Quick Loans: Best Lenders for Fast Cash of April 2024

When you’re strapped for cash, you don’t always have time to wait days or weeks for a loan. Whether you need to get your car back on the road or buy a plane ticket to deal with a family emergency, you can find legitimate lenders that offer quick loans online. 

So before you resort to something drastic, like a payday loan, prequalify with lenders offering quick loans online. You can compare annual percentage rates (APRs) and loan terms before you commit. To get you started, we’ll review the best loans with fast funding, how to choose a lender, and how to get a quick loan with bad credit. Help is on the way. 

Compare quick loan rates of April 2024

Best quick loans

All the lenders below can fund loans the same day or next business day after you apply. Take a few minutes to prequalify — it won't hurt your credit — to get an idea of loan rates and terms you might qualify for. You'll need to formally apply to see your final rate and terms, at which point the lender will pull your credit, which may temporarily lower your score. Though time is of the essence, make sure you can afford the loan and payment before you sign the loan agreement.

SoFi: Best overall

Upgrade: Best for fair credit

Splash: Best quick loans for good credit

Universal Credit: Best debt consolidation loans for bad credit

LightStream: Best home improvement loans and low rates

Best Egg: Best for high close rates if pre-approved

Upstart: Best fast personal loans for all credit types

Reach Financial: Best for fast funding and fair credit

Methodology

Credible evaluated the best personal loan lenders for quick 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, directly from our partners, and via email support. Each data point was verified by a third party to make sure it was accurate and up to date.

Learn more about how Credible rates lenders by exploring our Personal Loans Lender Rating Methodology.

How to get a quick personal loan

To qualify for a personal loan, you need to convince lenders that you’ll repay the loan according to the agreed-upon terms. To do this, they generally consider your credit profile among other factors.

Have a good-enough credit score

While you’ll need excellent to qualify for the best rates, some online lenders offer quick loans for bad credit. You can even find no-credit-check quick loans, but they typically come with very high interest rates in the triple digits — they’re not recommended.

Have high-enough income

Most lenders want proof that you have a consistent and stable source of income, but it doesn’t necessarily have to be from a full-time job. Some lenders also have minimum annual income requirements, such as $20,000 in income per year.

Have a low DTI

Your debt-to-income ratio (DTI) represents the share of your income you put toward debt repayment each month. You can calculate it by dividing your minimum monthly debt payments by your monthly gross income. The lower it is, the better your chances of getting approved. DTI maximums vary by lender — for example, Upstart considers personal loan applicants with a DTI below 50%, in most states.

Other factors that affect your application

Some lenders may look at bank account transactions and other factors when determining the risk of lending you money. If a lender uses alternative underwriting data, such as cash flow evaluation, it may make it easier to qualify with poor credit.

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Factors to consider when choosing quick loans

Before you apply for a personal loan, prequalify with multiple lenders to compare rates and terms based on your situation. Prequalifying does not hurt your credit. Once you receive lender quotes, compare them based on the following:

• Funding time: With some fast-cash loans, you can receive the money as soon as the same day you apply. Others may send you money the day after your loan application is approved. Consider how quickly you need the money when choosing the best quick loan.
• Fees: Some lenders charge origination fees and late fees, while others, like SoFi, do not. If a lender charges an origination fee, it will be reflected in the loan’s APR.
• APR: APR represents the total cost of borrowing each year, including interest and upfront fees, expressed as a percentage of the loan amount. Use APRs to compare how much you’ll pay to borrow money from each lender.
• Terms: Repayment terms typically range from 1 to 7 years, and vary by lender. A longer term may mean a lower monthly payment, but you’ll pay more in interest. To reduce interest costs, choose the shortest term you can comfortably afford.
• Lender reputation: Look up customer reviews to evaluate previous borrowers’ experience with the lender’s customer service team. Repeated complaints about the same issue could be a red flag.
• Cosigner rules: If you have bad credit, it can be easier to qualify for a quick personal loan with a cosigner. A cosigner is a friend or family member with good credit who would be equally responsible for loan repayments. If you have a willing cosigner, narrow down your options to lenders that allow cosigners.
• Digital tools: If you think you’ll be more likely to stay on top of payments with a lender that offers autopay and a mobile app, consider those features when choosing a lender.

How to apply for a quick loan

To apply for a fast loan online, you’ll generally follow these steps, although the process can vary from one lender to the next:

• Check your credit score: Request a free credit report from AnnualCreditReport.com — you can access your report for free every week through December 2023. If you find errors, dispute them immediately with the appropriate bureau.
• Compare lenders: First, narrow down your options to lenders you’re likely to qualify with. To do this, consider minimum credit score, minimum income, and maximum DTI requirements between lenders. Then, select those that offer the loan terms you need, such as the amount you want to borrow and the repayment term you want.
• Prequalify: Most lenders let you prequalify with a soft inquiry that won’t hurt your credit. Follow the steps on the lender’s website — prequalification usually takes no more than a few minutes. Note that you’ll get a rate estimate, but your final rate could be slightly different.
• Pick a loan offer: Choose the loan offer that best meets your needs. Aim for the lowest APR along with a monthly payment you can afford. Make sure you’ll be able to continue making payments for the duration of the loan’s repayment term.
• Complete the application: Complete your application and supply any additional requested documentation, such as pay stubs and bank statements. Once you officially apply, the lender will conduct a hard pull on your credit, which could temporarily ding your credit score.
• Sign your loan documents: If you’re happy with the final loan offer, sign the paperwork to begin the funding process.
• Receive the funds: Funds are typically deposited directly into your bank account, as soon as the same day, in some cases.
• Begin repayment: In most cases, you’ll repay the loan in monthly installments, beginning within 30 days of funding. If autopay is an option with your lender, setting it up can help you avoid missing payments.

Quick loans for bad credit

Getting a fast loan for bad credit can be a challenge, but it’s not impossible. The following strategies can help you get a fast-cash loan online, even if your credit score isn’t pretty:

• Apply with a cosigner: If you have a friend or family member with good credit who’s generous enough to vouch for you on a loan, they can improve your chance of qualifying. By cosigning, they’ll have full responsibility for the loan if you fail to make payments. Make sure to work out a budget for repayment with your cosigner to avoid damaging their credit or your relationship.
• Look into secured options: Some lenders offer secured personal loans that are easier to qualify for with bad credit. However, you’ll need to provide collateral, such as the title to your vehicle. You could lose that collateral if you fail to repay the loan.
• Explore bad credit lenders: Some lenders are friendlier to bad credit borrowers than others. Look into lenders that use alternative underwriting data, like Upstart. And consider other lenders with low credit score minimums or those who accept cosigners (not all lenders do) to find the best bad credit loans.

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FAQ

How can I borrow money instantly?

While storefront payday lenders often offer same-day loans, these loans are risky, expensive, and can lead to a destructive cycle of debt. If you can wait at least one business day for the money, your best bet may be to apply for an online personal loan. You can also consider a loan from a family member or friend if you need the cash right away.

How to get quick loans online

To get a quick online loan, start by prequalifying with a few of the best lenders for fast-cash loans. Next, compare the APR and terms of different loan offers to choose the best option for your needs. Once you sign the documentation and provide your bank account information, you could receive the money the same day, depending on the lender.

How to get a loan fast

To get a quick loan online, compare lender funding times, and gather the necessary information before applying. Some lenders, such Lightstream, can distribute the loan funds as soon as the same business day.

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