If you’re in need of extra money but don’t think you’ll be eligible for a standard personal loan, you still have options. Lenders who offer easy-approval your credit and instead focus on your ability to repay.
Easy-approval loans work like other payday loans. They have short repayment periods, usually less than one month, and high fees because they help riskier applicants who have bad credit. Depending on your state and whether you apply in-store or online, you can receive your loan in as little as one business day after approval.
Steps to making sure you’ll be approved
Getting your loan application approved shouldn’t be a hassle or a nightmare, especially if you do the following:
Prep. Get all your supporting documents in order. Lenders usually want to make sure you have a functioning bank account and a steady source of income, but you’ll also need to include basic contact information in order to confirm your identity.
Apply. Complete your application, being as thorough as possible and providing as much information as requested. The more information you give, the more your lender has to work with when determining whether or not you’ll be approved.
What you need to know when comparing easy-approval loans
The term “easy-approval loan” covers a wide range of lenders and loan types, but it’s important to realize the differences between them and know what factors matter when comparing your options. Below, we’ve listed some factors that you should consider when deciding where to apply.
What is the actual approval period? With an easy-approval loan, you can apply online and know if you’ve been approved within minutes. Storefront lenders will generally take a bit longer to process your application, but you’ll have the option of receiving your loan as cash or a check before you leave.
Is the loan secured or unsecured? If you’re able to provide collateral, an auto title loan offers lower interest rates than an unsecured loan. There’s no need for collateral when you apply for an unsecured loan, but they generally require you to have a better credit score.
What are the costs of the loan? Easy-approval loans usually have higher interest rates than standard loans due to the higher risk involved, which makes it even more important to shop around for one with a competitive rate in order to reduce the cost of borrowing.
Are there any payment penalties? Most easy-approval loans have late payment penalties that add on to the total cost of the loan. If you don’t think you’ll be able to repay the loan on time, it’s better to avoid borrowing in the first place.
What are the benefits and drawbacks of these loans?
Loan amount. You can borrow as little or as much as you want once you’re approved.
Flexible eligibility criteria. An easy-approval loan doesn’t require the same type of credit as a traditional loan. Usually, you’ll only have to provide your income and personal information.
High costs. The main downside with an easy-approval loan is the higher fees and interest rates you’ll have to pay.
Not all lenders are reputable. Some lenders work to take advantage of people who need money. Do you research before you apply.
Things to avoid with easy-approval loans
Avoid missing a payment. Not only can late payments cause you to owe more in interest and fees, a lender may choose to report you to one of the big three credit agencies. You’ll end up paying extra for the loan and damaging your credit at the same time.
Avoid skimming your loan offer. All loans are required to come with terms that outline how much you’ll be paying. Not reading the fine print on an easy-approval loan could expose you to unexpected costs.
Avoid taking on more debt than you can handle and exercise caution throughout the loan process. There are plenty of risks associated with easy-approval loans, and you should always confirm a lender is reputable before working with them.
Avoid high interest rates by comparing multiple lenders. Remember to consider all costs, including financing fees if applicable. Otherwise, you could be stuck paying double what you borrow.
How to apply for an easy-approval loan
Here are the basic eligibility requirements most lenders will want to know when considering your application.
Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.