Quick Personal Loans: How to Get Fast Cash Today

When you need to borrow money fast to cover an urgent expense — a car or home repair or a medical procedure — a quick personal loan with same- or next-day funding can get money into your account without a lot of wait time.

Below we list lenders that not only provide quick loans, but also have features that help you qualify and afford their loans. Importantly, we've vetted these lenders to ensure they're legit and not predatory. (Scroll down to learn how to get the right loan for you — and avoid predatory lenders.)

Best same-day personal loans

The following lenders told NerdWallet they send loan funds the same day you’re approved. Note each lender’s cutoff time to ensure you’ll get the money as soon as possible.

SoFi offers personal loans up to $100,000, making it a fitting option when you need to borrow a significant amount of money. You’ll need to sign your loan agreement by 5:30 p.m. ET on a business day to be eligible for same-day funding.

Read our review of SoFi.

LightStream will beat a competitor’s annual percentage rate by 0.10 percentage points if the competitor offers a lower APR for an unsecured personal loan with the same terms. To get same-day funding, you must sign your loan documents by 2:30 p.m. ET on a business day.

Read our review of LightStream.

Rocket Loans has a relatively low annual income requirement for its personal loans. As long as you bring in at least $24,000 (and meet its other lending criteria), you may be eligible. Your debt-to-income ratio, however, must not exceed 40% — or 70% if you have a mortgage. Sign your loan agreement by 4 p.m. ET on a business day to meet Rocket Loans’ same-day funding cut-off time. Also note that your loan may come with an origination fee up to 9.99% of the loan amount.

Read our review of Rocket Loans.

Best next-day personal loans

These lenders are also fast and likely to fund your loan by the next business day after loan approval.

Discover doesn’t charge origination fees, which increase the cost of borrowing money. It also doesn’t charge any other fees, including late fees, which is rare among personal loan lenders.

Read our review of Discover.

Upgrade offers personal loans starting at $1,000, which makes it fitting for small personal loans. Other lenders have loan amounts starting at $2,000 or higher. However, you can expect Upgrade to charge an origination fee ranging from 1.85% to 9.99% of the loan amount.

Read our review of Upgrade.

Happen Bank lets two individuals apply together for a joint personal loan, which can be ideal if you’re financing an expense with a spouse or family member. Joint loans can also increase your likelihood of qualifying for a personal loan or getting a lower rate. But Happen Loans may come with an origination fee up to 8%.

Read our review of Happen Bank.

Summary of quick personal loans

» MORE: How long does it take to get a personal loan?

How to get the right loan for you

Even when you’re crunched for time, it’s worth taking a moment to review the requirements, costs and features of any loan you’re considering. Here’s what to look for when choosing a quick loan:

• Eligibility requirements: Many lenders have a minimum credit score requirement, and some have additional requirements around credit history, income and debt-to-income ratios. Make sure you meet a lender's requirements before you apply.

• Annual percentage rates: Personal loan APRs range from about 7% to 36%, and the rate you receive largely depends on your credit profile. To see what rate you might receive, pre-qualify with multiple online lenders and compare their offers. The loan with the lowest APR is the least expensive overall.

• 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. Any pre-qualification offer you receive should list the origination fee.

• Type of lender: Online lenders often provide the fastest funding times. While some banks and credit unions offer fast-funded personal loans, you may need to have an established account with that financial institution first.

• Monthly payments: Review your monthly budget to determine what size loan payment you can afford. Use the personal loan calculator below to see what loan amount, rate and repayment term you need to get the right monthly payment.

• Repayment terms: Consider how long you want to be paying off your loan. Terms are typically two to five years. Shorter repayment terms result in higher monthly payments but lower overall interest costs, while longer terms mean lower monthly payments and higher interest costs.

Calculate estimated monthly payments

Use our personal loan calculator to estimate your monthly payments on a personal loan, as well as the total interest cost. The table below shows the average APRs per credit score band for those who pre-qualified for a personal loan with NerdWallet over the past 30 days. The APR you receive may vary.

Watch out for predatory lending

Payday loans and high-interest installment loans both offer quick funding, but they can be difficult to repay due to high fees or interest rates. Many consumer advocates consider personal loans with rates over 36% to be unaffordable. Only consider these loans after you’ve exhausted other options.

• Payday loans are short-term loans for amounts up to about $500 that are repaid from your next paycheck. While funds can be obtained almost instantly, loans can carry APRs of nearly 400% or more.

• High-interest installment loans are repaid over a few weeks to several months, which allows you more time than a payday loan. However, rates can be more than 36%, and you can wind up paying more than half of what you borrow in interest alone. For example, a $1,000 loan with a 12-month term and a 95% APR would cost $585 in interest. The same loan with a 20% APR would cost about $112 in interest, a difference of $473.

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 income to cover regular expenses, make the new loan payment and have some money left over. Your lender may consider Social Security benefits, alimony or child support as part of your income, so make sure to include all your income sources 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, which could slow down the process of getting a loan if you’re not already a member. Online lenders may 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 criteria. 

• Add collateral: Some lenders offer secured personal loans and consider the item used as collateral (usually a savings 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 personal 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: