These are the 5 easiest personal loans to get — and you can receive the money within a day (2024)

Personal loanscan be used to cover weddings, vacations,home repairs,emergency costs and more. However, if your credit leaves a lot to be desired or you're looking for more flexible terms, you may think you can't access good financing options. Fortunately, this doesn't have to be the case.

There are a number of personal loan lenders that cater to applicants with fair or poor credit, offer flexible terms and have low minimum loan amounts. Even better, you may be able to get approved for a loan and get the funds in as little as a day. Below, CNBC Select ranks the easiest personal loans to get, based on credit score requirements, terms and funding times. (Read more aboutourmethodologybelow.)

Easiest personal loans to get

Compare offers to find the best loan

Best for bad credit

Avant Personal Loans

  • Annual Percentage Rate (APR)

    9.95% to 35.99%

  • Loan purpose

    Debt consolidation, major expenses, emergency costs, home improvements

  • Loan amounts

    $2,000 to $35,000

  • Terms

    12 to 60 months

  • Credit needed

    Poor/Fair

  • Origination fee

    Administration fee up to 9.99%

  • Early payoff penalty

    None

  • Late fee

    Up to $25 per late payment after 10-day grace period

Click here to see if you prequalify for a personal loan offer. Terms apply.

Pros

  • Lends to applicants with scores lower credit scores
  • No early payoff fees
  • Can pre-qualify with a soft credit check (no hard inquiry)
  • Quick funding (often by the next day)
  • Late payment grace period of 10 days

Cons

  • Origination fee
  • Potentially high interest (caps at 35.99% APR)
  • No autopay APR discount
  • No direct payments to creditors (for debt consolidation)
  • No co-signers

Who's this for? Avant Personal Loans can be an excellent option when you need access to funds quickly but have a low credit score. The lender works with applicants with credit scores as low as 550 and you can prequalify with a soft inquiry. You'll receive an approval decision within minutes (unless Avant needs more information or documents) and get the money the next day ifyou're approved by 4:30 p.m. CT Monday through Friday.

You can get a loan between $2,000 and $35,000 with Avant. Loan terms range from 24 to 60 months, and there are no early payoff fees if you want to pay off your loan early. Speaking of fees, you can expect to pay up to 4.75% in origination fees. If you don't make a payment on time, Avant can also charge you up to $25 in late payment fees.

Best for flexible terms

OneMain Financial Personal Loans

  • Annual Percentage Rate (APR)

    18.00% to 35.99%

  • Loan purpose

    Debt consolidation, major expenses, emergency costs

  • Loan amounts

    $1,500 to $20,000

  • Terms

    24, 36, 48, 60 Months

  • Credit needed

    Poor/Fair

  • Origination fee

    Origination fee starting at $25 to $500 or percentage ranging from 1% to 10% (depends on your state)

  • Early payoff penalty

    None

  • Late fee

    Up to $30 per late payment or up to 15% (depends on your state)

Click hereto see if you prequalify for a personal loan offer. Terms apply.

Pros

  • Approves applicants with bad or fair credit
  • No early payoff fees
  • Reasonable loan minimums ($1,500) for smaller needs
  • Can pre-qualify with a soft credit check (no hard inquiry right away)
  • ACH funding within 1-2 business days (sometimes same day with proper paperwork)
  • Option to apply for secured loan (with collateral) for potentially lower rates
  • Borrowers can choose the date the bill is due each month
  • Applicants may apply with a co-applicant or, if married, may apply for a loan separately from spouse

Information about OneMain Financial's secured loans:

While not required, applicants who don't qualify for an unsecured personal loan with OneMain Financial may be offered a secured loan. A secured loan lets borrowers who want to use the equity from their car potentially qualify for lower interest that way. Rates, repayment terms and agreements vary by individual and the state in which apply. Learn more by checking for offers on OneMain Financial's site.

OneMain Financial link provided by Even Financial.

Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral) and your state of residence. If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees where allowed by law. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Visitomf.com/loanfeesfor more information. 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.

Borrowers in these states are subject to these minimum loan sizes:Alabama:$2,100.California:$3,000.Georgia:$3,100.North Dakota:$2,000.Ohio:$2,000.Virginia:$2,600.

Borrowers in these states are subject to these maximum loan sizes:North Carolina:$9,000 for unsecured loans to all customers, $9,000 for secured loans to present customers.Maine: $7,000.Mississippi:$12,000.West Virginia: $14,000. Loans to purchase a motor vehicle or powersports equipment from select Maine, Mississippi, and North Carolina dealerships are not subject to these maximum loan sizes.

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.

Time to Fund Loans:Funding within one hour after closing through SpeedFunds must be disbursed to a bank-issued debit card. Disbursem*nt by check or ACH may take up to 1-2 business days after loan closing.

Who's this for? OneMain Financial Personal Loans can be a good choice if you want to choose from a variety of different term lengths: 24, 36, 48 or 60 months. Further, OneMain doesn't have a minimum credit score requirement. Besides your credit history, the lender will consider your income, expenses and other debts. You may also get an offer to secure your loan with collateral, such as your car.

According to OneMain, the process of getting a loan — from the start of the application to funding — takes about one day on average. Plus, unlike other lenders on this list, OneMain offers physical branches you can visit.

You can qualify for a loan between $1,500 and $20,000. Note, however, that borrowing from OneMain can be somewhat expensive. First, origination fees can take the form of a flat fee ranging from $25 to $500or a percentage of the loan between 1% and 10%. Interest rates can also run high ranging from 18% to 35.99%. And finally, late fees can either be a flat $5 to $30 per late payment or 1.5% to 15% of the late amount of your last monthly payment. Luckily, there are no early payoff penalty fees.

Best for no credit history

Upstart Personal Loans

  • Annual Percentage Rate (APR)

    7.8% - 35.99%

  • Loan purpose

    Debt consolidation, credit card refinancing, wedding, moving or medical

  • Loan amounts

    $1,000 to $50,000

  • Terms

    36 and 60 months

  • Credit needed

    Credit score of 300 on at least one credit report (but will accept applicants whose credit history is so insufficient they don't have a credit score)

  • Origination fee

    0% to 12% of the target amount

  • Early payoff penalty

    None

  • Late fee

    The greater of 5% of last amountdue or $15, whichever is greater

Terms apply.

Pros

  • Open to borrowers with fair credit (minimum 300 score)
  • Will accept applicants who have insufficient credit history and don't have a credit score
  • No early payoff fees
  • 99% of personal loan funds are sent the next business day after completing required paperwork before 5 p.m. Monday through Friday

Cons

  • High late fees
  • Origination fee of 0% to 10% of the target amount (automatically withheld from the loan before it's delivered to you)
  • $10 fee to request paper copies of loan agreement (no fee for eSigned virtual copies)
  • Must have a Social Security number

Who's this for? If you haven't built a sufficient credit history yet, Upstart may be one of the best lender options for you as it looks at factors beyond credit scores when considering a loan application. Namely, it can look at your education, income and employment history, as well as your financial background.

You can check your loan terms without a hard inquiry before you apply. Upstart offers two term lengths — 36 and 60 months — and loan amounts anywhere from $1,000 to $50,000. Once you get approved, you can get the funds the next business day if you accept the loan before 5 p.m. EST Monday through Friday.

Upstart charges no prepayment penalty fees but its loans can still potentially come with high costs. For instance, you may have to pay up to 12% in origination fees. Your APR can range from 6.40% to 35.99%, but if you have no credit history or bad credit, your interest rate will likely be on the higher side. Additionally, if your payment is more than 10 days late, you'll owe 5% of the unpaid amount or $15, whichever is greater. That said, if you pay the loan off early, the lender won't charge a penalty fee.

Best for fast approval

LendingPoint Personal Loans

  • Annual Percentage Rate (APR)

    7.99% to 35.99%

  • Loan purpose

    Debt consolidation, wedding, car repair, home renovations and more

  • Loan amounts

    From $2,000 to $36,500

  • Terms

    24 to 72 months

  • Credit needed

    Poor/Fair

  • Origination fee

    Origination or other fees from 0% to 8% may apply depending upon your state of residence

  • Early payoff penalty

    None

  • Late fee

    Currently, LendingPoint does not charge any late fees but reserves the right to assess late fees of up to $30. Fees vary by state.

Terms apply.

Pros

  • Fast application with same-day approval
  • Possible next-day funding (after final documents are verified/approved)
  • May approve applicants with minimum 620 credit score
  • Allows soft inquiry to prequalify
  • No early payoff fees

Cons

  • Origination fees from 0% to 8%
  • Not available in Nevada or West Virginia
  • Must have a social security number
  • No joint or co-signed loans

Who's eligible to apply for a LendingPoint loan:

  1. You must be at least 18 years of age.
  2. You must be able to provide a U.S. federal, state or local government issued photo ID.
  3. You must have a social security number.
  4. You must have a minimum annual income of $40,000 (from employment, retirement or some other source).
  5. You must have a verifiable personal bank account in your name.
  6. You must live in one of the states where LendingPoint does business (excludes Nevada and West Virginia).

Who's this for? When time is of the essence, LendingPoint can be a good pick. The lender can offer approval within seconds of applying and works with borrowers with poor credit. Typically, it will take one business day to receive the money.

When evaluating your loan application, LendingPoint considers your credit score, loan term, credit usage, loan amount and other factors. There's also a minimum annual income requirement of $35,000. You can prequalify with a soft credit pull.

LendingPoint allows you to borrow between $2,000 and $36,500. Terms lengths range from 24 to 72 months, giving you flexibility and plenty of time to repay the loan. You may need to pay an origination fee of up to 8% of your loan amount, but if you pay it off early, LendingPoint won't change early payoff penalties.

Best for small loan amounts

Oportun

  • Annual Percentage Rate (APR)

    Up to 35.99%

  • Loan purpose

    Quick cash, home improvement, deposits and more

  • Loan amounts

    $300 to $8,000

  • Terms

    12 to 53 months

  • Credit needed

    No credit history required

  • Origination fee

    Not specified

  • Early payoff penalty

    None

  • Late fee

    Depends on the loan terms

Terms apply.

Pros

  • Open to borrowers with no credit history
  • No early payoff fees
  • Same-day funding available
  • Loan amounts as small as $300

Cons

  • May charge an origination fee
  • Not available in all states

Who's this for? If you only need to borrow a few hundred dollars, Oportun may be worth considering. This lender works with customers with limited or no credit history and offers loan amounts as low as $300. You'll also have at least 12 months to repay the loan, which makes Oportuin an excellent alternative to short-term payday lenders. You can also opt to pay off the loan quicker since there are no early payoff fees.

The lender offers prequalification which doesn't impact your credit score. Oportun states that the full application process usually takes less than 10 minutes and most loans are funded on the same day.

Origination fees and loan terms may vary by applicant and state. Unfortunately, Oportun loans aren't available in every state, so check other lenders offering small loans if you're not eligible.

Get matched with personal loan offers

FAQs

Credit score requirements for personal loans vary by lender, with some requiring good credit and others considering borrowers with no credit history. You can ask the lender about their requirements if they don't advertise the minimum score.

Some personal loan lenders offer same-day or next-day funding, but most of the time, you can expect to wait a few business days to receive the money — especially if the lender needs any additional information or documents.

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.

It's possible to borrow money with bad credit if you're working with a lender with lenient credit requirements, such as Avant, Upstart and other online lenders on our list.

Bottom line

Ideally, you should have an emergency fund to cover unexpected urgent expenses. However, when it comes to personal finance, things don't always work out perfectly, and not all expenses are worth tapping into your emergency fund.

Luckily, you have options when it comes to lenders that offer personal loans with quick funding — even if your credit score needs work. Make sure to prequalify with several lenders before applying to get the best loan terms you can.

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Our methodology

To determine which personal loansare the easiest to get,CNBC Selectanalyzed dozens of U.S. personal loans offered by both online and brick-and-mortar banks, including large credit unions, that offer lenient credit requirements and can fund them within one business day.

When narrowing down and ranking the best personal loans, we focused on the following features:

  • Fixed-rate APR:Variable rates can go up and down over the lifetime of your loan. With a fixed rate APR, you lock in an interest rate for the duration of the loan's term, which means your monthly payment won't vary, making your budget easier to plan.
  • Flexible minimum and maximum loan amounts/terms:Each lender provides a variety of financing options that you can customize based on your monthly budget and how long you need to pay back your loan.
  • No early payoff penalties:The lenders on our list do not charge borrowers for paying off loans early.
  • Streamlined application process:We considered whether lenders offered same-day approval decisions and a fast online application process.
  • Customer support:Every loan on our list provides customer service available via telephone, email or secure online messaging. We also opted for lenders with an online resource hub or advice center to help you educate yourself about the personal loan process and your finances.
  • Fund disbursem*nt:The loans on our list deliver funds promptly through either an electronic wire transfer to your checking account or in the form of a paper check.
  • Creditor payment limits and loan sizes:The above lenders provide loans in an array of sizes, from $250 to $50,000. Each lender advertises its respective payment limits and loan sizes, and completing a preapproval process can give you an idea of what your interest rate and monthly payment would be for such an amount.

After reviewing the above features, we sorted our recommendations by best for overall financing needs, credit requirements and repayment terms.

Note that the rates and fee structures advertised for personal loans are subject to fluctuate in accordance with the Fed rate. However, once you accept your loan agreement, a fixed-rate APR will guarantee interest rate and monthly payment will remain consistent throughout the entire term of the loan. Your APR, monthly payment and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more.

Catch up on CNBC Select's in-depth coverage ofcredit cards,bankingandmoney, and follow us onTikTok,Facebook,InstagramandTwitterto stay up to date.

Read more

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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.

These are the 5 easiest personal loans to get — and you can receive the money within a day (2024)

FAQs

What is the easiest loan to get immediately? ›

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.

How can I borrow money and get it instantly? ›

If you need to borrow money immediately, the most popular options are personal loans, credit card cash advances, payday loans, and pawnshop loans.

How can I get instant loan immediately? ›

XpressLoan is an instant personal loan from LazyPay of upto Rs. 5 lakhs. You can apply for a personal loan online, which will be sent directly to your bank account after approval. Approvals usually take 5 mins without needing paperwork or physical documents.

What bank is easiest to get a personal loan from? ›

The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates they consider people with scores below 640, so even people with bad credit may be able to qualify.

Who will lend me money when nobody else will? ›

Fair Finance is a direct lender. This means there is no middle man involved, such as a credit broker, agent or financial advisor. If you want to take out a personal loan with us, you apply to us directly. We then make the lending decision without needing to involve anyone else.

Who has the fastest loan approval? ›

Best Quick Loans Comparison
LenderAPRApproval/Funding Timeline
LightStream7.49% - 25.99%Same day - 2 business days
Best Egg8.99% - 35.99%2 - 4 business days
Upgrade8.49% - 35.99%2 - 3 business days
OppLoans160% - 179%2 - 3 business days
2 more rows

What is the easiest loan to get online? ›

The easiest online loans to get with bad credit are typically payday loans, installment loans, or loans from lenders that specialize in subprime borrowers. These loans often require no credit check or have lower requirements, but they come with high interest rates and fees.

How to get $500 instantly? ›

You can get a $500 loan via a personal loan, payday loan, payday alternative loan, cash advance app, or credit card cash advance. However, some options are better than others. Some small loans come with high costs that can cause financial hardship.

What app lends money without credit check? ›

Best Loan Apps With No Credit Check
CompanyForbes Advisor RatingLoan amounts
EarnIn4.5Up to $750
MoneyLion4.0$500
Apr 1, 2024

What is a LazyPay? ›

LazyPay is a fully digital platform that offers convenient services. Whether you're browsing the checkout page or using the LazyPay app or website, you can easily sign up and instantly check your available credit limit.

Which is the fastest loan app? ›

Best And Fastest Loan Apps In The Market
  • Navi Loans: ...
  • Nira: ...
  • Moneyview: ...
  • IndiaLends: ...
  • Fullerton: ...
  • CASHe: ...
  • mPokket: mPokket is a mobile app that provides instant personal loans to salaried individuals and students in India. ...
  • MoneyTap:
Apr 2, 2024

Which bank is best for personal loan? ›

Lowest interest rates charges by banks on their personal loans:
BankMinimum interest rate on personal loan (%)
ICICI Bank10.65
HDFC Bank10.5
State Bank of India12.30
Bank of Baroda13.15
6 more rows
Jan 24, 2024

What is the easiest loan anyone can get? ›

Some of the easiest loans to get approved for if you have bad credit include payday loans, no-credit-check loans, and pawnshop loans. Personal loans with essentially no approval requirements typically charge the highest interest rates and loan fees.

Where is the best place to get a first time personal loan? ›

The best places to get a personal loan are banks, credit unions and online lenders. The best place for you to get your personal loan is whichever lender will approve you for the best package of key terms: loan amount, interest rate, repayment period and fees.

What is the easiest bank to get approved for? ›

What are the easiest bank accounts to open online?
BankBest forTime to apply
Chime 3Bad creditUnder 5 minutes
ChaseHigher balancesAbout 10-15 minutes
CurrentDebit card rewardsAbout 5 minutes
AllyEarning interestAbout 5 minutes
12 more rows

What is a hardship loan? ›

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).

How to borrow $500 quickly? ›

You can get a $500 loan via a personal loan, payday loan, payday alternative loan, cash advance app, or credit card cash advance. However, some options are better than others. Some small loans come with high costs that can cause financial hardship.

What type of loan is easiest to get with bad credit? ›

Secured loans

With a secured loan, you'll have to offer your lender an asset as collateral, like a car, a home or even a savings account. Because secured loans require valuable collateral, they're often easier to obtain than unsecured loans and generally offer better rates, since the lender is at less risk.

How hard is it to get a $30,000 personal loan? ›

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.

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