The riskiest type of loan are payday loans as well as pawn shop loans and auto title loans.
Payday loans, pawn shop loans and title loans often come with extremely high interest rates, which can be as high as 200%+ and feels that are often coupled with harsh terms like short repayment periods, or even risk getting your vehicle repossessed for defaulting on the loan.
Payday loans and title loans are risky and they are easy traps for borrowers, especially for people with bad credit.
Other risky loans are unsecured personal loans for bad credit and some predatory mortgages with features like balloon payments are also risky.
With a title loan you risk losing your car or for pawnshop loans you risk losing valuable items if you miss a payment.
Payday loans also often require full repayment of the loan in two weeks to a month, which leads to rollovers and more fees.
Payday loans and title loans can be hard to get out of as many people need to re-borrow money again with the payday loan and title loan the money they need.
The easiest loan to get approved for are payday loans and title loans.
Payday loans and title loans are pretty easy to get approved for, and provide you with quick cash, with minimal requirements to qualify, but also they come with triple digit interest rates and you risk losing your car if you can't pay back the loan or miss payments, especially with title loans.
Payday loans and Title loans are considered predatory loans and with the high interest rates, they can be hard to pay off and so payday loans and title loans should only be used as a last resort.
Other loans that are the easiest to get approved for are online lenders like LendingPoint and OppLoans, which often work with people that have credit scores below 600, and have a fast online process, but still come with high APRs or interest rates.
Peer to Peer or P2P lending are also easy loans to get approved for and are platforms that connect borrowers to investors and are often more flexible than banks for people with lower credit scores.
Some other loans that are easier to get although come with Caveats are FHA and USDA loans as well as Cosigned Loans.
Cosigned loans allow you to get loans with bad or poor credit, but you must add a creditworthy person with a good credit score to boost your approval odds.
FHA and USDA loans are government backed loans for mortgages for lower down payments and rural areas but for homes.
Or you can considered lenders like Upstart or Avant loans which also work with people that have bad to poor credit.
Some Credit Unions and online lenders accept people for loans with credit scores as low as 300, by focusing on income/alternatives.
But be aware of loans with predatory rates or consider loans like home equity loans or other secured loans where you put up collateral for the loan.