The current personal savings rate has dropped to 3.20%, according to the Bureau of Economic Analysis. With fewer emergency funds to pull from, more people are turning to fast personal loans to cover emergencies or fill budget gaps. So whether it's for a critical veterinary bill or to quickly address a home repair, we've pulled together the best lenders offering same-day personal loans to get you money today.
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. Just note that you'll need to apply before the lender's cutoff time for same-day funding.
Loan Amount
$5,000 to $100,000
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’s personal loan rates are competitive, and that’s far from the only feature that makes this lender one of our best picks for borrowers with good credit. It also offers same-day funding, multiple rate discounts, large loans, and a range of terms — plus no mandatory origination fees. You may be able to borrow between $5,000 and $100,000 and repay it in two to seven years with SoFi.
Unfortunately, SoFi doesn’t allow cosigners, so the lender won’t be a good fit for borrowers with fair or poor credit profiles who want to apply with a friend or family member. SoFi does, however, have a convenient prequalification process than can give you an idea of whether you may qualify for a loan. The lender also provides a seamless online experience and has an admirable Trustpilot consumer review rating of 4.5 out of 5 stars.
Fees
Option to pay an origination fee 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
Loan Amount
$1,000 to $50,000
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 offers loans from $1,000 to $50,000 and features competitive APRs, discounts for direct payments to creditors and enabling automatic payments, fast funding (as soon as the same day as approval), repayment terms up to seven years, and nationwide availability. Upgrade even offers secured personal loans, which is not common among lenders, and you don't need to input your Social Security number to prequalify on the website.
Upgrade does charge origination fees between 1.85% and 9.99%, however. 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
Best for no origination fees (and low rates)
Loan Amount
$2,500 to $40,000
Low minimum APR
May fund the next business day
Long loan terms available
Direct pay to creditors
No origination fee
No discounts offered
Secured loans not available
Overview
Discover Personal Loans offer amounts up to $40,000 with fixed APRs starting at 7.99%. Repayment terms can be from 3 to 7 years and there are no additional fees, as long as you pay on time. The company lends to borrowers nationwide and funds may be available as soon as the next business day after approval.
Discover doesn’t allow cosigners and you’ll need a FICO credit score of 660 or higher to qualify.
Eligibility
Available in all 50 states
Time to get funds
Funds can be sent as soon as the next business day after acceptance
Loan uses
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
Best debt consolidation loans for bad credit
Loan Amount
$1,000 to $50,000
Borrowers with bad credit considered
$25,000 annual 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 personal loans are ideal for bad-credit borrowers because the lender may consider applicants with credit scores as low as 560. You can apply for loan amounts between $1,000 and $50,000 and may qualify for next-day funding. Because Universal Credit has higher APRs than other lenders, it may be best suited to individuals without the credit and/or income needed to qualify for more competitive rates with other lenders.
You can choose from repayments terms of three, five or seven years. Universal Credit has higher origination fees than many lenders, charging between 5.25% and 9.99% on all personal loans. This lender offers interest rate discounts when you opt for automatic payments or direct payment to creditors (in the case of debt consolidation).
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
Best home improvement loans and low rates
Loan Amount
$5,000 to $100,000
Same-day funding available
High maximum loan amount
No origination fee
Good credit required
No prequalification process
Not available in Vermont
Overview
Many lenders cap personal loans at $50,000, but LightStream is one of few that lets you borrow up to $100,000. This makes it an ideal lender if you’re looking to finance larger expenses, like home improvements or weddings. Additionally, LightStream doesn’t charge origination fees and APRs start at 6.99%—with the best rates reserved for borrowers with good to excellent credit.
Funds with LightStream may be available as soon as the same day, and repayment terms can last up to 20 years, depending on the type of loan you receive. However, LightStream does not offer prequalification on its site, so you won’t be able to see an estimate of your rates unless you formally apply.
Repayment terms
2 - 20 years, depending on loan purpose
Eligibility
Available in all states except RI and VT
Time to get funds
As soon as the same business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Best for all credit types
Loan Amount
$2,000 to $35,000
Borrowers with bad credit considered
Funds as soon as the next business day
2-year loan terms available
No discounts offered
Origination fee
Not available in HI, IA, MA, ME, NY, VT, WV, WA, AP, AE, and AA
Overview
Avant personal loans are better suited to borrowers with bad credit (a FICO score below 580) than many others because the lender may consider applicants with credit scores in the 500s. Loan amounts up to $35,000 are available, so these loans are on the smaller side. But if this maximum is sufficient, Avant might appeal to you because it offers funding as soon as the next business day after approval and is more likely to approve the applications of prequalified borrowers than other lenders.
That said, Avant’s interest rates are steep, and the lender charges an origination fee up to 9.99%.
Fees
Origination fee, late fee, dishonored payment fee
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, WV, WA, AP, AE, and AA
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Loan uses
Debt consolidation, emergency expense, life event, home improvement, and other purposes
Best bad credit personal loans
Loan Amount
$1,500 to $20,000
Flexible eligibility requirements
Offers secured options
Competitive bad-credit loans
Physical presence
Availability
Origination fees
High starting APR
Low maximum loan amount
Overview
For bad-credit personal loans, OneMain Financial is one of the best lenders you can consider. In addition to not setting a minimum credit score for applicants who apply directly through the website, OneMain permits cosigners on applications and offers secured personal loans. Cosigners can help you improve your chances of approval and possibly secure lower APRs. Secured loans require you to pledge collateral when applying and tend to be easier to qualify for than unsecured loans, which typically require higher credit scores and no collateral.
Repayment terms range from two to five years. Personal loan amounts between $1,500 and $20,000 are available, with different minimums and maximums in select states. Also depending on where you live, you’ll pay a flat fee of $25 to $500 or 1% to 10% for origination. You may be eligible for a personal loan with OneMain if you have bad credit (a FICO score of 580 or lower), but the lender’s rates are very high compared to many others.
Fees
Origination fee, unsuccessful payment fee, late fee
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
Time to get funds
As soon as 1 to 2 days after acceptance
Loan use
All except business, and education
Best for fast funding and fair credit
Loan Amount
$3,500 to $40,000
Fast funding
Can improve credit
Fair-credit borrowers may be eligible
Limited use
No direct pay discount
Origination fee
Limited availability: Not available in CO, CT, ME, NV, NH, TN, VT, WV, or WY
Overview
When it comes to personal loans for fair-credit borrowers, Reach Financial is one of the best choices around. This lender offers fast processing, with a majority of approved applications receiving funds within a day. Terms start at two years and end at five years for personal loans, and loan amounts are between $3,500 and $40,000. This isn’t the right lender for the shortest or longest terms available, and the borrowing range is narrower than you’d find with many lenders.
Reach focuses on borrowers using personal loans to pay off debt and only permits two purposes for its loans: debt consolidation and credit card refinancing. It’s also worth noting that the lender does not work with borrowers in every state and charges origination fees up to 8%.
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
Best for short-term loans and same day funding
Loan Amount
$1,000 to $35,000
Funding as soon as the same day
Low minimum income required
100% digital process
No discounts
Maximum loan amount is lower than most other lenders
Origination fee
Not available in CO, CT, IA, IN, KS, LA, MD, ME, ND, NE, NH, NJ, NV, OK, OR, PA, RI, SC, SD, VT, WV, WI, WY, NC, FL
Overview
Zable offers loans ranging from $1,000 to $35,000 that can be deposited in your account as soon as the same day you're approved, provided it's by the lender's deadline of 3:30 p.m. ET. With a minimum credit score requirement of 600, it's an option for many fair-credit borrowers, as well as those with lower incomes.
Origination fees range from 5% to 9%, however, and Zable does not offer discounts, secured loans, the option to add a cosigner to your application, or loan terms longer than five years. It also currently does not offer loans in 21 states.
Fees
Origination fees (5% to 9%)
Eligibility
Not available in CO, CT, IA, IN, KS, LA, MD, ME, ND, NE, NH, NJ, NV, OK, OR, PA, RI, SC, SD, VT, WV, WI, WY, NC, FL
Loan uses
Debt consolidation, credit card refinancing, home improvement, major purchase, car financing
Tip
Compare annual percentage rates (APRs) between lenders to get a sense of how much a loan might cost. The APR accounts for the interest rate and any upfront fees, like origination fees.
Overview
Many lenders cap personal loans at $50,000, but LightStream is one of few that lets you borrow up to $100,000. This makes it an ideal lender if you’re looking to finance larger expenses, like home improvements or weddings. Additionally, LightStream doesn’t charge origination fees and APRs start at 6.99%—with the best rates reserved for borrowers with good to excellent credit.
Funds with LightStream may be available as soon as the same day, and repayment terms can last up to 20 years, depending on the type of loan you receive. However, LightStream does not offer prequalification on its site, so you won’t be able to see an estimate of your rates unless you formally apply.
pros
- Same-day funding available
- High maximum loan amount
- No origination fee
cons
- Good credit required
- No prequalification process
- Not available in Vermont
Repayment terms
2 - 20 years, depending on loan purpose
Eligibility
Available in all states except RI and VT
Time to get funds
As soon as the same business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Overview
SoFi’s personal loan rates are competitive, and that’s far from the only feature that makes this lender one of our best picks for borrowers with good credit. It also offers same-day funding, multiple rate discounts, large loans, and a range of terms — plus no mandatory origination fees. You may be able to borrow between $5,000 and $100,000 and repay it in two to seven years with SoFi.
Unfortunately, SoFi doesn’t allow cosigners, so the lender won’t be a good fit for borrowers with fair or poor credit profiles who want to apply with a friend or family member. SoFi does, however, have a convenient prequalification process than can give you an idea of whether you may qualify for a loan. The lender also provides a seamless online experience and has an admirable Trustpilot consumer review rating of 4.5 out of 5 stars.
pros
- No fees required
- Large loan amounts available
- Autopay and direct pay discounts
- Same day funding
- Long loan terms available
cons
- Good credit required
- 5,000 minimum loan amount
Fees
Option to pay an origination fee 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
Overview
Avant personal loans are better suited to borrowers with bad credit (a FICO score below 580) than many others because the lender may consider applicants with credit scores in the 500s. Loan amounts up to $35,000 are available, so these loans are on the smaller side. But if this maximum is sufficient, Avant might appeal to you because it offers funding as soon as the next business day after approval and is more likely to approve the applications of prequalified borrowers than other lenders.
That said, Avant’s interest rates are steep, and the lender charges an origination fee up to 9.99%.
pros
- Borrowers with bad credit considered
- Funds as soon as the next business day
- 2-year loan terms available
cons
- No discounts offered
- Origination fee
- Not available in HI, IA, MA, ME, NY, VT, WV, WA, AP, AE, and AA
Fees
Origination fee, late fee, dishonored payment fee
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, WV, WA, AP, AE, and AA
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Loan uses
Debt consolidation, emergency expense, life event, home improvement, and other purposes
Overview
Upgrade offers loans from $1,000 to $50,000 and features competitive APRs, discounts for direct payments to creditors and enabling automatic payments, fast funding (as soon as the same day as approval), repayment terms up to seven years, and nationwide availability. Upgrade even offers secured personal loans, which is not common among lenders, and you don't need to input your Social Security number to prequalify on the website.
Upgrade does charge origination fees between 1.85% and 9.99%, however. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
pros
- Fair credit borrowers eligible
- Autopay and direct pay discounts
- Can fund in as little as 1 business day
- Mobile app
- Secured loans available
cons
- High maximum origination fee
- Cosigners not accepted on home improvement loans
- Low J.D. Power ranking
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
Overview
Universal Credit personal loans are ideal for bad-credit borrowers because the lender may consider applicants with credit scores as low as 560. You can apply for loan amounts between $1,000 and $50,000 and may qualify for next-day funding. Because Universal Credit has higher APRs than other lenders, it may be best suited to individuals without the credit and/or income needed to qualify for more competitive rates with other lenders.
You can choose from repayments terms of three, five or seven years. Universal Credit has higher origination fees than many lenders, charging between 5.25% and 9.99% on all personal loans. This lender offers interest rate discounts when you opt for automatic payments or direct payment to creditors (in the case of debt consolidation).
pros
- Borrowers with bad credit considered
- $25,000 annual income requirement
- Autopay and direct pay discounts available
- Can fund in one business day
cons
- High APRs
- Potentially high origination fees
- Not available in Iowa
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
Overview
Zable offers loans ranging from $1,000 to $35,000 that can be deposited in your account as soon as the same day you're approved, provided it's by the lender's deadline of 3:30 p.m. ET. With a minimum credit score requirement of 600, it's an option for many fair-credit borrowers, as well as those with lower incomes.
Origination fees range from 5% to 9%, however, and Zable does not offer discounts, secured loans, the option to add a cosigner to your application, or loan terms longer than five years. It also currently does not offer loans in 21 states.
pros
- Funding as soon as the same day
- Low minimum income required
- 100% digital process
cons
- No discounts
- Maximum loan amount is lower than most other lenders
- Origination fee
- Not available in CO, CT, IA, IN, KS, LA, MD, ME, ND, NE, NH, NJ, NV, OK, OR, PA, RI, SC, SD, VT, WV, WI, WY, NC, FL
Fees
Origination fees (5% to 9%)
Eligibility
Not available in CO, CT, IA, IN, KS, LA, MD, ME, ND, NE, NH, NJ, NV, OK, OR, PA, RI, SC, SD, VT, WV, WI, WY, NC, FL
Loan uses
Debt consolidation, credit card refinancing, home improvement, major purchase, car financing
Overview
When it comes to personal loans for fair-credit borrowers, Reach Financial is one of the best choices around. This lender offers fast processing, with a majority of approved applications receiving funds within a day. Terms start at two years and end at five years for personal loans, and loan amounts are between $3,500 and $40,000. This isn’t the right lender for the shortest or longest terms available, and the borrowing range is narrower than you’d find with many lenders.
Reach focuses on borrowers using personal loans to pay off debt and only permits two purposes for its loans: debt consolidation and credit card refinancing. It’s also worth noting that the lender does not work with borrowers in every state and charges origination fees up to 8%.
pros
- Fast funding
- Can improve credit
- Fair-credit borrowers may be eligible
cons
- Limited use
- No direct pay discount
- Origination fee
- Limited availability: 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
Overview
For bad-credit personal loans, OneMain Financial is one of the best lenders you can consider. In addition to not setting a minimum credit score for applicants who apply directly through the website, OneMain permits cosigners on applications and offers secured personal loans. Cosigners can help you improve your chances of approval and possibly secure lower APRs. Secured loans require you to pledge collateral when applying and tend to be easier to qualify for than unsecured loans, which typically require higher credit scores and no collateral.
Repayment terms range from two to five years. Personal loan amounts between $1,500 and $20,000 are available, with different minimums and maximums in select states. Also depending on where you live, you’ll pay a flat fee of $25 to $500 or 1% to 10% for origination. You may be eligible for a personal loan with OneMain if you have bad credit (a FICO score of 580 or lower), but the lender’s rates are very high compared to many others.
pros
- Flexible eligibility requirements
- Offers secured options
- Competitive bad-credit loans
- Physical presence
cons
- Availability
- Origination fees
- High starting APR
- Low maximum loan amount
Fees
Origination fee, unsuccessful payment fee, late fee
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
Time to get funds
As soon as 1 to 2 days after acceptance
Loan use
All except business, and education
Overview
Many lenders cap personal loans at $50,000, but LightStream is one of few that lets you borrow up to $100,000. This makes it an ideal lender if you’re looking to finance larger expenses, like home improvements or weddings. Additionally, LightStream doesn’t charge origination fees and APRs start at 6.99%—with the best rates reserved for borrowers with good to excellent credit.
Funds with LightStream may be available as soon as the same day, and repayment terms can last up to 20 years, depending on the type of loan you receive. However, LightStream does not offer prequalification on its site, so you won’t be able to see an estimate of your rates unless you formally apply.
pros
- Same-day funding available
- High maximum loan amount
- No origination fee
cons
- Good credit required
- No prequalification process
- Not available in Vermont
Repayment terms
2 - 20 years, depending on loan purpose
Eligibility
Available in all states except RI and VT
Time to get funds
As soon as the same business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Overview
SoFi’s personal loan rates are competitive, and that’s far from the only feature that makes this lender one of our best picks for borrowers with good credit. It also offers same-day funding, multiple rate discounts, large loans, and a range of terms — plus no mandatory origination fees. You may be able to borrow between $5,000 and $100,000 and repay it in two to seven years with SoFi.
Unfortunately, SoFi doesn’t allow cosigners, so the lender won’t be a good fit for borrowers with fair or poor credit profiles who want to apply with a friend or family member. SoFi does, however, have a convenient prequalification process than can give you an idea of whether you may qualify for a loan. The lender also provides a seamless online experience and has an admirable Trustpilot consumer review rating of 4.5 out of 5 stars.
pros
- No fees required
- Large loan amounts available
- Autopay and direct pay discounts
- Same day funding
- Long loan terms available
cons
- Good credit required
- 5,000 minimum loan amount
Fees
Option to pay an origination fee 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
Overview
Avant personal loans are better suited to borrowers with bad credit (a FICO score below 580) than many others because the lender may consider applicants with credit scores in the 500s. Loan amounts up to $35,000 are available, so these loans are on the smaller side. But if this maximum is sufficient, Avant might appeal to you because it offers funding as soon as the next business day after approval and is more likely to approve the applications of prequalified borrowers than other lenders.
That said, Avant’s interest rates are steep, and the lender charges an origination fee up to 9.99%.
pros
- Borrowers with bad credit considered
- Funds as soon as the next business day
- 2-year loan terms available
cons
- No discounts offered
- Origination fee
- Not available in HI, IA, MA, ME, NY, VT, WV, WA, AP, AE, and AA
Fees
Origination fee, late fee, dishonored payment fee
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, WV, WA, AP, AE, and AA
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Loan uses
Debt consolidation, emergency expense, life event, home improvement, and other purposes
Overview
Upgrade offers loans from $1,000 to $50,000 and features competitive APRs, discounts for direct payments to creditors and enabling automatic payments, fast funding (as soon as the same day as approval), repayment terms up to seven years, and nationwide availability. Upgrade even offers secured personal loans, which is not common among lenders, and you don't need to input your Social Security number to prequalify on the website.
Upgrade does charge origination fees between 1.85% and 9.99%, however. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
pros
- Fair credit borrowers eligible
- Autopay and direct pay discounts
- Can fund in as little as 1 business day
- Mobile app
- Secured loans available
cons
- High maximum origination fee
- Cosigners not accepted on home improvement loans
- Low J.D. Power ranking
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
Overview
Universal Credit personal loans are ideal for bad-credit borrowers because the lender may consider applicants with credit scores as low as 560. You can apply for loan amounts between $1,000 and $50,000 and may qualify for next-day funding. Because Universal Credit has higher APRs than other lenders, it may be best suited to individuals without the credit and/or income needed to qualify for more competitive rates with other lenders.
You can choose from repayments terms of three, five or seven years. Universal Credit has higher origination fees than many lenders, charging between 5.25% and 9.99% on all personal loans. This lender offers interest rate discounts when you opt for automatic payments or direct payment to creditors (in the case of debt consolidation).
pros
- Borrowers with bad credit considered
- $25,000 annual income requirement
- Autopay and direct pay discounts available
- Can fund in one business day
cons
- High APRs
- Potentially high origination fees
- Not available in Iowa
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
Overview
Zable offers loans ranging from $1,000 to $35,000 that can be deposited in your account as soon as the same day you're approved, provided it's by the lender's deadline of 3:30 p.m. ET. With a minimum credit score requirement of 600, it's an option for many fair-credit borrowers, as well as those with lower incomes.
Origination fees range from 5% to 9%, however, and Zable does not offer discounts, secured loans, the option to add a cosigner to your application, or loan terms longer than five years. It also currently does not offer loans in 21 states.
pros
- Funding as soon as the same day
- Low minimum income required
- 100% digital process
cons
- No discounts
- Maximum loan amount is lower than most other lenders
- Origination fee
- Not available in CO, CT, IA, IN, KS, LA, MD, ME, ND, NE, NH, NJ, NV, OK, OR, PA, RI, SC, SD, VT, WV, WI, WY, NC, FL
Fees
Origination fees (5% to 9%)
Eligibility
Not available in CO, CT, IA, IN, KS, LA, MD, ME, ND, NE, NH, NJ, NV, OK, OR, PA, RI, SC, SD, VT, WV, WI, WY, NC, FL
Loan uses
Debt consolidation, credit card refinancing, home improvement, major purchase, car financing
Overview
When it comes to personal loans for fair-credit borrowers, Reach Financial is one of the best choices around. This lender offers fast processing, with a majority of approved applications receiving funds within a day. Terms start at two years and end at five years for personal loans, and loan amounts are between $3,500 and $40,000. This isn’t the right lender for the shortest or longest terms available, and the borrowing range is narrower than you’d find with many lenders.
Reach focuses on borrowers using personal loans to pay off debt and only permits two purposes for its loans: debt consolidation and credit card refinancing. It’s also worth noting that the lender does not work with borrowers in every state and charges origination fees up to 8%.
pros
- Fast funding
- Can improve credit
- Fair-credit borrowers may be eligible
cons
- Limited use
- No direct pay discount
- Origination fee
- Limited availability: 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
Overview
For bad-credit personal loans, OneMain Financial is one of the best lenders you can consider. In addition to not setting a minimum credit score for applicants who apply directly through the website, OneMain permits cosigners on applications and offers secured personal loans. Cosigners can help you improve your chances of approval and possibly secure lower APRs. Secured loans require you to pledge collateral when applying and tend to be easier to qualify for than unsecured loans, which typically require higher credit scores and no collateral.
Repayment terms range from two to five years. Personal loan amounts between $1,500 and $20,000 are available, with different minimums and maximums in select states. Also depending on where you live, you’ll pay a flat fee of $25 to $500 or 1% to 10% for origination. You may be eligible for a personal loan with OneMain if you have bad credit (a FICO score of 580 or lower), but the lender’s rates are very high compared to many others.
pros
- Flexible eligibility requirements
- Offers secured options
- Competitive bad-credit loans
- Physical presence
cons
- Availability
- Origination fees
- High starting APR
- Low maximum loan amount
Fees
Origination fee, unsuccessful payment fee, late fee
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
Time to get funds
As soon as 1 to 2 days after acceptance
Loan use
All except business, and education
Fox Business does not make or arrange loans.
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.
Read our full lender rating methodology for more information.
Not all personal loan lenders offer instant loans. However, some personal loans can get you money the same day you apply.
Tip
Compare how long it takes each lender to fund loans in the table above.
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.
Warning
Watch out for fast loans without a credit check. Many — like payday loans and some cash apps — are loaded with high fees that translate to triple-digit APRs. If you need a fast loan with bad credit, check with your bank or credit union first.
Learn more: Where can I get a personal loan?
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 are as a loan applicant. You can request a free credit report once a year through AnnualCreditReport.com
A FICO score of 670 or higher is considered "good" credit, though the higher your score, the better your chances of qualifying for lower interest rates. 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.
Learn more: Credit score for a personal loan
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 goes 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.
Related: How to pay off debt fast
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.
Now that you've prepped what you might need for the application, start shopping around for an instant 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.
The current personal loan interest rate for a two-year loan is 12.49%. However, your interest rate will vary based on your creditworthiness, which can include credit score, debt-to-income ratio, and overall debt amount.
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. Additionally, the rates you are shown during prequalification may vary from what you're offered once you submit your application.
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.
Related:
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.
Learn more: How to get a personal loan
If your credit history has derogatory marks or your score is low, you might experience obstacles in getting approved for a quick personal loan.
Generally, lenders consider applicants with adverse credit like having a past bankruptcy or a low credit score (a FICO score below 580) 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.
Best avoided
Payday loans are not recommended, as they typically charge very high fees with a short, two-week repayment period, in exchange for fast, same-day cash. Amounts usually top out at $500 or $1,000, depending on the lender, and may be deducted directly from your bank account on your next payday. APRs are notoriously steep - over 500% in some states, including Texas and Nevada.
Best for no credit check
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.
Best for short-term 0% interest financing on retail purchases
BNPL can be a great way to get quick loans 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.
Best for no-interest
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.
Best for credit union members
Some credit unions offer payday alternative loans (PALs) - APRs are capped at 28%, loans may be available up to $2,000, and repayment terms can extend to 12 months. Some credit unions offer PALs to new members upon joining.
Best for avoiding high-interest debt
Ask your network of family and friends for help. Ensure that expectations are clear and set up a contract on repayment terms 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.
Overview
Avant personal loans are better suited to borrowers with bad credit (a FICO score below 580) than many others because the lender may consider applicants with credit scores in the 500s. Loan amounts up to $35,000 are available, so these loans are on the smaller side. But if this maximum is sufficient, Avant might appeal to you because it offers funding as soon as the next business day after approval and is more likely to approve the applications of prequalified borrowers than other lenders.
That said, Avant’s interest rates are steep, and the lender charges an origination fee up to 9.99%.
pros
- Borrowers with bad credit considered
- Funds as soon as the next business day
- 2-year loan terms available
cons
- No discounts offered
- Origination fee
- Not available in HI, IA, MA, ME, NY, VT, WV, WA, AP, AE, and AA
Fees
Origination fee, late fee, dishonored payment fee
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, WV, WA, AP, AE, and AA
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Loan uses
Debt consolidation, emergency expense, life event, home improvement, and other purposes
Overview
Upgrade offers loans from $1,000 to $50,000 and features competitive APRs, discounts for direct payments to creditors and enabling automatic payments, fast funding (as soon as the same day as approval), repayment terms up to seven years, and nationwide availability. Upgrade even offers secured personal loans, which is not common among lenders, and you don't need to input your Social Security number to prequalify on the website.
Upgrade does charge origination fees between 1.85% and 9.99%, however. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
pros
- Fair credit borrowers eligible
- Autopay and direct pay discounts
- Can fund in as little as 1 business day
- Mobile app
- Secured loans available
cons
- High maximum origination fee
- Cosigners not accepted on home improvement loans
- Low J.D. Power ranking
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
Overview
Universal Credit personal loans are ideal for bad-credit borrowers because the lender may consider applicants with credit scores as low as 560. You can apply for loan amounts between $1,000 and $50,000 and may qualify for next-day funding. Because Universal Credit has higher APRs than other lenders, it may be best suited to individuals without the credit and/or income needed to qualify for more competitive rates with other lenders.
You can choose from repayments terms of three, five or seven years. Universal Credit has higher origination fees than many lenders, charging between 5.25% and 9.99% on all personal loans. This lender offers interest rate discounts when you opt for automatic payments or direct payment to creditors (in the case of debt consolidation).
pros
- Borrowers with bad credit considered
- $25,000 annual income requirement
- Autopay and direct pay discounts available
- Can fund in one business day
cons
- High APRs
- Potentially high origination fees
- Not available in Iowa
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
Overview
For bad-credit personal loans, OneMain Financial is one of the best lenders you can consider. In addition to not setting a minimum credit score for applicants who apply directly through the website, OneMain permits cosigners on applications and offers secured personal loans. Cosigners can help you improve your chances of approval and possibly secure lower APRs. Secured loans require you to pledge collateral when applying and tend to be easier to qualify for than unsecured loans, which typically require higher credit scores and no collateral.
Repayment terms range from two to five years. Personal loan amounts between $1,500 and $20,000 are available, with different minimums and maximums in select states. Also depending on where you live, you’ll pay a flat fee of $25 to $500 or 1% to 10% for origination. You may be eligible for a personal loan with OneMain if you have bad credit (a FICO score of 580 or lower), but the lender’s rates are very high compared to many others.
pros
- Flexible eligibility requirements
- Offers secured options
- Competitive bad-credit loans
- Physical presence
cons
- Availability
- Origination fees
- High starting APR
- Low maximum loan amount
Fees
Origination fee, unsuccessful payment fee, late fee
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
Time to get funds
As soon as 1 to 2 days after acceptance
Loan use
All except business, and education
Overview
Avant personal loans are better suited to borrowers with bad credit (a FICO score below 580) than many others because the lender may consider applicants with credit scores in the 500s. Loan amounts up to $35,000 are available, so these loans are on the smaller side. But if this maximum is sufficient, Avant might appeal to you because it offers funding as soon as the next business day after approval and is more likely to approve the applications of prequalified borrowers than other lenders.
That said, Avant’s interest rates are steep, and the lender charges an origination fee up to 9.99%.
pros
- Borrowers with bad credit considered
- Funds as soon as the next business day
- 2-year loan terms available
cons
- No discounts offered
- Origination fee
- Not available in HI, IA, MA, ME, NY, VT, WV, WA, AP, AE, and AA
Fees
Origination fee, late fee, dishonored payment fee
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, WV, WA, AP, AE, and AA
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Loan uses
Debt consolidation, emergency expense, life event, home improvement, and other purposes
Overview
Upgrade offers loans from $1,000 to $50,000 and features competitive APRs, discounts for direct payments to creditors and enabling automatic payments, fast funding (as soon as the same day as approval), repayment terms up to seven years, and nationwide availability. Upgrade even offers secured personal loans, which is not common among lenders, and you don't need to input your Social Security number to prequalify on the website.
Upgrade does charge origination fees between 1.85% and 9.99%, however. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
pros
- Fair credit borrowers eligible
- Autopay and direct pay discounts
- Can fund in as little as 1 business day
- Mobile app
- Secured loans available
cons
- High maximum origination fee
- Cosigners not accepted on home improvement loans
- Low J.D. Power ranking
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
Overview
Universal Credit personal loans are ideal for bad-credit borrowers because the lender may consider applicants with credit scores as low as 560. You can apply for loan amounts between $1,000 and $50,000 and may qualify for next-day funding. Because Universal Credit has higher APRs than other lenders, it may be best suited to individuals without the credit and/or income needed to qualify for more competitive rates with other lenders.
You can choose from repayments terms of three, five or seven years. Universal Credit has higher origination fees than many lenders, charging between 5.25% and 9.99% on all personal loans. This lender offers interest rate discounts when you opt for automatic payments or direct payment to creditors (in the case of debt consolidation).
pros
- Borrowers with bad credit considered
- $25,000 annual income requirement
- Autopay and direct pay discounts available
- Can fund in one business day
cons
- High APRs
- Potentially high origination fees
- Not available in Iowa
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
Overview
For bad-credit personal loans, OneMain Financial is one of the best lenders you can consider. In addition to not setting a minimum credit score for applicants who apply directly through the website, OneMain permits cosigners on applications and offers secured personal loans. Cosigners can help you improve your chances of approval and possibly secure lower APRs. Secured loans require you to pledge collateral when applying and tend to be easier to qualify for than unsecured loans, which typically require higher credit scores and no collateral.
Repayment terms range from two to five years. Personal loan amounts between $1,500 and $20,000 are available, with different minimums and maximums in select states. Also depending on where you live, you’ll pay a flat fee of $25 to $500 or 1% to 10% for origination. You may be eligible for a personal loan with OneMain if you have bad credit (a FICO score of 580 or lower), but the lender’s rates are very high compared to many others.
pros
- Flexible eligibility requirements
- Offers secured options
- Competitive bad-credit loans
- Physical presence
cons
- Availability
- Origination fees
- High starting APR
- Low maximum loan amount
Fees
Origination fee, unsuccessful payment fee, late fee
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
Time to get funds
As soon as 1 to 2 days after acceptance
Loan use
All except business, and education
Fox Business does not make or arrange loans.
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.
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.
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.
Related Articles:
Meet the contributor:
Jennifer Calonia
Jennifer Calonia has spent over 10 years covering finance, with bylines at Yahoo Finance, USA TODAY Blueprint, Newsweek, and U.S. News & World Report.
