Quick Loans: Best Lenders for Fast Cash in 2024
6.99-25.49%
$5K-$100K
660
LightStream is a solid option for good-credit borrowers, with no fees and low rates that vary based on loan purpose.
- Must be a U.S. citizen or permanent resident.
- Must be at least 18 years old.
- Minimum credit score: 660.
- Must have several years of credit history with multiple account types and few or no delinquencies.
- Must have assets like retirement, investment and savings accounts.
- Origination fee: None.
- Late fee: None.
8.99-29.99%
$5K-$100K
None
Qualified borrowers will find few lenders better than SoFi, thanks to thoughtful perks like unemployment protection and free financial advising.
- Must legally be an adult in your state.
- Must be a U.S. citizen, permanent resident or non-permanent resident with valid documentation.
- Must be employed, have sufficient income or have an offer of employment to start within 90 days.
- Origination fee: 0% to 7%.
- Late fee: None.
8.49-35.99%
$1K-$50K
560
Upgrade personal loans come with multiple rate discounts and offer direct payment to creditors. This lender has a low minimum credit score requirement, making the perks stand out even more.
- Minimum credit score: 560.
- Minimum number of accounts on credit history: One account.
- Maximum debt-to-income ratio: 75%, including the loan you're applying for.
- Minimum length of credit history: Two years.
- Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security and other sources.
- Origination fee: 1.85% to 9.99%.
- Late Fee: $10.
- Failed payment fee: $10.
8.99-35.99%
$2K-$50K
600
Best Egg is worth considering for borrowers looking for a secured loan or to consolidate debt, but the loans come with an origination fee.
- Minimum credit score: 600.
- Must be a U.S. citizen.
- Minimum credit history: 24 months and 1 account.
- Minimum annual income: $3,500.
- Maximum debt-to-income ratio: 40% or 65% including mortgage.
- Origination fee: 0.99% - 9.99%.
7.80-35.99%
$1K-$50K
None
Upstart personal loans offer fast funding and may be an option for borrowers with low credit scores or thin credit histories. Upstart is a solid choice for financing large purchases.
- Must be a U.S. citizen or permanent resident.
- Must be at least 18 in most states.
- Must have a valid email address and Social Security number.
- Must have a bank account at a financial institution with a routing number.
- No bankruptcies in the last 12 months.
- No current delinquent accounts.
- Minimum credit score: None.
- Minimum annual income: $12,000; this lender accepts income from employment, alimony, retirement, child support, Social Security, rentals, trusts, pensions, disability and scholarships.
- Must have a full-time job or be starting a full-time job within six months.
- Origination fee: 0% to 12%.
- Late fee: 5% of past due amount or $15, whichever is greater.
- Returned check fee: $15.
9.12-29.99%
$2K-$45K
640
Rocket Loans personal loans stand out for fast funding, but they lack some features other lenders offer.
- Minimum credit score: 640.
- Must be a U.S. resident.
- Must be at least 18 years old in most states.
- Origination fee: 2.98% to 9.34%.
- Late fee: $15.
- Unsuccessful payment fee: $15.
7.99-24.99%
$2.5K-$40K
660
With competitive rates and no origination fees, Discover personal loans are good options for borrowers with good and excellent credit.
- Minimum credit score: 660.
- Must be at least 18 years old.
- Must have a valid U.S. Social Security number.
- Minimum individual or household annual income of $25,000.
- Must have an active email address.
- Origination fee: None.
- Late fee: $39.
7.99-35.99%
$2K-$37K
660
LendingPoint personal loans are funded quickly and may be available to borrowers with fair credit for a midsize expense or home improvement project.
- Must be a U.S. citizen and at least 18 years old in most states.
- Must have a Social Security number and personal bank account.
- Minimum credit score: 660. This lender uses FICO score version 9 and VantageScore version 3.
- Minimum credit history: 6 months.
- Minimum annual income: $35,000. This lender accepts income from employment, alimony, retirement, child support and Social Security payments.
- Maximum debt-to-income ratio: 50%, not including mortgage.
- Origination fee: 0% to 10%.
- Late fee: 5% of payment or $30, depending on the state, after 15-day grace period.
11.69-35.99%
$1K-$50K
560
A Universal Credit loan is a sound option for bad-credit borrowers looking to build credit, but rates are high compared to similar lenders.
- Minimum credit score: 560.
- Minimum number of accounts on credit history: 1 account.
- Maximum debt-to-income ratio: 75%, including mortgage and the loan you’re applying for.
- Minimum length of credit history: 2 years.
- Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security and other sources.
- Origination fee: 5.25% to 9.99%.
- Late fee: Up to $10.
- Non-sufficient funds fee: $10.
LightStream is a solid option for good-credit borrowers, with no fees and low rates that vary based on loan purpose.
- Must be a U.S. citizen or permanent resident.
- Must be at least 18 years old.
- Minimum credit score: 660.
- Must have several years of credit history with multiple account types and few or no delinquencies.
- Must have assets like retirement, investment and savings accounts.
- Origination fee: None.
- Late fee: None.
Qualified borrowers will find few lenders better than SoFi, thanks to thoughtful perks like unemployment protection and free financial advising.
- Must legally be an adult in your state.
- Must be a U.S. citizen, permanent resident or non-permanent resident with valid documentation.
- Must be employed, have sufficient income or have an offer of employment to start within 90 days.
- Origination fee: 0% to 7%.
- Late fee: None.
Upgrade personal loans come with multiple rate discounts and offer direct payment to creditors. This lender has a low minimum credit score requirement, making the perks stand out even more.
- Minimum credit score: 560.
- Minimum number of accounts on credit history: One account.
- Maximum debt-to-income ratio: 75%, including the loan you're applying for.
- Minimum length of credit history: Two years.
- Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security and other sources.
- Origination fee: 1.85% to 9.99%.
- Late Fee: $10.
- Failed payment fee: $10.
Best Egg is worth considering for borrowers looking for a secured loan or to consolidate debt, but the loans come with an origination fee.
- Minimum credit score: 600.
- Must be a U.S. citizen.
- Minimum credit history: 24 months and 1 account.
- Minimum annual income: $3,500.
- Maximum debt-to-income ratio: 40% or 65% including mortgage.
- Origination fee: 0.99% - 9.99%.
Upstart personal loans offer fast funding and may be an option for borrowers with low credit scores or thin credit histories. Upstart is a solid choice for financing large purchases.
- Must be a U.S. citizen or permanent resident.
- Must be at least 18 in most states.
- Must have a valid email address and Social Security number.
- Must have a bank account at a financial institution with a routing number.
- No bankruptcies in the last 12 months.
- No current delinquent accounts.
- Minimum credit score: None.
- Minimum annual income: $12,000; this lender accepts income from employment, alimony, retirement, child support, Social Security, rentals, trusts, pensions, disability and scholarships.
- Must have a full-time job or be starting a full-time job within six months.
- Origination fee: 0% to 12%.
- Late fee: 5% of past due amount or $15, whichever is greater.
- Returned check fee: $15.
Rocket Loans personal loans stand out for fast funding, but they lack some features other lenders offer.
- Minimum credit score: 640.
- Must be a U.S. resident.
- Must be at least 18 years old in most states.
- Origination fee: 2.98% to 9.34%.
- Late fee: $15.
- Unsuccessful payment fee: $15.
With competitive rates and no origination fees, Discover personal loans are good options for borrowers with good and excellent credit.
- Minimum credit score: 660.
- Must be at least 18 years old.
- Must have a valid U.S. Social Security number.
- Minimum individual or household annual income of $25,000.
- Must have an active email address.
- Origination fee: None.
- Late fee: $39.
LendingPoint personal loans are funded quickly and may be available to borrowers with fair credit for a midsize expense or home improvement project.
- Must be a U.S. citizen and at least 18 years old in most states.
- Must have a Social Security number and personal bank account.
- Minimum credit score: 660. This lender uses FICO score version 9 and VantageScore version 3.
- Minimum credit history: 6 months.
- Minimum annual income: $35,000. This lender accepts income from employment, alimony, retirement, child support and Social Security payments.
- Maximum debt-to-income ratio: 50%, not including mortgage.
- Origination fee: 0% to 10%.
- Late fee: 5% of payment or $30, depending on the state, after 15-day grace period.
A Universal Credit loan is a sound option for bad-credit borrowers looking to build credit, but rates are high compared to similar lenders.
- Minimum credit score: 560.
- Minimum number of accounts on credit history: 1 account.
- Maximum debt-to-income ratio: 75%, including mortgage and the loan you’re applying for.
- Minimum length of credit history: 2 years.
- Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security and other sources.
- Origination fee: 5.25% to 9.99%.
- Late fee: Up to $10.
- Non-sufficient funds fee: $10.
What is a quick loan?
A quick loan is a personal loan with a fast approval and funding process. Personal loans are generally unsecured, which means they don't require collateral that takes time to appraise. Instead, lenders consider your credit, income and debt when determining if you qualify and the rate.
Annual percentage rates on personal loans range from 6% to 36%, with the lowest 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 quick loan
Banks, credit unions and online lenders offer personal loans, 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 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
Quick loans to avoid
Payday loans and high-interest installment loans are both options that offer quick funding but can be 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 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.
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.
How to get a quick loan
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 show how much you may qualify for and the rate. It doesn’t guarantee 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.
» MORE: How to get a personal loan
Quick 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.
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. However, credit unions typically require membership and some require a few days to fund a loan.
Many online lenders can fund loans faster, but 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 quick 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:
Get help from local financial assistance programs.
Use a cash advance app to borrow a small amount from your next paycheck.
Consider a “buy now, pay later” app to fund an essential purchase from a store.
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
Next step: Pre-qualify on NerdWallet
When you pre-qualify, you get the chance to quickly compare rates, loan features and terms. Pre-qualifying on NerdWallet with our lender partners won’t affect your credit score.
Last updated on July 1, 2024
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 Quick Loans: Best Lenders for Fast Cash in 2024
- LightStream: Best for Fast loans with same-day approval, same-day funding
- SoFi Personal Loan: Best for Fast loans with same-day approval, same-day funding
- Upgrade: Best for Fast loans with approval in a couple of days, next-day funding
- Best Egg: Best for Fast loans with same-day approval, next-day funding
- Upstart: Best for Fast loans with same-day approval, next-day funding
- Rocket Loans: Best for Fast loans with same-day approval, same-day funding
- Discover® Personal Loans: Best for Fast loans with same-day approval, next-day funding
- LendingPoint: Best for Fast loans with same-day approval, next-day funding
- Universal Credit: Best for Fast loans with approval in a couple of days, next-day funding
