Getting a loan approval is not as difficult as it used to be. In just 5 minutes of applying, your loan application can be approved, and money deposited into your account within 24 hours.
Yes, approval is not guaranteed for all types of loans but, there are loans that one can easily apply for and get approved even with a low credit score.
In this article, we will be discussing the types of loans that you can easily be approved for.
What Is a Loan?
A loan is a financial tool that allows you to borrow money at a fixed interest rate for a set period of time. Personal loans, business loans, home loans, and vehicle loans are all examples of loans.
The easiest approach to evaluate which form of loan is ideal for you is to first consider why you need the loan and then check your credit score. Because your credit score is based on how successfully you’ve paid off prior debts, it’s critical that you pay them off before applying for new debt.
Loans That You Can Easily Be Approved For
1. Payday Loans
Without any doubt, payday loans are one of the easiest loans that one can get approved for within minutes of applying.
Payday loans are short-term loans that provide rapid cash to cover unexpected needs. It is just like a cash advance and can be used as a short-term loan to get you through until your next payday when your fee payment and debt are due.
With payday loans, the application process is mostly online, very quick, and easy, with no paperwork required.
The downside of payday loans is that they provide a small amount of money with a short repayment period and a high interest rate. Borrowers are typically required to repay the loan amount plus interest within two weeks or on the next pa day.
Here are some of the payday loans that you can consider:
- Hoopla Loans
- Lime Loans
- Little Loans
- Mipaydayloans
- TA Consulting Loans
- Koodo
- ExpressFinance
- Cherry Loans
- Flow Finance
- Sunshine Loans
If you choose to borrow from a payday lender, make sure you read the fine print carefully. Payday lenders often require borrowers to agree to high fees and short repayment terms.
2. Personal Loan
A personal loan is money borrowed for any purpose. It is offered by most banks and credit institutions and can easily be applied for online.
Personal loans may be used for short-term reasons such as consolidating credit card debt, covering unforeseen bills, or financing an emergency. Just like most loans, it has a fixed interest rate and repayment terms that differ depending on the lender.
There are different types of personal loans available. If you want to utilize the cash for home improvements or other significant purchases, you may choose to apply for a secured loan. Unsecured loans are those that do not require collateral and are often easier to obtain than secured loans.
However, if you fail to make payments, the lender has little recourse. To guarantee repayment, secured loans require some type of security, such as real estate or other assets.
A list of personal loans:
- African Personal Loan
- Ezi Finance Loans
- ILoans
- FNB Personal Loan
- ICS Loans
- Capfin Loans
- Standard Bank Personal Loan
- WesBank CashPower Personal Loan
- Absa Personal Loan
- 24/7 Loans
3. Small Business Loan
If you own a small business and require a loan you can easily be approved for an SB loan. Depending on the lender, this type of loan is designed specifically for businesses with a set amount in annual revenue.
Small business loans normally have low requirements as compared to other types of loans. To qualify, you’ll need to show proof of income and assets, as well as a credit score of at least 620.
Major banks such as First National Bank and Nedbank offer business loans. Vodacom also offers quick and easy access to up to R5 million in business funding. You can apply and get the cash you need within 24 hours.
4. Pawn Shop Loans
Pawn Shop loans are secured loans. However, in this case, the collateral could be any valuable object you own that the lender will accept. It could be jewellery, gadgets, musical instruments, or anything else of value.
The lender lends you money based on the item’s value, and you get your item back when you repay the loan and interest. However, if you are unable to repay the loan, they may keep your goods and sell them.
Cash Crusaders has pawn shop loans open for anyone interested to apply.
5. Auto Title Loans
If you have a poor credit history, an auto title loan could be the ideal solution for you. With an auto title loan, you borrow money against the value of your car rather than its ownership. This means you won’t have to worry about losing your vehicle if you fall behind on your payments.
Here are a few auto title loan lenders you can check out:
There are some considerations to make before applying for any loan. First, do your research and ensure that you can repay the money. Second, be certain you comprehend the amount of interest that will be charged. Third, ensure that you have enough cash on hand to pay off the loan when it is due.