Best Fast Personal Loans: Top Options for Quick Cash

BEST OVERALL LOAN OFFER COMPARISON

Stilt?

Stilt offers a single loan application so you can apply for a loan with 100+ lenders without impacting your credit score.

Apply for loans in 2 mins and check your interest rate.

You will find many lenders who offer loans including the best ones we mentioned below. Even if you get an offer from a lender not mentioned, you can still see if they offer a better rate.

BEST OVERALL FAST PERSONAL LOAN

SoFi?

SoFi? is an online lending platform that provides unsecured fixed-rate personal loans in all states. Established in 2011, SoFi has granted over $50 billion in loans and is distinguished by its generous loan amounts and extended loan terms.

Loans range from $5,000 to $100,000, making SoFi an excellent choice for individuals with outstanding credit seeking substantial loan amounts. The availability of loan amounts may differ by state. With repayment terms spanning from two to seven years, SoFi offers remarkable flexibility for those with adequate credit (minimum 650) and annual income (at least $45,000). Moreover, SoFi allows prospective borrowers to submit joint applications, although co-signers are not permitted.

Approved borrowers benefit from relatively low APRs. Additionally, SoFi stands out by not imposing origination fees, late fees, or prepayment penalties, a standout feature in contrast to other personal loan lenders.

SoFi offers several advantages, including prequalification with a soft credit check, same-day funding upon loan approval, and the option for direct payments to third-party creditors for debt consolidation. However, it does have a high credit score requirement and minimum loan amount.

Details

• Minimum credit score required: 650
• Minimum annual income: $45,000
• Co-borrowers: Permitted
• Co-signers: Not permitted

SoFi's innovative lending approach focuses on providing borrowers with personalized loan options tailored to their unique financial situations. The platform also offers member benefits such as career coaching and financial planning resources, adding value beyond the loan itself.

Overall, SoFi is an attractive option for individuals seeking competitive rates, borrower-friendly terms, and valuable member benefits.

BEST FOR LOW INTEREST RATES

LightStream

LightStream offers an APR range of 6.99% to 25.49% with autopay, making it one of the best options for low-interest personal loans. The lender has a rate-beat program, which means that if you find a lower rate elsewhere, LightStream will beat it by 0.10%.

One of the most significant advantages of LightStream is its flexible loan terms. Borrowers can choose loan terms ranging from 24 to 144 months, making it easier to find a repayment plan that suits their budget. Additionally, LightStream charges no origination, late payment, or prepayment fees, making it a cost-effective option for borrowers.

To be eligible for a personal loan with LightStream, you need a minimum credit score of 660. Co-borrowers are permitted, and the lender does not disclose a minimum income requirement. However, the lender has strict eligibility criteria, making it difficult for those with less-than-stellar credit history to gain approval.

Pros:

• Long loan terms available
• Low-interest rates
• Fast approval and funding
• No origination, late payment, or prepayment fees
• Rate-beat program

Cons:

• No prequalification option
• High minimum loan amount
• Low average customer rating on Trustpilot

In summary, LightStream is an excellent option for borrowers looking for low-interest rates and flexible loan terms. With no fees and a rate-beat program, LightStream is a cost-effective option for borrowers with good credit.

BEST FOR FEW QUALIFICATION REQUIREMENTS

Rocket Loans

Rocket Loans is a personal loan provider that offers loans through Cross River Bank. As a sister company to Rocket Homes and Rocket Mortgage by Quicken Loans, Rocket Loans has a strong reputation and is available in most states. It offers personal loans with an APR range of 9.116% to 29.99%, and the minimum rate includes an autopay discount.

Rocket Loans has a low minimum credit score requirement of 580, making it an accessible option for borrowers who may not qualify for loans from other lenders. However, borrowers should be aware that they will face origination fees and limited repayment terms of three or five years.

Rocket Loans scored high on our list of personal loans for emergencies, as borrowers can receive funds as soon as the same day they apply. To qualify for this fast funding, approved applicants must complete their applications and sign the promissory note before 1 p.m. Eastern time on a business day. If same-day funding is not possible, the average time to receive funds is two to four days.

Keep in mind that Rocket Loans charges an origination fee of up to 9% of the loan amount, and APRs range from 9.116% to 29.99% (minimum rate includes autopay discount). So, if you have a high credit score or can wait a little longer to receive funds, cheaper loan options may be available. You can qualify for loan amounts of $2,000 to $45,000.

Pros & Cons

Here are some pros and cons of Rocket Loans that you should consider before applying:

Pros

• Prequalification process only requires a soft credit check, which won't hurt your credit score.
• Offers same-day approval, and same-day funding may be possible.
• Does not impose a prepayment penalty, so you can pay off your loan early without any additional fees.
• Rate discount available with autopay, which can help you save money on interest charges.

Cons

• Fees for origination, late payment, and insufficient funds can add up quickly.
• Does not offer direct payment for debt consolidation loans, so you'll need to manage your debt payments yourself.
• Doesn't allow co-signers or co-applicants, which may be a disadvantage for some borrowers.
• Limited loan repayment terms of three or five years.

Details

Here are some additional details about Rocket Loans that you should know:

Overview

Rocket Loans offers personal loans through Cross River Bank. With Rocket Loans, borrowers can receive funds as soon as the same day they apply. To qualify for this fast funding, approved applicants must complete their applications and sign the promissory note before 1 p.m. ET on a business day. If same-day funding is not possible, the average time to receive funds is two to four days.

Eligibility

Here are the eligibility requirements for Rocket Loans:

• Minimum credit score: 580
• Minimum income: $24,000
• Doesn’t allow co-signer or co-borrower

Loan Uses

Rocket Loans can be used for a variety of purposes, including:

• Home improvements
• Large expenses
• Travel and vacation

Overall, Rocket Loans is a good option for borrowers who have a low credit score and need money quickly. However, borrowers should be aware of the fees and limited repayment terms associated with these loans. If you need a larger loan or longer repayment term, you may want to consider other loan options.

BEST FOR FAST FUNDING & BELOW-AVERAGE CREDIT

LendingPoint

LendingPoint is an online lender based in Atlanta, offering personal loans to prospective borrowers in 48 states and Washington D.C. The loans are not available in Nevada and West Virginia. Borrowers in eligible states can conveniently apply online and benefit from quick funding. The personal loans range from $2,000 to $36,500, with Georgia loans having a minimum amount of $3,500. Repayment terms range from 24 to 72 months.

Pros & Cons

• Quick funding
• Low credit score requirements
• No prepayment penalty
• Origination fee up to 10%
• Co-signers or joint loans not permitted
• Not available in Nevada and West Virginia

Details

Eligibility:

• Minimum credit score: 600
• Minimum annual income: $35,000
• Co-signers: Not permitted

BEST FOR A RANGE OF REPAYMENT TERMS

Avant

Avant is a consumer lending platform established in 2012 and headquartered in Chicago. It provides secured and unsecured personal loans through a third-party bank, WebBank. Unsecured loans are available in most states except Hawaii, Iowa, New York, Vermont, West Virginia, and Maine, with a focus on middle-income borrowers having fair to good credit. Avant sets a minimum credit score of 580 to qualify for their loans.

The platform offers flexible repayment terms ranging from two to five years, making it an accessible option for borrowers. Avant's loans are suitable for debt consolidation, large expenses, and home projects. While it charges an administrative fee of up to 4.75% of the loan amount, the APR range of 9.95% to 35.99% is relatively high, especially for applicants with a good to excellent credit score. It's important to note that Avant does not provide an autopay discount and does not allow co-signers or co-applicants.

Pros & Cons

• Secured and unsecured loan options available
• Low credit score requirement (580)
• Loan terms available up to 60 months
• Charges an upfront administrative fee
• High starting APR for prime borrowers
• Co-signers and co-applicants not allowed

BEST FOR LOANS AS LOW AS $1,000

Upstart

Upstart is a personal loan lender that utilizes artificial intelligence and machine learning to qualify borrowers. According to Upstart, their approach has allowed them to approve 27% more borrowers than traditional lending models. While Upstart's APRs are competitive, borrowers who can qualify for more competitive rates may find better options elsewhere. However, Upstart offers a minimum credit score of 300, making it an accessible option for those with fair credit.

Upstart provides a flexible range of loan options, with amounts ranging from $1,000 to $50,000. Borrowers can choose the amount they need, which can help avoid borrowing more than necessary and paying interest on unnecessary funds. While Upstart's loan cap is lower than some lenders, it is still likely to be enough for many prospective borrowers.

Upstart has no minimum credit score requirement to apply for a loan, making it a popular choice for borrowers of all credit categories. Those with lower credit scores or uneven credit history may receive offers with high APRs. Loan terms range from three to five years, which may be more restrictive than other lenders. However, this tradeoff is likely to be acceptable for applicants who might not be approved in a more traditional lending environment.

Upstart is available in every state except West Virginia and Iowa, making it as widely available as many other top lenders. Funding can be as soon as one business day, and borrowers can choose a custom payment date. However, Upstart charges an origination fee up to 12% of the loan amount, and late fees or statement fees may apply. Additionally, Upstart does not offer a co-signer option.

Overall, Upstart is a good option for borrowers with fair credit who need a loan as low as $1,000. With flexible loan options and a minimum credit score requirement of 300, Upstart is accessible to many borrowers. However, borrowers who can qualify for more competitive rates may find better options elsewhere.

Methodology

To identify the best lenders, you were evaluated based on 13 data points in five categories, each assigned a specific weight. The categories include loan details, loan costs, eligibility and accessibility, customer experience, and the application process. The application process was assigned the highest weight of 30%, followed by eligibility and accessibility at 25%, loan details at 15%, loan cost at 20%, and customer experience at 10%.

Within each category, several characteristics were considered, including available loan amounts, repayment terms, APR ranges, applicable fees, minimum credit score requirements, co-signer or joint application acceptance, and geographic availability. Additionally, customer support tools, borrower perks, and features that simplify the borrowing process, such as prequalification options and mobile apps, were evaluated. Partial points were awarded where appropriate based on how well a lender met each criterion.

Tips to Compare Fast Personal Loans

If you need a loan quickly, there are several things you can do to ensure that you get the best deal possible while still receiving funds promptly. Here are some tips to follow when comparing fast-approval personal loans:

• Find a funding speed that works for you. If your primary goal is to access cash quickly, compare lenders based on application approval and loan disbursement times. Fast funding speeds may come with higher interest rates or less flexible loan amounts, but the best personal loans offer a combination of competitive features.
• Compare available interest rates. Look at the interest rate ranges available from each lender. Some lenders publish their rates as APRs, which include the interest rate plus additional fees and give a better idea of the overall cost of the loan. Some of the best personal loans come with APRs between about 4% and 36%.
• Determine available repayment terms. Compare loan terms for each lender, and make sure you can afford the monthly payments before you apply. The longer the repayment term, the smaller the monthly payment—but this translates into more interest and a higher cost of borrowing in the long run.
• Pay attention to lender reputation. It's essential to do your research and find a lender that is reputable and trustworthy. Ask for referrals from friends or family members who have taken out a fast personal loan in the past. Also, read online reviews to see how past and current borrowers feel about the lender's application process, approval odds, and customer support.
• Read the fine print. Before signing on the dotted line, make sure you understand all the details of the loan agreement. By reading the fine print, you can avoid surprises down the road. This is especially important if you're trying to get loan funds quickly and may be inclined to rush through the borrowing process.

When comparing fast personal loans, it's important to consider the lender's reputation, interest rates, repayment terms, and funding speed. You can use a personal loan calculator to estimate the cost of borrowing and help you compare lenders. Banks, credit unions, and online lenders are all potential sources for fast personal loans. Keep in mind that having a high credit score will increase your chances of getting approved for a loan with favorable terms and rates. Finally, don't forget to consider the customer experience when choosing a lender.

What Is a Fast Personal Loan?

A fast personal loan is a type of personal loan that provides quick access to funds, with some lenders offering same-day turnaround times. This means that you can apply for the loan, receive a decision, and get the funds in your bank account all within a short time frame. For example, Lightstream is one lender that advertises same-day turnaround times for some loans. In contrast, it can take up to a week to actually see funds in your account from the time you apply for the loan with most personal lenders.

Pros and Cons of Fast Personal Loans

Pros

• Quick funding: Fast personal loans can provide you with the money you need quickly, sometimes within one business day. This can be especially helpful if you have an unexpected expense or need money for an emergency.
• Cheaper than credit cards: Personal loans can have lower APRs than credit cards, especially if you have a high income and credit score. According to the Federal Reserve, the average interest rate on a two-year personal loan is around 10%.
• Can apply online with many lenders: Applying for a personal loan is easy and convenient. Many lenders allow you to apply online, which means you can get pre-qualified or pre-approved quickly and easily.

Cons

• May require good credit: To qualify for the best interest rates and terms on a personal loan, you typically need a good credit score. If your credit score is low, you may not qualify for a loan, or you may be offered a higher interest rate.
• Smaller choice of lenders: Unlike credit cards, which are widely available, personal loans are offered by a smaller number of lenders. This means you may have fewer options to choose from and may need to shop around more to find the right loan for you.
• Easier to make rushed financial mistakes: Because personal loans are often fast and easy to obtain, it can be tempting to make rushed financial decisions. Be sure to read the terms and conditions of any loan carefully, and make sure you understand the fees, interest rates, and repayment terms before you sign on the dotted line.

Funds may take longer to receive if the lender needs more information. Some lenders may require additional documentation or information before they can approve your loan, which can delay the funding process. Be sure to ask your lender about their requirements and timelines so you can plan accordingly.

How Fast Can You Get a Personal Loan?

Getting a personal loan can be a quick process, with some lenders offering same-day funding and almost immediate approvals. However, it's more common to receive personal loan funds within three to five business days after loan approval and completion of the loan verification process. The funding speed also depends on your bank and how quickly it processes and makes the loan proceeds accessible. If you need cash quickly, it's best to ask your bank how long it will take to see funds deposited in your account.

How To Get a Quick Loan

How To Get a Quick Loan With Bad Credit

If you have a poor credit history, obtaining a personal loan swiftly may pose a challenge, as lenders may have concerns about your ability to repay. However, there are steps you can take to improve your chances:

• Find a Lender Willing to Work With You: Look for lenders who specialize in providing loans to individuals with bad credit. While this may take longer and involve higher interest rates and fees, it can be a viable option.
• Consider a Co-Signer: Applying for a loan with a co-signer who has a good credit score can enhance your chances of approval. A co-signer is someone who agrees to be responsible for loan repayments if you are unable to make them. This individual could be a family member or a friend, but it's important to note that co-signers assume a significant level of risk.

By following these steps, you can increase your likelihood of obtaining a quick loan even with bad credit.

Alternatives To Quick Personal Loans

If you need cash quickly, but don't want to take out a personal loan, there are several alternatives available to you. Here are some options to consider:

Cash-Advance Apps

Cash-advance apps allow consumers to access cash from their paycheck before it's deposited in their account. These apps link to your account and automatically withdraw the advanced amount after you get paid. This can be a good option if you need cash quickly, but be aware that there may be fees associated with using these apps.

Friends and Family

If you feel comfortable, consider asking friends or family for a temporary cash infusion. Make sure you communicate your needs clearly and record all of the important loan terms in writing, including the loan amount, interest rate, and repayment term. This can add clarity and help you avoid conflict down the road.

0% APR Credit Card

Some credit cards offer qualified applicants a 0% interest introductory period. These 0% APR credit cards can be a good option if you need to make a large purchase and can pay off the balance within the introductory period—usually between six and 21 months. However, be aware that interest rates can be very high once the introductory period ends.

Payday Loans

Payday loans involve borrowing money for a short period of time and can come with fast funding speeds. However, we don't recommend them because the interest rates are typically extremely high, and the loans can lead to a cycle of borrowing.

Payday Alternative Loans (PALs) from a Credit Union

This type of loan is offered exclusively to eligible credit union members and can help you avoid a typical payday loan. Loan amounts are usually limited to $200 to $1,000, with repayment terms from one to six months. PALs can be a good option if you need cash quickly and have a poor credit score.

When Should You Take Out a Fast Personal Loan?

When you should take out a fast personal loan depends on your needs and how urgently you need the funds. A fast personal loan can take up to a couple of days from when you apply until when you receive funds. That said, there's no guarantee that you'll receive a loan within a couple of days, especially if you apply over the weekend or if the lender needs more information. If you need financing, it's likely best to not wait to apply for a fast personal loan.

How Can You Get a Personal Loan Instantly?

While there is no such thing as an instant personal loan, it is possible to get a same-day personal loan. There are some steps you can take to increase your chances of getting approved and receiving funds quickly, such as having a good credit score, providing all necessary documentation, and applying during business hours. However, your interest rates may be higher than what you'd get with lending options with slower funding speeds.

Can You Get a Personal Loan Without a Credit Check?

Most personal loans require a credit check because lenders use your credit score to determine loan eligibility and interest rate. However, some lenders specialize in loans for people with bad credit and offer no-credit-check loans. It's usually best to avoid no-credit-check loans, though, because they have higher interest rates and shorter repayment terms than other financing options.

What Can a Personal Loan Be Used For?

Personal loans are extremely flexible and can be used for a number of purposes, including consolidating debt, financing a large purchase, or paying for unexpected expenses. Borrowers can also use funds to pay for moving expenses, finance home improvements, pay medical bills, cover wedding costs, or go on vacation. However, personal loans cannot be used for certain purposes, such as paying for higher education, making a down payment on a home, or covering certain business expenses. It's important to carefully consider your loan purpose before applying for a personal loan.

Overall, there are several alternatives to quick personal loans that you can consider if you need cash quickly. However, it's important to carefully consider the pros and cons of each option before making a decision.