How to get a Personal Loan in 5 Easy Steps (2024)

FAQs

How to easily get approved for a personal loan? ›

If you struggle to get approved for a personal loan or need a loan in a hurry, products like emergency loan and payday loans may be appealing. All may come with higher interest rates and shorter repayment timelines than a standard personal loan.

What is the easiest loan to get approved for? The easiest types of loans to get approved for don't require a credit check and include payday loans, car title loans and pawnshop loans — but they're also highly predatory due to outrageously high interest rates and fees.

The lesser the credit, the lower your chances are of getting a good deal on your loan application. Some of the best ways to improve and maintain a good credit score are — paying your EMIs and credit card bills on time, diversifying your credit portfolio, and reducing your DTI and credit utilization ratio.

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Because most lenders require a minimum credit score of at least 670 for traditional personal loans, this means no-credit-check loans are geared to borrowers with scores below that range. Despite the fact that these loans are easy to get approved for, bad credit loans can be punishing due to their incredibly high costs.

How to get a personal loan without being denied? ›

Credit score, income and debt-to-income ratio are the main factors lenders consider when reviewing applications. Paying down debts, increasing your income, applying with a co-signer or co-borrower and looking for lenders that specialize in loans within your credit band could increase your approval odds.

The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates they consider people with scores below 640, so even people with bad credit may be able to qualify.

The important thing is to be honest, most people take out loans for things such as paying for a wedding, home renovations or a car, so let them know your personal reasons.

Generally, you need a good to excellent credit score of 670 or above to qualify for a $10,000 loan. However, some lenders specialize in working with borrowers with fair or poor credit.

In general, people who have a FICO® Score 8 or FICO® Score 9 of at least 670 or a VantageScore 3.0 or VantageScore 4.0 of at least 661 are considered to have good credit or excellent credit, which means they may find it easier to qualify for a personal loan.

The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates they consider people with scores below 640, so even people with bad credit may be able to qualify.

In general, lenders extend $30,000 loans to borrowers with good to excellent credit, which is typically 670 and higher. But there may be lenders who lend to borrowers with bad credit. If you're having difficulty qualifying, you may consider getting a cosigner or co-borrower to help you get approved for the loan.