In today’s fast-paced world, financial needs can arise anytime—be it for medical emergencies, educational expenses, business investments, or personal commitments. When savings fall short, a loan becomes a practical solution. But with so many loan options available, you might wonder, what type of loan is the easiest to get?
In this comprehensive blog post, we’ll explore:
- The easiest loans to qualify for
- Key features of quick-approval loans
- Eligibility criteria
- Pros and cons
- Tips to improve your chances of getting approved
By the end, you’ll be well-informed to choose the right easy-to-get loan that suits your financial needs. Let’s dive in!
📌 Understanding “Easy Loans” – What Does It Mean?
When we say a loan is “easy to get,” we typically mean:
- Minimal eligibility requirements
- Less documentation
- Quick approval process
- No collateral or guarantor
- High approval rates, even for those with poor or no credit history
These factors make certain loans more accessible to the average borrower.
💡 Top 7 Easiest Loans to Get Approved For
Here are some of the most common types of loans that are typically easier to obtain:
1. Personal Loans (Unsecured Loans)
Personal loans are one of the most flexible and easiest loans to get. These are unsecured loans, meaning no collateral is needed.
Features:
- Loan amounts from ₹10,000 to ₹25,00,000
- Tenure: 1 to 5 years
- Can be used for any purpose—medical, travel, education, etc.
Why it’s easy:
- Minimal documentation
- Fast disbursal (24-48 hours)
- Available through banks, NBFCs, and fintech apps
Eligibility:
- Age: 21 to 60 years
- Minimum salary (₹15,000–₹25,000 per month)
- Basic credit score (550+)
Popular lenders: HDFC Bank, ICICI Bank, PaySense, MoneyTap, KreditBee
2. Payday Loans / Salary Advance Loans
Payday loans are short-term, high-interest loans provided against your next salary.
Features:
- Loan amount: ₹5,000 to ₹1,00,000
- Repayment due on next payday
- Instant approval and disbursal
Why it’s easy:
- No credit history required
- Quick online approval
- Minimum documentation (ID + salary slip)
Eligibility:
- Must be a salaried employee
- Age 21-58 years
Drawbacks:
- High interest (often 20%-40% APR)
- Short tenure (15–30 days)
3. Gold Loans
Gold loans are secured loans where you pledge gold ornaments or coins to get money.
Features:
- Loan amount depends on gold weight and purity
- Interest rates: 7%–15% p.a.
- Tenure: up to 36 months
Why it’s easy:
- No income proof required
- No credit score needed
- Instant processing (within an hour)
Popular providers: Muthoot Finance, Manappuram, SBI, HDFC Bank
4. Secured Loans (Loan Against Property or FD)
If you have a fixed deposit, insurance policy, or own property, you can take a secured loan against these assets.
Features:
- Lower interest rates (starting from 7%)
- Higher loan amounts
- Long repayment tenure (up to 15 years)
Why it’s easy:
- Approval based on asset, not credit score
- Low documentation
Common uses: Education, business expansion, home renovation
5. Microfinance Loans
These loans are aimed at low-income individuals or women entrepreneurs, especially in rural and semi-urban areas.
Features:
- Small ticket size: ₹2,000 to ₹1,00,000
- Provided by Microfinance Institutions (MFIs)
Why it’s easy:
- Minimal eligibility
- Focus on financially excluded sections
- Group lending model
Popular MFIs: SKS Microfinance, Bharat Financial, Spandana Sphoorty
6. Buy Now, Pay Later (BNPL) Loans
BNPL is a zero-interest short-term loan offered for online and offline purchases.
Features:
- Loan up to ₹1,00,000
- Easy EMIs or one-month deferred payment
- Mostly offered during checkout (Flipkart, Amazon, etc.)
Why it’s easy:
- No credit card needed
- Soft credit check
- Quick digital KYC
Popular BNPL providers: LazyPay, Simpl, ZestMoney, Amazon Pay Later
7. Credit Card Loans / Cash Advances
If you already own a credit card, you can take a pre-approved loan on card or withdraw cash.
Features:
- Loan pre-approved based on usage history
- Flexible repayment options
- Instant disbursal
Why it’s easy:
- No documentation
- No application process (just click to apply)
Drawbacks:
- High interest on cash advances (2.5%–3.5% per month)
🔍 Comparison Table: Easiest Loans to Get
| Loan Type | Collateral | Credit Check | Approval Time | Interest Rate |
|---|---|---|---|---|
| Personal Loan | No | Yes (mild) | 24-48 hrs | 10%–24% |
| Payday Loan | No | No | 10 mins–1 hr | 20%–40% |
| Gold Loan | Yes | No | <1 hour | 7%–15% |
| Loan Against Property | Yes | Optional | 3–5 days | 7%–10% |
| Microfinance Loan | No | No | 1–2 days | 12%–24% |
| BNPL | No | Soft check | Instant | 0%–24% |
| Credit Card Loan | No | Yes (internal) | Instant | 13%–24% |
✅ Tips to Improve Your Chances of Getting an Easy Loan
Even though these loans are easy, approval is not 100% guaranteed. Follow these tips:
1. Maintain a Basic Credit Score
A score above 650 gives you access to better interest rates. Use free tools like CIBIL Score Check to monitor.
2. Apply via Fintech Apps
Platforms like KreditBee, PaySense, and Nira specialize in instant digital loans for beginners.
3. Provide Complete and Accurate Information
Incorrect documents or false data often lead to rejections.
4. Avoid Multiple Loan Applications at Once
Too many applications reduce your creditworthiness and trigger rejections.
5. Start Small
If it’s your first loan, opt for low-ticket short-term loans. Timely repayment helps you build a credit profile.
⚠️ Things to Watch Out For
When applying for easy loans, keep these points in mind:
- Beware of loan frauds: Only apply on official bank/NBFC websites or RBI-registered lenders.
- Check hidden charges: Look for processing fees, prepayment penalties, late payment fees.
- High-interest trap: Some easy loans have exorbitant interest rates. Always calculate total cost of borrowing.
📱 Top Apps and Websites for Instant Loan Approval
- KreditBee – Loans starting from ₹1,000
- MoneyTap – Personal credit line model
- Nira Finance – Ideal for low-income groups
- CASHe – AI-driven instant loans
- EarlySalary (Fibe) – Salary advance loan app
- PaySense – Loans up to ₹5 lakhs
- Mobikwik Zip / Simpl – BNPL options
All these platforms offer easy KYC, fast approvals, and loan disbursal into your bank account.
🔄 When Should You Go for an Easy Loan?
Here are ideal scenarios to opt for a fast, easy-to-get loan:
- Emergency medical expenses
- Urgent home repair or relocation
- Quick travel or marriage arrangements
- Sudden bill payments
- Small business cash flow gap
Avoid using easy loans for non-essential or impulsive expenses like gadgets or parties unless you’re confident in repayment.
🧾 Required Documents for Easy Loan Approval
Typically, the following documents are required:
- PAN Card
- Aadhaar Card / Voter ID / Driving License
- Latest salary slips / Bank statement (for salaried)
- Business proof (for self-employed)
- Photograph / Selfie for KYC
Digital lenders usually accept soft copies through mobile upload or Digilocker integration.
🏁 Final Thoughts: Which Loan is the Easiest to Get?
So, what’s the final answer?
✅ If you’re salaried and need fast cash, go for a Payday Loan or BNPL service.
✅ If you have gold or property, then a Gold Loan or Loan Against Property is your best bet.
✅ If you’re looking for flexibility and no asset pledge, choose a Personal Loan via fintech platforms.
✅ For those with low income or no credit score, Microfinance Loans or NBFC-backed small personal loans are the easiest to get.
Whatever you choose, make sure to read the fine print, compare interest rates, and ensure timely repayment to avoid debt traps.
🔁 Share Your Experience!
Have you taken a loan recently? Was it easy or difficult to get approved? Share your experience in the comments below to help others make informed decisions!