Compare Our Best Unsecured Loans | Apply For Personal Loans Online | money.co.uk (2024)

FAQs

What is the easiest online loan to get approved for? ›

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.

Unsecured loans are typically for smaller amounts, usually between £1,000-£25,000, whereas a secured loan can be for up to £100,000 or more.

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.

Payday loans are short-term loans — typically $500 or less — designed to be paid back by your next pay period. Most payday lenders don't check your credit, so these are among the easiest loans to get approved for.

Use Collateral To Secure The Loan

If your credit score is lower than you need it to be, you could consider a secured loan. The inclusion of collateral makes secured loans easier to get approved for, as it assures the lender they'll get their money back one way or another – even if you default on the loan.

Requirements for a $20,000 Personal Loan

Requirements vary by lender, but most lenders require borrowers to have a credit score in the good to excellent range — meaning a score of at least 670.

To qualify for a personal loan, borrowers generally need a minimum credit score of 610 to 640. However, your chances of getting a loan with a low interest rate are much higher if you have a “good” or “excellent” credit score of 670 and above.

Requirements for a $3,000 Personal Loan

Credit score: Some personal loan lenders, such as Upstart, allow you to apply with a very low credit score. However, most set a minimum. Discover, for example, requires a minimum credit score of 660, while some others require a minimum of 700.

Lenders like LightStream and SoFi offer personal loans up to $100,000, but these are among the most competitive loans in the market. Most lenders offer up to $50,000 or less. Regardless of the maximum amount offered by the lender, the amount you qualify for will depend on your credit and finances.

How to get a $40,000 loan? ›

To qualify for a $40,000 loan, you'll typically need a credit score upwards of 670 or a co-signer with good or excellent credit. That's because these loans involve a higher risk for the lender, so most will limit high amounts to those with solid scores.

In order to qualify for a Happy Money unsecured loan, you'll need to have a credit score of at least 640, a credit history of at least three years, a 50% or less debt-to-income ratio and no unresolved payment delinquencies. Read our Happy Money review.

Hardship personal loans are a type of personal loan that is designed to help you overcome financial difficulties. This type of loan is generally offered by small banks and credit unions, and has lower interest rates, lower maximum loan amounts, and shorter repayment periods than standard personal loans.

When evaluating personal loan lenders, you can choose from traditional banks and private online lenders. Bank lenders typically offer better rates and the added security of working with a well-established lender, but loans from private online lenders are often quicker and easier to get.

If you have limited or damaged credit, you may have a better chance of getting approved for a loan with an online lender. Some non-bank lenders offer more lenient FICO Score requirements. But since banks are subject to federal compliance laws, it may be more difficult to get a loan from them with bad credit.

Government-backed loan options, such as FHA, USDA and VA loans, are typically the easiest type of mortgage to get because they may have lower down payment and credit score requirements compared to conventional mortgage loans.