The easiest personal loans to get offer less-restrictive qualification requirements, instant approvals and fast funding — some as soon as the same day. That’s what makes emergency personal loans, bad credit loans, no-credit-check loans and payday loans a popular choice in a time of need.

But borrower, beware. These easy loans often come with rates that are much higher than average personal loan interest rates and unfavorable terms. This is especially true of no-credit-check and payday loans, which should be avoided whenever possible.

What are the easiest personal loans to get?

If used carefully, alternative loans can help meet urgent financial needs in tough situations. They can also be the easiest loans to get, especially when you have trouble qualifying for traditional loans. But it’s important to consider the long-term financial risks, like rapid, high-interest debt accrual or significant credit damage. Knowing the risks before you sign can empower you to make the right decision for your current and future finances.

Emergency personal loans

An emergency loan helps you cover unexpected expenses, such as medical bills or car repair costs. A personal loans can be a type of emergency loan that is considered safer than high-interest payday loans and risky title loans. These loans typically range from $1,000 to $50,000 and the lender may deposit funds the same day you’re approved. Emergency loan rates from online lenders may reach 35.99 percent, but payday loans can have rates up to 600 percent or higher.

Here are a few Bankrate-reviewed personal loan lenders that offer emergency loans.

Personal loan risks

If you don’t have a good credit score (at least 670) and a solid income, your loan may come with high rates and fees. Look for a loan with an interest rate below 36 percent.

Bad credit loans

A bad credit loan is a personal loan for borrowers with less-than-stellar credit or minimal credit history. Although bad credit loan requirements vary by lender, you’ll typically need a credit score above 500. Since they’re riskier loans, you may not qualify for the loan amount you need or get the longest repayment term. These loans may also come with origination fees.

Check out Bankrate’s reviews of these lenders before applying.

Bad credit loan risks

Bad-credit borrowers will likely face rates closer to the lender’s maximum. Failure to make on-time payments will further damage your credit, but keeping up with payments should help you improve your credit score.

No-credit-check loans

If you don’t meet a personal loan lender’s minimum credit score requirement, a no-credit-check loan, like a payday loan or car title loan, may be an alternative option. However, no-credit-check loans should be treated as a last resort due to the extremely high rates and fees. In addition to the substantial costs, no-credit-check loans often have short repayment periods that make them difficult to manage and may require you to put an asset at risk.

Due to the dangers these products pose and their predatory nature, Bankrate does not provide lender recommendations for no-credit-check loans.

No-credit-check loan risks

You risk incurring triple-digit interest rates and high fees with a no-credit-check loan. Failing to repay could trap you in growing debt or cause you to lose your car or other asset.

Why an easy loan can make your life hard

Getting approved for an easy loan may yield temporary financial relief. But these debt products often become more costly than borrowers initially imagined, leading to long-term financial distress. Falling behind on loan payments could also mean adverse credit reporting, damaging your credit score.

For starters, easy loans generally come with exorbitant interest rates and fees, which means you’ll pay hundreds or thousands of dollars in interest over the loan term. Although some easy loans don’t require a credit check, they may come with extremely short repayment periods that are difficult to manage and trap you in a cycle of debt.

“While the APR on payday loans is astronomical, the bigger problem is the ‘high frequency’ repayment cycle it can get you into,” says Denny Ceizyk, senior consumer lending writer at Bankrate.

And if you use buy-now, pay-later when you already have a short-term loan, like a payday loan, you’ll make it even more complicated.

“Not only will you take a paycut every paycheck to repay a payday loan,” says Ceizyk, “but you’ll have BNPL payments draining your account in between paydays.”

Alternatives to easy loans

If you want to avoid the potential borrowing costs associated with the riskier loan options above, here are some alternatives to consider.

Payday alternative loans

Select federal credit unions offer unsecured payday alternative loans (PALs). Although the interest rate is based on your credit score, rates are capped at just 28 percent. These loans are easier to get approved for than traditional loans, but only come with maximum amounts of $2,000. To borrow a PAL, you must be a member of a credit union that offers this product.

Local charities and nonprofits

Your income level may qualify you for federal or state rental or food assistance programs. Check with your local Chamber of Commerce or library, or dial 211 to see if grants are available in your area. And if you need help paying for rent, the U.S. Department of Housing and Urban Development may offer a rental assistance program in your area.

Payment plans

Can’t afford to pay for a medical bill or utility bill in full? Ask the company if you can establish a payment plan. Although the company may charge interest or an additional fee, it may cost less than getting a medical loan. While you won’t have to undergo a credit check, you may still have to apply and be approved.

Paycheck advances

If you need to pay for an expense immediately but don’t get paid until next week, ask your employer for a paycheck advance. You’ll be borrowing money from yourself, which prevents you from racking up debt and having to repay interest and fees to a lender. But, of course, it means your next paycheck will be smaller, potentially impacting your budget.

If your employer doesn’t offer advances, consider using a third-party payday advance app, which allows you to borrow a portion of your paycheck early for a small fee. However, you’ll likely need to repay the borrowed amount from your next paycheck. And be careful not to use these advances to support a pattern of overspending. The Center for Responsible Lending found that 27 percent of app users take out more than 25 advances a year.

Loan or hardship distribution from your 401(k) plan

If you need more money than you could get with a paycheck advance, consider asking for a 401(k) loan or hardship assistance. There’s no credit check, and you can access the funds quickly in most cases.

You can expect to pay interest on the loan amount even though you’re borrowing from yourself, but rates are reasonably low. Any interest you pay is deposited back into your retirement account, but on a post-tax basis. But if you lose or leave your job while carrying a balance, you’ll need to repay it by the following tax day.

Bottom line

Before you take out an easy loan, make sure you explore all of your borrowing options. When considering the easiest personal loans, do your research and weigh each alternative’s benefits and drawbacks to decide which makes the most financial sense. Before turning to a payday loan or similar option, try prequalifying for bad credit personal loans with several lenders to compare potential rates.

Regardless of your choice, assess your spending plan and only borrow what you can afford to pay back promptly.

Frequently asked questions about easy loans

• What are the easiest loans to get approved for?
  

  A loan from a family member or close friend typically won’t need approval at all, since they know you. However, you should take the time to draw up a written agreement with a rate and repayment term.

  Loans that don’t check your credit may be some of the easiest loans to get approved for. These may include payday loans, title loans or BNPL services. However, these loans often have short repayment terms and exhibitant APRs and fees. They may also put your assets at risk. These loans should be a last resort option.

• How can I get a loan when no one will approve me?
  

  If you need money right away, you may consider using a cosigner who has good credit and a stable income. You could also consider a secured personal loan, which is less risky to the lender since you back it with collateral.

  If you have time, work on increasing your credit score and lowering your debt-to-income ratio. Make on-time, minimum payments on your debts and work toward paying down your balances. Review your credit reports to see if there are any mistakes that may be impacting your score.