Fast Personal Loans: Best Lenders for Quick Cash in 2023
Fast loans are one way to pay for emergencies or other short-term borrowing needs. Compare rates and terms — and stick with reputable lenders.
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Fast personal loans can provide cash for nearly any purpose, from emergency car repairs to moving expenses. Online lenders are convenient and quick — some can provide same-day or next-day funding for qualified borrowers.
The personal loans listed here are from reputable online lenders that check your credit as part of the application process. These lenders say it takes a few days or less to fund a loan.
SoFi offers prime borrowers competitive rates, no fees and rate discounts. Its perks include fast funding, a wide range of loan amounts, plus financial advice.
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Fast Personal Loans: Best Lenders for Quick Cash in 2023 From Our Partners
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 Discover® Personal Loans Go To Lender Siteon Discover's website on Discover's website Check Rateon NerdWallet on NerdWallet | 5.0 /5 | 7.99-24.99% | $2,500-$40,000 | 660 | Go To Lender Siteon Discover's website on Discover's website Check Rateon NerdWallet on NerdWallet |
 Upgrade Go To Lender Siteon Upgrade's website on Upgrade's website Check Rateon NerdWallet on NerdWallet | 5.0 /5 | 8.49-35.99% | $1,000-$50,000 | 560 | Go To Lender Siteon Upgrade's website on Upgrade's website Check Rateon NerdWallet on NerdWallet |
 Upstart Go To Lender Siteon Upstart's website on Upstart's website Check Rateon NerdWallet on NerdWallet | 4.5 /5 | 6.40-35.99% | $1,000-$50,000 | None | Go To Lender Siteon Upstart's website on Upstart's website Check Rateon NerdWallet on NerdWallet |
 Best Egg Go To Lender Siteon Best Egg's website on Best Egg's website Check Rateon NerdWallet on NerdWallet | 4.5 /5 | 8.99-35.99% | $2,000-$50,000 | 600 | Go To Lender Siteon Best Egg's website on Best Egg's website Check Rateon NerdWallet on NerdWallet |
 LightStream Go To Lender Siteon LightStream's website on LightStream's website Check Rateon NerdWallet on NerdWallet | 4.5 /5 | 8.49-25.49% | $5,000-$100,000 | 660 | Go To Lender Siteon LightStream's website on LightStream's website Check Rateon NerdWallet on NerdWallet |
 SoFi Personal Loan Go To Lender Siteon SoFi's website on SoFi's website Check Rateon NerdWallet on NerdWallet | 🏆 Top 3 most visited 5.0 /5Rate discount | 8.99-25.81% | $5,000-$100,000 | None | Go To Lender Siteon SoFi's website on SoFi's website Check Rateon NerdWallet on NerdWallet |
 Rocket Loans Go To Lender Siteon Rocket Loans' website on Rocket Loans' website Check Rateon NerdWallet on NerdWallet | 4.0 /5 | 9.12-29.99% | $2,000-$45,000 | 640 | Go To Lender Siteon Rocket Loans' website on Rocket Loans' website Check Rateon NerdWallet on NerdWallet |
 LendingPoint Go To Lender Siteon LendingPoint's website on LendingPoint's website Check Rateon NerdWallet on NerdWallet | 4.5 /5 | 7.99-35.99% | $2,000-$36,500 | 660 | Go To Lender Siteon LendingPoint's website on LendingPoint's website Check Rateon NerdWallet on NerdWallet |
4.0 /5 | 11.69-35.99% | $1,000-$50,000 | 560 | Check Rateon NerdWallet on NerdWallet |
Our pick for
Same-day approval, same-day funding
SoFi Personal Loan
8.99-25.81%
$5,000-$100,000
None
Our pick for
Same-day approval, next-day funding
Discover® Personal Loans
7.99-24.99%
$2,500-$40,000
660
Our pick for
Approval in a couple of days, next-day funding
Universal Credit
11.69-35.99%
$1,000-$50,000
560
What is a personal loan?
Personal loans are generally unsecured, which means they don't require collateral. Instead, lenders consider your credit, income and debt when determining if you qualify and your rate. Annual percentage rates on personal loans range from about 6% to 36%, with the best rates going to borrowers with strong credit. Loan amounts range from $1,000 to $100,000, and monthly payments are fixed for the loan term, typically two to seven years.
Consider rates and terms — in addition to funding time — when you compare fast personal loans from lenders.
Where to get a fast loan
Personal loans are offered by banks, credit unions and online lenders, and each can have different approval and funding times.
Fast online loans
Online lenders let borrowers apply, receive money and make payments entirely online. The time from approval to receiving the funds can range from same-day to a few business days, depending on the lender.
Many online lenders offer the option to pre-qualify before applying to see prospective rates and terms without affecting your credit score. Some lenders may charge an origination fee that is deducted from your loan amount and adds to the cost of your loan.
Lenders like Discover and LightStream can be options for those with good or excellent credit (score of 690 or higher), while Upstart and Upgrade accept borrowers with fair or bad credit (score of 689 or lower).
» COMPARE: Best online personal loans
Fast credit union loans
Some credit unions can fund personal loans quickly. Alliant Credit Union, for example, funds loans the same day, though you’ll need to be a member for 90 days before you apply.
Credit unions often have lower annual percentage rates, which can make it a cheaper option. An applicant's history as a member can inform loan decisions, so being in good standing with a credit union may help your application.
Fast bank loans
Banks offer personal loans, but funding may take up to a week. Some banks accept loan applications only from existing bank customers, and you may have to apply in person for a loan. Banks also tend to favor borrowers with strong credit scores.
» MORE: Best bank loans
How to get a personal loan fast
Here are steps you can take to help move a loan application along quickly:
Gather documentation: Know what you need to apply for the loan so the lender can easily verify your identity, income and other information. Lenders often say their ability to fund a loan quickly depends on borrowers’ responsiveness to requests for documentation.
Calculate estimated payments: Use a personal loan calculator to see how rates and loan terms affect monthly payments. Then, consider how the estimated monthly payment may impact your budget.
Pre-qualify and compare loans: Pre-qualifying for a personal loan helps lenders understand your creditworthiness and shows you how much you may qualify for. It doesn’t guarantee you a loan, but it can help you compare loan options without affecting your credit score.
Apply: Depending on your lender, you can apply for a personal loan online or in person. Smaller banks and credit unions may request physical applications, while online lenders offer faster web-based applications. You can typically get a decision within a day after submitting all the necessary information. If approved, expect to receive funds in your bank account within a day or two.
Fast loans for bad credit
Some lenders offer fast loans for borrowers with bad credit (629 or lower credit score). If you have bad credit, a low debt-to-income ratio and proof of stable income can help you qualify.
Your credit score doesn't affect how long it takes for a lender to fund your loan, but your loan is likely to have a high APR, and you may not be approved for a large loan amount.
Though many online lenders can fund loans quickly, take the time to pre-qualify and compare bad-credit loans before borrowing. Choose a loan with a monthly payment that fits your budget and make a plan to repay the loan.
» MORE: See your bad-credit loan options
How to get fast cash without a 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. NerdWallet recommends trying all these cheaper alternatives before taking a high-cost loan:
Seek assistance from local nonprofits, charities and religious organizations.
Use a cash advance app to borrow a small amount from your next paycheck.
Get a pawnshop loan secured by something you own.
Try other ways to earn money.
If you are comfortable with it, ask family and friends for a loan through lending circles or a loan agreement.
» MORE: Best ways to borrow money
Fast loans to avoid
Payday loans and high-interest installment loans are both options that offer quick funding but can make borrowing money expensive. 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 as 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 and require a $197 monthly payment. The same loan with a 20% APR would cost $59 in interest. It’s best to avoid high-interest installment loans if possible, as high APRs can make it difficult to pay these loans off.
Next step: Pre-qualify on NerdWallet
When you pre-qualify, you get the chance to compare rates, loan features and terms. Pre-qualifying on NerdWallet with our lender partners won’t affect your credit score.
Last updated on December 1, 2023
Methodology
NerdWallet’s review process evaluates and rates personal loan products from more than 35 technology companies and financial institutions. We collect over 50 data points from each lender and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
NerdWallet's Fast Personal Loans: Best Lenders for Quick Cash in 2023
- SoFi Personal Loan: Best for Same-day approval, same-day funding
- LightStream: Best for Same-day approval, same-day funding
- Rocket Loans: Best for Same-day approval, same-day funding
- Upstart: Best for Same-day approval, next-day funding
- Discover® Personal Loans: Best for Same-day approval, next-day funding
- Best Egg: Best for Same-day approval, next-day funding
- LendingPoint: Best for Same-day approval, next-day funding
- Upgrade: Best for Approval in a couple of days, next-day funding
- Universal Credit: Best for Approval in a couple of days, next-day funding
Frequently asked questions
- How fast can I get a loan?
Some lenders say they can approve a loan application in minutes and fund a loan in a day or two of approval, while others may take a few days for each. Generally, you should get the funds from a loan within a week of approval.
- Are online loans safe?
It is safe to get a loan from an online lender; you just need to choose a reputable lender. Features like no credit checks and annual percentage rates above 36% should be red flags. Know the signs of predatory loans to avoid a debt trap.
- Can I get a fast loan with bad credit?
A credit union may be the best option for bad-credit borrowers. They offer lower loan rates and look at more than just your credit score when reviewing your application. But there may be other funding options.
A bad credit loan from an online lender that caps rates at 36% may be deposited in your account more quickly. Online lenders typically report your payments to credit bureaus, which can help you build credit. If your timeline is flexible, choose the loan with the lower rate and monthly payments you can afford over the quick loan.
