If you're hit with unexpected expenses, a quick emergency loan can make all the difference. Not every personal loan has funding available the same or next business day for quick cash, but some lenders offer this option.
The best personal loans for quick access offer an easy application process and minimal fees. Conveniently, there are several strong options for same-day loans or next-day funding. This guide will walk you through the top reputable lenders with competitive interest rates and terms. Our top six picks include the best fast personal loans for good and bad credit, for limited credit history, short term lengths, and more.
Best Quick Funding Personal Loans
- Best for low interest rates: LightStream Personal Loan
- Best for fair credit: Avant Personal Loan
- Best for short-term loans: Best Egg Personal Loan
- Best for poor credit: LendingPoint Personal Loan
- Best for fast and easy application: Rocket Loans Personal Loan
- Best for limited credit history: Upstart Personal Loan
Apply Online
Best for Low Interest Rates
6.49% to 25.29% (with AutoPay discount, rates vary by loan purpose)
$5,000 to $100,000
660
- Competitive APR
- Approval decisions should come shortly after applying
- Loans can be funded the same day
- Wide range of borrowing amounts and terms
- No fees
- Only available to people with good credit
- No pre-approval option
LightStream offers some of the lowest rates on personal loans out there, provided you have a great credit score. The lender also has loans of up to $100,000 and can supply you with funding on the same day you apply and are approved.
LightStream Personal Loan- Loan amounts range from $5,000 to $100,000
- Loan term lengths range from 2 to 12 years
- Apply online and you'll receive a response shortly during business hours.
- Receive your funds as soon as the same day
- Loans are made by Truist Bank, member FDIC
LightStream Personal Loan are a solid choice for those seeking relatively low interest rates and same-day funding. This lender topped our list of the best quick personal loans, with quick funding being an additional advantage. However, LightStream is not a good option for those with poor credit scores or limited credit history, as they require a minimum credit score of 660.
For those who meet the requirements, LightStream offers the most affordable option for fast cash. If the loan is verified and signed before 2:30 p.m. ET, same-day funding is available. LightStream's key features include same-day funding, no fees, and competitive interest rates for borrowers with good credit. The loan amounts and terms range from 2 to 12 years, providing a wide range of options for repayment.
Best for Fair Credit
9.95% to 35.99%
$2,000 to $35,000
600
- Funds generally deposited by the next business day
- No prepayment penalty
- Multiple types of fees
- High maximum APR
- Low maximum loan limit
Avant Personal Loan is a good personal loan provider, especially if you have a lower credit score and need to receive your loan money quickly. Just be prepared to pay a high APR if you do have a low score.
Avant- Loan amounts range from $2,000 to $35,000
- Loan term lengths range between 2 to 5 years
- Administration fee of up to 4.75%, which will be deducted from your loan proceeds when the loan is funded, and late fee that varies by state
- Loans made by WebBank, member FDIC
Avant Personal Loan's are the best fast personal loan option for anyone with fair credit. This lender also made Business Insider's list of best personal loans.
Avant doesn't have the lowest available starting APRs available, but the typical Avant borrower has a credit score between 600 and 700. This company will consider scores lower than what others will, and can provide funding the next business day if the loan is approved by 4:30 p.m. CT on a weekday.
However, it's worth noting that this lender charges up to 4.75% in administration fees with an undisclosed late fee and returned payment fee. While this may be a good option for those needing quick funding with fair credit, borrowers with better credit could find lower rates elsewhere.
Best for Short-Term Loans
6.99% to 35.99%
$2,000 to $50,000
600
- Fast access to funds
- High customer satisfaction
- No prepayment penalty
- Origination fees
- High maximum APR
- Unavailable in a few states and DC
- Loan amounts range from $2,000 to $35,000
- Loan term lengths range between 3 to 5 years
- You may get your money by the next business day after your loan is reviewed and approved
- Loans made by Best Egg's lending partners
- Unavailable if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories
A Best Egg Personal Loan is a good choice for short loan terms and fast funding. Its minimum loan term is 36 months, while the maximum term is 60 months. Best Egg loans can be repaid at any time without an early payment penalty.
About half of Best Egg's customers get money the next day after a successful verification process, but it may take one to three business days to see money deposited in your account. While Best Egg customers report high satisfaction, it's worth noting that Best Egg charges origination fees, has a high maximum APR, and is not available in all 50 states.
Best for Poor Credit
7.99% - 35.99%
$2,000 to $36,500
620
- Low minimum credit score required
- No prepayment penalties
- Restrictive loan amount range
- Origination fees
- No loans in Nevada or West Virginia
LendingPoint is a solid option if you need to get a loan with bad credit or you don't qualify for a loan with another lender. However, the range of loan amounts is more limited than what other lenders offer, and if you have good credit, you can likely get a better rate elsewhere.
LendingPoint Personal Loans- Loan amount range $2,000 to $36,500
- Loan term lengths range from 24 to 60 months
- Loans made by FinWise Bank, member FDIC
Bad credit loans are available with fast funding, too. LendingPoint Personal Loan is great for borrowers with poor credit, as its minimum credit score requirement is only 580. However, LendingPoint doesn't offer joint or cosigned loans, meaning you won't be able to enlist a cosigner to get a lower rate.
The application process is fast with LendingPoint, and the company may approve you for a loan the same day you apply. You often get your funds the next business day after approval. Loan amounts and terms range from 24 to 60 months. On the downside, other lenders may offer a wider range of loan amounts, and LendingPoint charges origination fees of up to 8%. Additionally, LendingPoint is not available in Nevada or West Virginia.
Best for Fast and Easy Application
8.01% to 29.99% with AutoPay
$2,000 to $45,000
610
- Competitive minimum APR
- No prepayment penalty
- Same-day funding available
- Multiple types of fees
- Not available in all states
- Unavailable in Iowa, Nevada, and West Virginia
Rocket Loans Personal Loan is one of the only lenders on our list to offer same-day loans, but it comes with a lot of fees. You'll pay when your loan is funded, which will be deducted from your overall loan proceeds. Additionally, you'll pay a $15 fee for any payments not made within 10 days of the due date and a $15 fee for a returned check.
Rocket Loans also has a quick application process, and you can complete it within several minutes. Rocket Loans' key features include same-day funding and a low starting APR, a competitive minimum APR of 8.01% to 29.99% with AutoPay, and no prepayment penalty. However, it offers only two repayment terms, is not available in Iowa, Nevada, or West Virginia, does not allow co-signers, and charges both origination and late fees.
Best for Limited Credit History
6.70% to 35.99% fixed
$1,000 to $50,000 (borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100)
300
- Small minimum loan amounts
- No prepayment penalty
- Quick loan fund disbursement
- Only three and five year terms
- Potential for high origination fees
Upstart could be the right lender if you have a strong work and education history, but you have a low credit score or limited credit history. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.
Upstart- Loan amounts range from $1,000 to $50,000. However, borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100
- Loan term lengths are either 3 or 5 years
- Can have origination fees up to 8%
- Considers employment and education history when making loan approval decisions
- Loans are made through one of several Upstart-powered bank partners
An Upstart Personal Loan is a good option for quick funding if your credit score is between 300 and 660. However, the lender includes other pieces of information in its approval decisions — such as where you went to school and your area of study — making it good for borrowers who may not qualify for a loan solely based on their credit score alone.
Upstart offers only three-year and five-year loans. While the platform has no prepayment penalties, there's less flexibility in terms than for loans offered by other lenders. Next-business-day funding is available as long as the personal loan is accepted by 5 p.m. ET. However, the company charges high origination fees and has higher loan amount minimums in select states.
Compare Today's Rates
Quick Loan Lender Trustworthiness
The Better Business Bureau, a non-profit organization focused on consumer protection and trust, evaluates businesses using factors like their responsiveness to consumer complaints, honesty in advertising, and clarity about business practices. Here is each company's score:
| Lender | BBB Grade |
| LightStream Personal Loan | A |
| Upstart Personal Loan | A+ |
| Avant Personal Loan | A+ |
| Best Egg Personal Loan | A+ |
| LendingPoint Personal Loan | A+ |
| Rocket Loans Personal Loan | A+ |
All of our top picks for quick personal loans are rated A or higher by the BBB. Keep in mind that a top-notch BBB score does not ensure a positive relationship with a lender. You should keep doing research and talking to others who have used the company to get the most information possible.
What is a Quick Personal Loan?
A quick personal loan is a type of loan designed for fast approval and funding, often within 24 to 48 hours. These loans are usually unsecured, meaning they don't require collateral, and can be used for emergencies, medical bills, debt consolidation, or unexpected expenses. Many of the best online lenders, banks, and credit unions offer quick personal loans with streamlined application processes.
How Quick Loans Work
Once a borrower is approved for a quick personal loan, the funds are typically deposited directly into their bank account. The speed of funding depends on the lender, but many online lenders offer same-day or next-day deposits. Traditional banks and credit unions may take longer, usually between one to three business days.
What makes quick loans different from traditional personal loans is the approval speed. Many quick loan providers use automated underwriting, allowing them to make instant lending decisions based on credit scores and financial history. Traditional personal loans, especially from banks and credit unions, may take longer because they often require manual review, additional documentation, or an in-person meeting.
Personal Loans vs. Payday Loans
Personal loans and payday loans both provide fast access to cash, but they differ significantly in terms of cost, repayment structure, and borrower requirements. Personal loans typically have lower interest rates, longer repayment periods, and fixed monthly payments. They are offered by banks, credit unions, and online lenders and require a credit check to determine eligibility.
In contrast, payday loans are short-term, high-cost loans designed to be repaid in full on the borrower's next payday, often within two weeks. These loans do not require a credit check, making them accessible to those with poor credit, but they come with extremely high interest rates and fees. Failing to repay a payday loan on time can lead to rollovers, additional fees, and a cycle of debt. Because of these risks, personal loans are generally a safer and more affordable option for borrowing money.
Personal Loans vs. BNPL
Personal loans and Buy Now, Pay Later (BNPL) services both allow consumers to make purchases and pay over time, but they function differently. Personal loans provide a lump sum upfront that can be used for various expenses, and borrowers must repay the loan in fixed installments with interest. These loans often require a credit check and may have origination fees.
BNPL, on the other hand, is typically used for retail purchases and splits the total cost into multiple payments, often with no interest if paid on time. BNPL providers usually do not require a hard credit check, making them accessible to more consumers. However, missed payments can lead to late fees and, in some cases, high interest rates.
How to Qualify for a Quick Personal Loan
To qualify for a quick personal loan, borrowers typically need a credit score of at least 600 to 660, though higher scores (700+) secure better rates. Lenders also require a stable income, usually $20,000 to $40,000 annually, and a debt-to-income (DTI) ratio below 40% to ensure repayment ability.
Applicants must provide proof of employment, identity, and residency, along with a bank account for fund disbursement. Some lenders, like Upstart, also consider factors like education and financial habits, making it easier for those with limited credit history to qualify. Meeting these requirements improves approval chances and ensures faster funding.
Tips for Getting Approved for a Personal Loan Quickly
If you need funds as quickly as possible, choosing a lender that's known for quick funding is a great first step. But you can expedite the process even more by preparing ahead of time with these tips:
- Check your credit before you apply. Know your credit score so you can check if you qualify for a personal loan based on each lender's minimum credit requirements.
- Gather documentation. You'll need to provide information like your income when you apply.
- Apply online: While you can apply for a personal loan in person or over the phone with some lenders, online loans usually have the quickest approval times.
- Consider whether you need a co-signer: If you're working to improve your credit score, applying with a co-signer can improve your chances of approval, and score you a better rate. But not all lenders accept applications with co-signers, so this will narrow your search slightly.
Pros and Cons of Quick Personal Loans
Pros of Fast Personal Loans:
- Fast access to cash. Ideal for urgent financial needs, with funding often available within 24 - 48 hours.
- No collateral required. Most quick personal loans are unsecured, meaning you don't have to put up assets unlike secured loans.
- Flexible usage. Can be used to pay off debt, cover emergency expenses, or fund major purchases.
- May help build credit. On-time payments can improve your credit score and lower your APR on future loans.
Cons of Fast Personal Loans:
- Higher interest rates. The APR on quick personal loans is often higher than traditional loans, with average personal loan interest rates, ranging from 11.52% to 20.97%, depending on creditworthiness.
- Shorter repayment terms. Can lead to higher monthly payments, making it harder to manage finances.
- Potential fees. Some lenders charge an origination fee, which can be 1% - 8% of the loan amount, as well as late payment and prepayment penalties.
- Risk of debt cycle. High-interest rates and short terms can make it easy to fall into repeated borrowing if not managed properly.
Alternatives for Quick Cash Loans
It's worth noting that if you have an emergency fund or cash savings, dipping into those resources is a better option than borrowing. If you need to borrow money in an emergency, there are a few other avenues to explore.
Payday Alternative Loans from a Credit Union
Not to be confused with traditional payday loans, payday alternative loans are offered by many different credit unions and work with all types of borrowers. Only available to members, these loans are good for anyone needing a small loan, and who can repay it quickly.
According to the National Credit Union Administration, payday alternative loans typically range from $200 to $1,000 and have terms between one and six months. Check with your credit union to see if this option is available, and what interest rates and borrowing amounts are available.
Loans From Friends or Family
While loans from family or friends aren't to be taken or made lightly, it could be an option for anyone needing cash quicker than a bank could send it.
If you plan to make or ask for this type of loan, financial planners recommend putting loan terms and repayment plans in writing, and paying interest if possible.
A 0% Interest Credit Card
If you happen to have (or can open) a 0% interest credit card that's still within the intro APR term, it could be a useful option for spending. However, you'll need to repay the balance before the 0% term expires. Most cards have between nine and 21 months of interest-free borrowing.
How to Apply for a Quick Personal Loan
Check Your Credit Score: Before applying, check your credit score to understand your eligibility and to help you determine which lenders you may qualify with.
Determine Loan Amount and Terms: Decide how much you need to borrow and how long you want to take to repay the loan. Be sure that the loan terms, including interest rate and repayment period, fit your financial situation.
Research Lenders: Compare lenders, including online lenders, banks, and credit unions, to find the best loan options. Pay attention to interest rates, fees, repayment terms, and funding speed.
Gather Required Documentation: Prepare necessary documents, including proof of identity (driver's license, passport), proof of income (pay stubs, tax returns), bank statements, and any details on existing debts.
Fill Out the Application: Complete the loan application form. You'll need to provide personal information, financial details, and the loan amount you're requesting.
Submit the Application and Documents: Upload or submit your documents to the lender for review. Some online lenders allow you to upload them directly through their website or app, while banks may request physical copies or faxed versions.
Common Mistakes to Avoid When Applying for a Fast Personal Loan
When applying for a fast personal loan, one of the most common mistakes is failing to shop around for the best rates and terms. Many borrowers make the mistake of accepting the first loan offer they receive without comparing it to other lenders. Interest rates, fees, and loan terms can vary significantly, and failing to do your research may result in paying more in the long run.
Another mistake is applying for a loan without checking your credit score. A low credit score could lead to higher interest rates or outright denial of the loan. Before applying, it's important to know your credit standing and consider taking steps to improve it if necessary.
Lastly, not understanding the full loan agreement, including fees, repayment terms, and penalties for missed payments, can lead to unexpected costs and financial strain.
What to do if You are Denied a Fast Personal Loan
Being denied a fast personal loan can be discouraging, but it's important to understand why it happened and how to proceed.
First, request the reason for the denial, which could be due to a low credit score, insufficient income, or high debt-to-income ratio. If your credit score is the issue, you may want to take steps to improve it, such as paying down existing debt or disputing any errors on your credit report.
If the denial is based on income or other financial factors, consider adjusting your budget or seeking a co-signer to improve your chances of approval. If you're repeatedly denied, you may need to wait a few months before reapplying to allow time for your financial situation to improve.
Best Quick Personal Loans: Lender Comparisons
When it comes to quick personal loans, credit unions, banks, and online lenders each offer distinct advantages. Credit unions often provide competitive interest rates and personalized service. However, their approval processes can sometimes be slower, and you may need to become a member before applying.
On the other hand, banks tend to offer fast approval processes, especially for existing customers. They might also provide larger loan amounts, but they often have stricter eligibility requirements and less competitive rates compared to credit unions.
Online lenders, particularly those offering fast personal loans, have become increasingly popular due to their speed and convenience. They often provide quick approvals and can fund loans as soon as the next business day. However, online lenders may charge higher interest rates, especially for borrowers with lower credit scores.
Factors to Consider When Choosing a Quick Personal Loan
To find the best quick personal loan for you, consider the factors that are most important to you.
Many borrowers prioritize the speediest funding time, but you should also take into account the lowest personal loan interest rate, any fees, the minimum credit score needed, and the accessibility of the lender's customer service.
You'll also want to make sure you're able to select a term length that works for you and that your loan's purpose is allowed by the lender you choose.
Make sure to also read individual reviews of any lenders you're considering.
Why You Should Trust Us: How We Chose the Best Fast Personal Loans
Business Insider's personal finance experts strive to help smart people make the best decisions with their money. We spent hours comparing and contrasting the features and fine print of dozens of personal loans so you don't have to.
We understand that "best" is often subjective, however, so in addition to highlighting the pros of a lender's personal loan, we outline the cons, too.
We rate all personal loan products in our reviews and guides on a 1-5 scale following our loan-rating methodology. The overall rating is a weighted average that takes into account seven different categories. Some categories, like interest rates and fees, are judged more heavily than others, reflecting the most important criteria when shopping for a personal loan.
At Business Insider, our reviews are guided by editorial independence, meaning our recommendations and ratings are based on objective criteria, thorough research, and expert analysis. Advertisers do not dictate our content, ensuring our reviews remain transparent and unbiased.
Our Experts' Advice on Choosing the Best Fast Loans
We consulted personal loan and financial experts to give their insights into finding the best quick cash loans for your needs.
- Markia Brown, certified financial education instructor and registered financial associate at Money Plug, LLC
- Ryan Wangman, former loans reporter at Business Insider
How do borrowers decide on their repayment terms?
Markia Brown:
"Repayment options are important when considering a lender for a loan because some lenders may charge you a fee if you repay your loan early. When you pay your loan off early, it means you pay the lender less in interest. They charge this prepayment penalty to get some of that money anyway. This fee varies by lender and loan type, so keep this in mind when shopping for a lender."
Ryan Wangman:
"Repayment terms can be crucial in determining the overall cost of your loan. One of the biggest things to watch out for are origination fees. Origination fees are taken out of the total proceeds of your loan and reduce the overall amount of money you receive."
What makes the best personal loan?
Markia Brown:
"The best personal loans meet your financial needs without exceeding your budget. They have the lowest interest rate and fees, flexible repayment options, and the money is available quickly."
Ryan Wangman:
"Especially when it comes to fast funding, the best personal loans will get you your cash quickly without saddling you with an overwhelming amount of fees. You'll also want a lender that has minimum credit score requirements that fit your financial situation."
FAQs
Could I save money by waiting longer for my cash?
In some cases lenders will charge higher interest rates or fees for the convenience of quick cash, so you might save money if you waited longer for your money. However, if you have an excellent credit score, you could very well be offered the same interest rate for quick loans as you would for loans that take a longer time to fund.
Can I borrow cash instantly?
While you won't get your money "instantly," in some cases, you can apply for a fast personal loan, be approved, and have access to the cash within 1-3 business days. With a fully online application and funding processes, some lenders can provide same-day loans if you qualify.
Are quick personal loans safe?
A personal loan with a fast funding time will be just as safe as any other personal loan as long as you borrow from a reputable lender. Be cautious of those offering "instant money," as those loans are often predatory, with extremely high interest rates that are difficult to pay.
Are there online personal loans with same-day deposit?
Some online lenders can approve you for a personal loan and deposit the funds into your bank account on the same day, if you complete the application and it's processed by a certain time of day. LightStream and Rocket Loans are two examples.
Can I get a quick personal loan with bad credit?
Yes, getting a personal loan with bad credit (generally below 580) can be tough but possible through lenders like Upstart and LendingPoint. Upstart considers factors beyond just your credit score, like education and work history, while LendingPoint focuses on your ability to repay.
However, you can expect higher interest rates and less favorable terms when applying for a quick personal loan with a lower credit score.
