How to Get a Quick Loan

You may find yourself in need of a fast-funded personal loan to cover an unexpected car or home repair, an urgent medical procedure or a large expense.

Quick personal loans provide same- or next-day funding to cover urgent, unforeseen expenses and are mostly offered by online lenders. While some banks and credit unions offer fast-funded personal loans, you may need to have an established account with that financial institution first.

Our top picks for quick personal loans are from reputable online lenders that cater to borrowers across the credit spectrum. The following lenders can have money in your account the same day you’re approved or the following business day.

Here’s what makes these lenders stand out beyond their fast funding times:

Best Egg accepts borrowers with credit scores as low as 600. Its starting annual percentage rate is among the lowest of the lenders that NerdWallet reviews, but the lowest APRs are typically reserved for borrowers with high credit scores.

Discover offers small to mid-sized loans with no fees. It has a wide range of repayment terms, allowing borrowers to repay their loans within three to seven years.

LendingClub lets two individuals apply together for a joint personal loan, which can be ideal if you’re financing an expense with a spouse or family member. This lender offers a wide range of loan amounts and repayment terms. Its minimum credit score requirement lets borrowers qualify with a score as low as 600.

LightStream has no fees and it offers low rates for qualified borrowers. It also promises a lower rate if a competitor offers a lower APR for a personal loan with the same terms. LightStream’s loan amounts range from $5,000 to $100,000, making it fitting for expensive home repairs or other high costs.

SoFi offers mid-size and large personal loans (up to $100,000) for single and joint borrowers. The lender has rate discounts to lower the cost of borrowing for those who set up automatic loan payments or authorize direct payments to creditors on debt consolidation loans.

Universal Credit accepts borrowers across the credit spectrum with a credit score requirement as low as 560. It also offers rate discounts for borrowers who enroll in autopay or those who authorize Universal Credit to send loan proceeds directly to their creditors to consolidate their debt.

Upgrade offers rate discounts for borrowers who set up automatic loan payments, are existing customers or authorize direct payments on debt consolidation loans. This lender has a low minimum credit score requirement of 600 and also allows borrowers to have someone with better credit co-sign their loan.

Upstart has a wide range of loan amounts and accepts borrowers from across the credit spectrum. The lender uses alternative data, such as education and work history, to make loan approval decisions rather than leaning heavily on credit scores.

Even when you’re crunched for time, it’s worth taking a moment to review the costs and features of any loan you’re considering. Here’s what to look for when choosing a quick loan:

• Annual percentage rates: The loan with the lowest APR is the least expensive overall. To see what rate you might receive, pre-qualify with multiple online lenders. Pre-qualifying won’t impact your credit score.

• Repayment terms: Shorter repayment terms typically result in higher monthly payments but lower overall interest costs, while longer terms mean lower monthly payments and higher interest costs.

• Monthly payments: Make sure to review your monthly budget to determine what size loan payment you can afford. Use a personal loan calculator to see what loan amount, rate and repayment term you need to get the right monthly payment.

• Fees: The most common fee for a personal loan, especially from quick-funding online lenders, is an origination fee. This is typically 1% to 10% of the loan amount and is often subtracted from the loan before you get the funds.

Payday loans and high-interest installment loans both offer quick funding — but are very expensive and difficult to repay. Try to consider fast loans with high interest rates only after you’ve exhausted other options.

• Payday loans are short-term loans that are repaid from your next paycheck. While funds can be obtained almost instantly, loans can carry an APR of nearly 400%. Many consumer advocates consider personal loans over 36% to be unaffordable. Payday loans are commonly offered for small amounts like $500 or less and should be considered a last resort.

• High-interest installment loans are repaid over a few weeks to several months, which allows you more time to repay the loan when compared to a payday loan. However, interest rates can be more than 36%, and you can wind up paying more than half of what you borrow in interest alone. For example, a $1,000 loan with a 12-month term and a 95% APR would cost $585 in interest. The same loan with a 20% APR would cost about $112 in interest, a difference of $473.

Your credit score is typically an important factor on a loan application, but a bad score doesn’t automatically disqualify you from getting a loan. If you have bad credit, having a low debt-to-income ratio and proof of stable income might help you qualify.

Here are a few additional tips to get a quick loan with bad credit:

• Ask for the lowest amount you need: You might not be approved for a large loan amount if you have bad credit, because loan companies may already view lending to you as a risk. Keep your requested amount as low as possible.

• Add up income streams: Most lenders want to see that you have enough income to cover regular expenses, make the new loan payment and have a little money left over. Your lender may consider Social Security benefits, alimony or child support as part of your income, so make sure to include all your income streams on a loan application.

• Consider lenders that cater to bad-credit borrowers: A credit union may be the best option for bad-credit borrowers, because they often offer lower loan rates and look at more than just your credit score when reviewing your application. However, credit unions typically require membership, which could slow down the process of getting a loan if you’re not already a member. Online lenders may fund loans faster, but check their rates and minimum credit score requirements before applying.

• Add a co-signer or co-borrower: A co-signer or co-borrower with a higher credit score can help your chances of qualifying or getting a good rate. Just know that adding a co-signer or applying for a joint loan can potentially slow down the loan approval process since the lender has to evaluate two people’s criteria. 

• Add collateral: Some lenders offer secured personal loans and consider the item used as collateral (usually a bank account or vehicle) when assessing an application. It can add extra time to the loan approval process, but adding collateral could improve your chances of qualifying or getting a lower APR.

Before you borrow — especially if the rate you pre-qualify for is high — see if you can delay the expense or find an interest-free cash source. Consider cheaper alternatives first, even when you need money fast: