The easiest loans to get approved for would probably be payday loans, car title loans, pawnshop loans, and personal installment loans. These are all short-term cash solutions for bad credit borrowers in need. Many of these options are designed to help borrowers who need fast cash in times of need.
Personal Installment Loans – These are unsecured personal loans for borrowers with less-than-perfect credit scores. You can usually get more money with a personal installment loan than you can with some of the other fast-cash options like payday loans. You’ll also have more time to repay it with a personal installment loan. Generally, borrowers have several months up to a couple of years in some cases to repay the loan and interest.
Payday Loans – These are also unsecured loans, but they offer smaller amounts of money and less time to repay the loan plus interest. Usually, borrowers have to repay these loans within two weeks, or by their next payday. The higher interest rates combined with the short repayment period can make them difficult to repay on time. Even if you need money now, consider them carefully before you take out this type of loan.
Car Title Loans – This is a secured loan which means you’ll need collateral to get one. The collateral would be the title to your vehicle. This means that if you can’t repay the loan by the due date, the lender can legally seize your vehicle and sell it. This makes these loans very risky if your vehicle is crucial to your everyday life.
Pawn Shop Loans – These are also secured loans. But the collateral, in this case, may be any valuable item you own that the lender will accept. It could be jewelry, electronics, musical equipment, or any other valuable item. The lender gives you cash based on the value of the item, then you get your item back when you return the loan and interest. But if you can’t pay it back they can keep your item and sell it.
Think very carefully, and do plenty of research before choosing any loan. Make sure you’re capable of paying it back on time to avoid any negative effects on your credit score.