Personal Loans | Direct Lender Loans | Fair Finance (2024)

FAQs

What is the easiest loan to get approved for? ›

The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.

Requirements for a $5,000 loan vary by lender. But in general, you should have at least Fair credit, which is a score of 580 or above. Lenders may also look at other factors, such as your income and your debt-to-income ratio (DTI), during the application process.

Many give preference to borrowers with good or excellent credit scores (690 and above), but some lenders accept borrowers with bad credit (a score below 630). The typical minimum credit score to qualify for a personal loan is 560 to 660, according to lenders surveyed by NerdWallet.

We selected CashUSA due to its straightforward process and quick accessibility to funds. The platform excels by offering a simple, secure online form that connects borrowers to lenders, potentially providing bad credit loans online up to $10,000. CashUSA doesn't charge any fees for submitting a loan request.

How Can You Get a Loan When No One Will Approve You? Think outside the bank—credit unions or a co-signer could be your ticket to a quick loan. Secured loans are another avenue, where you back-up your loan with collateral to boost your approval odds.

You can check your credit score for free with LendingTree Spring — without impacting your credit. While credit scores range from 300 to 850, the minimum credit score for a personal loan is typically 580. However, borrowers with scores of 640 or higher tend to get better loan rates and terms.

Are personal loans hard to get? ›

Personal loans generally aren't hard to get and are available from credit unions, banks, and online lenders. There are various types of personal loans to consider, depending on how much money you need to borrow.

While it is possible to get approved for a personal loan if you have poor credit, the final decision, for the most part, rests with the lender you apply to. Some lenders will tell you upfront what their minimum requirements are.

A hardship loan is a loan to cover an unexpected financial shortfall, either because your expenses went up or your income went down. Hardship loans are not like other loans that are designed to meet an expected or planned need (like a car loan or a business expansion loan).

To qualify for a personal loan, borrowers generally need a minimum credit score of 610 to 640. However, your chances of getting a loan with a low interest rate are much higher if you have a “good” or “excellent” credit score of 670 and above.

Some may approve loans for scores as low as 580 or even 300, but scores above 640 often secure the best terms. Keep in mind that your credit score isn't a single number but varies based on different scoring models and lender calculations.

How hard is it to get a $30,000 personal loan? This depends on your financial situation. For those with a good credit score — around 670 and up — a $30,000 personal loan may be pretty easy to get. But those new to credit or with a bad score may find it challenging.

Others give a range of approved applicants' scores: Avant says people who receive loans usually have credit scores between 600 and 700. Some lenders don't disclose minimum credit requirements before applicants go through a prequalification process or apply for a loan.