Best fast personal loans of May 2024

When you find yourself unprepared for a large, necessary, and urgent expense, a fast personal loan can provide immediate assistance. Whether it’s for a critical veterinary bill or to quickly address an unexpected home repair, some lenders offer same-day personal loan funding that can help you take action swiftly.

However, not all personal loans and lenders are the same. Each lender sets its own eligibility requirements; and terms, rates, and loan limits depend on your qualifications. Here’s what to know about fast personal loans, how to get one, and alternatives.

Compare the best fast personal loan rates of May 2024

Best fast personal loans

To expedite your search, we’ve done the legwork for you. Below is our list of the best personal loans that can fund as soon as the same day you apply or the next business day after your application is approved (see More details below).

Avant: Best for all credit types

Axos: Best for low origination fees

Discover: Best for no origination fees (and low rates)

LightStream: Best home improvement loans and low rates

OneMain Financial: Best bad credit personal loans

PenFed: Best credit union for personal loans

Reach Financial: Best for fast funding and fair credit

SoFi: Best overall

Universal Credit: Best debt consolidation loans for bad credit

Upgrade: Best for fair credit

Zable: Best for short-term loans and same day funding

Methodology

We evaluated the best fast personal loans based on factors such as customer experience, minimum fixed rate, maximum loan amount, minimum credit score and income requirements, funding time, loan terms, fees, discounts, and whether cosigners are accepted. Our 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.

Where to get a personal loan fast

Not all personal loan lenders offer funds at a quick turnaround. However, you can find personal loans that can get cash in your hands faster through some banks, credit unions, and online lenders.

Some financial institutions also offer small loans that are quickly funded to their existing customers. If you have a long-standing relationship with your current financial institution, it’s worth checking if you qualify for this financing option. Chase Bank, for example, provides eligible customers with the My Chase Loan for up to $500, and doesn’t require an application or credit check.

Regardless of where you find your next personal loan, lenders have different underwriting criteria you’ll need to satisfy. Factors like your income, existing debt, and credit score can affect whether you’re approved for the loan and the rate and terms you’re eligible for.

How to get a fast personal loan

For most lenders, applying for a same- or next-day personal loan can be done online. Follow these steps to get started.

1. Check your credit

Long before applying for — or even shopping around for — a personal loan, see where your credit history stands. Check your credit score and credit report to get an understanding of where your qualifications stand as a loan applicant. You can request a credit report at AnnualCreditReport.com at no cost.

A FICO score of 670 or higher is considered “good” credit, though the higher your score, the better. A lower score might not automatically disqualify you from an emergency loan, but it might raise your rate or reduce the loan amount you’re offered, for example.

2. Determine how much you can afford

Before exploring your loan options, establish how much you can realistically afford to pay back. Borrowing more than you need might seem like a good way to get a comfortable financial cushion in an emergency, but it can lead to debt issues later.

See how much of your income does toward other debt you’re paying off, and find how much of your discretionary income remains. With this information, use a personal loan calculator to decide how much you can put toward a monthly personal loan payment without overstretching your budget.

3. Gather your information and documents

Before you apply, put together a physical or digital file of your current financial picture.

Common details and documents that personal loan lenders look at include:

• Proof of identity: including a government-issued ID, Social Security number, etc.
• Proof of residence: like a utility bill or rental agreement.
• Proof of income: such as pay stubs, tax returns, or bank statements, if self-employed.
• Employer information: like its name and address.
• Minimum monthly payments: like your mortgage and credit card payments.

Your lender may or may not request this paperwork. But by gathering this information in advance, you can minimize funding delays.

4. Compare personal loans

Now that you’ve prepped what you might need for the application, start shopping around for a fast personal loan. Most lenders let you prequalify online, which can give you a sense of the APRs and loan terms you might qualify for with different lenders.

Prequalification involves a soft credit check which doesn’t negatively affect your credit score. Although this comparison process doesn’t guarantee that you’ll be approved, it can help narrow your options.

Just note that once you apply for the loan, the lender will conduct a hard credit check, which could lower your score temporarily by a few points.

5. Submit a complete loan application

After you’ve chosen the fast loan you want to move forward with, fill out a full application.

This is where the documents and personal information you gathered ahead of time may come in handy. Once you’ve completed the application, submit it for review. The lender will reach out to you if it needs clarification or supporting documents.

Other fast loans for bad credit

If your credit history has derogatory marks or your score is low, you might experience obstacles in getting approved for an emergency personal loan. Generally, lenders consider applicants with adverse credit like having a past bankruptcy or a low credit score as a higher default risk compared to applicants with good credit.

If you’re not approved for a fast personal loan, there are a handful of alternative fast financing options available.

• Payday loans: While not recommended, payday loans offer fast, same-day cash, usually up to $500 or $1,000, depending on the lender. Unlike a personal loan, where you might pay over many months or years, payday loans require full repayment plus fees by your next paycheck. APRs are notoriously steep — over 500% in some states, including Texas and Nevada.
• Cash advance apps: Through a cash advance app, you can borrow a small amount of cash, with disbursements sent in minutes or a few days. Similar to payday loans, there’s usually no credit check and you’ll pay fees instead of interest. Common fees are monthly subscription fees, a fast-funding fee for immediate disbursement, and tips. Unfortunately, cash advance apps can have APRs nearly as high as payday loans, especially if you pay extra for same-day funding.
• “Buy now, pay later” (BNPL): BNPL can be a great way to get quick funding for things you need to buy online, like holiday gifts or a new appliance. These are no-interest/low-interest short-term installment loans that often don’t require a hard credit check, meaning they won’t impact your score (unless you miss payments, in some cases). That said, many run a soft check on your credit, so you may not qualify with a low score.
• Salary advance:. Some employers offer their employees a salary advance option. The advanced funds are deducted from your next paycheck (or paychecks), so keep this in mind for your budget.
• A flex loan or PAL from your bank or credit union: Some banks and credit unions offer existing account holders no-credit options for fast, small loans. For example, some credit unions offer payday alternative loans (PALs) — APRs are capped at 28%, loans are available up to $2,000, and repayment terms can extend to 12 months.
• Family and friends: Ask your network of family and friends for help. Ensure that expectations are clear about repayment so the relationship doesn’t become strained. Over-communication about your financial situation is ideal when borrowing money from loved ones.

Like a fast personal loan, most of these financing pathways have their own set of caveats. Weigh their pros and cons carefully to minimize any adverse effects later on.

Fast personal loan FAQ

How fast can I get a personal loan?

Some lenders can offer same-day or next-day funding on an approved personal loan. This disbursement timeline is generally an estimate from the date you sign the loan agreement. How fast you receive the funds depends on whether additional information or paperwork is needed, and how quickly you respond to these requests.

How can I get an instant loan with bad credit?

Borrowers with bad credit might have limited access to traditional personal loans with fast funding. If you need cash quickly, alternative options include payday loans, cash advance apps, PALs, and small bank loans if you’re eligible. Due to the short repayment periods and sky-high APRs on most payday loans and some cash advances, consider them a last resort. See if your bank offers small same-day loans without a credit check to existing customers. Or, join a credit union that offers PALs to new members.

How can I get money right now?

An emergency loan, also called a personal loan, can help you get the immediate funding you need. Certain lenders provide funding the same day you’re approved and sign for the loan. All lenders operate differently, and although a same-day financing option might be available, this is usually a general estimate.