Quick Loans: Best Lenders for Fast Cash in 2024
6.99-25.29%
$5K-$100K
660
LightStream is a solid option for good-credit borrowers, with no fees and low rates that vary based on loan purpose.
- Minimum credit score: 660, but can vary depending on the loan purpose and amount.
- Maximum debt-to-income ratio: 50%.
- Minimum credit history: 3 years.
- Income sources accepted: Employment, retirement, rental income, alimony, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident who is at least 18 years old and has a U.S. bank account.
- Origination fee: None.
- Late fee: None.
8.99-29.99%
$5K-$100K
None
Qualified borrowers will find few lenders better than SoFi, thanks to thoughtful perks like unemployment protection and free financial advising.
- Must be at least 18 years old in most states.
- Must be a U.S. citizen, permanent or non-permanent resident, including DACA recipients and asylum seekers.
- Must be employed, have sufficient income from another source, or have an offer of employment to start within the next 90 days.
- Acceptable income sources: Employment, spouse’s income, retirement, alimony, child support, Social Security payments and disability benefits.
- Origination fee: 0% to 7%.
- Late fee: None.
8.99-29.99%
$2K-$45K
640
Rocket Loans personal loans stand out for fast funding, but they lack some features other lenders offer.
- Minimum credit score: 640.
- Minimum annual gross income: $24,000.
- Maximum debt-to-income ratio: 40% or 70% including a mortgage.
- Minimum credit history: 2 years.
- Must be at least 18 years old.
- Must be a U.S. resident living in one of the states where the lender does business.
- Origination fee: Up to 9%.
- Late fee: $15.
- Non-sufficient funds fee: $15.
7.99-24.99%
$2.5K-$40K
660
With competitive rates and no origination fees, Discover personal loans are good options for borrowers with good and excellent credit.
- Minimum credit score: 660.
- Minimum annual household income: $25,000. Income can come from employment, retirement, alimony, child support, Social Security payments and disability benefits.
- Must provide a valid U.S. address and email address.
- Must be 18 years old with a valid Social Security number.
- Origination fee: None.
- Late fee: $39.
9.06-35.99%
$1K-$40K
600
- Minimum credit score: 600; average borrower score is above 700.
- Minimum income: None; lender requires proof of income. Borrower average is $100,000 per year.
- Maximum DTI: 40%.
- Minimum credit history: 36 months and two accounts.
- Origination fee: 3% to 8%.
- Late fee: 5% of payment or $15 after 15-day grace period.
- Insufficient funds: $15.
7.80-35.99%
$1K-$50K
None
Upstart personal loans offer fast funding and may be an option for borrowers with low credit scores or thin credit histories. Upstart is a solid choice for financing large purchases.
- Must be a U.S. citizen or permanent resident living in the U.S.
- Must be at least 18 years old in most states.
- Must have a valid email address and Social Security number.
- Must have a full- or part-time job, a full-time job offer starting within six months or another source of regular income.
- Must have a personal bank account at a U.S. financial institution with a routing number.
- No bankruptcies in the last 12 months.
- No current delinquent accounts on your credit reports.
- Fewer than six hard inquiries on your credit report in the last six months, excluding student, auto and mortgage loans.
- Minimum credit score: None.
- Minimum annual income: $12,000.
- Origination: 0% to 12%.
- Late fee: 5% of the unpaid amount or $15, whichever is greater.
- Insufficient funds fee: $15.
7.99-35.99%
$2K-$50K
600
Best Egg is worth considering for borrowers looking for a secured loan or to consolidate debt, but the loans come with an origination fee.
- Minimum credit score: 600.
- Maximum debt-to-income ratio: 70% including a mortgage.
- Minimum credit history: 3 years and 1 account.
- Acceptable income sources: Employment, household income, alimony, retirement, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident and at least 18 years of age.
- Origination fee: 0.99% - 9.99%.
9.95-35.99%
$2K-$35K
550
- Minimum credit score: 550. Avant uses FICO score version 8.0 and VantageScore version 3.0 from TransUnion.
- Minimum monthly net income: $1,200. This lender accepts income from employment alimony, retirement, child support, Social Security payments or disability benefits.
- Must be a resident of a state where Avant’s loans are available.
- Must provide a Social Security number.
- Must have a personal bank account in your name.
- No active bankruptcies.
- Origination fee: Up to 9.99%.
- Late fee: $25.
- Nonsufficient funds fee: $15.
7.99-35.99%
$1K-$37K
640
LendingPoint personal loans are funded quickly and may be available to borrowers with fair credit for a midsize expense or home improvement project.
- Minimum credit score: 640. LendingPoint uses FICO version 9 and VantageScore version 3.0.
- Minimum credit history: 2 years.
- Maximum debt-to-income ratio: 45%, not including mortgage payments.
- Minimum annual income: $35,000. This lender accepts income from employment, alimony, retirement, child support, Social Security and disability benefits, but not a partner’s income.
- Must be at least 18 years old in most states.
- Must have a Social Security number, a government-issued photo ID and a personal bank account.
- Origination fee: Up to 10%.
- Late fee: 5% of the payment amount or $30.
LightStream is a solid option for good-credit borrowers, with no fees and low rates that vary based on loan purpose.
- Minimum credit score: 660, but can vary depending on the loan purpose and amount.
- Maximum debt-to-income ratio: 50%.
- Minimum credit history: 3 years.
- Income sources accepted: Employment, retirement, rental income, alimony, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident who is at least 18 years old and has a U.S. bank account.
- Origination fee: None.
- Late fee: None.
Qualified borrowers will find few lenders better than SoFi, thanks to thoughtful perks like unemployment protection and free financial advising.
- Must be at least 18 years old in most states.
- Must be a U.S. citizen, permanent or non-permanent resident, including DACA recipients and asylum seekers.
- Must be employed, have sufficient income from another source, or have an offer of employment to start within the next 90 days.
- Acceptable income sources: Employment, spouse’s income, retirement, alimony, child support, Social Security payments and disability benefits.
- Origination fee: 0% to 7%.
- Late fee: None.
Rocket Loans personal loans stand out for fast funding, but they lack some features other lenders offer.
- Minimum credit score: 640.
- Minimum annual gross income: $24,000.
- Maximum debt-to-income ratio: 40% or 70% including a mortgage.
- Minimum credit history: 2 years.
- Must be at least 18 years old.
- Must be a U.S. resident living in one of the states where the lender does business.
- Origination fee: Up to 9%.
- Late fee: $15.
- Non-sufficient funds fee: $15.
With competitive rates and no origination fees, Discover personal loans are good options for borrowers with good and excellent credit.
- Minimum credit score: 660.
- Minimum annual household income: $25,000. Income can come from employment, retirement, alimony, child support, Social Security payments and disability benefits.
- Must provide a valid U.S. address and email address.
- Must be 18 years old with a valid Social Security number.
- Origination fee: None.
- Late fee: $39.
- Minimum credit score: 600; average borrower score is above 700.
- Minimum income: None; lender requires proof of income. Borrower average is $100,000 per year.
- Maximum DTI: 40%.
- Minimum credit history: 36 months and two accounts.
- Origination fee: 3% to 8%.
- Late fee: 5% of payment or $15 after 15-day grace period.
- Insufficient funds: $15.
Upstart personal loans offer fast funding and may be an option for borrowers with low credit scores or thin credit histories. Upstart is a solid choice for financing large purchases.
- Must be a U.S. citizen or permanent resident living in the U.S.
- Must be at least 18 years old in most states.
- Must have a valid email address and Social Security number.
- Must have a full- or part-time job, a full-time job offer starting within six months or another source of regular income.
- Must have a personal bank account at a U.S. financial institution with a routing number.
- No bankruptcies in the last 12 months.
- No current delinquent accounts on your credit reports.
- Fewer than six hard inquiries on your credit report in the last six months, excluding student, auto and mortgage loans.
- Minimum credit score: None.
- Minimum annual income: $12,000.
- Origination: 0% to 12%.
- Late fee: 5% of the unpaid amount or $15, whichever is greater.
- Insufficient funds fee: $15.
Best Egg is worth considering for borrowers looking for a secured loan or to consolidate debt, but the loans come with an origination fee.
- Minimum credit score: 600.
- Maximum debt-to-income ratio: 70% including a mortgage.
- Minimum credit history: 3 years and 1 account.
- Acceptable income sources: Employment, household income, alimony, retirement, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident and at least 18 years of age.
- Origination fee: 0.99% - 9.99%.
- Minimum credit score: 550. Avant uses FICO score version 8.0 and VantageScore version 3.0 from TransUnion.
- Minimum monthly net income: $1,200. This lender accepts income from employment alimony, retirement, child support, Social Security payments or disability benefits.
- Must be a resident of a state where Avant’s loans are available.
- Must provide a Social Security number.
- Must have a personal bank account in your name.
- No active bankruptcies.
- Origination fee: Up to 9.99%.
- Late fee: $25.
- Nonsufficient funds fee: $15.
LendingPoint personal loans are funded quickly and may be available to borrowers with fair credit for a midsize expense or home improvement project.
- Minimum credit score: 640. LendingPoint uses FICO version 9 and VantageScore version 3.0.
- Minimum credit history: 2 years.
- Maximum debt-to-income ratio: 45%, not including mortgage payments.
- Minimum annual income: $35,000. This lender accepts income from employment, alimony, retirement, child support, Social Security and disability benefits, but not a partner’s income.
- Must be at least 18 years old in most states.
- Must have a Social Security number, a government-issued photo ID and a personal bank account.
- Origination fee: Up to 10%.
- Late fee: 5% of the payment amount or $30.
What is a quick loan?
A quick loan is a personal loan with a fast approval and funding process. Personal loans are generally unsecured, which means they don't require collateral that takes time to appraise. Instead, lenders consider your credit, income and debt when determining if you qualify and at what rate.
Annual percentage rates on personal loans range from about 6% to 36%, with the lowest rates going to borrowers with strong credit. Some lenders may charge an origination fee that is deducted from your loan amount and is factored into your APR.
Loan amounts range from $1,000 to $100,000, and monthly payments are fixed for the loan term, typically two to seven years.
Consider rates and terms — in addition to funding time — when you compare fast personal loans from lenders.
» MORE: Where to get a personal loan
How quick is each step of the loan process?
Getting a personal loan can be broken down into four steps: pre-qualification, application, approval and funding. Here’s how long you can expect to move through each stage of the process.
Pre-qualification: Less than 5 minutes
Many personal loan lenders let you pre-qualify for a loan to preview prospective rates and terms without affecting your credit score. You can pre-qualify online within minutes by providing some basic information about yourself, including your address, income and Social Security number, as well as the loan amount and purpose.
Application: Less than 30 minutes
A formal personal loan application will likely ask for more information than you submitted during pre-qualification. For example, you may need to upload copies of pay stubs, bank statements or tax documents to verify your identity and income. Prospective borrowers can typically complete a loan application within minutes.
Approval: 1 to 48 hours
The time it takes a lender to review your application and determine approval can take up to a couple days, especially if the lender requires you to follow up with additional documentation to verify the information on your application. The fastest lenders have instant or same-day approval.
Funding: 1 to 5 days
Most lenders fund personal loans within a week, but the quickest loans are funded the same day you apply or the following business day.
Where to get a quick loan
Banks, credit unions and online lenders offer personal loans, and each can have different approval and funding times.
Fast online loans
Online lenders let borrowers apply, receive money and make payments entirely online. The time from approval to funding can range from same-day to a few business days, depending on the lender.
Lenders like Discover and LightStream can be options for those with good or excellent credit (score of 690 or higher), while Upstart and Avant accept borrowers with fair or bad credit (score of 689 or lower).
» COMPARE: Best online personal loans
Fast credit union loans
Some credit unions can fund personal loans quickly. Alliant Credit Union, for example, funds loans the same day, though you’ll need to be a member for 90 days before you apply.
Credit union personal loans often have lower annual percentage rates, which can make it a cheaper option. An applicant's history as a member can inform loan decisions, so being in good standing with a credit union may help your application.
Fast bank loans
Banks may only offer same- or next-day personal loan funding to existing customers. For non-customers, funding may take up to a week. Some banks only accept loan applications from existing customers. Banks also tend to favor borrowers with strong credit scores.
» MORE: Best bank loans
How to get a quick loan
Here are steps you can take to help move a loan application along quickly:
Gather documentation: Know what you need to apply for the loan so the lender can easily verify your identity, income and other information. Lenders often say their ability to fund a loan quickly depends on borrowers’ responsiveness to requests for documentation.
Pre-qualify and compare loans: Pre-qualifying for a personal loan helps show how much you may qualify for and the rate. It doesn’t guarantee a loan, but it can help you compare loan options without affecting your credit score.
Apply: Depending on your lender, you can apply for a personal loan online or in person. Smaller banks and credit unions may request physical applications, while online lenders offer faster web-based applications. If approved, expect to receive funds in your bank account within a day or two.
» MORE: How to get a personal loan
Nerdy Tip
You’ll improve your chances of getting a personal loan quickly if your application is accurate and complete, you meet all the lender’s qualifications and you submit the application before the lender’s cutoff time for same-day funding. Some lenders, such as Rocket Loans, require loan agreements to be signed by midday for same-day funding, while others, like SoFi, have deadlines closer to the end of the business day.
Quick loans for bad credit
Some lenders offer fast loans for borrowers with bad credit (629 or lower credit score). If you have bad credit, a low debt-to-income ratio and proof of stable income might help you qualify.
Your credit score doesn't affect how long it takes for a lender to fund your loan, but your loan is likely to have a high APR, and you may not be approved for a large loan amount.
A credit union may be the best option for bad-credit borrowers. They often offer lower loan rates and look at more than just your credit score when reviewing your application. However, credit unions typically require membership and may require a few days to fund a loan.
Many online lenders can fund loans faster, but take the time to pre-qualify and compare bad-credit loans before borrowing. Choose a loan with a monthly payment that fits your budget and make a plan to repay it.
Quick loans to avoid
Payday loans and high-interest installment loans are both options that offer quick funding but can be expensive and difficult to repay. Try to avoid fast loans with high interest rates whenever possible.
Payday loans are short-term loans that are repaid from your next paycheck. While funds can be obtained almost instantly, loans can carry an APR of nearly 400%. Payday loans are commonly offered for small amounts like $500 or less and should be considered a last resort.
High-interest installment loans are repaid over a few weeks to months, which allows you more time to repay the loan when compared to a payday loan. However, interest rates can be more than 36%, the maximum rate that most consumer advocates consider affordable.
For example, a $1,000 loan with a six-month term and a 60% APR would cost $182 in interest. The same loan with a 20% APR would cost $59 in interest. It’s best to avoid high-interest installment loans if possible, as high APRs can make it difficult to pay these loans off.
How to get quick cash without a loan
Before you borrow — especially if the rate you pre-qualify for is high — see if you can delay the expense or find an interest-free cash source. NerdWallet recommends trying all these cheaper alternatives before taking a high-cost loan:
Get help from local financial assistance programs.
Use a cash advance app to borrow a small amount from your next paycheck.
Consider a “buy now, pay later” app to fund an essential purchase from a store.
Get a pawnshop loan secured by something you own.
Try other ways to earn money.
If you are comfortable with it, ask a loved one for a family loan or borrow money through a lending circle.
» MORE: Best ways to borrow money
Next step: Pre-qualify on NerdWallet
When you pre-qualify, you get the chance to quickly compare rates, loan features and terms. Pre-qualifying on NerdWallet with our lender partners won’t affect your credit score.
Last updated on November 1, 2024
Frequently asked questions
- How fast can I get a loan?
Some lenders say they can approve a loan application in minutes and fund a loan in a day or two of approval, while others may take a few days for each. Generally, you should get the funds from a loan within a week of approval.
- Are online loans safe?
It is safe to get a loan online — you just need to choose a reputable lender. Features like no credit checks and annual percentage rates above 36% should be red flags. Know the signs of predatory loans to avoid a debt trap.
- How can I borrow $500 quickly?
Most personal loans are for amounts of $1,000 or more. Cash advance apps, however, let borrowers access smaller amounts, like $500, from their next paycheck. You can receive the funds within hours, but watch for fees that can make cash advances expensive.
A bad credit loan from an online lender that caps rates at 36% may be deposited in your account more quickly. Online lenders typically report your payments to credit bureaus, which can help you build credit. If your timeline is flexible, choose the loan with the lower rate and monthly payments you can afford over the quick loan.
Methodology
NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial technology companies and financial institutions. We collect over 50 data points and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.
NerdWallet's Quick Loans: Best Lenders for Fast Cash in 2024
- LightStream: Best for Fast loans with same-day approval, same-day funding
- SoFi Personal Loan: Best for Fast loans with same-day approval, same-day funding
- Rocket Loans: Best for Fast loans with same-day approval, same-day funding
- Discover® Personal Loans: Best for Fast loans with same-day approval, next-day funding
- LendingClub: Best for Fast loans with same-day approval, next-day funding
- Upstart: Best for Fast loans with same-day approval, next-day funding
- Best Egg: Best for Fast loans with same-day approval, next-day funding
- Avant: Best for Fast loans with same-day approval, next-day funding
- LendingPoint: Best for Fast loans with same-day approval, next-day funding
