit.
- Accept applicants with low or no credit
- No early payoff fees
- Most loans funded the next business day
- High late fees
- Origination fee of 0% to 10% of the target amount
- $10 fee for paper copies of loan agreement
Best for fast approval: LendingPoint
Who's this for? LendingPoint can provide an approval response within seconds and fund your loan in as little as one business day. It uses AI to assess applicants and works with borrowers with fair credit and an annual income of $35,000.
Standout benefits: LendingPoint approves loans as low as $1,000 and offers repayment terms up to 72 months. You can prequalify with only a soft credit pull and there are no early payoff penalties.
LendingPoint Personal Loans
Annual percentage rate (APR)
7.99% to 35.99%
Loan amounts
$1,000 to $36,500
Terms
24 to 72 months
Credit needed
Poor/fair
Origination fee
Up to 10% , depending on the state
Early payoff penalty
No
Late fee
LendingPoint does not currently assess a late fee but reserves the right to charge one of up to $30, depending on the state.
Terms apply.
Pros
- Next-day funding available
- Approves applicants with 620 credit score
- No early payoff fee
Cons
- Origination fee of up to 10%
- No joint loans or co-signers
- Not available in Nevada or West Virginia
Who's eligible to apply for a LendingPoint loan:
- You must be at least 18 years of age.
- You must be able to provide a U.S. federal, state or local government issued photo ID.
- You must have a social security number.
- You must have a minimum annual income of $40,000 (from employment, retirement or some other source).
- You must have a verifiable personal bank account in your name.
- You must live in one of the states where LendingPoint does business (excludes Nevada and West Virginia).
Best for small loans: Oportun
Who's this for? For borrowers who don't need much financing, Oportun's minimum loan amount is just $300, the lowest we've seen in the market. And if you have a thin credit file, the AI-powered platform will review other factors, including employment status, income and expenses.
Standout benefits: Repayment terms start at 12 months, making Oportuin an excellent alternative to a payday loan. The application process usually takes less than 10 minutes and most loans are funded the same day.
Open to borrowers with no credit history, especially if needing only a small loan.
- Open to borrowers with no credit history
- No early payoff fee
- Same-day funding available
- Loan amounts as small as $300
- May charge an administrative fee of up to 10% of the principal
- Not available in all states
Best for longer loan terms: Upgrade
Who's this for? Upgrade offers loan terms of up to 84 months, the longest of any provider on this list.
Standout benefits: In addition to an autopay discount, Upgrade offers an APR reduction if you use your loan to pay down existing debt. Borrowers can apply online in minutes and receive funds within one business day.
Accepts applicants with fair credit
- Accepts applicants with fair credit
- Approves loans of up to $50,000
- Creditors can be paid directly
- Autopay discount available
- Funding in as little as one day*
- High maximum interest rate
- Origination fee of up to 9.99%
- No physical branches
Why Upgrade is the best for financial literacy:
- Free credit score simulator to help you visualize how different scenarios and actions may impact your credit
- Charts that track your trends and credit health over time, helping you understand how certain financial choices affect your credit score
- Ability to sign up for free credit monitoring and weekly VantageScore updates
Best peer-to-peer lending platform: Prosper
Who's this for? Once your initial application is approved, the loan is posted on the Prosper marketplace, where individual investors can commit a portion of the full funding. (Loans must be at least 70% funded to proceed.)
Standout benefits: Prosper loans are available in all 50 states and for up to $50,000. The peer-to-peer lender accepts applicants with fair credit and allows co-applicants.
You can sign with collateral or a co-borrower to better your approval odds and secure a lower rate. Funding can be quick.
- Approves loans of up to $50,000
- Repeat borrowers may qualify for an APR discount
- Borrowers can choose their payment date
- Co-borrowers permitted
- Higher maximum APR than other lenders
- Funding may take several days
- No direct payment to creditors
- Numerous fees
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
7.99%–35.99%
Up to $50,000
9.95% to 35.99%
$2,000 to $35,000
How to get a personal loan
There are several steps to applying for a personal loan.
- Review your credit score: Your score determines whether you get approved and what interest rate you'll receive. You can access your Experian-based FICO® Score for free by creating a My Experian account. If it's not what you'd like, work on improving it.
- Decide your needs and limits: Before you begin your search, know exactly how much you need and how quickly you can afford to pay it back. A longer term means smaller payments, but you will likely pay more in interest, so try to choose the shortest term you can afford.
- Gather documents: Lenders have different requirements, but you'll likely have to verify your identity with a driver's license or passport. A utility bill, lease or mortgage agreement can confirm your address information, but you'll also need proof of employment and income, which can come from your last few pay stubs, W-2 forms from the past two years, signed federal tax returns, bank statements with paycheck deposits and/or an employment verification letter from your HR department. If you're consolidating debt, have loan and/or credit card statements handy.
- Get prequalified: With prequalification, you can see what rate you're eligible for without damaging your credit score. Compare at least three different offers to make sure you're getting the best deal.
- Choose your lender and apply: Once you've selected a loan, submit the required documents and pay any application fee. As part of the review process, your lender will do a hard credit inquiry. That will temporarily lower your credit score but on-time loan payments should improve it quickly. You should also have your bank account and routing numbers handy for funding and payments.
How to get a personal loan with bad credit
Even if you have thin credit or a low credit score, you can still get approved for a personal loan.
- Show proof of income: Even with weak credit, you may get approved if you can demonstrate a stable income and a low debt-to-income ratio.
- Look for specialized lenders: The companies on our list have more lenient credit score requirements, though you'll likely pay higher interest rates or receive less favorable terms.
- Apply with a credit union: In addition to lower rates and fees, credit unions are known to approve borrowers with weaker credit histories.
- Get a co-signer: If you've been rejected several times, consider applying with a co-signer or co-applicant with healthy finances and a good credit score. They'll assume responsibility for the loan if you default, so be sure you've discussed the consequences.
- Secure your loan with collateral: Some lenders may approve applicants if they secure the loan with collateral, such as real estate, a vehicle, valuables or monetary assets (like CDs, bonds or stocks).
What makes a personal loan easy to get?
Much like any other form of credit, there are a couple of hoops you have to jump through to get a personal loan, including submitting a complete application, getting a credit check and sometimes even paying a few fees.
A personal loan is "easy" to get if the lender's credit requirements are fairly flexible and provide opportunities for individuals to qualify with co-signers or qualify with less than idea credit. It may also be considered easy to get if there is a quick turnaround time between submitting an application, getting a decision and having your funds disbursed.
What to look for in a personal loan
When you're comparing offers, consider these factors:
- APR: A loan's annual percentage rate (APR) is the yearly cost of borrowing the money, including your interest rate and any fees. Look for a lower APR and any discounts, such as for enrolling in autopay.
- Fees: Personal loans can come with application fees, origination fees, prepayment penalties, late fees and other charges. Look for lenders with fewer fees or that omit certain charges.
- Approval requirements: If you don't have great credit, look for lenders with flexible credit score requirements or that use other criteria, like education, income or job history. See if a lender will allow you to prequalify without impacting your score.
- Loan term: Your term is how long you have to repay the loan in full. A longer loan term means smaller monthly payments, but you'll likely pay more in interest over the life of the loan. Look for lenders with terms that fit your needs.
- Funding speed: Funding timelines vary by lender. Most lenders take three to five business days, but most on our list make funds available within one day, or even the same day.
Easy personal loan pros and cons
Some personal loans are easier to obtain but come with trade-offs.
- Lump sum available for nearly any use
- Borrowers with fair or even bad credit can be approved
- Co-signers and co-applicants allowed
- Less creditworthy borrowers may get a higher APR
- Loans may come with higher fees
- Borrowing limits may be lower
FAQs
What credit score do you need for a personal loan?
Credit score requirements for personal loans vary by lender. Although most require at least fair credit (around 580-669) for approval, Upstart accepts applicants with scores as low as 300. To earn the best rates, however, you'll need excellent credit (a FICO Score of 720 or better).
How fast can you get a personal loan?
Some personal loan lenders offer same-day or next-day funding, but in most cases, you can expect to wait two to three business days to receive the money. If the lender needs additional information or documents, it may take longer.
What is the easiest kind of loan to get approved for?
The easiest loans to get approved for don't require a credit check, including payday loans, pawnshop loans and car title loans. Because of their outrageously high rates and fees, however, these options are widely considered predatory loans.
How can I get a personal loan with bad credit?
What's the difference between a personal loan and a payday loan?
Payday loans are considered predatory loans because of their six-figure interest rates that keep borrowers stuck in a repayment cycle. Payday loans also don't have strict credit score requirements because they're meant for people with bad credit who can't get approved for other loans, and they're meant to be shorter term loans. Personal loans offer lower interest rates (lower than rates offered by credit cards, on average) and terms can be as long as 7 years. Personal loans are not considered predatory but borrowers should always be thoughtful about applying for loans.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice to help them make informed financial decisions. Every personal loan review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of personal loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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Our methodology
To find the easiest personal loans to get approved for, CNBC Select analyzed more than 25 banks, credit unions and online lenders. When narrowing our list, we focused on the following features:
- Credit score requirements: All the lenders on our list accept borrowers with fair credit. Several will approve loans if you have poor credit or no credit history at all.
- Loan amounts and terms: The lenders on our list offer a variety of loan terms and amounts.
- Transparency: We considered whether lenders posted their current rates and fee structures online.
- Application process: Lenders with a simple online application and short approval time were given more weight. We also noted if a lender offered preapproval with a soft credit inquiry.
- Fees: We considered whether lenders charged application fees, origination fees or late fees and, if so, how much they were. None of the lenders on our list charges a prepayment penalty.
- Funding speed: Lenders that offer same-day or next-day funding were given greater weight.
- Customer support: We reviewed lenders' customer service hours, website and mobile app. We considered whether customer support was available by phone, chat and email.
- Creditor payment: Lenders that send funds directly to creditors if the loan is used for debt consolidation were given greater weight.
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