Many people need a loan to pay for an unexpected expense. While some loans are easy to obtain, others require jumping through a lot of hoops. The easiest loans to get are usually personal installment loans. These are unsecured loans that are easier to qualify for than some other loan types, like payday and title loans.
You can also get a personal loan from a credit union, where the terms are often more lenient. These lenders typically require that you be a member to apply for a loan, but some of them have online applications and can approve applicants quickly. Another option is a peer-to-peer lender, where you can borrow money from a stranger, who can then lend it back to you over time. These lenders can be more flexible with income requirements and may offer better rates than traditional lenders.
It’s important to shop around and compare the different types of loans available to you. You’ll want to look at the interest rate and loan term, which will determine your overall borrowing costs. It’s also important to make sure you have enough income to comfortably repay the loan. You can use a debt-to-income calculator to determine this before applying for a loan.
Secured loans are often easier to get because they’re secured by collateral, such as a vehicle or home equity. However, they have higher interest rates than unsecured loans.
Personal loan types include everything from payday and title loans to unsecured personal installment loans and credit cards. It’s important to compare the various options and choose the one that works best for your needs. You can use a budgeting app, like Mint or Manilla, to track your finances and see what type of loan will work best for you.
The shortest loan term will have the lowest total borrowing costs, but it will also result in a larger monthly payment. The lender will need to verify that you have enough income to afford the loan, so be prepared to provide paystubs or other documentation to prove this.
You should also be wary of lenders that advertise “no credit check” or “no loan required.” These are generally predatory, and they can impose high fees and interest rates on borrowers. You can protect yourself from these lenders by avoiding them altogether or shopping around for the best terms.
Some lenders will pre-qualify you for a personal loan without a hard inquiry on your credit report, which can help prevent a dip in your score while you’re searching for a lender. You can also use a tool like Experian CreditMatch to see what you might be eligible for with several lenders at once. Ultimately, the quickest and easiest way to get a loan is to find a friend or family member who’s willing to lend you the money, but be careful not to take on too much debt. Otherwise, you’ll be wasting your money and potentially damaging your relationship in the process.