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 May 2024
Advertiser DisclosureOverview
Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply, and you'll have up to 12 years to repay certain types of loans, including home improvement loans, RV loans, and boat loans. There are no origination fees, and rates are low — Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.
Unlike most lenders, Lightstream does not let you prequalify on its site. Nor does it provide a contact phone number next to its customer service hours on its website.
Repayment terms
2 - 12 years, depending on loan purpose
Eligibility
Available in all states except RI and VT
Time to get funds
As soon as the next business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Read full reviewOverview
Upstart has one of the lowest available APRs of Credible partner lenders and of all non-partners we reviewed, making it a good choice for well-qualified applicants. However, it's also is one of few lenders that doesn't have a minimum credit score requirement (if you apply on the lender's website), which makes it an option if you have bad credit or no credit history. Upstart may charge an origination fee as high as 12%, but good-credit borrowers may not be charged one at all.
Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed.
Time to get funds
As soon as 1 to 3 business days
Loan uses
Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes
Read full reviewOverview
Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.
However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
Read full reviewOverview
SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesn't require your Social Security number.
The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans.
Fees
Option to pay an origination fee (up to 6%) in exchange for a lower rate
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Loan uses
Solely for personal, family, or household uses
Read full reviewOverview
Best Egg is a solid lender for a wide range of borrowers and, notably, scored second for personal loan satisfaction in J.D. Power's Consumer Lending Study. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. You'll need a FICO score of at least 600 to qualify, but the lower your score, the higher your APR may be. The APR includes the interest rate and origination fees, which range from 0.99% to 8.99% with Best Egg.
Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners).
Fees
Origination fee, late fee, unsuccessful payment fee, check processing fee
Eligibility
Available in all states except DC, IA, VT, and WV
Time to get funds
As soon as 1 to 3 business days after successful verification
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Read full reviewOverview
It’s worth considering a personal loan through Splash if you have good credit (ideally, a FICO score above 700). The platform offers loans from a wide range of lenders, and next-day funding is available. Plus, Splash has a live chat feature so you can get real-time answers without having to wait on hold or for an email. Loans are available up to $100,000 if you apply via Splash’s website.
Rates are competitive, but borrowers with excellent credit may find lower APRs elsewhere. If you need a repayment term longer than five years, you’ll need to look elsewhere as well.
Loan amount
$5,000 - $100,000 (up to $35,000 on Credible)
Eligibility
Available in all states except VT. OH and NM net disbursed amount must be greater than $5,000. MA must be greater than $6,000
Time to get funds
Same day available, typically 1-3 days
Loan uses
Debt consolidation, home improvement, medical expenses, major purchases
Read full reviewOverview
Universal Credit is one of a handful of lenders that offers personal loans for bad credit. If your FICO credit score is at least 560, you may be eligible for a Universal Credit personal loan. It offers loan amounts up to $50,000, repayment terms up to seven years, and discounts for direct pay and autopay. Funds are available as soon as the next business day after loan approval.
Note that rates and fees can be relatively high — you may pay an origination fee from 5.25% to 9.99%, and APRs start at 11.69%. If you get a loan with a high interest rate, consider refinancing your personal loan at a lower rate once you've improved your credit score.
Eligibility
A U.S. citizen or permanent resident; not available in DC, IA, SC, WV
Time to get funds
As soon as 1 business day after acceptance
Loan uses
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
Read full reviewOverview
Zable offers relatively small loan amounts — ranging from $1,000 to $25,000 — that can be deposited in your account as soon as the same day you are approved, if it is by the lender's deadline. It’s an option for fair-credit borrowers, with a minimum credit score of 600, as well as those with lower incomes.
Its origination fees range from 5% to 9%, however, and it does not offer discounts, secured loans, nor the option to add a cosigner to your application. Zable also currently does not offer loans in 21 states.
Fees
Origination fees (5% to 9%)
Eligibility
Not available in CO, CT, IN, KS, LA, ME, ND, NE, NH, NJ, NV, OK, OR, PA, RI, SC, SD, VT, WV, WI, or WY
Loan uses
Debt consolidation, credit card refinancing, home improvement, major purchase, car financing
Read full reviewFees
Origination Fee, $15 Late Fee, $25 NSF Fee
Eligibility
Available in all states except CO, CT, ME, NV, NH, TN, VT, WV, WY, and all U.S. Territories
Time to get funds
Funds typically deposited into your account in 1 business day13
Loan uses
Debt consolidation, credit card refinancing
Read full reviewBest 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
Loan Amount
$5000 to $100000
Min. Credit Score
Does not disclose
No fees required
Large loan amounts available
Autopay and direct pay discounts
Same day funding
Long loan terms available
Good credit required
5,000 minimum loan amount
Overview
SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesn't require your Social Security number.
The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans.
Fees
Option to pay an origination fee (up to 6%) in exchange for a lower rate
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Loan uses
Solely for personal, family, or household uses
Upgrade: Best for fair credit
Loan Amount
$1000 to $50000
Fair credit borrowers eligible
Autopay and direct pay discounts
Can fund in as little as 1 business day
Mobile app
Secured loans available
High maximum origination fee
Cosigners not accepted on home improvement loans
Low J.D. Power ranking
Overview
Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.
However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
Splash: Best quick loans for good credit
Best quick loans for good credit
Loan Amount
$5000 to $35000
Excellent customer reviews on Trustpilot
Funding as soon as the same business day
Large loan amounts available
Possible origination fee up to 7.49% (through Credible)
Other lenders may have lower starting APRs
No cosigner option
Overview
It’s worth considering a personal loan through Splash if you have good credit (ideally, a FICO score above 700). The platform offers loans from a wide range of lenders, and next-day funding is available. Plus, Splash has a live chat feature so you can get real-time answers without having to wait on hold or for an email. Loans are available up to $100,000 if you apply via Splash’s website.
Rates are competitive, but borrowers with excellent credit may find lower APRs elsewhere. If you need a repayment term longer than five years, you’ll need to look elsewhere as well.
Loan amount
$5,000 - $100,000 (up to $35,000 on Credible)
Eligibility
Available in all states except VT. OH and NM net disbursed amount must be greater than $5,000. MA must be greater than $6,000
Time to get funds
Same day available, typically 1-3 days
Loan uses
Debt consolidation, home improvement, medical expenses, major purchases
Universal Credit: Best debt consolidation loans for bad credit
Best debt consolidation loans for bad credit
Loan Amount
$1000 to $50000
Borrowers with bad credit considered
No minimum income requirement
Autopay and direct pay discounts available
Can fund in one business day
High APRs
Potentially high origination fees
Not available in Iowa
Overview
Universal Credit is one of a handful of lenders that offers personal loans for bad credit. If your FICO credit score is at least 560, you may be eligible for a Universal Credit personal loan. It offers loan amounts up to $50,000, repayment terms up to seven years, and discounts for direct pay and autopay. Funds are available as soon as the next business day after loan approval.
Note that rates and fees can be relatively high — you may pay an origination fee from 5.25% to 9.99%, and APRs start at 11.69%. If you get a loan with a high interest rate, consider refinancing your personal loan at a lower rate once you've improved your credit score.
Eligibility
A U.S. citizen or permanent resident; not available in DC, IA, SC, WV
Time to get funds
As soon as 1 business day after acceptance
Loan uses
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
LightStream: Best home improvement loans and low rates
Best home improvement loans and low rates
Loan Amount
$5000 to $100000
Same-day funding available
High maximum loan amount
No origination fee
Good credit required
No prequalification process
Not available in Vermont
Overview
Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply, and you'll have up to 12 years to repay certain types of loans, including home improvement loans, RV loans, and boat loans. There are no origination fees, and rates are low — Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.
Unlike most lenders, Lightstream does not let you prequalify on its site. Nor does it provide a contact phone number next to its customer service hours on its website.
Repayment terms
2 - 12 years, depending on loan purpose
Eligibility
Available in all states except RI and VT
Time to get funds
As soon as the next business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Best Egg: Best for high close rates if pre-approved
Best for high close rates if pre-approved
Loan Amount
$2000 to $50000
Secured loans available
Low minimum income requirement
Scored second in J.D. Power's Consumer Lending Satisfaction Study
Funds in 1-3 business days
High close rate on loans through Credible platform
Origination fees
No discounts
Not available in DC, IA, VT, or WV
Overview
Best Egg is a solid lender for a wide range of borrowers and, notably, scored second for personal loan satisfaction in J.D. Power's Consumer Lending Study. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. You'll need a FICO score of at least 600 to qualify, but the lower your score, the higher your APR may be. The APR includes the interest rate and origination fees, which range from 0.99% to 8.99% with Best Egg.
Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners).
Fees
Origination fee, late fee, unsuccessful payment fee, check processing fee
Eligibility
Available in all states except DC, IA, VT, and WV
Time to get funds
As soon as 1 to 3 business days after successful verification
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Upstart: Best fast personal loans for all credit types
Best fast personal loans for all credit types
Loan Amount
$1000 to $50000
May fund in 1 business day
No minimum credit score requirement on lender site
Low minimum APR
Trustpilot score of 4.9/5 stars
May charge a high origination fee
No discounts offered
Overview
Upstart has one of the lowest available APRs of Credible partner lenders and of all non-partners we reviewed, making it a good choice for well-qualified applicants. However, it's also is one of few lenders that doesn't have a minimum credit score requirement (if you apply on the lender's website), which makes it an option if you have bad credit or no credit history. Upstart may charge an origination fee as high as 12%, but good-credit borrowers may not be charged one at all.
Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed.
Time to get funds
As soon as 1 to 3 business days
Loan uses
Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes
Reach Financial: Best for fast funding and fair credit
Best for fast funding and fair credit
Loan Amount
$3500 to $40000
May fund within 1 day
Fair-credit borrowers may be eligible
Social Security number not required to prequalify
Origination fee
No discounts
Not available in CO, CT, ME, NV, NH, TN, VT, WV, or WY
Fees
Origination Fee, $15 Late Fee, $25 NSF Fee
Eligibility
Available in all states except CO, CT, ME, NV, NH, TN, VT, WV, WY, and all U.S. Territories
Time to get funds
Funds typically deposited into your account in 1 business day13
Loan uses
Debt consolidation, credit card refinancing
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.
Good to know
A FICO score between 740 and 799 is considered very good, while one above 800 is considered exceptional. Below 580 is considered poor.
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.
Learn More: How To Get a Personal Loan
Compare Rates Now
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.
Compare Rates Now
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.
Related Articles:
Meet the expert:
Lindsay Frankel
Lindsay Frankel has been covering personal finance for six years, with particular expertise in loans, insurance, and real estate. She’s written hundreds of articles across a range of well-known outlets, including LendingTree, Investopedia, SFGate, and more. Outside of writing, she enjoys playing music and exploring nature with her rescue dog, Lucy.