Consumers who need access to quick cash can take advantage of fast personal loans. While the money may take several days to arrive in your account, some lenders offer same-day or next-day funding. Fast-cash loans may come with higher interest rates and fees, so make sure you compare them before applying.
Best Personal Loans for Quick Cash
- SoFi: Best Overall Fast Personal Loan
- LightStream: Best for Low Interest
- Rocket Loans: Best for Few Qualification Requirements
- LendingPoint: Best for Fast Funding & Below-Average Credit
- Avant: Best for Range of Repayment Terms
- Upstart: Best for Loan as low as $1000
- OppLoans Personal Loan: Best for no fees
- Best Egg Personal Loan: Best for short-term loans
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The methodology
Using 13 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience, and application process, we compared 15 popular lenders.
- 30% of the application process
- Accessibility and eligibility: 25%
- Details of the loan: 20%
- The loan cost is 15%
- Experience with customers: 10%
We looked at several characteristics, including available loan amounts, repayment terms, annual percentage rate (APR) ranges, and applicable fees. We also considered 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 make borrowing easier—like prequalification options and mobile apps.
Depending on how well a lender met each criterion, partial points were awarded. Visit our Loans Rating & Review Methodology to learn more about how Forbes Advisor rates lenders.
How to Compare Fast Personal Loans To Obtain Quick Cash
In order to get the best deal on a fast-approval personal loan, follow these tips when comparing them:
Choose a funding speed that works for you:
Compare lenders based on how quickly they approve and disburse loans if your primary goal is to get cash quickly. 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.
Find out what interest rates are available:
APRs are a measure of the interest rate and associated fees offered by each lender. Some lenders publish their rates as APRs, which include the interest rate plus additional fees, and give a better idea of the loan’s total cost. Personal loans with an APR between 4% and 36% are among the best.
Find out what repayment terms are available:
When comparing loan terms, make sure that you can afford the monthly payments before you apply. The longer the repayment term, the smaller the monthly payment, but this results in a higher interest rate.
Consider the reputation of the lender:
Find out if your friends or family members have taken out fast personal loans in the past and ask them for recommendations. You can also read online reviews to find out how past and present borrowers feel about the lender’s application process, approval odds, and customer service. This can help you identify a lender that is reputable and trustworthy.
Make sure you read the fine print:
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 tempted to rush through the borrowing process.
Here’s how to get a quick loan
In order to increase your chances of getting approved and receiving funds quickly, follow these steps:
Make sure your credit score is good:
The likelihood of getting approved for a personal loan is higher for borrowers with a credit score of at least 670 than for less creditworthy applicants. It is also easier to qualify for accelerated funding with competitive rates when you have a strong credit history. In order to improve your credit score or dispute issues early in the borrowing process, check your credit report and score early.
Determine how much you can afford to borrow and how much you need:
Before you choose a lender and apply for a personal loan, consider the amount of money you need. Flexible loan amounts are not always available with fast funding. Instead of wasting time on lenders that don’t meet your needs, you can narrow down your options and choose a loan that works with your timeline.
Gather all the necessary documents:
It is common for lenders to require a driver’s license, Social Security number, income proof, and address to apply for a personal loan. A copy of your bank statements may also be required. Organize these documents before applying for a personal loan so you can move through the approval process as quickly as possible if you need to access funds quickly.
Make sure you prequalify with multiple lenders:
You should compare personal loans from multiple lenders to find the best interest rate and repayment term, as well as the lowest fees. Where possible, prequalify before applying so you can see the loan amount and rate you’re likely to qualify for.
Choose your preferred lender and apply for a loan:
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. In order to complete the verification process, you may need to speak with a loan officer over the phone or provide additional documents. Keep underwriting on track by responding to lender requests quickly.
Bad Credit Loans: How to Get One
It might be difficult to obtain a personal loan quickly if you have bad credit because lenders are concerned about your ability to make payments. It might take longer and you may have to pay more interest and fees if you find a lender willing to work with you.
A co-signer can also improve your chances of getting approved for a personal loan if you apply with one. Co-signers are people with good credit who agree to sign the loan with you and make payments if you fail to. A co-signer can be a family member or a friend, but be aware that they assume substantial risks as well.
Personal Loan (Quick Cash) Alternatives
Consider these alternatives if you need cash fast but don’t want to take out a personal loan:
Cash-advance apps:
The app connects to the user’s bank account and automatically withdraws the advanced amount after their paycheck is deposited.
Family and friends:
You might consider asking friends or family for a temporary cash infusion if you feel comfortable. If you communicate clearly and write down all of the important loan terms, including the loan amount, interest rate, and repayment term, it can make things clearer and prevent future conflict.
Credit card with 0% APR:
A 0% APR credit card can be a good choice if you need to make a large purchase and can pay off the balance within the introductory period, which typically ranges between six and 21 months.
Loans for paydays:
It is possible to borrow money for a short time and receive funding quickly, but we do not recommend them because their interest rates tend to be extremely high, and they can lead to a cycle of borrowing.
Credit unions offer payday alternative loans (PALs):
It is available exclusively to eligible credit union members and can help you avoid a typical payday loan. Loan amounts typically range from $200 to $1,000, with repayment terms ranging from one to six months.
Frequently Asked Questions (FAQs)
- What is the best time to take out a fast personal loan?
From the time you apply to the time you receive funds, a fast personal loan can take up to a couple of days.
Nevertheless, 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 not to wait until the last minute.
- What is the fastest way to get a personal loan?
The process of getting a same-day personal loan does not take a short time—all personal loans take some time. There are, however, steps you can take to increase your chances of getting approved and receiving funds. Nevertheless, you will need to meet certain requirements, and your interest rate may be higher than it would be with a slower funding option.
- Is it possible to get a personal loan without a credit check?
There are some lenders that offer no-credit-check loans and specialize in loans for people with bad credit. Most personal loans require a credit check because lenders determine eligibility and interest rates based on your credit score. Generally, you should avoid no-credit-check loans because they have higher interest rates and shorter repayment terms than other financing options.
- How can a personal loan be used?
An individual can use a personal loan for a variety of purposes, including consolidating debt, financing a large project, or paying for unexpected expenses. The funds can also be used to cover moving expenses, home improvements, medical bills, wedding expenses, or vacation expenses.
Personal loans cannot be used for certain things, however. For example, borrowers may not be able to use disbursements for higher education, to make a down payment on a home, or to cover certain business expenses. Funds from personal loans cannot be used for illegal purposes as well.
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