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If you're hit with unexpected expenses, an emergency loan can make all the difference. Not every personal loan has funding available the same or next business day for quick cash, but some lenders offer this option.
The best personal loans for quick access offer an easy application process and minimal fees. Conveniently, there are several strong options for same-day loans or next-day funding. This guide will walk you through the top reputable lenders with competitive interest rates and terms. We chose the top picks for good and bad credit, for limited credit history, short term lengths, and more.
Best for Low Interest Rates: LightStream Personal Loan
LightStream personal loans are a solid choice for both relatively low interest rates and same-day funding. This lender topped our list of the best personal loans, and quick funding is yet another bonus.
However, this lender won't be a good option for anyone with a poor credit score or little credit history. LightStream requires that applicants have a minimum credit score of 660.
For anyone who does qualify for a personal loan with LightStream, this is the most affordable option for fast cash. If your loan is verified and signed before 2:30 p.m. ET, same-day funding is available.
Key features: Same-day funding, no fees, competitive interest rates for borrowers with good credit
Loan amounts and terms: $5,000 to $100,000; term lengths from 2 to 12 years
Pros: Quick approval decision and funding, wide range of loan amounts and terms, no fees, competitive rates
Cons: Only available to customers with good credit, you can't get preapproved in order to compare rates among different lenders
Best for Fair Credit: Avant Personal Loan
Avant personal loans are the best fast-funding personal loan option for anyone with fair credit. This lender also made Business Insider's list of best personal loans.
Avant doesn't have the lowest available starting APRs available, but the typical Avant borrower has a credit score between 600 and 700. This company will consider scores lower than what others will, and can provide funding the next business day if the loan is approved by 4:30 p.m. CT on a weekday.
However, it's worth noting that this lender charges up to 4.75% in administration fees with an undisclosed late fee and returned payment fee. While it could be an option for anyone needing quick funding with fair credit, borrowers with better credit could find lower rates elsewhere.
Key features: Next-day funding, accepts lower credit scores than other lenders
Loan amounts and terms: $2,000 to $35,000; term lengths from 2 to 5 years
Pros: Quick approval decision and funding, wide range of loan amounts and terms, no fees, competitive rates
Cons: Charges an administration fee, other lenders offer larger loans and longer term lengths, maximum APR is high
Best for Short-Term Loans: Best Egg Personal Loan
Best Egg is a good choice for short loan terms and fast funding. Its minimum loan term is 36 months, while the maximum term is 60 months. Best Egg loans can be repaid at any time without an early payment penalty.
About half of Best Egg's customers get money the next day after a successful verification process, but it may take one to three business days to see money deposited in your account.
Key features: Next-day funding, low minimum credit score
Loan amounts and terms: $2,000 to $50,000; term lengths from 3 to 5 years
Pros: No prepayment penalties, high customer satisfaction
Cons: Charges origination fees, high maximum APR, not available in all 50 states
Best for Poor Credit: LendingPoint Personal Loan
Bad credit loans are available with fast funding, too. LendingPoint is great for borrowers with poor credit, as its minimum credit score requirement is only 580. However, LendingPoint doesn't offer joint or cosigned loans, meaning you won't be able to enlist a cosigner to get a lower rate.
The application process is fast with LendingPoint, and the company may approve you for a loan the same day you apply. You often get your funds the next business day after approval.
Key features: Same-day or next-day funding, low minimum credit score requirement
Loan amounts and terms: $2,000 to $36,500; term lengths from 24 to 60 months
Pros: Accepts low credit scores, no prepayment penalty
Cons: Other lenders offer a wider range of loan amounts, charges origination fees, not available in Nevada or West Virginia
Best for Fast and Easy Application: Rocket Loans Personal Loan
Rocket Loans is one of the only lenders on our list to offer same-day funding, but it comes with a lot of fees. You'll pay when your loan is funded, which will be deducted from your overall loan proceeds. Additionally, you'll pay a $15 fee for any payments not made within 10 days of the due date and a $15 fee for a returned check.
Rocket Loans also has a quick application process, and you can complete it within several minutes.
Key features: Same-day funding, low starting APR
Loan amounts and terms: $2,000 to $45,000; term lengths of 36 or 60 months
Pros: Competitive minimum APR, no prepayment penalty
Cons: Only two repayment terms to choose from; not available in Iowa, Nevada, or West Virginia; can't apply with a co-signer; charges origination fees and late fees
Best for Limited Credit History: Upstart Personal Loan
Upstart is a good option for quick funding if your credit score is between 600 and 660. However, the lender includes other pieces of information in its approval decisions — such as where you went to school and your area of study — making it good for borrowers who may not qualify for a loan solely based on their credit score alone.
Upstart offers only three-year and five-year loans. While the platform has no prepayment penalties, there's less flexibility in terms than for loans offered by other lenders. Next-business-day funding is available as long as the personal loan is accepted by 5 p.m. ET.
Key features: Next-day funding, small loan amounts available, considers information beyond credit score when approving loans
Loan amounts and terms: $1,000 to $50,000 (borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100); term lengths of 3 or 5 years
Pros: Offers smaller loan amounts than many other lenders, no prepayment penalty, low credit score requirements
Cons: Charges high origination fees, only two repayment term lengths available, higher loan amount minimums in select states
Which Quick Loan Lender Is the Most Trustworthy?
The Better Business Bureau, a non-profit organization focused on consumer protection and trust, evaluates businesses using factors like their responsiveness to consumer complaints, honesty in advertising, and clarity about business practices. Here is each company's score:
| Lender | BBB Grade |
| LightStream Personal Loan | A |
| Upstart Personal Loan | A+ |
| Avant Personal Loan | A+ |
| Best Egg Personal Loan | A+ |
| LendingPoint Personal Loan | A+ |
| Rocket Loans Personal Loan | A+ |
| OppLoans Personal Loan | A+ |
All of our top picks for quick personal loans are rated A or higher by the BBB. Keep in mind that a top-notch BBB score does not ensure a positive relationship with a lender. You should keep doing research and talking to others who have used the company to get the most information possible.
Personal Loans for Quick Cash Alternatives
It's worth noting that if you have an emergency fund or cash savings, dipping into those resources is a better option than borrowing. If you need to borrow money in an emergency, there are a few other avenues to explore.
Payday Alternative Loans from a Credit Union
Not to be confused with traditional payday loans, payday alternative loans are offered by many different credit unions and work with all types of borrowers. Only available to members, these loans are good for anyone needing a small loan, and who can repay it quickly.
According to the National Credit Union Administration, payday alternative loans typically range from $200 to $1,000 and have terms between one and six months. Check with your credit union to see if this option is available, and what interest rates and borrowing amounts are available.
Loans From Friends or Family
While loans from family or friends aren't to be taken or made lightly, it could be an option for anyone needing cash quicker than a bank could send it.
If you plan to make or ask for this type of loan, financial planners recommend putting loan terms and repayment plans in writing, and paying interest if possible.
A 0% Interest Credit Card
If you happen to have (or can open) a 0% interest credit card that's still within the intro APR term, it could be a useful option for spending. However, you'll need to repay the balance before the 0% term expires. Most cards have between nine and 21 months of interest-free borrowing.
Factors to Consider When Choosing a Quick Personal Loan
To find the best fast loan for you, consider the factors that are most important to you.
Many borrowers prioritize the speediest funding time, but you should also take into account the lowest personal loan interest rate, any fees, the minimum credit score needed, and the accessibility of the lender's customer service.
You'll also want to make sure you're able to select a term length that works for you and that your loan's purpose is allowed by the lender you choose.
Make sure to also read individual reviews of any lenders you're considering.
Tips for Getting Approved for a Personal Loan Quickly
If you need funds as quickly as possible, choosing a lender that's known for quick funding is a great first step. But you can expedite the process even more by preparing ahead of time with these tips:
- Check your credit before you apply. Know your credit score so you can check if you qualify for a personal loan based on each lender's minimum credit requirements.
- Gather documentation. You'll need to provide information like your income when you apply.
- Apply online: While you can apply for a personal loan in person or over the phone with some lenders, online loans usually have the quickest approval times.
- Consider whether you need a co-signer: If you don't have a great credit score or you don't have much credit history, applying with a co-signer can improve your chances of approval, and score you a better rate. But not all lenders accept applications with co-signers, so this will narrow your search slightly.
FAQs About Fast Funding Loans
In some cases lenders will charge higher interest rates or fees for the convenience of quick cash, so you might save money if you waited longer for your money. However, if you have an excellent credit score, you could very well be offered the same interest rate for quick loans as you would for loans that take a longer time to fund.
Personal loans are some of the most simple and fast loans you can get. While three to five business days is a more common timeframe to expect, it's possible to get a same-day loan or next-day loan with some lenders. However, there are variables that could affect the funding speed, such as how quickly your bank processes the proceeds and makes them available in your account.
A personal loan with a fast funding time will be just as safe as any other personal loan as long as you borrow from a reputable lender. Be cautious of those offering "instant money," as those loans are often predatory, with extremely high interest rates that are difficult to pay.
Some online lenders can approve you for a personal loan and deposit the funds into your bank account on the same day if you complete the application and it's processed by a certain time of day. LightStream and Rocket Loans are two examples.
A quick personal loan could affect your credit score slightly when you apply, but as long as you don't miss any payments the impact should be minimal.
Why You Should Trust Us: How We Chose the Best Fast Personal Loans
Business Insider's personal finance experts strive to help smart people make the best decisions with their money. We spent hours comparing and contrasting the features and fine print of dozens of personal loans so you don't have to.
We understand that "best" is often subjective, however, so in addition to highlighting the pros of a lender's personal loan, we outline the cons, too.
We rate all personal loan products in our reviews and guides on a 1-5 scale following our loan-rating methodology. The overall rating is a weighted average that takes into account seven different categories. Some categories, like interest rates and fees, are judged more heavily than others, reflecting the most important criteria when shopping for a personal loan.
Our Experts' Advice on Choosing the Best Fast Loans
We consulted personal loan and financial experts to give their insights into finding the best quick cash loans for your needs.
- Markia Brown, certified financial education instructor and registered financial associate at Money Plug, LLC
- Ryan Wangman, former loans reporter at Business Insider
How do borrowers decide on their repayment terms?
Markia Brown:
"Repayment options are important when considering a lender for a loan because some lenders may charge you a fee if you repay your loan early. When you pay your loan off early, it means you pay the lender less in interest. They charge this prepayment penalty to get some of that money anyway. This fee varies by lender and loan type, so keep this in mind when shopping for a lender."
Ryan Wangman:
"Repayment terms can be crucial in determining the overall cost of your loan. One of the biggest things to watch out for are origination fees. Origination fees are taken out of the total proceeds of your loan and reduce the overall amount of money you receive."
What makes the best personal loan?
Markia Brown:
"The best personal loans meet your financial needs without exceeding your budget. They have the lowest interest rate and fees, flexible repayment options, and the money is available quickly."
Ryan Wangman:
"Especially when it comes to fast funding, the best personal loans will get you your cash quickly without saddling you with an overwhelming amount of fees. You'll also want a lender that has minimum credit score requirements that fit your financial situation."
