Finally, 2015 will mark the first year in a long time that borrowers will find it a little easier to obtain a loan. For the past several years, financial institutions have tightened their lending standards due to the after effects of the financial crisis that began in 2008. Now, many of those restrictions have been eased somewhat as we head into 2015.

Those who are looking to purchase a home will find the timing just right. Interest rates are still at historically low levels and home prices are still enticing enough to call it a buyer’s market. Banks and other financial institutions are now a little more willing to make those purchases happen.

Lenders have relaxed some of their criteria including down payment requirements on home purchases. Many lenders would only loan to those borrowers who met their requirements and also had the resources to put 20 percent of the purchase price as a down payment. Many mortgage lenders are now able to complete loans with just 3 percent down. Easing the down payment requirement makes it much easier on many people who are trying to buy a home.

Even as traditional lending makes a comeback, there are still other types of loans that are easy to obtain. For those who have poor credit but have a stable form of employment, there are payday loans. These loans are normally for just a few hundred dollars and are for a short term, normally two weeks. A person signs over a check to the lender for the loan amount plus fees. If the borrower does not repay the loan, the lender cashes the check to recover any losses.

Another easy loan to obtain is a car title loan. Essentially, a person who owns a vehicle with a clear title can use it as collateral to take out a loan. A person visits a title loan company like Embassy Loans of Florida and fills out an application. There are no credit or background checks necessary, since a car or truck is used as collateral. If the borrower doesn’t repay the loan, the lender can take possession of the vehicle and sell it to recover any losses.

Car title loans and payday loans will continue to be great loan choices for those with poor credit. Due to changes in lending standards at traditional financial institutions, expect 2015 to be a year where conventional lending makes a return.