Easiest personal loans to get in 2024 (2024)

Personal loanscan cover weddings, vacations,home repairs,emergency costs and more. However, if your credit leaves a lot to be desired or you're looking for more flexible terms, you may think you can't access good financing options.

Fortunately, many personal loan lenders cater to applicants with fair or poor credit, offer flexible terms and have low minimum loan amounts. Even better, you may be able to get approved for a loan and get the funds in as little as a day. Below, CNBC Select ranks the easiest personal loans to get, based on credit score requirements, terms and funding times. (Read more aboutourmethodologybelow.)

Who's this for? Avant Personal Loans can be an excellent option when you need access to funds quickly but have a low credit score.

Standout benefits: You'll receive an approval decision within minutes, unless Avant needs more information or documents, and get the money the next day if approved by 4:30 p.m. CT Monday through Friday. Avant's customer service is reachable seven days a week.

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Who's this for? OneMain Financial Personal Loans can be a good choice if you want to choose from a variety of different term lengths: 24, 36, 48 or 60 months.

Standout benefits: According to OneMain, the process of getting a loan — from the start of the application to funding — takes about one day on average. Plus, unlike other lenders on this list, OneMain offers physical branches you can visit.

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Who's this for? If you haven't built a sufficient credit history yet, Upstart may be one of the best lender options for you as it looks at factors beyond credit scores when considering a loan application. It can look at your education, income and employment history, as well as your financial background.

Standout benefits: You can check your loan terms without ahard inquirybefore you apply.Once approved, you can get the funds the next business day if you accept the loan before 5 p.m. EST Monday through Friday.

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Who's this for? LendingPoint can be a good pick if time is of the essence. It can offer approval within seconds of applying and works with borrowers with poor credit, though there's a $35,000 minimum annual income requirement. Typically, it will take one business day to receive the money.

Standout benefits: LendingPoint offers a mobile app where you can check loan rates or make payments on your current loan while on the go. You can prequalify with only a soft credit pull and there are no early payoff penalties.

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Who's this for? Oportun may be worth considering if you only need to borrow a few hundred dollars. It works with customers with limited or no credit history and offers loan amounts as low as $300.

Standout benefits: You'll have at least 12 months to repay the loan, which makes Oportuin an excellentalternative to short-term payday lenders. You can also pay off the loan quicker since there are no early payoff fees. Oportun states that the full application process usually takes less than 10 minutes and most loans are funded on the same day.

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Who's this for? Upgrade is ideal if you want more time to repay your loan as it offers terms as long as 84 months, the longest of any provider on this list.

Standout benefits: Upgrade offers various discounts, including for signing up for autopay and using the loan to pay down existing debt. You can apply online in minutes and see your rate with no impact to your credit score. If approved, you can receive your funds within a day.

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Who's this for? Prosper could be a good fit for a personal loan if you are looking for an alternative to a big bank or credit union.

Standout benefits: Prosper allows you to apply with a co-applicant to boost your chances of being approved.

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Avant works with applicants with credit scores as low as 580 and you can prequalify with only a soft inquiry. You can get a loan between $2,000 and $35,000 with Avant. Loan terms range from 24 to 60 months, and there are no early payoff fees if you want to pay off your loan early. Speaking of fees, you can expect to pay up to 9.99% in administration fees. If you don't make a payment on time, Avant can charge you up to $25 in late payment fees, as well as a $15 dishonored payment fee.

Loan amounts

$2,000 to $35,000

Loan terms

24 to 60 months

Credit needed

Poor/Fair

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OneMain Financial offers loans between $1,500 and $20,000 and has over 1,300 physical branches across 44 states. Origination fees can be a flat fee ranging from $25 to $500or a percentage of the loan between 1% and 10%. Similarly, late fees can either be a flat $5 to $30 per late payment or 1.5% to 15% of the late amount of your last monthly payment. Luckily, there are no early payoff penalty fees.

Loan amounts

$1,500 to $20,000

Loan terms

24, 36, 48, 60 Months

Credit needed

Poor/Fair

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Upstart offers two term lengths — 36 and 60 months — and loan amounts anywhere from $1,000 to $50,000.It charges no prepayment penalty fees but its loans can still potentially come with high costs. For instance, you may have to pay up to 12% in origination fees. Additionally, if your payment is more than 10 days late, you'll owe 5% of the unpaid amount or $15, whichever is greater. That said, if you pay the loan off early, the lender won't charge a penalty fee.

Loan amounts

$1,000 to $50,000

Loan terms

36 and 60 months

Credit needed

Credit score of 300 on at least one credit report, but may accept applicants with insufficient credit history

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LendingPoint considers your credit score, loan term, credit usage, loan amount and other financial information when evaluating your loan application. It offers terms as long as 72 months and allows you to borrow between $1,000 and $36,500, giving you flexibility in terms. Loans are available in most states, except for West Virginia and Nevada, and LendingPoint may charge an origination fee of up to 8% of your loan amount.

Loan amounts

$1,000 to $36,500

Loan terms

24 to 72 months

Credit needed

Poor/Fair

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Oportun stands out for those who want to borrow smaller amounts. It offers prequalification which doesn't impact your credit score and fast funding. Origination fees and loan terms may vary by applicant and state. Unfortunately, Oportun loans aren't available in every state, so check other lenders offering small loans if you're not eligible.

Loan amounts

$300 to $10,000

Loan terms

12 to 53 months

Credit needed

No credit history required

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Upgrade offers personal loans ranging from $250 to $50,000 with repayment terms of up to 84 months. The online application process can be completed in minutes and you can receive your funds as quickly as the same day.

If you want to improve your approval odds or want to qualify for a higher loan amount, Upgrade allows you to submit a joint loan application which will consider both applicants' finances. You can also get interest rate discounts when using autopay or your car as collateral for a secured loan.

While Upgrade has a standard credit score requirement of 600, it does have some programs where its partners can fund loans for a credit score as low as 560.

Loan amounts

$250 to $50,000

Loan terms

24 to 84 months

Credit needed

Poor/Fair

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With the unique element of being a peer-to-peer lender, Prosper's minimum personal loan of $2,000 starts on the higher end. Loan terms range from two to five years and Prosper allows you to use a co-applicant to boost your approval odds or lower your rate.

Similar to many lenders, checking your rate with Prosper will not impact your credit score as it uses a soft inquiry. If approved, you can have your money deposited into your bank account in as little as one business day.

Loan amounts

$2,000 to $50,000

Loan terms

24 to 60 months

Credit needed

640+

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Here's what to consider when shopping for a loan:

• APR: A higher rate means you'll be paying back more money over the loan's lifetime, making the loan more expensive to borrow. Some lenders will give you a reduced APR if you sign up for autopay.
• Fees:Many personal loans come with an application fee, origination fee, prepayment penalty and late payment fee. While you can't always avoid these, fewer fees mean a less expensive loan.
• Loan term:The loan term is how long you have to repay the loan in full. Generally, a longer loan repayment term means smaller monthly payments. This can make loans with long loan terms more affordable for your monthly budget, but you'll likely pay more in interest over the life of the loan.
• When you get your money:Funding timelines vary depending on the lender. Most lenders can fund you in 3–5 business days. But if you need cash in a pinch, choose lenders with a faster turnaround time.

Some personal loans may seem easier to obtain than others, but they sometimes come with trade-offs that borrowers should consider carefully.

Pros

• You receive a lump sum of money that you can spend on nearly anything.
• Lenders may consider borrowers with low or no credit scores.
• Getting a co-signer can make the approval process easier and may qualify you for lower rates.

Cons

• Some lenders may require less creditworthy borrowers to secure the loan with collateral.
• Personal loans that are easy to qualify for may also come with higher fees.
• Lenders may also have lower borrowing limits.

A loan is easy to get if it has a lower or more flexible credit score or income requirement. While the minimum credit score needed will vary by lender, having a higher credit score than the required minimum may get you more favorable terms.

Loans that are easier to get will often allow you to prequalify and view your rates before formally applying. It's important to note that loans that are easier to qualify for may often have higher interest rates or less favorable terms compared to personal loans with higher credit score requirements.

While each lender may be slightly different, here are some ways to prepare yourself when looking for a personal loan:

• Know your credit score: Since your credit score is a major factor in getting approved for a loan, it's important to know your current score and make any improvements if needed.
• Determine your needs and limits: Know how much you afford to borrow and in what time frame before you begin your search.
• Compare your offers: Always search around and compare multiple offers to make sure you're getting the best deal.
• Select your lender: Once you've selected a lender, you can submit the necessary paperwork and documents.

If a personal loan isn't the right option for you but you still need another funding option, you might consider a 0% intro APR credit card as an alternative. Many of these cards don't come with an annual fee and they allow cardholders to make purchases at 0% interest for an introductory period.

Just keep in mind that the card works best when you can pay off your balance within that introductory period.

The Citi Simplicity® Card is one of the strongest options since it has no annual fee and has a 0% intro APR period of 12 months for new purchases from date of account opening (then 19.24% to 29.99%) and 21 months for balance transfers from date of first transfer (then 19.24% to 29.99%). There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).

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To determine which personal loansare the easiest to get,CNBC Selectanalyzed dozens of U.S. personal loans offered by both online and brick-and-mortar banks, including large credit unions, that offer lenient credit requirements and can fund them within one business day.

When narrowing down and ranking the best personal loans, we focused on the following features:

• Fixed-rate APR:Variable rates can go up and down over the lifetime of your loan. With a fixed rate APR, you lock in an interest rate for the duration of the loan's term, which means your monthly payment won't vary, making your budget easier to plan.
• Flexible minimum and maximum loan amounts/terms:Each lender provides a variety of financing options that you can select from.
• No early payoff penalties:The lenders on our list do not charge borrowers for paying off loans early.
• Streamlined application process:We considered whether lenders offered same-day approval decisions and a fast online application process.
• Customer support:Every loan on our list provides customer service available via telephone, email or secure online messaging. We also opted for lenders with an online resource hub or advice center to help you educate yourself about the personal loan process and your finances.
• Fund disbursem*nt:The loans on our list deliver funds promptly through either an electronic wire transfer to your checking account or in the form of a paper check.
• Creditor payment limits and loan sizes:The above lenders provide loans in an array of sizes, from $300 to $50,000.

After reviewing the above features, we sorted our recommendations by best for overall financing needs, credit requirements and repayment terms.

Note that the rates and fee structures advertised for personal loans are subject to fluctuate in accordance with the Fed rate. However, once you accept your loan agreement, a fixed-rate APR will guarantee interest rate and monthly payment will remain consistent throughout the entire term of the loan. Your APR, monthly payment and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more.

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