If you’ve decided that you want to apply for a personal loan, you may be wondering what the easiest way to do it is. It can be hard to find a smooth route to obtaining finance, but it doesn’t have to be impossible. While there aren’t many guaranteed loans available, there are plenty of ways to make the process easier for yourself.
This guide has been created to help people better understand ways they can obtain easy personal loans. It’s perfect for those who want to take the hassle out of the finance process. You don’t have to wait weeks to find out if you’ve been approved for a loan.
Personal loans have grown increasingly popular in recent years. Their low interest rates and accessibility have made them a popular alternative to credit cards. Americans know that term loans are much easier to pay off. But credit cards have always been popular because the application process is extremely easy – but personal loans can be just as straightforward if you approach the process with the right knowledge. Make sure to read the rest of this article if you want to know the best way to obtain easy personal loans.
Where Can I Get Easy Personal Loans?
If you’re trying to get easy personal loans, you’ll need to focus on the lender you choose. Choosing the right lender to apply through is the number one way to ensure that you get an easy personal loan. There are plenty of lenders that make it difficult to get financing, you need to learn to avoid these lenders if you want the process to run smoothly. Below we will outline some of the places you will be able to find easy personal loans.
Online Personal Loan Lenders
The first place that we suggest you check is online lenders. These lenders are typically some of the easiest finance sources. If you want to get money quickly, they’re also typically your best option. You can head to a website and fill in a ten-minute application, you will then typically be given a decision in just minutes. You can upload any information or documents you need directly to the online portal. This is perfect for anyone who doesn’t have the time to head to a branch and fill out a lengthy application.
Peer-to-Peer Personal Loan Lenders
Another form of personal loan that you can receive easily if you’re in a hurry is a peer-to-peer personal loan. This form of personal loan is provided by private investors. You will receive a loan from a non-traditional lender that will provide you with the capital you need. These investors then make their money off the interest that you have to pay them.
Most peer-to-peer personal loans are unsecured, which means there is a huge amount of risk to the lender. For this reason, these loans typically come at a fairly high interest rate. If you’re looking for extremely affordable finance, this probably isn’t your best option. These loans are provided through online networks that facilitate the loan and take a small commission.
The main advantage of the peer-to-peer route is the fact that you don’t need to have a credit check. It is the easiest way to obtain financing if you don’t want your credit report to be pulled. But because of how easy it is, you will also only be able to borrow in moderate amounts. Don’t expect to get a massive loan from a peer-to-peer lending network without a credit check.
Some Traditional Personal Loan Lenders
Some traditional personal loan lenders will also have easy applications, although this is less prevalent. If you work with a traditional lender, applications tend to be longer. But many traditional lenders have now opened up online platforms that you can apply through, which makes the process much easier.
Look for a Quick Application
At the end of the day, the best way to ensure that you get an easy personal loan, is to make sure that you work with a lender that has an easy application process. You don’t want to have to waste valuable time on an application that you end up being rejected for. Always look for a lender that has an online application – these take considerably less time than in branch applications.
You should also make sure that the lender will provide you with an instant decision. Having a decision process that drags on can really impact how easy the loan is to obtain. Lastly, you want to have a lender that will be able to provide you with funds in a very short amount of time. Waiting weeks to receive your cash after you’ve been approved is not needed – many lenders will be able to electronically transfer your funds to you in less than 24 hours.
Make sure that you verify these characteristics before you apply for a loan with a lender. If you end up having to wait for a decision, it can cost you a serious amount of time. You won’t want to apply for a new loan until you’ve been approved or rejected for your current application, so you’ll be stuck in limbo until they provide you with an answer.
What Should I Avoid?
If you want to get an easy personal loan, there are a few things that you should make sure to avoid. Some of these things involve predatory lenders that will end up costing you money, while others include certain traits that you should steer clear of if you want to have an easy path to obtaining finance. We will outline some items to avoid in more detail below.
The reality is that there are many predators in the lending game – this is especially true if you’re trying to get easy or quick loans. You need to make sure that you aren’t working with a company that is providing you with false promises. If you’re rushing to get finance, you might end up working with a company that isn’t acting ethically.
Always make sure to contact them about any features of the loan that seem too good to be true. You should never take advertisement for granted. You should also make sure to check consumer watchdog groups to see if there are any complaints about the company you’re working with.
Technically, payday loans are the easiest loans to get. This is because these loans are tied to the value of your next paycheck, not your credit score. If you have a bad credit rating, you’ll still be instantly approved for a payday loan if you can prove you’re being paid in the near future. Regardless, we highly recommend that our readers steer clear of this form of loan.
Payday lenders charge extortionate interest rates on their loans – sometimes 1000%! If you are unable to pay the loan back in full on the first payment date, you will begin accruing large amounts of interest. Payday lenders aren’t scared to use debt collectors to come and hound you for their money – many people have had their lives ruined by these predatory lenders.
Advantages of Easy Personal Loans
So, what are the true advantages of easy personal loans? Sometimes it can be hard to assess what the advantages of a particular form of finance are. You can read as much information as you want, but it’s often easier to view the data in a more concise manner. That’s why we’ve created this section – it provides you with all the information you need in one easy-to-access source. Check out the advantages we’ve highlighted below.
- Quick – Easy personal loans tend to be much quicker than other forms of finance. If you need to get money quickly, getting an easy personal loan is typically one of your best options. As mentioned previously, many lenders can get you money in less than 24 hours. And some applications only take about ten minutes!
- Accessible – If you find a good lender to provide you with an easy personal loan, you’ll find that this type of finance is more accessible than other forms. You won’t have to worry about having a lower credit score, many personal loan providers will lend to people that don’t have the best credit ratings.
- Variety – There are a variety of different lenders that provide easy personal loans. You can choose from a wide array of different types of finance companies!
Disadvantages of Easy Personal Loans
While there are many apparent advantages to easy personal loans, there are also some drawbacks. It’s important to consider the negative traits of a form of finance before you decide to apply for it. Check out what we’ve provided below.
- Higher Interest – Typically loans that are easy to get will also come with higher interest. If you want an easy personal loan with low interest, you’ll have to search really hard.
- Scams – Because you’re desperate to get easy cash, you’ll be prone to getting involved in a scam. This is why it’s important to make sure that you always double check you’re working with a reputable lender.
If you want the application process to go as smoothly as possible, it’s important to remember a few key things. We’ve created an application check list that you should go through before you apply for your loan:
- Check Your Credit Score – Make sure you know what you’re credit score is, you don’t want to apply for a loan you’re not eligible for.
- Check Requirements – Check loan requirements and see if you’re eligible – check what information you will need to provide.
- Prepare Your Information – Have all your information ready prior to starting your application, you’ll need proof of income, addresses, personal details, and your SSN
- Check Your Lender – As always, do some research on your lender to make sure that they’re the right lender for you. Only work with lenders with good reputations.
Don’t Sacrifice Safety for Ease
The number one thing to keep in mind when trying to find easy personal loans is to make sure that you don’t leave yourself exposed. You don’t want to rush into a decision and later find out that you have been defrauded or that you’re working with a company that is a complete nightmare. Always do as much due diligence as possible to ensure that you are working with a legitimate lender. Many scam artists set up fake lending sites to try and get people to enter in their personal information. Other sites do a poor job of securing their data. Either way, you need to make sure that you’re working with a company that values your security – getting your identity stolen is no joke.
The internet is a wonderful resource for those who are trying to ensure they are not being scammed. Head online to consumer watchdog groups and do some quick background research on any prospective lender you are thinking of working with – it won’t take long!
Easy personal loans are not impossible to find, you just need to know the right places to look. If you take in all the information provided in this guide, you’re sure to find yourself a great lender for an easy personal loan. Remember, doing a bit of background research is the key to your success.
We also like to help our readers get a bit of a head start. That’s why we provide them with a full list of lenders that we recommend working with. We have done countless hours of research to determine the best lenders to work with. We want to make sure that our readers know exactly who the best operators in the industry are. But don’t take our word for it – you can cross reference our recommendations with many online testimonials.
Remember, borrowing money can do wonders for your finances, but you need to make sure you’re doing so responsibly. If you have any other questions about personal loans, make sure to check out the rest of our site – we have tons of great content on a range of different topics!