What is the easiest type of loan to get with bad credit?

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The easiest loan to get with bad credit is a payday loan, payday cash advance, auto title loan, pawn shop loan, or personal installment loan. 

The easiest type of loan to get with bad credit is, unsurprisingly, a bad credit loan. But what are these loans exactly? Bad credit loans cover a wide range of loan options; consider them an umbrella term for easy-to-qualify-for loans. Some bad credit loan options include bad credit personal loans, payday loans, and car title loans. All of them make it easier for borrowers with poor credit or no credit to get funding. 

Bad credit personal loans are essentially personal loans but with different interest rates and loan amounts than a standard personal loan, making them more accessible to borrowers. Bad credit personal loans should be your first choice when looking for funding with less-than-perfect credit. 

Payday loans are an extremely short-term loan that offers funding up to a few hundred dollars. 

Although they are convenient when you need a few hundred dollars, payday loans almost always come with extremely high interest. Those rates, coupled with a short repayment period, can quickly lead to a cycle of debt. So unless you can fully repay the balance in two weeks or less, it may be in your best interest to avoid payday loans if possible. 

Car title loans are a type of secured funding that uses the borrower’s vehicle as collateral. Because an asset is involved, lenders can take risks when it comes to lending to poor credit applicants. Eligibility and loan amount for a title loan will depend largely on the vehicle’s value, income, and ability to repay the loan. Average loan funds can range from a few hundred dollars, usually capping around $5,000. 

Although these loans do make it possible for bad credit borrowers to get funding, they can be risky. Because of their high-interest rates and fees, you may find yourself having trouble paying the loan back. If you miss multiple payments, your car may be at risk for repossession. In order to get back a repossessed car, the borrower will have to become current on their title loan, which includes paying the past due balance and any incurred fees. 

CreditNinja knows it can be challenging to find approval for loans when you are struggling with your credit score. In fact, according to the Consumer Financial Protection Bureau, more than 45 million American adults actually have no credit score due to limited information or a lack of credit history.1 If you’re looking for a fast and easy way to get emergency funds, consider CreditNinja personal installment loans. You may also consider other options which may be more sustainable, such as using funds from a savings account, some credit cards, or even asking a close friend or family member for a small loan. 


  1. How to deal with “bad credit” | Consumer Financial Protection Bureau
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