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Depending on who you ask, living on borrowed funds is either not ideal or the only way to live life. But, we’re not here to comment on that. The only thing that’s certain is that loans are necessary more often than not.
On that note, if you are itching for some extra cash, you may be wondering – what is the easiest loan to be approved for? And, while there are quite a few loans that you can secure rather effortlessly, there are a few that particularly stand out from the crowd.
Here is a look at those three and the requirements for each.
1. Payday Loan
A payday loan is a short-term loan that is typically due on your next payday. Often associated with high interest rates and fees, payday loans are generally easy to qualify for.
Compared to some other types of loans, these are as easy as one-two-three. In most cases, you simply need to provide proof of employment and income, have an active checking account, and be at least 18 years old.
What’s more, you can usually apply online or in-person and receive your funds relatively quickly – often on the same day that you applied. Keep in mind that there may be some fees associated with taking out a payday loan, so be sure to read the fine print before signing on the dotted line.
Who can apply for a payday loan?
Anyone over 18, with a job and a bank account can apply for a payday loan.
In order to qualify for a payday loan, you will need to be employed and have a steady income. You will also need to have an active checking account in order to receive the funds from the loan.
What do you need to get approved for a payday loan?
Not much. In fact, you could say that the requirements for getting a payday loan are pretty easy to meet. All you need is a steady source of income and an active bank account. That’s it!
How long do you have to wait to get approved?
Not long at all! In most cases, you can apply for a payday loan online or in-person and receive your funds on the same day.
Do you need a good credit score?
Nope! Payday loans are available to people with all types of credit scores. So, whether your credit is good, bad, or somewhere in the middle, you can still get approved for a payday loan.
What about collateral?
No need for that either! Payday loans are unsecured, meaning they don’t require any collateral. This makes them much easier to get than other types of loans, such as car loans or home loans. Don’t believe us? Visit website and see for yourself!
2. Personal Loan
A personal loan is another type of loan that can be pretty easy to get approved for – especially if you have good credit.
Typically, personal loans are unsecured, which means that they don’t require any collateral. Instead, they are based on your creditworthiness, which is why having a good credit score can give you a better chance of getting approved.
In order to apply for a personal loan, you will need to fill out an application with your personal and financial information. Once the lender has this information, they will pull your credit report and use it to help make a decision about whether or not to approve your loan.
If you are approved, you will then be able to negotiate the terms of your loan, including the interest rate and repayment timeline. Once everything is agreed upon, the funds will be deposited into your bank account and you’ll be on your way!
Who can apply for a personal loan?
Anyone over 18, with a good credit score and a steady income stream, can apply for a personal loan.
What do you need to get approved for a personal loan?
For most people, the easiest loan to be approved for is a personal loan. Personal loans are typically unsecured, so all you need is a good credit score and a steady income, and you should be able to get approved for a personal loan from most lenders.
How long do you have to wait to get approved?
The approval process for personal loans is typically pretty quick – you could even get approved the same day that you apply in some cases. Once you’re approved, the funds will be deposited into your bank account and you’ll be able to start using them right away.
Do you need a good credit score?
While you don’t need perfect credit to qualify for a personal loan, having a good credit score will definitely help your chances of getting approved. If you have a high credit score, you’ll likely be offered a lower interest rate, which can save you money in the long run.
What about collateral?
Not at all! You could, if you’re applying for a secured loan, but most personal loans are unsecured, meaning that you won’t need to put up any collateral (such as a house or car) to qualify.
3. Student loan
Finally, if you’re a student, you may be wondering if there are any loans that are easy to get approved for. The answer is yes! A student loan.
It’ll put you in crippling debt for the better part of your life, but hey – the school’s expensive and someone has to pay for it!
Who can apply for a student loan?
Pretty much anyone with a pulse can apply for a student loan. If you’re enrolled in an eligible educational institution, aren’t living in opulence and you’re studying full-time, you’re quite likely to be approved.
What do you need to get approved for a student loan?
There are a few requirements, but most of them are just a formality. essentially, you’ll need to be enrolled in an eligible educational institution, demonstrate financial need, have a valid Social Security number, maintain “satisfactory academic progress”, and, of course, sign a FAFSA (Free Application for Federal Student Aid), and that’s it.
How long do you have to wait to get approved?
The approval process for a federal student loan takes about one to three weeks. On the other hand, if you’re going private – it could literally take minutes to get the money.
Do you need a good credit score?
More often than not, you won’t have a credit score at this point in your life, so no – you don’t need it.
What about collateral?
Nope, not for a federal student loan. For a private one – maybe, it depends on the lender and the amount of money you’re lending.
Conclusion
So there you have it – the three easiest loans to get approved for. Just remember – easy to get doesn’t mean that it’s a good idea to get them. Loans are a serious financial responsibility, so make sure you understand all the implications before taking one out! We’re looking at you, student loans!
