Numerous situations can arise where you need funding from a personal loan as quickly as possible. From a flooded basement in your home to an emergency car repair, you can find lenders who offer personal loans with fas𒆙te𓄧r funding periods — in some cases, on the next business day after your application has been approved.
- What is a fast personal loan?
- Top lenders to consider
- How to apply
- How fast can you get a personal loan?
- How much can you borrow?
- The cost of fast personal loans
- Can you get a fast personal loan with bad credit?
- Alternatives to personal loans
What is a fast personal loan?
A fast personal loan allows yo🧜u to receive a lump sum payment from a lender within a short period, usually the next business day. Some personal loans take several days to deposit the funds, but a fast peꦯrsonal loan offers expedited funding times.
You can use ꦦthese funds toꩲ cover almost any personal expense, such as:
- Medical bills
- Home repairs
- Funeral expenses
- Rent or mortgage payments
- Utility payments
- Car repairs
- Relocation costs
If you need emergency loan funds to meet a specific financial deadline or unforeseen event, you may need to get a fast personal loan. These loans are approved based on your credit profile, including your credit score and history, plus your income. Expect to submit supporting documentation, such as W🐼-2s and paystubs, when you apply for the loan.
Top lenders to consider
Here are some of the best person🧸al loan lenders to consider if you need a fast personal loan.
Avant
Avant is an online lender that strives to improve the borrowing experience for the middle cl🍌ass. The lender has provided funding to more than 2 million borrowers. Avant’s personal loans are accessible to borrowers with lower credit scores and, if approved, funds can be deposited into your account as quickly as the next business day.
Avant might be a solid choice if you need to cover a small expense, with loan amounts that start a🌃t $2,000 in most states. You can also manage your loan using Avant’s mobile app. However, Avant charges fees, and it may not be available in your state.
- Interest rates: 9.95% to 35.99%; fixed
- Loan amounts: $2,000 to $35,000; minimum of $6,400 in Massachusetts
- Loan terms: 1 to 5 years
- Minimum credit score: 580
- Loan types: Emergency, debt consolidation, medical, home improvement; secured and unsecured
- Funding time: As soon as the next business day after approval
- Eligibility: Must be at least 18 years old (19 if you live in Alabama); must have a personal bank or credit union account; must be able to provide proof of income and identity; must not live in HI, MA, ME, NY, VT, or WV; must have a monthly income of at least $1,200
- Fees: Administration fee of up to 4.75%; late fee of $25; returned payment fee of $15
- Cosigner acceptance: No
- BBB rating: A
Pros:
- Fast funding
- Wide range of repayment terms
- No prepayment penalties
- Convenient mobile app
Cons:
- Charges an administration fee
- Low maximum loan amount
- Not available in all states
- Doesn’t accept cosigners
- Doesn’t disclose many eligibility requirements on website
- Doesn’t offer discounts
Axos Bank
Axos Bank offers may be right for you if you need to borrow a large amount of money. The lender als💞o offers flexibility — you can move your monthly payment due date by up to 10 days if ⭕you need to.
You can use an Axos Bank l💮oan for nearly any purpose, though the lender prohibits the use of funds for investing, post-secondary education, and short-term real estate bridge financing. You’ll also need a high credit score to qualify — 700 or above — and at least four years of good credit histo🎐ry.
- Interest rates: 7.99% to 14.99%; fixed
- Loan amounts: $5,000 to $50,000
- Loan terms: 3 to 6 years
- Minimum credit score: 700
- Loan types: Debt consolidation, credit card refinancing, home improvement, business, medical, vacation; unsecured
- Funding time: As soon as 2 days after signing loan agreement
- Eligibility: Must have verifiable income; must have at least 4 years of good credit history
- Fees: Origination fee of 1% to 2% of loan amount; late fee of $15; insufficient funds fee of $25; no prepayment penalties
- Cosigner acceptance: No
- BBB rating: A+
Pros:
- Wide range of loan amounts
- Ability to adjust payment due date
- No prepayment penalties
Cons:
- High minimum loan amount
- Charges fees
- High minimum credit score
- Doesn’t accept cosigners
- Doesn’t offer discounts
Discover Personal Loans
Discover offers personal loans for borrowers with fair to excellent credit. Loan amounts range from $2,500 to $40,000, and the lenderﷺ has flexible repayment terms.
Discover doesn’t charge origination or prepayment feeꦜs, which can make a loan more affordable.ඣ In addition, Discover offers free access to your FICO credit score and other credit report information.
- Interest rates: 6.99% to 24.99%; fixed
- Loan amounts: $2,500 to $40,000
- Loan terms: 3 to 7 years
- Minimum credit score: 660
- Loan types: Debt consolidation, home improvement, medical expenses, vacation funding, wedding financing, financial emergencies, auto expenses, pet emergencies, small business, and more
- Funding time: As soon as 1 business day after loan acceptance
- Eligibility: Be a U.S. citizen or permanent resident; be at least 18 years of age; have a minimum individual or household income of at least $25,000
- Fees: Late fee of $39; no origination, application, or prepayment fees
- Cosigner acceptance: No
- BBB rating: A+
Pros:
- No origination fee or prepayment penalty
- Long repayment terms
- Fast loan funding
Cons:
- Doesn’t accept cosigners or co-borrowers
- Requires at least fair credit
- No rate discounts
LendingPoint
LendingPoint has provided over $8 billion in loans since 2015. The lender considers other factors beyond your credit sco🐈re when determining whether you qualify. LendingPoint’s mobile ꧂app also has free tools like credit score monitoring and budget tracking.
However, LendingPoint may take up to three business days to approve 🦋your application, and it doesn’t offe🧔r loans to borrowers in Nevada and West Virginia.
- Interest rates: 7.99% to 35.99%; fixed
- Loan amounts: $2,000 to $36,500
- Loan terms: 2 to 6 years
- Minimum credit score: No minimum credit score
- Loan types: Debt consolidation, medical expenses, vehicle repairs, home improvements, weddings, and more
- Funding time: As soon as 1 business day after loan approval
- Eligibility: Be at least 18 years of age; provide a U.S. government-issued photo ID; have a Social Security number; have a minimum annual income of $35,000; have a verifiable bank account; not available in NV or WV
- Fees: Origination fee of 0% to 8% in some states; no prepayment penalties
- Cosigner acceptance: No
- BBB rating: A
Pros:
- No minimum credit score requirement
- Fast loan funding
- No prepayment penalties
Cons:
- Not available in NV, WV
- Charges an origination fee
- Approval can take 3 days
LightStream
LightStream is an online platform that offers loans to individuals with good-to-excellent credit profiles. Unlike some lenders, Light🦂Stream offers benefits like an autopay discount. When you sign up for automatic payments prior to loan funding, you can qualify for a 0.50 percentage point discount on your interest rates.
In addition, LightStream has a convenient mobile app that makes it easy to check your loan balance and make payments. However, the l🌌ender has a high minimum loan amount, so if you only need a small loan, you’ll need to look elsewhere.
- Interest rates: 7.49% to 24.49% (with autopay); fixed
- Loan amounts: $5,000 to $100,000
- Loan terms: 2 to 12 years
- Minimum credit score: Does not disclose
- Loan types: Home improvement, debt consolidation, medical expenses, weddings, auto loans, and more; unsecured
- Funding time: As soon as the same day
- Eligibility: Must have good credit; must have sufficient income to support your existing debts and loan amount; must have a valid Visa or Mastercard
- Fees: None
- Cosigner acceptance: No; co-borrowers accepted
- BBB rating: A+
Pros:
- Fast funding
- High maximum loan amount
- Long repayment terms
- No fees
Cons:
- Only approves borrowers with good-to-excellent credit
- High minimum loan amount
- Doesn’t disclose many eligibility requirements
- Must have a Visa or Mastercard
OneMain Financial
With ove🎶r 100 years of industry experience, OneMain Financial is an established source for personal loans. Its loan process typically only takes one day, though this varies based on when🏅 you submit your application and other factors.
If you’re looking for a more personal touch, OneMain also offers the optio𝓰n to speak to one of its loan specialists over the phone or at a local branch. It also offers a low minimum loan amount, which is ideal if you’re🥂 looking for a small loan. On the downside, its interest rates aren’t competitive for borrowers with good credit.
- Interest rates: 18% to 35.99%; fixed
- Loan amounts: $1,500 to $20,000
- Loan terms: 2 to 5 years
- Minimum credit score: None
- Loan types: Debt consolidation, weddings, medical expenses, emergencies, moving, vacations, home improvement, and more; unsecured and secured
- Funding time: As soon as the next business day
- Eligibility: Must have a Social Security card, valid government-issued ID, proof of income, and proof of residency
- Fees: Origination fee of $25 to $500, or 1% to 10% of your loan amount (depending on your state); late payment fee of $5 to $30, or 1.5% to 15% of your monthly payment or the delinquent portion of your monthly payment; non-sufficient funds fee of $10 to $50 (in select states)
- Cosigner acceptance: No; co-borrowers accepted
- BBB rating: A+
Pros:
- Fast funding
- No minimum credit score
- Flexible loan terms
- Offers secured loans
Cons:
- Charges expensive fees
- Limited borrowing amounts
- Doesn’t disclose many eligibility requirements
How to apply
You can speed up the application process for a fast person🐈al loan if you’re prepared for the following five steps:
- Check your credit score: Borrowers with stronger credit scores will increase their approval odds and lock in lower interest rates. Knowing your credit score beforehand gives you insight into what the lender sees. It also lets you correct any issues on your credit report, which can improve your credit score.
- Gather documentation: Find out from the lender what supporting documentation you need to complete the application. This likely includes information to verify your identity (like a driver’s license), proof of residence, and income.
- Calculate payments: Use a personal loan calculator to pinpoint how much a monthly payment is and what works best for your budget. Try to borrow only the smallest amount you need so your monthly payment is manageable.
- Compare lenders: Even though you need funds fast, taking time to compare interest rates, repayment terms, and fees between lenders can save you money in the long run. You can also prequalify with lenders, giving you better insight into your interest rate and loan amount without submitting a full, formal application and being subject to a hard credit check.
- Apply: Follow the steps to apply, whether with an online lender, bank, or credit union. Lenders with physical locations may require applicants to submit in person. You can typically expect funds deposited into your account the next business day after approval.
How fast can you get a personal loan?
Generally, you can receive funds quickly once approved for a fast personal loan. Some lenders may offer same-day or next-day funding once the decision is made. However, receiving funds could take up to five business days or 𝔉a week, which may not work for your timeline.
Most online lenders tout quicker funding times than banks or credit unions. No matter who the lender is — if you need funds quickly — verify how long it’ll take to receive the money so you can plan accordingly.
How much can you borrow?
Numerous factors influence the loan amount you may qualify for. These include your credit history𒆙, credit score, the amount you want to borrow, the repayment terms, and other factors the lender may consider.
One way to determine the loan amount is to get prequalified with a lender. This quick process lets you input some of your personal details, so you can get a general idea of yܫour interest rat𒊎e and loan size.
The cost of fast personal loans
Multiple factors influence the cost of your loan, including the interest rate, repayment ter💜m, plus any loan fees charged by the lender.
The following scenar🎉ios of a loan’s cost using a perso൲nal loan calculator will give you an idea.
- Loan A: A borrower with poor credit takes out a loan with an origination fee. In this scenario, a $5,000 loan with a 35.99% interest rate and 1.00% origination fee of $50 would cost $8,293 over three years.
- Loan B: A borrower with good credit borrows a no-fee loan. In this scenario, a $5,000 loan with a 7.99% interest rate would cost $5,639 over three years.
Can you get a fast personal loan with bad credit?
Yes, some lenders offer fast personal loans with bad credit. If your credit’s on the low end, you may need to provide additional documentation, such as proof of income, to obtain approဣval.
If your credit score is a concern, some lenders allow you to apply with a cosigner (or even co-borrower, such as a spouse). A cosigner is ꧋financially responsible for your payments if you can’t repay your loan. Your cosigner’s credit score and income is use✃d to help you qualify, which may result in better repayment terms.
Fast personal loans are typically unsecured, which means you don’t have to offer collateral. However, if you have something you can use to secure a loan, such as a vehi🤡cle or real estate, then it ꦚcan increase your chances of approval.
Alternatives to personal loans
Before you lock into a loan with a high interest rate or unfavorable repayment terms,꧙ consider these alternatives when you need quick cash.
- Cash advance apps: These apps give you a small cash advance from your next paycheck. The account is linked to your bank account, so the funds are repaid once your salary is deposited.
- 0% introductory APR credit cards: If time allows, consider a credit card with a 0% APR introductory rate. You can avoid costly interest charges and often have six to 21 months to repay without interest.
- Borrow from family or friend: If you’re comfortable asking, consider requesting a short-term loan from someone you know well. If they agree, clarify in writing how and when you’ll repay the loan so everyone feels comfortable with the situation.
- Payday alternative loan from a credit union: Many credit unions offer a payday-loan alternative, where members can borrow small personal loans, such as for $200 to $1,000 to repay within a shorter time frame, from one to six months.