The Easiest Way To Get a Loan in 2021

Easiest Way To Get A Loan
GUIDE
Adam West
By: Adam West
Posted: November 18, 2021
Our popular “How-To” series is for those who seek to improve their subprime credit rating. Our articles follow strict editorial guidelines.

The easiest way to get a loan is to prequalify online with several lenders at once. You don’t have to submit several applications and acquire multiple hard inquiries on your credit report when you take advantage of lending networks. Not only will it save you time, but it could save your credit score from dropping a few points.

With the online lending networks listed below, you can quickly apply for a personal loan, an auto loan, or a mortgage and possibly be matched with several lenders in a matter of seconds.

These lenders are trained in special financing deals for consumers who have bad credit, which means you won’t waste your time with lenders that aren’t ready to work with you. 

Easiest Way to Get a Personal Loan

The personal loan networks below all partner with lenders that specialize in bad credit loans. You can receive loan approval within minutes and receive the loan funds in your bank account by the next business day.

You can submit your application to a network by clicking the links below. Within minutes, you could receive multiple loan offers to choose from. Each offer may contain a different loan amount, interest rate, and loan term.

  • Short-term loans up to $5,000
  • Online marketplace of lenders
  • Funds available in as few as 24 hours
  • Simple online form takes less than 5 minutes
  • Trusted by more than 2 million customers
  • Not available in NY or CT
  • Click here for official site, terms, and details.
★★★★★

4.8

Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
Up to $5,000 Varies Varies

See representative example

Life is more difficult when you have bad credit, but with a good personal loan, you can begin the process of improving your credit score with on-time payments. You can use your installment loan for any purpose you choose — to fund a big purchase or vacation, debt consolidation, or to pay bills. 

Note that you may also be offered a short-term loan with a higher interest rate, also known as a payday loan or cash advance loan. These are for smaller loan amounts and are meant to be repaid on your next payday and will not affect your credit score. 

But if you’re offered an installment loan, you will have more time to repay your debt and varying monthly payment options.

Easiest Way to Get an Auto Loan

You may struggle to make money if you can’t get to work. But how can you get to work without reliable transportation? 

The auto loan networks listed below all have applications that take less than five minutes to complete and may not require a minimum credit score for approval. If you qualify for a bad credit loan, a dealership in your area will contact you within 24 hours to go over your car-buying options.

  • Network of dealer partners has closed $1 billion in bad credit auto loans
  • Specializes in bad credit, no credit, bankruptcy and repossession
  • In business since 1999
  • Easy, 30-second pre-qualification form
  • Bad credit applicants must have $1500/month income to qualify
  • Click here for application, terms, and details.
★★★★★

4.9

Overall Rating

Interest Rate In Business Since Application Length Reputation Score
3.99% – 29.99% 1999 3 minutes 9.5/10
  • Free, no-obligation application
  • Specializes in auto loans for bankruptcy, bad credit, first-time buyer, and subprime
  • Affordable payments and no application fees
  • Same-day approval available
  • Connects 1000’s of car buyers a day with auto financing
  • Click here for application, terms, and details.
★★★★★

4.5

Overall Rating

Interest Rate In Business Since Application Length Reputation Score
Varies 1994 3 minutes 9.0/10
★★★★

4.0

Overall Rating

Interest Rate In Business Since Application Length Reputation Score
Varies 2003 2 minutes 7.5/10

Every dealer on the network partners with multiple lenders that may have loan options for you — even if you have a poor credit history. Your loan term, interest rate, monthly payment, and other loan options will vary based on the lender you decide to work with. 

Some lenders will offer you a slightly lower interest rate, usually about a 0.25% to 0.50% reduction, if you set up autopay for your monthly payments.

Easiest Way to Get a Home Loan

Home loans take longer to close than an auto loan or a personal loan. The mortgage lenders below can help you find home financing with government-subsidized loans that may have lower down payments and closing costs.

The following networks and direct lenders can help approve you for a home equity loan, HELOC loan, or mortgage refinance.

  • Take advantage of today’s low mortgage rates from the top mortgage lenders and banks
  • Easily compare and choose mortgage lenders with no obligations or fees
  • Review current mortgage rates side by side
  • Pick mortgage lenders that meet your specific needs
  • Compare rates from pre-qualified and approved mortgage lenders — 100% online, 100% free
  • See application, terms, and details.
★★★★★

4.8

Overall Rating

Interest Rate In Business Since Application Length Reputation Score
Varies 1979 4 minutes 8.5/10
  • Options for home purchase or refinance
  • Get 4 free refinance quotes in 30 seconds
  • Network of lenders compete for your loan
  • Trusted by 2 million+ home loan borrowers to date
  • Interest rates are near all-time lows
  • See application, terms, and details.
 
★★★★★

4.7

Overall Rating

Interest Rate In Business Since Application Length Reputation Score
Varies 2004 4 minutes 8.5/10
  • Easy to OwnSM programs give options for those with lower income, limited credit history, and low down payment needs.
  • Provides the potential for minimal out-of-pocket expenses with seller contributions.
  • Offers loans that don’t require monthly mortgage insurance.
  • Requires less cash upfront for your down payment and closing costs.
  • See application, terms, and details.
★★★★★

4.5

Overall Rating

Interest Rate In Business Since Application Length Reputation Score
Varies 1852 6 Minutes 8.0/10

Be prepared to supply far more information for a mortgage loan than you would submit for a personal loan. Since the duration of your loan term will likely be 30 years, lenders want to be certain that you have the financial capacity to cover as many as 360 payments over the life of your loan. That means greater scrutiny over your cash flow, savings, and payment history.

What’s The Easiest Way to Get a Loan?

Applying for online loans through a lending network is the easiest way to get a loan. Unlike a bank or credit union, an online lending network allows you to submit a single loan request to a large online lender network. 

This means you’ll increase your chances of approval and could receive more than one loan offer within seconds of submitting your request. It also helps you easily compare the interest rates and loan amounts you qualify for.

Graphic comparing direct lenders and lending networks.

You do not need excellent credit to qualify for a loan from a lending network. In most cases, your online lender will only use the results of your credit check as one facet of your application. They will also consider your income, current debt obligations, and employment status to determine your creditworthiness.

If you’re applying for a car loan, using an auto loan network may match you with a dealer in your area with several vehicle financing options.

Whatever your loan purpose, you’ll almost always find it easier to qualify for online loans than through a traditional bank or credit union loan.

What Is the Easiest Loan to Get Approved For?

Two of the easiest loans to get approved for are short-term personal loans and auto loans. Short-term loans are for smaller loan amounts and usually must be repaid within 90 days, which lessens the risk taken by a lender. 

An auto loan is a form of secured loan, as it uses the borrower’s vehicle as collateral. If the borrower stops making payments on the loan, the lender can repossess the vehicle and retain possession of it. 

Auto lenders know most people need reliable transportation to earn an income, which is one reason these loans are easy for most people to get. The other reason is that the collateral — the vehicle — removes much of the risk assumed by the lender. 

Another loan that’s often considered easy to qualify for is a payday loan. This type of loan is repaid with your next paycheck and usually doesn’t require a credit check for approval. Instead, if you can show proof of sufficient income to repay the debt, you’ll almost always be approved.

But the convenience is all that’s good about these loans. Payday loans almost always charge a sky-high interest rate and origination fee that places them among the most expensive financial products on the market today. Even the worst credit card available will sport an interest rate that’s a fraction of what you’ll be charged with a cash advance or payday loan.

Can I Get a Bank Loan With Bad Credit?

Most banks do not consider loan applications from consumers who have bad credit. Many chain banks are publicly held companies, and they have shareholders to answer to. If executives don’t help the bank make money, investors can have them removed.

That’s why most banks avoid risk at all costs, which means denying the application of anyone with a poor credit score.

You may be able to get a small loan at your local credit union. A Payday Alternative Loan (or PAL) is designed to help consumers avoid payday or cash advance loans. These small loans are fairly easy to qualify for but may require you to have an account at the credit union for a set amount of time.

Chart comparing Credit Union Payday Alternative Loans.

The downfall of applying for a loan at a credit union is that you’re only applying to one lender. If the institution rejects your application, you have to apply elsewhere. Multiple applications will yield several hard inquiries on your credit history that can lower your credit score, unless the inquiries are for the same type of loan, a process known as rate shopping.

You should consider submitting a loan request to an online lending network to avoid the hassle of jumping from lender to lender. The initial request won’t harm your credit score and could result in multiple loan offers for you to choose from.

There are online lending networks for just about any type of loan, including personal loans, auto loans, and mortgage loans.

How Can I Borrow Money Immediately?

You’re going to limit your options if you need a loan that provides cash in your hand immediately. These loans are often expensive and will require you to take on most of the risk. These secured loan types include:

  • Title loans that force you to use the title to your vehicle to obtain a small personal loan. If you don’t repay the debt, you’ll lose your vehicle.
  • Pawnshop loans require you to use something of yours that has value as collateral for a personal loan. Keep in mind that a pawnbroker may only offer you a loan that equals 25% or less of the item’s value. If you don’t repay the loan on time, you lose the item you’ve pawned.
  • Payday loans are the most expensive loan options on the market. These loans typically require repayment in full within two weeks and can include interest rates as high as 400%.

If you can wait 24 hours or less to receive your loan funds, the personal loan networks listed above can often approve you for a bad credit loan that pays out the next business day.

In some instances, a lender may offer expedited payouts that can put money in your account right away for an additional fee. Check with the lender before accepting a loan to see if this is an option.

How Long Does It Take to Get a Loan Online?

The time it takes to get an online loan will depend on the type of loan you’re applying for.

An online personal loan through the networks listed above can close in as little as three hours. You can typically close an online auto loan the same day you apply. A mortgage loan requires a lengthier process that can last as long as 30 days.

The most common online loan is a personal loan. The application for this type of loan takes less than five minutes to complete. You’ll often receive a credit decision within seconds of submitting your initial loan request.

If you receive a loan offer that you like, you can accept the terms, and the lending network will transfer you to the lender’s official website. From there, you’ll complete the official loan paperwork and undergo a full credit check

Once the lender signs off on your loan, they will transfer the loan proceeds to your linked bank account. You’ll have access to this money by the next business day.

Remember that the lender or bank may delay your loan if you apply after business hours or on a weekend or holiday. Timing your application early on a business day will increase your odds of closing the loan quickly and easily.

Can I Get an Auto Loan With Bad Credit?

Many auto lenders will consider your bad credit loan application since a vehicle loan is a secured loan type that uses the purchased car, truck, or van as collateral.

With an auto loan network, you can quickly connect with a private lender or dealership in your area to arrange financing for your new or used vehicle purchase.

How to Get Better Auto Loan Terms

Most lenders are trained in special financing techniques that help secure loans for consumers in need of a loan who have bad credit. These loans may charge a higher interest rate than a traditional auto loan, but they can help you build credit with the credit bureaus when you make on-time payments.

You can start by submitting a short loan request to one of the auto lending networks listed above. If you qualify, you’ll hear from an independent lender or local dealer within 24 hours. You can typically close an auto loan within hours of applying.

Can I Get a Home Loan With Bad Credit?

Home loans are often difficult to secure without good credit — but bad credit mortgage loans do exist.

In most cases, you’ll need to qualify for a government-backed mortgage, such as a HUD or FHA loan, to purchase a home with bad credit. These loans were designed to help lower-income consumers and other borrowers who may otherwise not qualify for a home loan.

Not only do these loans have more flexible approval standards, but they also require less of a down payment and have little-to-no closing costs.

Minimum Credit Score by Mortgage Type

You can see if you qualify by submitting a loan request to any of the home loan networks or direct lenders listed above. Each employs loan officers who work specifically with government-backed loans and can quickly determine whether you qualify.

The Easiest Way to Get a Loan Starts Online

A loan offer is like dessert — the more, the merrier. This is especially true when you can submit one loan application and receive instant approval from multiple lenders in a matter of seconds. With the lending networks listed above, you can find personal loans, auto loans, and mortgages for borrowers with bad credit. 

Unless you’re applying for a home loan, you can often have your loan funds by the next business day and enjoy an affordable monthly payment with a repayment term that fits your budget. This leaves little doubt that finding a good online lender through a lending network is the easiest way to get a loan.