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Your water heater breaks. Your dog needs surgery. Your car is making that awful noise again.
If an emergency expense pops up, a personal loan can really help in a pinch. Fast personal loans are a solid option that could help you quickly get the money you need — possibly the same or next day after approval, depending on the lender.
Here’s what you should know about fast personal loans:
- Fast loans for same-day or next-day funds
- How to get a fast personal loan
- How fast can you get a personal loan?
- Alternatives to personal loans
- What to know before getting a quick loan
Fast loans for same-day or next-day funds
In many cases, the quickest loans you can get are online personal loans. With online lenders, you can submit your application and potentially get a decision right away, depending on the lender.
Here are Credible’s partner lenders that offer fast online personal loans with same- or next-day funding:
|Lender||Fixed rates||Time to fund||Min. credit score||Loan amounts|
|9.95% - 35.99% APR||As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)||550||$2,000 to $35,000**|
|7.99% - 15.19% APR||Next business day||740||$10,000 to $50,000|
|6.99% - 24.99% APR||As soon as the next business day after acceptance||660||$2,500 to $35,000|
|7.99% - 35.99% APR||As soon as the next business day||600||$2,000 to $36,500|
|5.99% - 23.99% APR||As soon as the same business day||700||$5,000 to $100,000|
|18.0% - 35.99% APR||As soon as 1 to 2 business days after approval||None||$1,500 to $20,000|
|11.69% - 35.93% APR7||Within one day, once approved9||560||$1,000 to $20,000|
|8.49% - 35.97% APR||Within a day of clearing necessary verifications||600||$1,000 to $50,000|
How to get a fast personal loan
If you’re ready to apply for a fast personal loan, follow these four steps:
- Review your credit. You’ll generally need good to excellent credit to qualify for a personal loan. However, some lenders offer personal loans for bad credit — just keep in mind that these typically come with higher interest rates.
- Compare lenders and pick your loan option. Loan terms, rates, and eligibility criteria vary widely from lender to lender, so it’s wise to compare as many lenders as possible to find the right loan for you.
- Complete the application. Once you find a loan option that fits your needs, you’ll need to fill out a full application and submit any required documentation, such as tax returns or pay stubs.
- Get your loan funds. If you’re approved, the lender will have you sign for the loan so they can send you the money — typically by direct deposit.
Remember to also consider how much a fast personal loan will cost you over time so you can plan for any added expense.
You can estimate how much you’ll pay for a loan using our personal loan calculator below.
Enter your loan information to calculate how much you could pay
With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan.
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Learn More: Small Personal Loans
How fast can you get a personal loan?
Some lenders offer same-day loans and next-day loans — if you’re approved by one of these lenders, you could have the money in your bank account within hours.
Online lenders may offer faster personal loan funding times than traditional financial institutions since the application and funding process is completely digital. Banks and credit unions may also offer an online application process, or you can apply for a loan in person at a local branch. Banks and credit unions can typically fund a personal loan within one to seven business days, though the exact funding time varies depending on the individual financial institution.
Opting to receive your loan funds through direct deposit to your bank account, rather than receiving a paper check in the mail, can also help you get your money more quickly.
Pay special attention to the fine print
Some lenders offer quick loan disbursement only if you submit your loan application and are approved by a certain time — if this is the case for the lender you’ve picked, make sure to complete your application by the deadline so your funding time isn’t delayed.
If you’ve been approved for a loan, you’ll need to sign a loan agreement before the lender will disburse your loan funds. Read through the agreement carefully and make sure you understand all the terms of the loan before you sign.
Check Out: Pre-Qualify for a Personal Loan
Alternatives to personal loans
If you decide that a personal loan isn’t right for you, here are a few options to consider instead:
- Credit card: With a credit card, you’ll have access to a credit line that you can repeatedly draw on and pay off. Some cards also come with a 0% APR introductory offer — if you’re able to pay off your card before this period ends, you might not have to pay any interest. But if you can’t repay your balance in time, you could be stuck with some hefty interest charges. Keep in mind that credit card interest rates are typically higher than personal loan interest rates.
- Payday loans or pawn shop loans: While these types of short-term loans can get you fast access to cash, they should be a last resort. Both payday and pawn shop loans typically come with astronomically high rates and fees that could leave you in more debt than what you started with. Payday loans, for example, can come with interest rates that equate to an APR of 300% to 500% — exponentially higher than what you’d pay on a personal loan.
- Borrowing money from friends or family: If you have friends or family members with solid finances, consider asking them for a loan to cover your emergency expense. While it could feel embarrassing to ask for help, your loved ones might be able to lend you the cash quickly at little to no interest, which could cost you less than a fast personal loan. Just be sure to repay the loan so your relationships aren’t strained down the road.
As you’re shopping for a fast personal loan, keep an eye out for possible scams or predatory lenders. Avoid this type of lender if at all possible, and wait until you’re able to apply for a personal loan with a more-reputable lender.
Learn More: Cash-Advance Loan
What to know before getting a quick loan
A fast personal loan could be a good choice for covering emergency expenses. However, there are a few things to keep in mind before getting one:
- Compare multiple lenders. Shop around and consider as many lenders as possible to find the right loan for you. Compare not only rates but also repayment terms and any fees the lender charges.
- Make sure you can afford the loan. Your monthly payments and overall loan cost should fit comfortably within your budget. While most personal loans are unsecured and your assets won’t be at risk if you default on the loan, missing payments could severely damage your credit.
- Consider a cosigner. If you have less-than-stellar credit, having a cosigner with good credit could help you get approved for a loan. Not all lenders allow cosigners on personal loans, but some do. Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.
If you decide to take out a personal loan, remember to compare as many lenders as you can to find a loan that fits your needs.
Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.
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Keep Reading: $5,000 Loan
About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 5.40%-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 10%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.