Easy Approval Personal Loans

If your credit is in rough shape, you may be looking for a loan with a quick application process and no credit check. This kind of loan is called an “easy approval loan” or a “guaranteed loan.” However, before signing up for one of these loans, you need to be fully informed of everything it entails.

There are several options for easy approval loans for fast cash:

  • Payday loans – Payday loans are typically small loans that you repay out of your next paycheck. Since the term for these loans is so short, they often come with high added fees that increase the full amount of your debt. If you are unable to pay, you may have to take out new loans to cover the old one. For this reason, you should be wary of payday loans. While they provide fast cash, they can also trap you into a cycle of debt.
  • Short-term installment loans – With a short-term personal loan, you can repay the loan over some months or years. You get a more extended repayment period than a payday loan, but you still need to watch the high APRs.
  • Secured loans – Lenders may be more willing to give you a loan if you have a large enough asset to put up as collateral. These loans are easier to get than others because the creditor is not taking on any risk. However, it would be best if you are sure you can make your payments on time.

Additionally, some lenders offer emergency unsecured loans that allow you to get money the same day you apply.

Where to find Easy approval personal loans

Before you start your search, you need to know what loan amount you desire. Do you need a fast, short-term loan to cover a surprise expense? Or do you have a significant expense that you could only pay back long term?

There are several places you can go to find the right loan for you. A few examples include:

  • Money Mutual – Money Mutual has a fast online application and can loan you up to $2,500.
  • Bad Credit Loans – Get between $500 and $5,000 as quickly as the next day.
  • Cash USA – You can get $500 to $10,000 from Cash USA, and you get your approval decision quickly. You can take three months to six years to pay your loan back.

You can also shop for loans at local credit unions or banks to find better rates than some online lenders.

It’s important to compare different lenders to make sure you are getting the best loan for your situation. Be sure before submitting an official application, as too many hard credit checks can negatively impact your credit score.

Requirements for personal loan with easy approval

Different lenders have different requirements for their loans. Some easy approval lenders may only check your income to determine whether you make enough money to pay back the loan. To start the process, you’ll want to:

  1. Find out which category your credit score falls into.
  2. Get estimates on the interest rates you can get with your credit score.
  3. Try to pre-qualify for a loan.
  4. Compare your options and decide.

When you fill out applications, you will likely need to provide your social security number, current debt, income, employment information, current address, and birth date.

Improve your credit and your chances for better interest rates

Depending on your credit score, you can have a personal loan with an annual percentage rate of about 6% to 40%. Lower rates mean the total amount you will end up paying back for your loan is less. If your credit is getting you only high rates, you may want to improve it before borrowing money.

Your credit score depends on many factors, including:

  • Credit history (the longer, the better)
  • Payment history
  • Credit cards
  • Number of hard credit checks
  • Amount of debt

You can improve your credit by lowering your total debt, making monthly payments on time and in full, and limiting your amount of credit inquiries.

Many lenders will also check your current amount of income and work history. Even with bad credit, your chances of qualifying for a loan can increase if you have a high enough income.

Where to check your credit score

You can check your credit score for free from the major credit bureaus at least once a year. If you bank with a national bank, you may be able to access your FICO score or VantageScore 3.0 monthly through your bank account.

Lastly, credit check websites such as Credit.com or Credit Karma allow you to see your credit report once you create an account.

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