Kiah Treece is a small business owner and personal finance expert with experience in loans, business and personal finance, insurance and real estate. Her focus is on demystifying debt to help individuals and business owners take control of their finances. She has also been featured by Investopedia, Los Angeles Times, Money.com and other financial publications.
Lindsay VanSomeren is a personal finance writer based out of Kirkland, Washington. Her work has appeared on Business Insider, Credit Karma, LendingTree, and more.
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Fast personal loans can provide flexible financing to consumers who need to access cash quickly. While it could take several business days for the money to arrive in your account, some lenders offer same- or next-day funding speeds. However, this convenience may come with higher interest rates and fees, so you should compare the best fast-cash loans before applying.
Compare Personal Loan Rates
Best Quick Personal Loans
BEST OVERALL FAST PERSONAL LOAN
SoFi®
APR range
8.99% to 29.99%
with autopay
8.99% to 29.99%
with autopay
Editor’s Take
SoFi is an online lending platform that offers unsecured fixed-rate personal loans in every state. Founded in 2011, SoFi has extended over $50 billion in loans and stands out for allowing high loan amounts and its availability of extended loan terms.
Loans are available from $5,000 to $100,000, making SoFi a great option for those with excellent credit who need to borrow a large amount of money. Loan amounts available may vary by the state you live in. Repayment terms range from two to seven years, making SoFi an incredibly flexible option for those with sufficient credit (minimum 650) and annual income (at least $45,000). SoFi also lets prospective borrowers submit joint applications—although co-signers are not permitted.
Approved borrowers are rewarded with comparatively low APRs. What’s more, SoFi doesn’t charge origination fees, late fees or prepayment penalties—a stand-out feature because personal loan lenders often charge origination or late payment fees at a minimum.
However, if you’re considering a debt consolidating loan from SoFi, keep in mind that the lender does not offer direct payment to a borrower’s other creditors. This means the loan proceeds will be deposited to your bank account and you’ll have to pay off your other lenders individually. The platform does offer customers a number of other perks and discounts.
Pros & Cons
- Prequalification with a soft credit check
- Funding as quickly as the same day of loan approval
- Offers direct payments to third-party creditors for debt consolidation
- High credit score requirement
- High minimum loan amount
Details
Eligibility:
- Minimum credit score required. 650
- Minimum annual income. $45,000
- Co-borrowers. Permitted
- Co-signers. Not permitted
What I find impressive about SoFi is its innovative approach to lending, with a focus on providing borrowers with personalized loan options tailored to their unique financial situations.
As a small business owner, I benefited from SoFi’s competitive rates and borrower-friendly terms, which include no origination fees or prepayment penalties. Also, SoFi’s member benefits, such as career coaching and financial planning resources, add value beyond just the loan itself, making it an attractive choice for entrepreneurs looking to grow their businesses while managing their finances responsibly.
— Michael Ashley, finance expert, Richiest.com
BEST FOR LOW INTEREST RATES
LightStream
APR range
6.99% to 25.49%
with autopay
6.99% to 25.49%
with autopay
Editor’s Take
LightStream offers loans with both a low minimum and maximum interest rate, along with a rate-beat program. LightStream’s unsecured personal loans range from $5,000 to $100,000 with loan amounts varying based on the loan purpose. In addition to offering appealing and flexible terms, LightStream charges no origination, late payment or prepayment fees. The lender also offers a 0.50% rate discount for borrowers who enroll in autopay.
Pros & Cons
- Long loan terms available
- Low interest rates
- Fast approval and funding
- No prequalification option
- High minimum loan amount
- Low average customer rating on Trustpilot
Details
Eligibility:
- Minimum credit score. 660
- Minimum income. Does not disclose
- Co-borrowers. Permitted
Lightstream, a division of Trust Bank, is known for its range of loan options and competitive rates. The downside can be its strict eligibility criteria, making it difficult for those with less-than-stellar credit history to gain approval.
— Jonathan Feniak, general counsel and head of finance, LLC Attorney
BEST FOR FEW QUALIFICATION REQUIREMENTS
Rocket Loans
APR range
9.116% to 29.99%
minimum rate includes autopay discount
9.116% to 29.99%
minimum rate includes autopay discount
Editor’s Take
A sister company to Rocket Homes and Rocket Mortgage by Quicken Loans, Rocket Loans offers personal loans through Cross River Bank. The lender’s availability in most states and low minimum credit score requirement (580 ) make Rocket Loans an accessible option. However, borrowers will face origination fees and repayment terms limited to three or five years.
Rocket Loans scored high on our list of personal loans for emergencies, however, because 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 funding speed and accessibility come with a price—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
- Prequalification process only requires a soft credit check
- Offers same-day approval, and same-day funding may be possible
- Does not impose a prepayment penalty
- Rate discount available with autopay
- Fees for origination, late payment and insufficient funds
- Does not offer direct payment for debt consolidation loans
- Doesn’t allow co-signers or co-applicants
- Limited loan repayment terms
Details
Overview: A sister company to Rocket Homes and Rocket Mortgage, 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:
- Minimum credit score: 580
- Minimum income: $24,000
- Doesn’t allow co-signer or co-borrower
Loan uses:
- Home improvements
- Large expenses
- Travel and vacation
BEST FOR FAST FUNDING & BELOW-AVERAGE CREDIT
LendingPoint
APR range
7.99% to 35.99%
with autopay
7.99% to 35.99%
with autopay
Editor’s Take
LendingPoint is an online lender based in Atlanta that offers personal loans to prospective borrowers in 48 states and Washington D.C.; it does not offer loans in Nevada and West Virginia. Prospective borrowers in eligible states can apply online and benefit from quick funding.
LendingPoint personal loans range from $2,000 to $36,500; Georgia loans have a minimum loan amount of $3,500. Repayment terms range from 24 to 72 months—or two to six years.
There are two main disadvantages to LendingPoint: high maximum APRs and origination fees. While you can typically avoid high APRs by maintaining a high credit score, LendingPoint origination fees (up to 10%) depend on the state you live in.
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
LendingPoint can be a good option for those who may not have a high credit score. They focus more on the potential borrower’s job history and income when determining loan eligibility and rates.
— Jonathan Feniak, general counsel and head of finance, LLC Attorney
BEST FOR A RANGE OF REPAYMENT TERMS
Avant
Editor’s Take
Founded in 2012 and based in Chicago, Avant is a consumer lending platform that offers secured and unsecured personal loans through a third-party bank (WebBank). Unsecured loans are available in Washington, D.C. and every state but Hawaii, Iowa, New York, Vermont, West Virginia and Maine. The platform specializes in middle-income borrowers with fair to good credit and only requires a minimum score of 580 to qualify.
Maximum loan amounts are low compared to other lenders, but the low minimum amount and flexible repayment terms (two to five years) make it an accessible option for borrowers. However, as with many loans for subprime borrowers, Avant personal loans come with a price. In addition to charging an administrative fee of up to 4.75% of the loan amount, Avant’s APR range (9.95% to 35.99%) is on the high end for applicants with a good to excellent credit score—and there is no autopay discount. Still, the platform earns top marks for borrowers with less than stellar credit who need quick access to funds.
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
Details
Eligibility:
- Minimum credit score: 580
- Minimum income: $20,000
- Doesn’t allow co-signers or co-borrowers
Loan uses:
- Debt consolidation
- Large expenses
- Home projects
BEST FOR LOANS AS LOW AS $1,000
Upstart
Editor’s Take
Upstart has made a mark on the personal loan space because of its artificial intelligence- and machine learning-based approach to borrower qualification. In fact, Upstart estimates that it has been able to approve 27% more borrowers than possible under a traditional lending model. With competitive APRs, Upstart is not a top lender for borrowers who can qualify for more competitive rates. Even so, the platform’s minimum 300 credit score makes it an accessible option to those with fair credit.
Upstart also offers a pretty flexible range of loan options, with amounts ranging from $1,000 to $50,000 so you don’t have to borrow (or pay interest on) more than you really need. And, while Upstart’s loan cap is lower than some lenders—this is likely to be enough for many prospective borrowers.
Even though Upstarts three- or five-year loan terms are more restrictive than other lenders, it’s likely to be an acceptable tradeoff for applicants who might not be approved in a more traditional lending environment. Plus, it’s available in every state except West Virginia and Iowa, so it’s as widely available as many other top lenders.
Pros & Cons
- Accessible to borrowers with no credit history
- Prequalification with a soft credit check
- Ability to choose a custom payment date
- Charges an origination fee up to 12% of the loan amount
- No co-signer option
- Only offers three- or five-year terms
Details
Eligibility:
- Minimum credit score. 300
- Minimum income. No minimum but must have a source of income
- Co-signers. Not permitted
- Co-borrowers. Not permitted
Upstart has no minimum credit score to apply for a loan, which makes them a popular choice for borrowers of all categories. Those with lower credit scores or uneven credit history may receive offers with [high APRs]. Loan amounts range from $1,000 to $50,000 and loan term lengths available are three- or five-year.
Upstart offers flexibility with payment dates and funding can be as soon as one business day. However, some requirements are employment, steady income, a personal bank account, email address and a Social Security number. Some fees may apply, including an origination fee, late fees or statement fees.
— Stephen Kates, CFP®, Annuity.org
Summary: Best Fast Personal Loans For Quick Cash
Methodology
We reviewed 15 popular lenders based on 13 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We chose the best lenders based on the weighting assigned to each category:
- Application process: 30%
- Eligibility and accessibility: 25%
- Loan details: 20%
- Loan cost: 15%
- Customer experience: 10%
Within each category, we also considered several characteristics, including available loan amounts, repayment terms, annual percentage rate (APR) ranges and applicable fees. We also looked at minimum credit score requirements, whether each lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated each provider’s customer support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps.
Where appropriate, we awarded partial points depending on how well a lender met each criterion.
To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our Loans Rating & Review Methodology.
Tips to Compare Fast Personal Loans
If you need a loan fast, there are some things you can do to make sure you get the best deal possible while still receiving funds quickly. Follow these tips 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. 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. This can help you find a lender that is reputable and trustworthy.
- Read the fine print. Make sure you are aware of all the details of the loan agreement before signing on the dotted line. By reading the fine print, you can avoid surprises down the road—especially if you are trying to get loan funds quickly and may be inclined to rush through the borrowing process.
What Is a Fast Personal Loan?
A fast personal loan is one where you can receive funding quickly; with some lenders, it can be as soon as the same day. That quick turnaround includes the entire process, including applying, receiving a decision and then receiving the funds in your bank account.
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
Getting a personal loan fast can be appealing, but before you accept the financing, be sure to understand the pros and cons of a quick loan:
Pros
- Quick funding
- Cheaper than credit cards
- Can apply online with many lenders
Cons
- May require good credit
- Smaller choice of lenders
- Easier to make rushed financial mistakes
Funds may take longer to receive if lender needs more info
How Fast Can You Get a Personal Loan?
You can usually get a personal loan pretty quickly, with some lenders offering almost immediate approvals and same-day funding. It’s more common, though, to receive personal loan funds within three to five business days of loan approval and completion of the loan verification process.
Personal loan funding speeds also depend on your bank and how quickly it processes—and makes accessible—the loan proceeds. So if you need cash quickly, ask your bank how long it will take to see funds deposited in your account.
How To Get a Quick Loan
There are a few things you can do to increase your chances of getting approved and receiving funds quickly. Follow these steps to get a personal loan fast:
- Check your credit score. Borrowers with a credit score of at least 670 are more likely to get approved for a personal loan than less creditworthy applicants. Having a strong credit history also makes it easier to qualify with a lender that offers accelerated funding speeds with competitive rates. Check your credit score and report early in the borrowing process so you have time to make improvements or dispute issues.
- Calculate how much you need and how much you can afford to borrow. Personal loan amounts generally range anywhere from $1,000 to $100,000, but flexible loan amounts are not always available with fast funding. Consider how much money you need before you choose a lender and apply for a loan. This will help you narrow down your options and choose a loan that works with your timeline, rather than wasting time on lenders that don’t meet your needs.
- Compile all of the necessary documents. The documents required to apply for a personal loan vary by lender but typically include your driver’s license, Social Security number, proof of income and address. It also may be necessary to provide the lender with a copy of bank statements. If you need to access personal loan funds quickly, organize these documents before applying so you can move through the approval process as fast as possible.
- Prequalify with multiple lenders. Compare personal loans from multiple lenders to find the best interest rate and repayment term as well as the lowest fees. Where possible, prequalify so you can see the loan amount and rate you’re likely to qualify for before committing time to the application process.
- Apply for a loan at your preferred lender. Once you prequalify with several lenders, complete the application and underwriting process with the lender that offers the fastest funding speed—or otherwise addresses your needs. This often can be completed online, but you may need to discuss your application with a loan officer over the phone or provide additional documents to complete the verification process. Respond to lender requests quickly to prevent delays in underwriting.
How To Get a Quick Loan With Bad Credit
If you have bad credit, it might be hard to get a personal loan quickly because lenders will worry about your ability to make payments. You can try to find a lender who is willing to work with you, but it will likely take longer and you might have to pay more in interest and fees.
Also consider applying with a co-signer who can improve your personal loan approval odds. A co-signer is someone with good credit who agrees to sign the loan with you and is responsible for making the payments if you can’t. This can be a family member or friend, but keep in mind that co-signers assume substantial risk.
Alternatives To Quick Personal Loans
If you need cash fast but don’t want to take out a personal loan, consider these alternatives:
- Cash-advance apps. These let consumers access cash from their paycheck before it’s deposited in their account. The app links to the user’s account and then automatically withdraws the advanced amount after they get paid.
- 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.
- Payday loans. These 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.
Frequently Asked Questions (FAQs)
When should I 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 I get a personal loan instantly?
There is no such thing as an instant personal loan—all personal loans take some time to process. However, it is possible to get a same-day personal loan, and there are some steps you can take to increase your chances of getting approved and receiving funds quickly. Still, you will need to meet certain requirements, and your interest rates may be higher than what you’d get with lending options with slower funding speeds.
Can I 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 purpose or paying for unexpected expenses. Borrowers also can use funds to pay for moving expenses, finance home improvements, pay medical bills, cover wedding costs or go on vacation.
That said, there are a few things personal loans cannot be used for. For example, borrowers may not be able to use personal loan disbursements to pay for higher education, make a down payment on a home or cover certain business expenses. Personal loan funds also cannot be used for illegal purposes.
Next Up In Personal Loans
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