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Fast Personal Loans: Best Lenders for Quick Cash

Fast personal loans are one option to pay for emergencies and other short-term borrowing needs. Compare rates and terms and stick with reputable lenders.

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Fast cash loans can help pay for car repairs, unexpected medical bills or moving expenses. Online lenders are convenient and quick; some can provide same-day or next-day funding after approval of personal loans for qualified borrowers.

The online lenders listed here are reputable companies that check your credit as part of the application process. Their rates don't exceed 36%, which is the maximum considered affordable by financial experts and consumer advocates.

Consider rates and terms — in addition to the time a lender takes to fund a loan — when you compare these options for fast cash personal loans from online lenders.

Fast loans: What to know before you borrow

  • Loans from payday lenders and pawnshops can get you money quickly, but these options carry high annual percentage rates. Loans from reputable online lenders may take longer, but they cost far less.

  • Know what you need to apply for the loan so the lender can quickly verify your identity and other information. Some lenders say their ability to fund a loan quickly relies on borrowers' responsiveness to requests for documentation.

  • Calculate your estimated payments and determine how they impact your budget over the loans' repayment term.

  • Shop at multiple lenders and choose the loan with the lowest rate. Most online lenders let you pre-qualify with a soft credit check to estimate your rate. Doing so won't impact your credit score.

Fast loans for bad credit

Some lenders offer fast loans for borrowers with bad credit (629 or lower FICO). If you have bad credit, a low debt-to-income ratio and proof of stable income will 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 compare loan offers before borrowing and make a plan to repay the loan.

Fast cash without a loan

Before you borrow — and especially if the rate you qualify for is high — see if you can delay the expense or find interest-free sources of cash. NerdWallet recommends trying all these cheaper alternatives before taking a high-cost loan:

Next step: Pre-qualify on NerdWallet

When you pre-qualify with multiple lenders, you get the chance to compare rates, loan features and terms. Pre-qualifying on NerdWallet with lenders that partner with us won’t affect your credit score.

Last updated on August 19, 2020

Methodology

NerdWallet's ratings for personal loans award points to lenders that offer consumer-friendly features, including soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews.

To recap our selections...

NerdWallet's Fast Personal Loans: Best Lenders for Quick Cash

Frequently asked questions