What loans are the easiest to get approved for?

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Easy approval loans

People looking for an easy approval loan are generally looking for one of two things.

If you want to avoid providing lots of documentation such as bank statements and employment history, you'd want a low doc loan. On the other hand, if you want a loan that is easier to be approved for, you could be looking for an online lender or, if your credit score is an issue, a payday loan.

Some loan applications are easier to fill out than others. If you're looking for a loan that has a quick and easy application process, you might want to consider:

• Loans from online lenders. There is a new breed of lenders out there, some of which include neobanks and non-banks which operate exclusively online. Many of these lenders prioritise easy applications and have streamlined processes, making these loans comparatively easier to apply for.
• Low doc personal loans. These are personal loans that come with fewer documentation requirements. This makes it easier to apply for these loans, compared to traditional personal loans. However, these loans are considered more risky and are therefore more expensive than your average personal loan.

A good tip for making any application easier is preparing the documents beforehand. Each lender will have its own criteria, so make sure you check its requirements and keep everything handy.

When you're applying for a personal loan, there are a number of steps you can take to increase your chances of approval. They include:

Make sure you're eligible for the loan

This may sound obvious, but it's always a good idea to ensure you tick all the boxes. Each lender has their own eligibility criteria, but the below are what you can expect from every lender.

• Minimum age. You can only enter a legal contract for a personal loan when you are 18 years old and over.
• Citizenship. Some lenders will lend to temporary residents, while others will have stricter criteria.
• Income requirements. This will differ based on the lender, but they all want to know how capable you are of repaying the loan. Stable income streams and bank statements showing that bills are paid on time are always good things to be able to show.

Apply for a loan within your means

Lenders are legally required to look into whether you can afford the loan. Simply put, if you've applied for a large loan but your income doesn't support it, your application is likely to be rejected. Remember to account for fees (the comparison rate is a good guide to this), as well as the interest rate, as fees can make up a significant part of your money owed. Using a personal loan calculator can help you estimate how much you can afford to borrow.

Demonstrate good financial habits

This feeds into your credit score and signals to the lender that you're a responsible borrower. If you've been late on payments of $150 or more for over 60 days, your credit score will be impacted. You should also keep a good account history. Don't overdraw your account, make sure your direct debits are honoured, and most importantly, save. Having savings and saving regularly shows that you're able to manage money, and thus repayments. Your credit score is updated monthly, so anything you do now to improve your debt situation will help. You can check your credit score for free using the Finder app.

Pay off your existing debt

A lender will consider any other debts you currently have, and you may also be required to declare all your debts. If you have too many ongoing credit accounts, they may find cause to reject your application. This may include buy now pay later debt.

Offer loan security

Opting for a secured loan lowers how risky you are to lenders, as they will be able to sell the asset you offered up if you default on the loan. This can not only improve your chances, but can also reduce the interest rate of the loan. Keep in mind that secured loans come with the risk of losing your asset if you fail to make your repayments, since lender's can repossess your asset to cover the cost of lending. You should account for this risk before applying.

Be as thorough as possible

Lenders will verify the information you've submitted. If they find inconsistencies, they may reject you. Provide as much information as requested and ensure you're providing the right details.

What's the eligibility criteria for an easy personal loan and how can I apply?

The criteria will differ from lender to lender. Before applying, you should always check if you meet it. To apply for a personal loan you must:

• Be above the age of 18
• Be able to provide proof of identity
• Have a good credit rating
• Be able to provide proof of income
• Provide information of assets, if required

To apply for a personal loan, you should:

👁 Compare lenders. Look at the fees, terms and eligibility criteria and find a loan that suits you.

🔍 Once you've settled on a lender from the table above, click "Go to site" to visit the lender's website.

✍ You can submit an online application. Keep all the documents required handy. This will speed up the process.

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We've researched and reviewed hundreds of loans as part of our Finder Awards. Our database and tables are always up-to-date and our in-house experts regularly appear on Sunrise, 7News and SBS News.

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We're here to help

Since 2014, we've helped 300,000+ people find a personal loan by explaining your options simply. You don't need to give us any details to use our tables. We're here to help you make a decision.

Still have questions? We've done our best to answer the most common questions people have when taking out an easy personal loan.

Bria Horne is a writer for Finder, with a specialist knowledge of personal loans, car loans and business loans. Originally from the UK, Bria has been a professional personal finance writer in Australia for over 2 years. She has an M.A and B.A in Philosophy and Literature from the University of Sussex, and previously worked on the UK’s leading hospitality publication.

More guides on Finder

• Symple Loans personal loan

  Symple Loans offers a peer-to-peer unsecured personal loan with personalised interest rates.

• The Mutual Bank Secured Personal Loan

  This loan is to be secured against residential property, rural lifestyle property or a term deposit. It has no early repayment or ongoing fees.

Important Information*

Citi Personal Loan Plus

You'll receive a variable rate of 8.9% p.a. with a comparison rate of 9.04% p.a. if you're approved.
A credit limit up to $75,000 that you can continue to draw down over terms up to 5 years.

OurMoneyMarket Personal Loan

You'll receive a fixed rate from 6.05% p.a. to 20.99% p.a. based on your risk profile
A personalised loan from $2,001 to $75,000 that varies based on your credit history and financial situation.

ANZ Fixed Rate Personal Loan

You'll receive a rate from 7.49% p.a. to 17.99% p.a. with a comparison rate from 8.18% p.a. to 18.59% p.a. if you're approved.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants. T&C's apply.

NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 years to 7 years loan terms available. This loan comes with no fees for extra repayments and no early exit fees.

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