Easy Approval Loans With Instant Funding in 2021

Easy Approval Loans With Instant Funding
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Aaron Crowe
By: Aaron Crowe
Posted: May 4, 2021
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Easy approval loans with instant funding can make paying an unexpected expense, or even an expected one, a lot simpler than having to wait around for a loan request to be approved.

Whether you need to pay for an emergency hospital visit or car repair, buy furniture for your home, or refinance an existing auto loan, we review three loan types that can often help, even if you have bad credit.

We’ll explore cash loans for immediate needs, personal loans for larger expenses, and auto loans, all of which are easy to get and can be funded within 24 hours of approval. And all allow bad credit applicants.

Cash Loans | Personal Loans | Auto Loans | FAQs

Easy Approval Cash Loans

Instant cash loans require collateral or a prearranged commitment to pay. A payday loan, for example, may require an automatic withdrawal from your bank account by the online lender when your next paycheck arrives.

  • 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.
★★★★★

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Overall Rating

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

See representative example

MoneyMutual is a payday lender network that connects consumers to lenders that can offer a short term loan in as little as 24 hours. Borrowers fill out a simple online form, which takes less than five minutes to complete. MoneyMutual doesn’t provide the cash directly; instead, it works with a network of lenders.

BillsHappen also works quickly to help borrowers find an instant cash loan. Just fill out its online form and your information will be reviewed instantaneously by lenders to determine whether they’d like to work with you. If so, you’ll be redirected to the online lender of your choosing to complete forms, review loan terms, and accept the loan if you agree to the terms.

Another short term loan provider is CreditLoan.com. It helps people with bad credit get instant cash, even if they’ve had a bankruptcy that has been fully discharged. A pending bankruptcy, however, will disqualify you from getting a loan.

CashAdvance.com offers the smallest loan amounts of all the lending networks we recommend, with loans starting at $100. Its loans must be repaid by a borrower’s next paycheck, and the site recommends only using its loans as a last resort option. Qualified borrowers must earn at least $1,000 per month after taxes.

Easy Approval Personal Loans

A personal loan can come in many forms. The loans we recommend are meant for people with bad credit. That often means borrowers will pay higher interest rates for an online loan than they would if they had good or excellent credit.

The interest rate on a personal installment loan can be as high as 35.99%.

CashUSA.com helps borrowers find personal loans for as much as $10,000, which can be used to help pay a major hospital bill, for example. If you receive a loan offer and your loan is approved, you can receive the cash as soon as the next business day. The repayment term can vary from 90 days to 72 months.

BadCreditLoans.com also helps people with bad credit find a personal loan of up to $10,000. The repayment term can be as long as five years. The installment loan will have the same payment amount due each month, so you can budget for paying off the loan without worrying if the required payment will change from month to month.

PersonalLoans.com is the lending network with the highest personal loan amount offered — up to $35,000 — of the companies we recommend. The cash can be used as a business loan, for debt consolidation, or to pay for a home renovation. The company has two lending networks: one for people with bad credit, and the other for those with good or excellent credit.

Easy Approval Auto Loans

A car is a necessary possession for most people. An auto loan can help finance the purchase of a car for getting to work and generally provide dependable transportation. Having bad credit can make it hard to get an auto loan, though the lending networks we recommend all work with people who have bad credit.

  • 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

A prequalifying loan application at Auto Credit Express takes only 30 seconds to complete, and the full application only about three minutes to fill out. Applicants who have bad credit must earn a monthly income of $1,500.

Car.Loan.Com is a lending network that connects applicants with lenders that can provide cash for an auto loan on the same day an application is completed. Once approved, borrowers can can drive away in their car the same day too. Borrowers can use the money to lease or buy a car, including new and used cars.

MyAutoloan.com provides up to four loan offers with one loan application in minutes, saving you time and money when looking for a car loan. Its online loan form takes only two minutes to fill out, and you can receive your loan funds within 24 hours to buy a car or refinance your current loan.

What is an Easy Approval Loan With Instant Funding?

An easy approval loan with instant funding is a loan that you can be approved for even if you have bad credit. In fact, the loans we recommend come through lending networks that work with lenders and auto dealers that specialize in helping people with bad credit get loans.

Instead of filling out several loan applications on your own, you fill out one with a lending network and it sends it to the lenders it works with to possibly get you multiple loan offers. A reputable lender, or maybe a few lenders, may make you a loan offer within minutes of submitting the form.

Lenders vs Lending Networks

The loan requirements are usually easy to meet, and they allow people with a low credit score to borrow money. A credit check is often required, but that shouldn’t dissuade you from applying. Loan amounts start as low as $100, which should allow easy approval for most people who meet the requirements.

The requirements for getting a bad credit loan are simple. You usually need between $800 and $1,500 in monthly after-tax income, which can include government assistance. Having a bank account is often required for a payday loan so the lender can withdraw your payment for the loan.

Instant approval can come within minutes of applying for a quick personal loan, and the cash can often be sent to you within 24 hours.

What Credit Score Do I Need to Get a Loan?

A personal loan is a type of unsecured loan, which means you don’t need collateral to get the loan. That may lead to a higher credit score requirement and possibly paying a higher interest rate.

Car loans, however, usually require the car to be used as collateral, making them a secured loan. Your credit history is important in getting a car loan, but it may be more of a factor for an unsecured loan.

FICO credit scores range from 300 to 850. Even with the lowest credit score possible, you may still be able to qualify for a small, instant approval loan.

FICO Credit Scores

With your permission, lenders will run a credit check on you to determine whether you meet their criteria. The credit check will also tell the lender what your credit score is.

Auto loans can require a credit score of 580 or higher, though the lending networks we recommend can often help borrowers with a credit score between 500 and 579. Credit score requirements vary by lender, and most don’t indicate on their websites what score is needed to qualify for a loan.

A credit score is but one factor they look at in a credit check. Other factors they may consider include:

  • Stable employment history
  • Not changing addresses often
  • Steady history of paying bills and debts on time
  • No late payments
  • Debt that’s no more than 30% of your income

A credit check is unlikely to happen during the prequalification process at a lending network. It will likely happen when loan options, including the interest rate and loan term, are presented to you by lenders.

Are These Loans a Type of Payday Loan?

The four cash loan lending networks we recommend work with payday lenders. Two of them — CreditLoan.com and BillsHappen — also offer installment loans, which allow a few years to repay the loan.

A typical payday loan has a loan term of fewer than 30 days. CashAdvance, for example, works with lenders providing payday loans that must be repaid in 15 to 30 days. Interest rates start at 300% and go up to 2,290%.

Installment vs Payday Loans

If you miss a payment on a payday loan, your paycheck is used as collateral, making it a type of secured loan.

A payday loan is meant to be an emergency loan. It should be one of your last options for borrowing money, mainly because the interest rates are usually high, and almost half of payday loan borrowers end up in default.

When shopping for a loan, try to avoid a car title loan. A title loan is a secured loan that’s available if you own your car. Up to half the car’s value can be borrowed in a car title loan, usually at 25% interest for 30 days. That equals an annual percentage rate, or APR, of 300% for a title loan of $1,000 and a fee of $250, or 25%.

What Loan Amounts Can I Expect?

The amount of money you can borrow depends on the type of loan you’re getting. Having collateral can mean the ability to borrow more money, and people with good credit can usually borrow more than people with bad credit.

Among the lending networks we reviewed above, here are the loan amounts allowed:

  • Cash loan: $100-$5,000
  • Personal loan: $500-$35,000
  • Auto loan: Varies by lender

Auto lenders don’t usually list the loan amounts they allow. But if you meet the income and other requirements, you should be able to get a loan for a new or used car, refinance a current loan, or lease a car. The average price of a new car is from $20,000 to $55,000.

A down payment of at least 10% helps, as will a cosigner, especially if you have bad credit. Many auto loans can be extended for up to seven years, which can make the monthly payment affordable, but ultimately ends up costing more in interest payments.

How Fast is Instant Approval?

While an instant loan isn’t exactly instantaneous, approval is often very quick and can take only a few minutes. Cash from your loan can be in your bank account often within one business day of approval.

Instant approval from a lending network is a prequalifying step and doesn’t necessarily mean approval from a lender. A lender may still want to run a credit check to see what your credit history is like before offering you a loan.

Still, loan approval can happen fast, and you can have the money in your bank account within one business day.

What Interest Rate Will I Pay?

The interest rates that subprime lenders charge aren’t always easy to find, but you will at least be told what you’re being charged for your loan when you’re approved for a loan and the loan terms are presented to you.

For auto loans, two of the lending networks we recommend say their rates vary. Rates from Auto Credit Express range from 3.99% to 29.99%.

Auto Loan Interest Rates

MyAutoloan.com has a rate chart that can change daily. A new car can have a cheaper rate than a used one, and the interest rate on both will likely be higher for six months or longer than it would be for 36 months or less.

The site also has an auto loan interest rate calculator. It uses three criteria: loan type (new vs used) and loan amount, credit level, and zip code, to give you an idea of what interest rate you’ll be charged and what the monthly payment will be.

Interest rates for a personal loan range from 6% to 36%. The rates for a payday loan vary but can be up to 2,290%.

Can a Credit Union or Credit Card Also Give Me an Easy Approval Loan?

A credit union is another type of reputable lender that can offer personal and auto loans. You’ll probably have to join the credit union to get a loan, but chances are there’s a credit union near you that you qualify for.

A credit card is another way to get a loan, though it will likely be at a higher interest rate than you’d pay with a traditional loan.

A cash advance on a credit card usually requires paying interest starting on the day the withdrawal is made plus fees of around 5% of the cash advance. Using a credit card to borrow cash can be much more expensive than a personal loan or an auto loan.

Borrowing money on a credit card doesn’t require approval, so you can get the money as quickly as you can get to an ATM. That makes getting cash for an emergency fast and easy, but it will likely cost you more to repay such a quick loan.

Credit Card Cash Advance Graphic

If you do find an auto dealer or other merchant that accepts a credit card for payment, keep in mind that the interest rate on a credit card can make it expensive if you don’t pay the bill during the interest-free grace period. Credit card interest rates average almost 24% for people with fair credit.

Your Best Options for Easy Approval Loans With Instant Funding

Easy approval loans with instant funding can be easy to find, even if you have bad credit. Loan approval can be made in a few minutes and can have minimal requirements such as earning $1,000 per month.

The cash from these loans can be in your hands within 24 hours. Sometimes with a car loan, you could be driving away in your new car within 24 hours.

It pays to shop for the best interest rates and loan terms when looking for an easy approval loan with instant funding. And the lending networks we reviewed each allow users to choose from lenders ready to do business with them.

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