What is the easiest cash loan to get approved for?

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The easiest cash loans to get approved for are usually payday loans. That being said, there are other fast options that cater to borrowers with low credit scores, such as: personal loans, title loans, pawn shop loans, or even loans from credit unions. 

If it’s easy cash that you’re after, then payday loans are some of the easiest to get. That’s probably why 12 million Americans use them every year.1 But just because payday loans are easy doesn’t mean they’re safe. These loans tend to carry extremely high interest rates and very short repayment periods. While they may be appealing because they don’t have a minimum credit score requirement, you should be wary. 

Are Personal Loans Safer?

A safer, and usually more affordable option, may be a personal loan. A personal loan from an online lender may be able to provide you with the fast cash you need, even if you have fair credit or a low credit score. 

Another benefit to a personal loan over a payday loan would be the longer repayment period. Payday loans, and other low credit score options, usually need to be repaid in a short amount of time. Sometimes you may need to pay it back within only two weeks. Personal loans on the other hand, are usually repaid over the course of several months, or even years. 

Getting Approved with Bad Credit

Having a low credit score certainly makes life more difficult. You may not be able to get loan approval for certain loans, and if you do, you’ll likely be offered higher interest rates. The only true way to get better interest rates and borrow money safely is to improve your credit score. 

Some borrowers with low credit scores opt for secured loans. This is a loan that requires you to offer up collateral in order to receive cash. These are less risky for the lender, but more risky for the borrower because you can lose your collateral if you fail to repay the loan.  

Luckily, there are many personal loans that still provide fast cash even to borrowers with low credit scores. Personal installment loans may be one of these options. But no matter what lender you’re considering, make sure to review all of the terms and conditions thoroughly. 

CreditNinja’s Thoughts on Easy Cash Loans

If you need quick cash in your bank account, there will likely be several options, even with a low or fair credit score. A credit union loan, personal installment loan, or secured loan may be suitable options for you. 

The best thing you can do is to take steps to improve your credit score. This way, you can be approved for better financial products in the future. 


  1. Payday Loan Statistics | Bankrate
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