A personal loan can be an excellent tool for covering emergency expenses, consolidating debt, and making large purchases. There are many personal loan lenders to choose from, but a few in particular stand out for fast funding. To expedite your application, apply early during a business day — some lenders have a cutoff for same-day funding. And prequalify with multiple lenders first to see which are most likely to approve your application.
Compare fast personal loan rates of March 2024
When you prequalify for a personal loan, it doesn’t impact your credit score, but does let you get a sense of the rates and terms you might qualify for. Once you’ve compared rates and apply, the lender will conduct a hard credit inquiry, which could temporarily ding your score.
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 — as of this writing, Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.
Note that unlike most lenders, Lightstream does not let you prequalify. 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
PenFed is a credit union that offers personal loans to applicants with good credit. Though you'll need to become a member to receive a loan, membership is open to everyone. PenFed shines with no origination fees, small available loan amounts, and low interest rates. If you don't have a FICO score above 700, you may not qualify on your own, but can apply with a cosigner with good credit — which is not something most lenders offer.
PenFed doesn't have a minimum income amount, and offers live chat and an entirely online loan application process.
Fees
Unsuccessful payment fee, late fee
Time to get funds
Typically 1 to 2 business days after verification
Loan uses
Debt consolidation, home improvement, credit card refinancing
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. Once you have a loan with SoFi, you may be eligible for unemployment protection and unemployment assistance.
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 4.75%, 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 710). 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
Zable offers relatively small loan amounts — ranging from $1,000 to $25,000 — that can be deposited in your account as soon as the same day you are approved, if it is by the lender's deadline. It’s an option for fair-credit borrowers, with a minimum credit score of 600, as well as those with lower incomes.
Its origination fees range from 5% to 9%, however, and it does not offer discounts, secured loans, nor the option to add a cosigner to your application. Zable also currently does not offer loans in 21 states.
Fees
Origination fees (5% to 9%)
Eligibility
Not available in CO, CT, IN, KS, LA, ME, ND, NE, NH, NJ, NV, OK, OR, PA, RI, SC, SD, VT, WV, WI, or WY
Loan uses
Debt consolidation, credit card refinancing, home improvement, major purchase, car financing
Read full reviewFees
Origination Fee, $15 Late Fee, $25 NSF Fee
Eligibility
Available in all states except CO, CT, ME, NV, NH, TN, VT, WV, WY, and all U.S. Territories
Time to get funds
Funds typically deposited into your account in 1 business day13
Loan uses
Debt consolidation, credit card refinancing
Read full reviewOverview
OneMain Financial has multiple options for bad-credit personal loans. The minimum credit score required is 540, 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 fast personal loans
With many personal loan lenders, you can expect to have funds as soon as the next business day after you apply. Some even offer same-day funding. All of the following Credible partner lenders can make funds available the same or the next business day after you’re approved.
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. Once you have a loan with SoFi, you may be eligible for unemployment protection and unemployment assistance.
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
Best credit union for personal loans
Loan Amount
$600 to $50000
No origination fee
Allows cosigners
Small loan amounts available
May fund in 1 to 2 business days
No discounts
Good credit required
Overview
PenFed is a credit union that offers personal loans to applicants with good credit. Though you'll need to become a member to receive a loan, membership is open to everyone. PenFed shines with no origination fees, small available loan amounts, and low interest rates. If you don't have a FICO score above 700, you may not qualify on your own, but can apply with a cosigner with good credit — which is not something most lenders offer.
PenFed doesn't have a minimum income amount, and offers live chat and an entirely online loan application process.
Fees
Unsuccessful payment fee, late fee
Time to get funds
Typically 1 to 2 business days after verification
Loan uses
Debt consolidation, home improvement, credit card refinancing
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
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
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 710). 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
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
Best for 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 — as of this writing, Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.
Note that unlike most lenders, Lightstream does not let you prequalify. 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
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
Low maximum origination fee
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 4.75%, 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)
Loan Amount
$10000 to $50000
Long loan terms available
May fund in 1 to 2 days
Low minimum income requirement
Available in all states
Trustpilot score of 4.9/5 stars
High minimum loan amount
Origination fee
No discounts
Good credit required
Overview
Axos is one of few lenders that offers loans for business purposes. Plus, it has a low minimum income requirement, offers repayment terms up to 7 years, and is available in all states. But If you need a loan under $10,000, you'll need to look elsewhere. While this lender may charge an origination fee, it's fees are on the low side, topping out at 3%. You'll also want to have good credit to apply for a loan with Axos. You can expect to receive funds 1 to 2 business days after the loan is approved.
Eligibility
Available in all 50 states
Time to get funds
As soon as the next business day after successful verification
Loan uses
Debt consolidation, home improvement, self-employment, and other purposes
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. The minimum credit score required is 540, 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
Best for fast funding and fair credit
Loan Amount
$3500 to $40000
May fund within 1 day
Fair-credit borrowers may be eligible
Social Security number not required to prequalify
Origination fee
No discounts
Not available in CO, CT, ME, NV, NH, TN, VT, WV, or WY
Fees
Origination Fee, $15 Late Fee, $25 NSF Fee
Eligibility
Available in all states except CO, CT, ME, NV, NH, TN, VT, WV, WY, and all U.S. Territories
Time to get funds
Funds typically deposited into your account in 1 business day13
Loan uses
Debt consolidation, credit card refinancing
Best for short-term loans and same day funding
Loan Amount
$1000 to $35000
Funding as soon as the same day
Low minimum income required
100% digital process
No discounts
Maximum loan amount is lower than most other lenders
Origination fee
Not available in CO, CT, IN, KS, LA, ME, ND, NE, NH, NJ, NV, OK, OR, PA, RI, SC, SD, VT, WV, WI, or WY
Overview
Zable offers relatively small loan amounts — ranging from $1,000 to $25,000 — that can be deposited in your account as soon as the same day you are approved, if it is by the lender's deadline. It’s an option for fair-credit borrowers, with a minimum credit score of 600, as well as those with lower incomes.
Its origination fees range from 5% to 9%, however, and it does not offer discounts, secured loans, nor the option to add a cosigner to your application. Zable also currently does not offer loans in 21 states.
Fees
Origination fees (5% to 9%)
Eligibility
Not available in CO, CT, IN, KS, LA, ME, ND, NE, NH, NJ, NV, OK, OR, PA, RI, SC, SD, VT, WV, WI, or WY
Loan uses
Debt consolidation, credit card refinancing, home improvement, major purchase, car financing
Other lenders that also offer fast personal loans include Navy Federal, USAA, TD Bank, and Citi.
Methodology
Credible evaluated the best personal loan lenders for fast personal 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.
What is a fast personal loan?
In many cases, fast personal loans don’t differ at all from traditional personal loans, except that they’re funded the same day or within a day or two of your application. Many online lenders now offer fast funding as a standard benefit.
And while many fast loans are legitimate personal loans with competitive interest rates, some fast loans and some emergency loans are really payday loans or cash advances that charge predatory rates. Predatory loans are considered to be any loan that charges an annual percentage rate (APR) over 36%. That’s where personal loans top out — and generally bad-credit personal loans are the only ones that carry such high rates.
But payday loans frequently have triple-digit APRs. They charge high fees for short-term, small loans that are due on your next payday. The same can be said for most cash advances — if you want money in minutes, you’ll generally have to pay some sort of expedited funds fee, which can push the APR on these loans over 200%. (If you tip, it’ll go even higher). The dollar amount might seem low — $8.99 to get a $100 two-week loan, for example, in minutes. But that’s equal to an APR of 234%.
To put that in perspective, it’s like paying $234 to borrow $100 for one year, meaning you’d have to pay a total of $334 back.
Tip
The APR accounts for interest charged and upfront fees (like origination fees charged on personal loans and fees on payday loans and cash advance apps) to give a true sense of the cost to borrow money.
How to compare personal loans
When you’re shopping for a fast personal loan, there are a few loan criteria you should consider to help choose the best option:
- Time to fund: If you need a fast personal loan, it’s important to consider each lender’s time to fund the loan. Many lenders share this information right on their websites (or check out the details in the table above). There are plenty of lenders that offer loan funding within a day or two of approval.
- APR: The APR gives you an idea of the overall cost of your loan, aside from additional fees you may incur, like late fees. Get prequalified with a handful of lenders to compare APRs and find the best rate.
- Loan amount: Personal loan amounts can range from around $1,000 to over $100,000. Each lender has a different maximum loan amount, so make sure the lender you choose offers loans in the size you need.
- Repayment terms: Personal loan repayment terms usually last anywhere from 1 year to 7 years. However, some lenders may offer terms over 10 years, depending on what you’re using the loan funds for.
- Fees: In addition to the interest on your loan, you may also be required to pay an upfront fee. Common fees include origination fees and administrative fees. Though origination fees are reflected in the APR, it’s still a good idea to note which loans have them, since they’re often deducted from the amount you borrow.
- Cosigner option: If your credit isn’t sufficient to qualify for a loan by yourself, you may need a cosigner with good credit to apply with you. However, many lenders don’t allow cosigners on personal loans, so make sure to narrow your list to those that do if you need one.
Pros and cons of fast personal loans
Fast personal loans come with some obvious advantages. However, there are also some downsides to consider before applying for one.
Pros
- Fast funding: Many online lenders offer personal loans where you can have the money in your bank account within a day or two of approval.
- Competitive interest rates: Personal loans often have competitive interest rates — 2-year loans were lower than credit card rates by an average of 9 percentage points, according to the most recent data from the Federal Reserve. If you have good credit, you’re more likely eligible for the lowest-rate personal loans.
- Prequalification available: It’s common for online lenders to allow prequalification, meaning you can find out if you’re likely to qualify without it impacting your credit.
Cons
- The best rates depend on your credit: Whether you qualify for a personal loan and what interest rate you’ll get is dependent on your credit history and financial profile. So if you’re struggling financially, it may be hard to get approved or to get a low rate. It will be easier to get approved for a payday loan or cash advance — since neither of these check your credit. But then you’re in predatory lending territory.
- Some fast loans are predatory: If the loan requires a credit check, or is offered by a reputable bank where you already have a checking and savings account, it’s probably not predatory. Some legitimate loans don’t consider your credit, but will be clear about the APR. But if the lender doesn’t consider your credit, and doesn’t clearly display the APR (or charges fees instead of interest and has a short repayment period), it’s probably predatory — and best avoided if possible.
- Fewer options available: If you need money right away, you’ll have fewer options for lenders, since not all offer fast funding.
How to get a personal loan fast
The process for getting a fast personal loan isn’t all that different from getting any other personal loan. As you’re shopping for a loan, make sure to pay attention to more than just the funding time.
- Compare lenders: First things first, compare a variety of different personal loan lenders to narrow down your list to those that meet your needs. Pay special attention to each lender’s funding time and look specifically at those with same-day or next-day funding.
- Prequalify: As mentioned, many lenders allow you to prequalify for a personal loan, meaning you can find out if you’re likely to qualify and what rate you could get without it negatively impacting your credit.
- Pick a loan: After you narrow down your list, choose the lender with the APR and terms that look best. The APR includes both interest and fees, so it’s the most accurate picture of how much the loan will cost you.
- Complete the application: Depending on the loan, you can probably complete the online application within about 10 minutes. You’ll need to provide financial information, including proof of income.
- Get your funds: If you have good credit, your loan application could be approved instantly. Once your loan is approved, a fast personal loan should land in your bank account either the same day or the next day.
Where to get a personal loan fast
Several types of lenders offer personal loans, including traditional banks, credit unions, and online lenders. However, not all lenders can offer fast funding on personal loans.
As you’re shopping for a personal loan, you may find that most (if not all) traditional banks and credit unions aren’t able to accommodate same-day or next-day funding on personal loans. Instead, narrow your focus to online lenders, which are more likely to offer fast funding.
Eligibility criteria for personal loans
The eligibility criteria for a personal loan are likely to vary from lender to lender. However, there are a handful of requirements that come standard for most lenders.
- Age: Most lenders require that a borrower be at least 18 years of age to qualify for a personal loan, as that’s the minimum age to enter into a contract.
- Credit score: Some lenders require good or excellent credit (a FICO score above 670) to qualify for a personal loan, while others offer loans to borrowers with fair credit (FICO from 580 to 669) or even poor credit (FICO below 580).
- Employment status: You’ll need to have an income source to qualify for a personal loan, which usually comes by way of employment. However, some lenders consider unemployment benefits and other income sources.
- Income: Some lenders (though not all) have a minimum income you must earn to qualify for a personal loan. For example, Credible partner Discover requires a minimum income of $25,000 annually.
- Debt-to-income ratio (DTI): In addition to a minimum income, lenders generally require that your DTI is below 35%. This figure is the total of your minimum monthly debt payments divided by your gross monthly income, expressed as a percentage.
Fast personal loans FAQ
How can I get an instant loan with bad credit?
There are some personal loans that offer personal loans funded within one business day that also cater to borrowers with bad credit. However, you’ll have fewer options, and loan approval may take longer if you have bad credit. Consider applying with a cosigner or co-borrower to improve your chances of getting a loan and to expedite the process.
Related: Best Instant Loans
What are alternatives to personal loans?
There are several alternatives to personal loans, including credit cards, home equity loans, home equity lines of credit, and personal lines of credit. The best option for you depends on your financial situation, whether you own a home with equity, and what you need the money for.
Related: Personal Loan Alternatives
How can I get money right now?
If you need money fast, you may be able to get a personal loan the same day you apply. If you aren’t able to qualify for a loan in the time you need it, consider what other funding sources you can rely on, such as emergency savings or a credit card.
Meet the expert:
Erin Gobler
Erin Gobler is a freelance personal finance writer with more than eight years of experience writing online. She’s passionate about making the financial services industry more accessible by breaking down complicated financial topics in simple terms.