When an unexpected expense hits, you might need cash urgently. Whether your car needs fixing or your pet needs emergency surgery, an instant personal loan can help. We evaluated personal loan lenders based on rates, fees, terms, funding times, customer experience, and more, so you can choose the best instant loan for your situation.
Compare instant loan rates of May 2024
Advertiser DisclosureOverview
Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply, and you'll have up to 12 years to repay certain types of loans, including home improvement loans, RV loans, and boat loans. There are no origination fees, and rates are low — Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.
Unlike most lenders, Lightstream does not let you prequalify on its site. Nor does it provide a contact phone number next to its customer service hours on its website.
Repayment terms
2 - 12 years, depending on loan purpose
Eligibility
Available in all states except RI and VT
Time to get funds
As soon as the next business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Read full reviewOverview
Discover Personal Loans offers low APRs, repayment terms up to seven years, no origination fees, nationwide availability, and doesn't require your Social Security number to prequalify on its site. You'll need to have an annual income of at least $40,000, and a FICO score 660 or higher, to be eligible. If your credit score is fair or poor, you'll need to go elsewhere, as Discover doesn't allow cosigners.
Funds are available as soon as the next business day after loan approval.
Eligibility
Available in all 50 states
Time to get funds
Funds can be sent as soon as the next business day after acceptance
Loan uses
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
Read full reviewOverview
Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.
However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
Read full reviewOverview
SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesn't require your Social Security number.
The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans.
Fees
Option to pay an origination fee (up to 6%) in exchange for a lower rate
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Loan uses
Solely for personal, family, or household uses
Read full reviewOverview
Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers who've prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.
Fees
Origination fee, late fee, dishonored payment fee
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, and WV
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Loan uses
Debt consolidation, emergency expense, life event, home improvement, and other purposes
Repayment terms
1 to 5 years (2 to 5 years through Credible)
Read full reviewOverview
It’s worth considering a personal loan through Splash if you have good credit (ideally, a FICO score above 700). The platform offers loans from a wide range of lenders, and next-day funding is available. Plus, Splash has a live chat feature so you can get real-time answers without having to wait on hold or for an email. Loans are available up to $100,000 if you apply via Splash’s website.
Rates are competitive, but borrowers with excellent credit may find lower APRs elsewhere. If you need a repayment term longer than five years, you’ll need to look elsewhere as well.
Loan amount
$5,000 - $100,000 (up to $35,000 on Credible)
Eligibility
Available in all states except VT. OH and NM net disbursed amount must be greater than $5,000. MA must be greater than $6,000
Time to get funds
Same day available, typically 1-3 days
Loan uses
Debt consolidation, home improvement, medical expenses, major purchases
Read full reviewOverview
Universal Credit is one of a handful of lenders that offers personal loans for bad credit. If your FICO credit score is at least 560, you may be eligible for a Universal Credit personal loan. It offers loan amounts up to $50,000, repayment terms up to seven years, and discounts for direct pay and autopay. Funds are available as soon as the next business day after loan approval.
Note that rates and fees can be relatively high — you may pay an origination fee from 5.25% to 9.99%, and APRs start at 11.69%. If you get a loan with a high interest rate, consider refinancing your personal loan at a lower rate once you've improved your credit score.
Eligibility
A U.S. citizen or permanent resident; not available in DC, IA, SC, WV
Time to get funds
As soon as 1 business day after acceptance
Loan uses
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
Read full reviewOverview
OneMain Financial has multiple options for bad-credit personal loans. There is no minimum credit score required (if you apply directly with OneMain), which means you could get a loan with bad credit (FICO below 580). Plus, cosigners are allowed — a cosigner is someone (ideally, with good credit) who promises to repay the loan if you can't, which can make it easier to qualify or lower your rate. And, secured personal loans are available. You secure a loan with collateral, which may also help you qualify or lower your rate.
Rates are higher than competitors and OneMain charges origination fees as either a flat fee up to $500, or a percentage from 1% to 10% (depending on your state of residence). Note that even if you prequalify for a personal loan with OneMain, getting approved isn't a given.
Fees
Origination fee, unsuccessful payment fee, late fee
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
Time to get funds
As soon as 1 to 2 days after acceptance
Loan use
All except business, and education
Read full reviewBest instant loans
Same-day funding
All the lenders below offer same-day funding when you apply on a business day and your loan is approved before the lender's same-day funding cutoff time.
SoFi: Best overall
Loan Amount
$5000 to $100000
Min. Credit Score
Does not disclose
No fees required
Large loan amounts available
Autopay and direct pay discounts
Same day funding
Long loan terms available
Good credit required
5,000 minimum loan amount
Overview
SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesn't require your Social Security number.
The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans.
Fees
Option to pay an origination fee (up to 6%) in exchange for a lower rate
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Loan uses
Solely for personal, family, or household uses
Splash: Best quick loans for good credit
Best quick loans for good credit
Loan Amount
$5000 to $35000
Excellent customer reviews on Trustpilot
Funding as soon as the same business day
Large loan amounts available
Possible origination fee up to 7.49% (through Credible)
Other lenders may have lower starting APRs
No cosigner option
Overview
It’s worth considering a personal loan through Splash if you have good credit (ideally, a FICO score above 700). The platform offers loans from a wide range of lenders, and next-day funding is available. Plus, Splash has a live chat feature so you can get real-time answers without having to wait on hold or for an email. Loans are available up to $100,000 if you apply via Splash’s website.
Rates are competitive, but borrowers with excellent credit may find lower APRs elsewhere. If you need a repayment term longer than five years, you’ll need to look elsewhere as well.
Loan amount
$5,000 - $100,000 (up to $35,000 on Credible)
Eligibility
Available in all states except VT. OH and NM net disbursed amount must be greater than $5,000. MA must be greater than $6,000
Time to get funds
Same day available, typically 1-3 days
Loan uses
Debt consolidation, home improvement, medical expenses, major purchases
LightStream: Best home improvement loans and low rates
Best home improvement loans and low rates
Loan Amount
$5000 to $100000
Same-day funding available
High maximum loan amount
No origination fee
Good credit required
No prequalification process
Not available in Vermont
Overview
Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply, and you'll have up to 12 years to repay certain types of loans, including home improvement loans, RV loans, and boat loans. There are no origination fees, and rates are low — Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.
Unlike most lenders, Lightstream does not let you prequalify on its site. Nor does it provide a contact phone number next to its customer service hours on its website.
Repayment terms
2 - 12 years, depending on loan purpose
Eligibility
Available in all states except RI and VT
Time to get funds
As soon as the next business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Next-day funding
Though not as speedy as the lenders above, you can get these loans as soon as the next business after you apply and your application is approved.
Upgrade: Best for fair credit
Loan Amount
$1000 to $50000
Fair credit borrowers eligible
Autopay and direct pay discounts
Can fund in as little as 1 business day
Mobile app
Secured loans available
High maximum origination fee
Cosigners not accepted on home improvement loans
Low J.D. Power ranking
Overview
Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.
However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
Discover: Best for no origination fees (and low rates)
Best for no origination fees (and low rates)
Loan Amount
$2500 to $40000
Low minimum APR
May fund the next business day
Long loan terms available
Direct pay to creditors
No origination fee
No discounts offered
Secured loans not available
Overview
Discover Personal Loans offers low APRs, repayment terms up to seven years, no origination fees, nationwide availability, and doesn't require your Social Security number to prequalify on its site. You'll need to have an annual income of at least $40,000, and a FICO score 660 or higher, to be eligible. If your credit score is fair or poor, you'll need to go elsewhere, as Discover doesn't allow cosigners.
Funds are available as soon as the next business day after loan approval.
Eligibility
Available in all 50 states
Time to get funds
Funds can be sent as soon as the next business day after acceptance
Loan uses
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
Universal Credit: Best debt consolidation loans for bad credit
Best debt consolidation loans for bad credit
Loan Amount
$1000 to $50000
Borrowers with bad credit considered
No minimum income requirement
Autopay and direct pay discounts available
Can fund in one business day
High APRs
Potentially high origination fees
Not available in Iowa
Overview
Universal Credit is one of a handful of lenders that offers personal loans for bad credit. If your FICO credit score is at least 560, you may be eligible for a Universal Credit personal loan. It offers loan amounts up to $50,000, repayment terms up to seven years, and discounts for direct pay and autopay. Funds are available as soon as the next business day after loan approval.
Note that rates and fees can be relatively high — you may pay an origination fee from 5.25% to 9.99%, and APRs start at 11.69%. If you get a loan with a high interest rate, consider refinancing your personal loan at a lower rate once you've improved your credit score.
Eligibility
A U.S. citizen or permanent resident; not available in DC, IA, SC, WV
Time to get funds
As soon as 1 business day after acceptance
Loan uses
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
OneMain Financial: Best bad credit personal loans
Best bad credit personal loans
Loan Amount
$1500 to $20000
Borrowers with poor credit may be eligible
Secured loans available
Allows cosigners
Can fund as soon as one business day after approval
High minimum APR
Process not 100% digital
Not available in AK, AR, CT, DC, MA, RI or VT
High maximum origination fee
Overview
OneMain Financial has multiple options for bad-credit personal loans. There is no minimum credit score required (if you apply directly with OneMain), which means you could get a loan with bad credit (FICO below 580). Plus, cosigners are allowed — a cosigner is someone (ideally, with good credit) who promises to repay the loan if you can't, which can make it easier to qualify or lower your rate. And, secured personal loans are available. You secure a loan with collateral, which may also help you qualify or lower your rate.
Rates are higher than competitors and OneMain charges origination fees as either a flat fee up to $500, or a percentage from 1% to 10% (depending on your state of residence). Note that even if you prequalify for a personal loan with OneMain, getting approved isn't a given.
Fees
Origination fee, unsuccessful payment fee, late fee
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
Time to get funds
As soon as 1 to 2 days after acceptance
Loan use
All except business, and education
Avant: Best for all credit types
Best for all credit types
Loan Amount
$2000 to $35000
Borrowers with bad credit considered
Funds as soon as the next business day
1-year loan terms available on Avant's website
No discounts offered
Origination fee
Not available in HI, IA, MA, ME, NY, VT, or WV
Overview
Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers who've prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.
Fees
Origination fee, late fee, dishonored payment fee
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, and WV
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Loan uses
Debt consolidation, emergency expense, life event, home improvement, and other purposes
Repayment terms
1 to 5 years (2 to 5 years through Credible)
Methodology
Credible evaluated the best personal loan lenders for instant loans based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, fees, discounts, and whether cosigners are accepted. Credible’s team of experts gathered information from each lender’s website, customer service department, in-house resources, and via email support. Each data point was verified to make sure it was accurate at the time of publication.
Learn more about how Credible rates lenders by exploring our Personal Loans Lender Rating Methodology.
Where to get instant loans
You have a few options for getting an instant cash loan, and some are more costly than others:
- Personal loans: Personal loans are available from banks, credit unions, and online lenders. They provide a lump sum for almost any purpose, which you repay in predictable installments each month. Some lenders can fund a personal loan the same day, but depending on your situation, it could take longer. Personal loans often come with lower rates and longer terms than other instant loan options — the average interest rate on a 2-year personal loan was 12.49% in February 2024, according to the Federal Reserve.
- Cash advance apps: Cash advance apps allow you to get a portion of your paycheck ahead of time without a credit check. The money is typically repaid automatically out of your next deposited paycheck. Most cash advance apps only let you borrow a couple hundred dollars, but some may offer up to $1,000. Some apps only ask for an optional tip, while others charge fees that depend on the amount of the advance. Some cash advance apps also charge a monthly subscription fee.
- Payday loans: Same-day payday loans are available online and at brick-and-mortar stores. They offer a small amount of cash without a credit check that is usually due on your next payday. However, these loans come with high fees that can translate to an annual percentage rate (APR) of 400% or more, depending on the fees charged. Additionally, payday lenders may debit your account if you don’t pay the loan back in time. If you don’t have sufficient funds, your bank may charge you an overdraft fee, further compounding the cost.
Important
APRs on both payday loans and cash advance apps can be very high due to the short repayment period and fees. For example, if you take out a $100 cash advance and pay an $8.99 express funding fee, the APR would be 469% if repaid over seven days.
Learn More: APR vs Interest Rates on Personal Loans
Instant loans for bad credit
While payday loans and cash advances are instant and do not require a credit check, they come with fees that can equate to sky-high APRs. Personal loans are better for your finances, but have eligibility criteria. For example, the lender may have requirements regarding the following:
- Credit score: Many personal loan lenders require you to have a good credit score, but some, like Credible partner Upstart, may offer instant loans to bad-credit borrowers. You can also look for lenders that allow cosigners and apply with help from a friend or family member who has good credit.
- Income: Personal loan lenders, along with payday loan lenders and cash advance apps, require a verifiable source of income. Some personal loan lenders may also have minimum annual income requirements.
- Debt: Lenders consider how much debt you have relative to your income, which is known as your debt-to-income ratio (DTI). Lenders typically prefer a DTI below 35%, but some accept higher. If you’re overextended, you may not qualify.
- Payment history: Lenders check your credit report for red flags, like missed or late payments. These marks can make it more difficult to get a personal loan or may increase your rate.
How to compare instant personal loans
When comparing instant loans, consider the following:
- Funding time: If you need the loan today, that will narrow down your options. If you can wait at least one business day, that’ll open up the door to more lenders and lower rates.
- Eligibility requirements: Consider which lenders you can qualify for. Even if you have bad credit, prequalify with bad-credit personal loan lenders online to see how your rates compare to no-credit-check options.
- Loan amount: Weed out lenders that don’t offer the amount you need.
- Repayment terms: Determine the monthly payment you can afford, and look for lenders that offer a term with a payment at or below that amount. You can use a personal loan calculator to help you figure your monthly payment for different APRs.
- Fees: Some lenders may charge an origination fee, which is an upfront fee based on a percentage of the loan that is taken out of the amount you borrow. Some, but not all, lenders also charge late fees and insufficient funds fees.
- APR: The APR is a better way to compare loan costs than the interest rate alone since it considers upfront fees, like an origination fee, in addition to the interest rate.
- Cosigner option: Using a cosigner with good credit can help you qualify for a loan if you have bad credit. But you’ll need to choose a lender that allows cosigners. Your cosigner will be responsible for the loan if you fail to repay.
Compare Rates Now
How to apply for an instant personal loan
Before signing up for a cash advance app or taking out a payday loan, try to qualify for a personal loan. It’s likely the APR will be much lower and you’ll have a longer time to repay.
- Compare lenders: Research eligibility criteria, like minimum credit scores, as well as customer reviews, repayment terms, and cosigner options to find lenders that meet your needs.
- Prequalify: For lenders that offer prequalification, check the rate and terms you might qualify for before applying. Prequalification involves a soft credit inquiry, which won’t damage your credit score. Just note that when you apply for a personal loan, the lender will run a hard credit check that may temporarily reduce your credit score by a few points.
- Choose a loan: Select the loan quote that best meets your criteria — the best personal loan will likely have a relatively low APR and favorable repayment terms.
- Fill out the application: Complete the application online and submit any required documentation, such as pay stubs and bank statements.
- Sign your loan documents: If you’re approved, read the loan agreement and fine print to ensure the terms are acceptable, then sign and accept if they are.
- Get the funds: Wait for the funds to be transferred to your bank account (or directly to creditors in the case of debt consolidation loans).
Learn More: How To Get a Personal Loan
How to improve your credit score
A better credit score makes it easier to qualify for loans with favorable terms.
- Pay your bills on time: Your payment history accounts for 35% of your FICO credit score, so make sure to make at least the minimum payment on time. To avoid interest, pay the full balance on your credit cards each month.
- Reduce credit card balances: Pay off your credit card debt to reduce the amount you owe, which accounts for 30% of your score.
- Check your credit report for errors: View your free credit report at AnnualCreditReport.com and check for errors, like accounts that aren’t yours or inaccurate delinquencies. Dispute any errors with your creditors and the credit bureau immediately.
- Limit new applications for credit: Don’t apply for too many new credit cards or loans, as this can decrease your credit score.
Learn More: How To Build Credit
Pros and cons of instant personal loans
When you urgently need money, it can be hard to consider the downsides of getting it. But being aware of the cons can help you choose the best instant loan for your situation.
Pros
- Relatively low APRs: Personal loans cost less to borrow than using payday loans, cash advance apps, or credit cards, in most cases.
- Longer repayment terms: Many lenders let you pick your term, and you’ll have longer to pay off a personal loan than a payday loan or cash advance, which can be easier on your budget.
- May improve credit score: While a personal loan requires an initial hard credit check, which may cause your credit score to dip temporarily, your score may improve over time as you make on-time payments.
Cons
- May come with high minimum borrowing amounts: While some credit unions let you borrow as little as $500, most lenders require that you borrow a minimum of $1,000 or more. If you just need a couple hundred dollars to tide you over and can confidently repay it by your next paycheck, a cash advance app may be a better option.
- May not guarantee same-day funding: Some lenders offer funding as soon as the same day, but the actual time to fund varies depending on your application and your bank.
- Best rates require excellent credit: The low advertised rates for personal loans are reserved for borrowers with the best credit scores. If you have fair credit, you’ll likely pay a higher APR.
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FAQ
How can I get $500 instantly online?
If you need $500 in instant cash, you have a few options, including a cash advance app or online payday loan. These options tend to come with high fees, so if you can wait a day or two, or even a few hours in some cases, it’s best to consider an online personal loan.
Can I get an instant loan with no credit check?
Yes. Cash advance apps and online payday loan lenders typically do not require a credit check. However, it’s often costly to borrow using these methods. Check your rate with personal loan lenders to see if you prequalify first.
Are instant payday loans online guaranteed approval?
There’s no guarantee that you’ll be approved for a payday loan. You’ll need to have an active account with a bank, credit union, or prepaid card, along with proof of income. However, online payday loans do not typically require a credit check.
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Meet the expert:
Lindsay Frankel
Lindsay Frankel has been covering personal finance for six years, with particular expertise in loans, insurance, and real estate. She’s written hundreds of articles across a range of well-known outlets, including LendingTree, Investopedia, SFGate, and more. Outside of writing, she enjoys playing music and exploring nature with her rescue dog, Lucy.