It is always a good idea to save money before making a large purchase. However, in practice, this is not always feasible. This is especially true for major purchases such as a college degree, a car, or a home, as well as unforeseen expenses such as medical bills. So, if you cannot save money in advance, you can take out a loan, and it is even better if you can do it completely online. Some online loans can even be approved faster than it would take you to drive to your local bank.
However, because there are so many organizations interested in this market, you must engage with a reliable company and ensure your loan is a suitable fit for you. So, here are the websites that offer the easiest loans to get online, and these options are the most dependable on the market in terms of providing quick funding, transparent pricing, and repayment flexibility.
We have also included some warnings about scams to avoid, as well as information about the various types of loans offered by these companies. So, let us get started.
Best 5 Easy Online Loan Platforms
- MoneyMutual: Overall Best Site for Easy Loan for Bad Credit
- BadCreditLoans: Best Loans for Fast Funding
- CashUSA: Emergency Loans for Low Credit Score
- Personal Loans: Best Platform for Personal Loans
#1. MoneyMutual : Overall Best Site for Easy Loan for Bad Credit
MoneyMutual has been in business since 2010, and its mission is to assist borrowers looking for the best payday loans in order to improve their financial situation. It offers payday loans ranging from $200 to $5,000 to U.S. residents.
MoneyMutual borrowers typically have bad credit or no credit and are hoping to repair their credit score by repaying short-term loans. The organization aims to work with customers to make repayments affordable and to avoid the less savory tactics other payday lenders engage in.
MoneyMutual is an online lender that offers a variety of services, including personal loans, installment loans, auto repair finance, debt consolidation loans, and remodeling loans. The process of finding a loan is quick and easy when you use MoneyMutual to connect with lenders. If a lender approves you and extends a loan offer, your lender may deposit funds into your personal bank account as soon as 24 hours after you accept it.
If a lender agrees to work with you, you will be taken to their website and provided with a loan offer, which will include the APR information as part of the loan terms. You should carefully check the material provided by the lender to ensure you understand how much money you will receive and how much you will be required to repay.
- Rate Reduction
Borrowers can reduce their interest rate in half after making 24 on-time payments on one or more MoneyMutual loans. After making 36 on-time payments, you may be eligible for a new MoneyMutual loan with an APR of 36%, which is the maximum rate for most non-payday loans.
In addition, making on-time payments and paying off debts can help customers with no or bad credit improve their situation even more. Lenders works with consumers to assist them in moving up the credit ladder by reporting transactions to credit score organizations.
- Online Loan for Military Personnel
If you are in the military and have a financial emergency, some lenders specialize in military loans. Military members should inform the lender of their position when applying for a payday loan so it can be taken into account.
MoneyMutual is a free resource you may use to connect with a lender if you prefer the privacy and convenience of completing the full loan procedure online. If you use their service, you will have access to many online lenders in an easy, quick, and secure manner.
- Installment loans and credit lines available
- Loans from $200 to $5,000 available
- Borrowers may be able to reduce their interest rate by half
- Credit score agencies notified of transactions
- High rating on Trustpilot
- BBB accreditation is not yet available
MoneyMutual is not recognized by the Better Business Bureau, but they have received a great A+ rating from the organization. It also has a great reputation on Trustpilot, which analyzes reviews from all across the world, with a 4.5 out of 5 rating.
MoneyMutual does not have an online calculator like many payday loan providers, therefore customers must submit personal information throughout the quote process. According to the company’s website, the application procedure can take as little as a few seconds, and funds can be released the next business day.
#2. BadCreditLoans: Best Loans for Fast Funding
Personal loans from BadCreditLoans can be used for nearly anything, and it collaborates with a variety of lenders who are willing to connect with customers in need of funds.
Although BadCreditLoans is situated in Tacoma, Washington, the website is run by Chief LLC, a Nevada-based company. Since 1998, the company has been in operation, and State and Tribal lenders are also part of the lender network. However, the number of lenders in the company’s network is not disclosed.
Also, if you require a large personal loan, you should look elsewhere, as the loan amounts you can get by using this platform range from $500 to $10,000. When using BadCreditLoans, your APR will most likely range from 5.99% to 35.99%, depending on the lender.
Of course, as a platform rather than a lender, BadCreditLoans cannot ensure this is the rate range offered by all of its lenders. If you are offered a personal loan with a rate of 5.99%, you are receiving a great bargain. Overall, BadCreditLoans can help you get money quickly if you need it. It will swiftly connect you with a lender, and you might have money in your account the next working day.
- No Credit Score Requirements
While the company’s website does not specify a minimum credit score requirement for approval, these loans are intended for consumers with poor or bad credit. Borrowers must have a standard bank account in their name with at least 90 days of banking history and direct deposit pay. Borrowers on BadCreditLoans must also have three months of employment and income history to be approved.
When it comes to accessibility, BadCreditLoans makes the application process as simple as possible for their potential clients. They are also not nearly as exclusive when it comes to borrowers as some other sites are, as they accept applications from anybody, regardless of their credit score. So, feel free to apply even if you have a very low credit score that has resulted in you being declined for a loan elsewhere.
- Free to use service
- No severe eligibility requirements
- User-friendly platform
- Repayment terms from 3 to 36 months, providing flexibility
- Fees not disclosed by the company
Many clients have given the site a five-star rating, and they have stated that when they needed emergency finance, BadCreditLoans was able to assist them swiftly. Customers praised the site for being professional, user-friendly, and secure. They also mentioned the site ensured the information they supplied would be kept private and not sold to third-party websites or apps.
#3. CashUSA: Emergency Loans for Low Credit Score
CashUSA is a web-based lending marketplace that links borrowers with a network of lenders in the United States. CashUSA is one of the most renowned providers for secured online loans, relying on reputable partner lenders to offer borrowers the best personal loans possible.
CashUSA’s large network of lenders, which includes both State and Tribal lenders, provides customers with rapid, convenient loan requests and secure personal loan services. Borrowers can apply for a loan with a minimum amount of $500 and a maximum amount of $10,000. The application procedure is simple and quick, and approved loans can be sent into your checking account as soon as the next business day.
People with a good credit score can use their borrowing power to meet short-term financial requirements, but those with a bad credit history have nowhere to turn for long-term loans. CashUSA provides loans that are designed to provide customers with immediate access to funds that can be utilized for any purpose.
The platform has assisted a large number of borrowers in the United States in finding the financial solutions they require, and you can rely on them to link you to the best lenders available.
- Rates & Fees
CashUSA is not a direct lender and does not collect any fees for their services. Instead, they connect customers with specific lenders who specialize in personal loans, and as a result, they are unable to describe the loan’s financial ramifications.
These rates and costs may vary from lender to lender depending on the information you provide and the information provided by the lender. So, your specific loan terms may vary depending on your qualifications.
When you are forwarded to your loan agreement through the application process, the lender will provide CashUSA borrowers with the exact specifics of their loan, including the APR, consequences of non-payment, loan renewal policies, loan finance charges, late payment fees, and other expenses.
- Simple Requirements
Unlike some of its competitors, CashUSA works with lenders who provide loans to people from all walks of life. Although credit requirements differ by lender, all credit profiles are accepted. Anyone U.S. citizen or permanent resident over the age of 18 with a monthly salary of $1,000 and a valid bank account, email address, and phone number can apply for a loan.
- Large network of lenders
- Requesting a loan is simple
- Loans matched to your situation and requirements
- All 50 states are covered
- Simple to understand loan terms
- Only loans up to $10,000 available
Customers have praised the site for the services it offers, as well as the ease with which they were able to have their loans funded. They were so pleased that they even expressed an interest in referring the sites to their friends and family in the future. It simply takes half an hour for the customer service representative to explain the loan terms and conditions to you, and when it comes to answering client questions, they are quite calm and sensible. We investigated the Better Business Bureau for negative comments and discovered that the positive much outweighed the negative. We even chatted with them about the concerns we read about and learned some useful information about how to use their system.
#4. Personal Loans: Best Platform for Personal Loans
When the website conveniently bears the name of the service you need, you know you have discovered the appropriate online loan marketplace. Personal Loans was established in the year 2001, making it one of the most established online marketplaces for personal loans. The platform is not a direct lender. Instead, it functions as a go-between for borrowers and lenders, who offer a choice of loan sizes, terms, and rates.
The Personal Loans platform offers a wide loan amount range. You can borrow as little as $1,000 with a 90-day repayment period, which is the smallest loan amount and the quickest payment schedule we have seen. It is also one of the characteristics that distinguishes Personal Loans from its competitors.
There is nothing stopping you from seeing if you are eligible for a quick loan because the site is free to use, and it is also not just about short-term loans. The offers are flexible, according to multiple Personal Loans reviews, and range from very short-term to six-year programs with some of the best repayment conditions on the market.
Furthermore, the offers are appropriate for candidates with bad credit and those seeking a personal loan to consolidate debt. You can even get funding to establish a business, which is commendable because most business lenders will not give to businesses that are not in operation yet.
- Accommodates Newcomers
The site is best known for welcoming newcomers and guiding them through the loan application and repayment procedure. Users can learn from a broad knowledge base as they browse through the site’s various features. So, if you are not sure what APR is or what the consequences of late payments are, straightforward articles can teach you all you need to know.
SSL encryption is used to protect all of your personal information. Although Personal Loans examines your application and all of the information you submitted, it only shares your contact information with its network of lenders so they can contact you directly. Furthermore, the customer service team is available Monday through Saturday if you wish to have the data erased.
- Quick loan approvals
- Loans up to $35,000
- Suited to short-term loans
- Fast and simple loan application process
- Requests a great deal of personal information
Customers have stated they have accepted numerous loans from Personal Loans and have never had any problems. The customer service crew is easy to work with and completes tasks quickly. The entire process of obtaining a loan is detailed on the website and is rather simple to follow. The whole loan process, including pre-approval, application, approval, and closing, can be completed online. In addition, the customer care team at Personal Loans can be reached by phone or email.
Consider the Following Points Before Applying for a Loan Online
Because it is so simple to get a loan online, many borrowers ignore some of the most critical components. Here are five things to think about to make sure your loan application is not turned down:
- Credit Score Check
When a lender evaluates your loan application, one of the most crucial factors is your credit score, as a high score can help you get a loan faster. To maintain a high credit score, you must pay your loan EMIs, make credit card payments on time, keep your credit utilization under a 20% to 30% ratio, and keep track of any co-signed loan accounts.
We assume that a significant proportion of users are unable to obtain traditional loans because they either lack credit or have a poor credit history. Those with a credit score of higher than 750 are eligible for loans from traditional banking institutions. Many people have a credit score below that, but that does not mean they will be unreliable borrowers. This is precisely the void the sites on this list are attempting to fill.
- Compare Various Loan Offers
Personal loans with interest rates ranging from 5.99% to 36% per annum are available from almost all banks and lending organizations. So, it is critical to select a lender who can meet your loan needs. Consider using one of the online financial marketplaces on this list to get the best loan offer for your needs and eligibility, or look for a personal loan through an app.
- Choose According to Your Repayment Capacity
Lenders determine your repayment capacity by calculating your Fixed Obligation to Income Ratio (FOIR), which is the percentage of your income used to pay off debts such as credit card bills and loan EMIs. Lenders prefer to lend to borrowers with a FOIR of up to 40-50%, so make sure you choose a loan tenure with an EMI that keeps your FOIR within that range. Borrowers with a limited repayment capacity should seek a longer loan term. However, this will result in a larger overall interest payment. So, prepay your debt if you have extra money to save money on interest. However, if there are any foreclosure charges, the overall savings should far surpass them.
- Do Not Submit Your Application to Multiple Online Lenders
When you apply for a loan or a credit card, the lender obtains a copy of your credit report from a credit agency to assess your credit history and creditworthiness. The bureau treats such credit report requests as hard inquiries, and each inquiry lowers your credit score by a few points. Multiple credit inquiries in a short period can make you appear credit-hungry, causing many lenders to reject your loan application. To avoid this, compare and choose the best loan offer available through online financial marketplaces.
- Refrain from Frequent Job Switches
Lenders will consider your employment history and steadiness when analyzing your loan application. Frequent job changes are seen as a symptom of an insecure career, and lenders may be hesitant to lend to such individuals. So, if you plan to take out a loan online, avoid making frequent job changes.
Different Types of Easy Loans to Get Online
- Personal Loans
Personal loans are the most common type of loan, with payback durations ranging from 24 to 84 months. Except for a college degree or illicit activities, they can be used for almost anything. Secured and unsecured are the two types of personal loans available. Secured loans are backed by collateral, such as a savings account or a vehicle, that a lender can seize if you do not pay back the entire loan amount.
Unsecured loans, on the other hand, do not require any collateral and are only backed by your signature. Because the lender takes on more risk, unsecured loans are more expensive and require stronger credit.
- Auto Loans
Auto loans are secured loans that can be used to purchase a vehicle and have repayment lengths ranging from three to seven years. The automobile serves as the loan’s collateral in this situation. So, if you do not pay, your automobile will be repossessed by the lender.
Credit unions, banks, online lenders, and even automobile dealerships are common sources of auto loans. Some vehicle dealerships include a financing section that can assist you in obtaining the best loan possible from one of their partner lenders. Others work as buy-here-pay-here lenders, where you get a loan from the dealership itself. These, on the other hand, are typically far more expensive.
- Student Loans
Tuition, fees, and living expenses at accredited colleges are covered by student loans. This means you will not be able to utilize student loans to pay for some sort of education, like coding boot camps or informal classes.
Federal and private student loans are the two types of loans available. You can fill out the Free Application for Federal Student Assistance (FAFSA) and work with your school’s financial aid department to apply for federal student loans. Federal student loans have greater safeguards and advantages than private student loans, but they have slightly higher interest rates. Private student loans have fewer safeguards and advantages, but if you have good credit, you may be able to get better rates.
- Debt Consolidation Loans
Taking out a loan to pay off your existing debts allows you to streamline your payments, leaving you with simply one monthly payment. A debt consolidation loan can aid you in two ways if you have high-interest debts like credit cards or a high-interest personal loan. For starters, you might be eligible for a lower monthly payment. Second, you might be eligible for cheaper interest rates, which can help you save money in the long run.
- Payday Loans
Payday loans are a form of a short-term loan that typically lasts until your next paycheck arrives. You do not need strong credit to qualify for these loans because they are not based on credit. However, for a variety of reasons, these loans are frequently predatory.
For starters, they demand exorbitant loan fees that can reach 400% APR in some situations. Second, if you cannot pay off your loan by your next payday, you can roll it over. It appears to be beneficial at first until you realize that even additional fees are piled on, trapping many people in debt payment obligations that are often more than the amount borrowed.
- Title Loans
Another type of secured loan is a title loan, which involves pledging the title of a vehicle you own, such as a car, truck, or RV, as security. Your loan limit is usually between 25% and 50% of the value of your car, as determined by the lender. There is a monthly cost of 25% on title loans, resulting in an annual percentage rate of at least 300%.
- Small Business Loans
Small business loans come in a variety of shapes and sizes, including SBA loans, working capital loans, term loans, and equipment loans. These loans assist small enterprises with up to 300 employees in funding their operations. Landscapers, hair salons, restaurants, and family-owned supermarkets, as well as sole entrepreneurs such as freelancers with a typical day job, are eligible to apply.
- Credit-Builder Loans
Credit-builder loans are tiny, short-term loans used to assist you in improving your credit score. Unlike traditional loans, you do not need strong credit to qualify because they are aimed at individuals with no or low credit.
You make predetermined monthly payments and receive the money back at the end of the loan term, rather than receiving the loan funds upfront, as you would with a traditional loan. Annual percentage rates (APRs) for credit-building loans typically vary from 6% to 16%.
Reasons to Get an Online Loan
One major benefit of online loan applications is convenience. You can frequently start the loan application and upload verification documents, such as your paystub or driver’s license, with both online-only and branch-based lenders. Some branch-based lenders, on the other hand, need you to sign the final documents in person. But, with an online-only lender, you can be sure the full loan application process will take place online.
Some lenders will allow you to apply for pre-qualification with a soft credit inquiry, which will have no impact on your credit score. When looking for a loan, you can submit multiple pre-qualification forms to narrow down your list of eligible lenders.
When you are ready to take out a loan, you will need to fill out an application and agree to a hard inquiry on your credit reports, which may have an impact on your credit ratings. While hard inquiries do influence your credit, they should only have a minor impact on your overall credit and should not prevent you from asking for a loan when you need one.
- Vehicle Financing
If you want to buy or lease a car, auto loans are accessible, but personal loans are also available. Although auto loans offer lower interest rates than personal loans, they are secured loans that require the use of your vehicle as collateral. A personal loan may be a better alternative for you if you are concerned about skipping payments and having your automobile repossessed.
- Quick Application and Funding Process
If you apply for a personal loan online, the entire process could be a lot faster. Since you can apply, verify, and approve your account from the comfort of your own home, you will not have to find time to visit a branch to give over copies of your information or sign documents. You can even get the funds placed into your account the same or the following business day.
- Quick Comparison
Before accepting a loan, compare lenders and loan offers to find the best rates and terms for your circumstances. This can be made easy by shopping online. So, look for a program or website that allows you to easily sort and compare lenders and loan possibilities based on your financial condition and desired loan amount if you want to comparison shop.
- Funds for People with Poor Credit
Even if your credit is not perfect, you might be able to receive a personal loan. Some online lenders specialize in lending to borrowers with poor credit histories, and they may be able to provide competitive rates. However, you should be aware of lenders who target customers with bad credit, as some demand such high fees and interest rates that repaying the loan may be impossible.
Common Scams to Look Out For
- Calls Claiming You Owe Money
Even if you owe money, all of the lenders in the listed sites’ network and the other third-party lender networks are required by law to use fair debt collection techniques and are not allowed to threaten or harass you.
So, it is most likely a scam if you get a threatening or abusive phone call from someone claiming to be affiliated with any of the sites listed or one of their lenders. In this case, we recommend you report the caller and that you do not reveal any personal information to them.
- Calls from People Claiming to Give You a Loan
All of the sites featured above have a totally online loan request process and do not pitch customers over the phone. It is a fraud if you get a call from someone claiming to be a lender on one of the sites and offering you a loan. So, the caller should not be given access to any of your sensitive information.
- Phone Calls Requesting Money
Many fraudsters will call customers and pretend they have been authorized for a loan, but that they must pay money to get it. The caller may ask you to send them a wire transfer or a check. Because none of the lenders on any of the sites described above need you to pay before receiving a loan, it is a fraud if someone phones you and asks you to send them money for this purpose. Do not share any personal information with the caller, and do not give them any money.
- Requests for Bank Account Information
If you get a call from someone claiming to have been authorized for a loan on one of the sites above, where they ask for your bank account information or online banking log-in information, it is a scam. During the loan request procedure, the lenders in the network of all of the above sites acquire all of the information they require from you online, and they will never need access to your online banking. So, do not give up your banking details to these callers.
Frequently Asked Questions
Q1. Why should you take out a personal loan instead of another type of loan?
No matter why you are looking for a loan, you will have a few possibilities. Financing is available in the form of credit card loans, home equity loans, and other means of financing. Personal loans, on the other hand, are often the best option for customers. This is because they are often less expensive than credit cards, and they can be funded much more quickly than a home equity loan or a home equity credit line. Personal loans, on the other hand, are less risky.
Q2. Is it possible to get an online loan right away?
When compared to traditional loans, one of the key advantages of online loans is their rapidity. You may get online loans quickly by filling out an application, being approved, and reviewing numerous offers. Some online personal loan providers claim to be able to approve loans in as little as five minutes, and you might even be able to get money the next business day.
Q3. Are online loans trustworthy?
The majority of internet loans are safe, but scammers can be hazards. Here is how to know which internet lenders are legitimate and which you should avoid.
Companies that rely on credit report checks to authorize your loan are divided into two categories — those that use hard credit checks and may use wages or bank accounts instead, and those that only use soft credit checks. While a loan with no hard credit check may appear to be a good deal, especially if you have terrible credit, a comprehensive credit check is a solid clue that an online lender is trustworthy. Payday loans might help you borrow if you have terrible credit because they have few approval requirements. However, it is less difficult.
Q4. Is a personal loan going to hurt your credit score?
A soft pull is one sort of credit check, whereas a strong pull is another. A soft pull is similar to a sneak peek. Lenders let you see what you qualify for based on the basic financial information you provide, and it has no bearing on your credit score. When you submit a full application, the lender will perform a hard pull, which will appear on your credit report and may have an impact on your credit score, especially if you have multiple.
Keep in mind, however, that if you have outstanding credit, it may not have a significant or long-term impact on your score. Furthermore, if you ask for many personal loans in a short time, the major credit bureaus may treat them as a single inquiry, particularly if they are for the same purpose. They understand borrowers want to compare offers before making a selection, so they will not penalize you for doing your homework.
Q5. Why are small personal loans not offered by many major banks?
You would think that getting a small quantity of money is easier to get than a huge amount of money, but this is not the case for many financial institutions. Small loans can be just as expensive to service as larger loans, and many banks do not think the low-interest rates and small profit margins are worth it. As a result, many internet lenders and traditional brick-and-mortar banks have high minimum loan amounts, making them a poor choice if you only need a small amount of money to get by.
Q6. Is a guarantor required to qualify for a bad credit loan?
No, even if you have a terrible credit rating, you do not need a guarantor to apply for one of their loans. Thousands of people in the United States have used the sites above to get loans despite having bad credit. They understand what their consumers require, which is why they advise chatting with one of their helpful customer support professionals so the company can fairly analyze your case. All of the sites on this list have excellent acceptance rates, and you could get your money the next day.
It is critical to have a plan in place for getting out of debt, regardless of how you do it. When looking for a personal loan, going online makes it simple to compare your possibilities. Overall, we hope this article has clarified any misconceptions you may have had about online loans.
We have listed all of the websites that offer the simplest online loans, and our top pick is MoneyMutual or BadCreditLoans because they are upfront about the fees they will charge and have positive customer reviews.
So, before taking out a loan, consider the costs, interest rate ranges, loan amounts, monthly payments, and borrower requirements, and make a list of potential lenders who would be a suitable fit for your situation.