Our best picks for quick personal loans
You may find yourself in need of a fast-funded personal loan to cover an unexpected car or home repair, an urgent medical procedure or a large expense.
Our top picks for quick personal loans are from reputable lenders that cater to borrowers across the credit spectrum and can have money in your account the same day you apply or the following business day.
LightStream: Best for same-day funding for home repairs
Why it made our list: LightStream’s high loan amounts and long repayment terms make it ideal for expensive home renovation projects, like a new roof or HVAC system. Approved loan applicants who sign their loan paperwork by 2:30 pm E.T. on a business day can get their loans funded the same day.
SoFi: Best for same-day funding and multiple rate discounts
Why it made our list: Borrowers can get same-day funding on a SoFi personal loan if they sign their loan documents by 6 p.m. E.T. on a business day. SoFi lets borrowers reduce their loan’s interest rate if they sign up for automatic payments or opt to have SoFi pay their creditors directly on a debt consolidation loan.
Rocket Loans: Best for same-day funding and flexible payments
Why it made our list: Getting a personal loan from Rocket Loans means same-day funding if you sign the loan agreement by 4 p.m. E.T. on a business day — plus the ability to change your payment due date as many times as you need. The lender lets you choose between making monthly or biweekly payments.
Discover: Best for next-day funding for good- and excellent-credit borrowers
Why it made our list: With a minimum credit score requirement of 660, Discover is a fitting option for good- and excellent credit borrowers (those with a credit score in the mid-600s or higher) who need next-day funding for an emergency or other expenses.
LendingClub: Best for next-day funding and debt consolidation
Why it made our list: LendingClub offers next-day funding plus an APR discount for authorizing LendingClub to pay your creditors directly on a debt consolidation loan.
Upstart: Best for next-day funding for thin-credit borrowers
Why it made our list: Upstart has next-day funding and may approve loan applicants who have a limited credit history. The lender uses an AI-based underwriting model that considers factors like an applicant’s education background and employment history rather than relying solely on credit scores.
Best Egg: Best for next-day funding for fair-credit borrowers
Why it made our list: Best Egg has a minimum credit score requirement of 600, which means that fair-credit borrowers (those with a score from the mid-500s to the low 600s) who meet its other requirements may qualify for a fast-funded loan. The lender says its typical funding time is one business day.
Avant: Best for next-day funding for bad-credit borrowers
Why it made our list: Bad-credit borrowers (those with a score from 300 to the high 500s) looking for a quick loan may want to consider Avant, because the lender offers next-day funding and has a minimum credit score requirement of 550.
Why it made our list: Universal Credit offers next-day funding after loan approval and has perks like free credit score access, credit monitoring and a credit score simulator through its parent company, Upgrade.
LendingPoint: Best for next-day funding and wide repayment terms
Why it made our list: LendingPoint can meet a borrower’s need for a quick loan with its next-day funding. It also offers repayment terms from two years to six years, so you can choose a repayment plan that best suits your financial situation.
Compare lenders’ approval and funding times
Lender | Time to approve | Time to fund |
|---|
LightStream | Within 5 minutes. | Same day. |
SoFi | Same day. | Same day. |
Rocket Loans | Within minutes. | Same day. |
Discover | Same day. | 1 day. |
LendingClub | Within 2 hours. | 1 day. |
Upstart | Instant. | 1 day. |
Best Egg | Instant. | 1 day. |
Avant | Within seconds. | 1 day. |
Universal Credit | 1 day. | 1 day. |
LendingPoint | Within seconds. | 1 day. |
How to choose the right loan for you
Even when you’re crunched for time, it’s worth taking a moment to review the costs and features of any loan you’re considering. Here’s what to look for when choosing a quick loan.
Calculate the monthly payment
Review your monthly budget to determine what size loan payment you can afford. Then, use a personal loan calculator to see what loan amount, rate and repayment term you’d need to get the right monthly payment. Compare interest rates and terms
The loan with the lowest annual percentage rate is the least expensive overall. You can use APR to compare quick personal loans with other financing options. A loan with a long repayment term and low monthly payment may seem appealing, but it’ll typically cost more in total interest. Look for an offer that balances affordable monthly payments with reasonable interest costs.
Check for fees
The most common fee for a personal loan, especially from quick-funding online lenders, is an origination fee. This is typically 1% to 10% of the loan amount, and is often subtracted from the loan before you get the funds.
Watch out for predatory lending
Payday loans and high-interest installment loans are both options that offer quick funding but are very expensive and difficult to repay. Try to avoid fast loans with high interest rates whenever possible.
Payday loans are short-term loans that are repaid from your next paycheck. While funds can be obtained almost instantly, loans can carry an APR of nearly 400%. Payday loans are commonly offered for small amounts like $500 or less and should be considered a last resort. High-interest installment loans are repaid over a few weeks to months, which allows you more time to repay the loan when compared to a payday loan. However, interest rates can be more than 36%, the maximum rate that most consumer advocates consider affordable. For example, a $1,000 loan with a six-month term and a 60% APR would cost $182 in interest. The same loan with a 20% APR would cost $59 in interest, a difference of $123.
How quick is each step of the loan process?
Getting a personal loan can be broken down into four steps: pre-qualification, application, approval and funding. Here’s how long you can expect to move through each stage of the process.
Pre-qualification: Less than 5 minutes
Many personal loan lenders let you pre-qualify for a loan to preview prospective rates and terms without affecting your credit score. You can pre-qualify online within minutes by providing some basic information about yourself, including your address, income and Social Security number, as well as the loan amount and purpose. Pre-qualifying lets you compare rates from multiple lenders and find the least expensive loan, so it’s a step you shouldn’t miss, even if you need money fast. Application: Less than 30 minutes
A formal personal loan application will likely ask for more information than you submitted during pre-qualification. For example, you may need to upload copies of pay stubs, bank statements or tax documents to verify your identity and income. Prospective borrowers can typically complete a loan application online within minutes.
Approval: 1 to 48 hours
The time it takes a lender to review your application and determine approval can take up to a couple days, especially if the lender requires you to follow up with additional documentation to verify the information on your application. The fastest lenders have instant or same-day approval.
Funding: 1 to 5 days
Most lenders fund personal loans within a week, but the quickest loans are funded the same day you apply or the following business day.
You’ll improve your chances of getting a personal loan quickly if your application is accurate and complete, you meet all the lender’s qualifications and you submit the application before the lender’s cutoff time for same- or next-day funding. Some lenders may require loan agreements to be signed by midday for same-day funding, while others have deadlines closer to the end of the business day. Tips to get a quick personal loan with bad credit
Your credit score is typically an important factor on a loan application, but a bad score doesn’t automatically disqualify you from getting a loan. If you have bad credit, having a low debt-to-income ratio and proof of stable income might help you qualify. Here are a few additional tips to get a quick loan with bad credit:
Ask for the lowest amount you need: You might not be approved for a large loan amount if you have bad credit, because loan companies may already view lending to you as a risk. Keep your requested amount as low as possible.
Add up income streams: Most lenders want to see that you have enough to comfortably cover regular expenses and make the new loan payment. Your lender may consider Social Security benefits, alimony or child support as part of your income, so make sure to include all your income streams on a loan application.
Consider lenders that cater to bad-credit borrowers: A credit union may be the best option for bad-credit borrowers, because they often offer lower loan rates and look at more than just your credit score when reviewing your application. However, credit unions typically require membership and may take a few days to fund a loan. Many online lenders can fund loans faster, but check their rates and minimum credit score requirements before applying.
Add a co-signer or co-borrower: A co-signer or co-borrower with a higher credit score can help your chances of qualifying or getting a good rate. Just know that adding a co-signer or applying for a joint loan can potentially slow down the loan approval process since the lender has to evaluate two people’s qualifications. Add collateral: Some lenders offer secured personal loans and consider the item used as collateral (usually a bank account or vehicle) when assessing an application. It can add extra time to the loan approval process, but adding collateral could improve your chances of qualifying or getting a lower APR.
How to get quick cash without a traditional loan
Before you borrow — especially if the rate you pre-qualify for is high — see if you can delay the expense or find an interest-free cash source. Consider cheaper alternatives first, even when you need money fast: Cash advance app: Cash advance apps let you borrow up to a few hundred dollars from your next paycheck, usually with low mandatory fees. If you need the cash immediately, there may be a charge for expedited funding. Buy now, pay later: Many major retailers offer “buy now, pay later” plans to split a purchase into multiple payments across several weeks. One of the most popular plans splits a purchase into four, interest-free biweekly payments. The ease of getting a BNPL loan, however, can lead to overspending, so it’s best to only have one at a time. Borrowing from family or friends: A family loan doesn’t require a formal application or underwriting process and could be ideal if your credit score or income is a barrier to getting a traditional loan at an affordable rate. If your loved one has the cash available to lend, you could get a loan quickly, though you should take time to write up a loan agreement with a payment plan both parties agree on.
Next step: Pre-qualify on NerdWallet
When you pre-qualify for a personal loan, you get the chance to quickly compare rates, loan features and terms. Pre-qualifying on NerdWallet with our lender partners is fast and won’t affect your credit score.
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