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Best Fast Personal Loans for Quick Cash

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Updated May 20, 2024

Personal loans can put money in your bank account for debt consolidation, large purchases, or unplanned expenses. When you need money quickly, you may be interested in finding lenders that offer personal loans with quick funding.

To make your search easier, we've rounded up the best fast personal loans for different borrowing needs.

Debt consolidation loan rates compared 2024

LenderRecommended forAPR RangeLoan AmountPayoff PeriodCredit Score Required
Short-term loans
5.99% to 35.89%
$250 to $35,000
3 to 72 months
None
Poor credit
8.49% to 35.99%
$1,000 to $50,000
24 to 84 months
580
Micro loans
Not disclosed
$100 to $20,000
2 to 72 months
N/A
Emergency loans
5.99% to 35.99%
$500 to $10,000
3 to 72 months
Undisclosed
Excellent credit
6.99% to 25.99%
$5,000 to $100,000
24 to 240 months
660
Credit union loans
7.99% to 17.99%
Up to $50,000
Up to 60 months
580
Larger loans
6.99% to 35.99%
$600 to $200,000
12 to 120 months
Varies by lender
Cash advances
0.00%
Up to $500
$1 per month
Undisclosed

Our recommendations for the fast personal loan to get for January 2024

Best for short-term loans: PersonalLoans.com

PersonalLoans.com is an online marketplace that connects borrowers who need money quickly with partner lenders. You might choose this fast personal loan option if you need a smaller amount or shorter term. The minimum loan amount is $250 with repayment terms starting at 90 days. Once approved, it's possible to get funded as quickly as the next business day.

Pros:

  • Check loan rates from multiple lenders without affecting credit scores.
  • Borrow $250 to $35,000 with no collateral required.
  • Does not charge any fees to find loan offers.

Cons:

  • Partner lenders may charge origination or other loan fees.
  • Minimum credit score requirements are not disclosed, so this may not be a good option if you have poor credit.
  • Checking loan offers means opting in to receive marketing communications from PersonalLoans.com.

Best for poor credit: Upgrade

Upgrade offers personal loans ranging from $1,000 to $50,000 and accepts borrowers with a minimum credit score of 580. You might consider an Upgrade loan if you have less than perfect credit and hope to get loan funding as quickly as the next business day after approval. Upgrade loans offer terms ranging from 24 to 84 months and fixed rates mean predictable payments.

Pros:

  • Borrowers with lower credit scores may be able to get approved.
  • Doesn't charge any prepayment penalties.
  • Joint applications are accepted if you'd like to apply with a cosigner.

Cons:

  • Not ideal if you need a smaller or shorter-term loan.
  • All personal loans have an origination fee of 1.85% to 9.99%.
  • Late fees may apply.

Best for smaller loans: First Premier Lending

First Premier Lending connects borrowers with lenders to offer fast personal loans. The minimum loan is just $100, which might be a good option if you need some quick cash for a smaller expense. At the higher end, you can borrow up to $20,000. If approved for a loan, it's possible to get funding as quickly as the next business day.

Pros:

  • Smaller loan amounts offered.
  • Interest rates for good credit borrowers are on-par with other online lenders.
  • Check rates without affecting credit scores.

Cons:

  • Minimum credit score requirements aren't disclosed.
  • Fees may vary based on which lender you decide to apply with.
  • Not ideal for people who need larger loans above $20,000.

Best for emergency loans: BadCreditLoans.com

BadCreditLoans.com is a loan marketplace where you can find loans of up to $10,000 to cover unexpected expenses. Since this is a marketplace, not a direct lender, you'll need to get a quote to compare rates for different lenders. BadCreditLoans.com charges no fee to connect you to lenders. However, the lender whose loan you go after may charge origination or other fees.

Pros:

  • Find loans of up to $10,000 for emergency expenses.
  • Excellent credit may not be required to get a loan.
  • It's easy to check rates and there are no fees to do so.

Cons:

  • BadCreditLoans.com doesn't provide much detail about loan terms, rates, or fees.
  • Prequalification isn't a guarantee that you'll be approved.
  • Funding speeds may vary by lender.

Best for excellent credit: LightStream

LightStream offers unsecured personal loans of up to $100,000, with low rates for borrowers with excellent credit. It's one of the fastest overall in terms of loan funding speed, with borrowers able to obtain funds as quickly as the same day they're approved. LightStream loanscan be used to cover a variety of expenses, from debt consolidation to home renovations to emergency car repairs.

Pros:

  • Get funding as quickly as the same day.
  • Borrow up to $100,000 with no collateral required.
  • Take up to 144 months to repay your loan.

Cons:

  • Borrowers with poor credit may need to consider a different lender.
  • Rates vary by loan purpose.
  • Longer loan terms can mean paying more in interest overall.

Best for credit union loans: PenFed

In addition to online lenders, you might consider a credit union when looking for a fast personal loan. PenFed offers personal loans of up to $50,000 with competitive rates for borrowers. You can check your rates and apply online. Once approved, you can get loan funding within one to two business days. There are no penalties if you decide to pay your loan off early.

Pros:

  • Easy online application process and fast loan funding
  • Get up to $50,000 for a variety of purposes
  • PenFed offers great rates on personal loans, with no collateral required

Cons:

  • At least a 650 credit score is needed for approval
  • You must join PenFed Credit Union to apply for a loan
  • Full loan terms, rates, and fees are not disclosed on the PenFed website

Best for larger loans: Credible

Credible is another online marketplace for comparing personal loan offers. You can easily check rates with multiple lenders without impacting your credit scores. If approved, you may be able to borrow up to $200,000. Depending on which lender you're working with, you may be able to get funding as quickly as the next business day.

Pros:

  • Easily compare rates from multiple lenders in one place.
  • Get up to $200,000 as soon as the next business day.
  • Rates start as low as 5.20%.

Cons:

  • Lenders can charge an origination fee ranging from 0% to 12%.
  • You may need a higher credit score for approval or to get the lowest rates.
  • Prequalification doesn't guarantee loan approval.

Best for cash advances: Dave

Dave is a personal finance software that makes it easy to bank, save, spend, and borrow in one place. You can get up to $500 with an ExtraCash advance interest-free and pay it back on your next payday. Dave doesn't require a credit check to approve you and it's possible to get your advance in just a few minutes.

Pros:

  • Get up to $500 in minutes with an ExtraCash advance.
  • No credit check is required and you'll pay no interest.
  • All you need is a Dave Spending Account and a bank account to get started.

Cons:

  • You'll need to be able to pay the money back by your next payday.
  • Dave charges a fee to instantly deposit ExtraCash funds.
  • Not ideal if you need a larger loan.

Tips for comparing fast personal loans for quick cash

When you need a personal loan fast, you've got plenty of options to choose from. However, it's important to know how to compare them to find the best loan for your needs.

Here are a few things to consider as you shop around for fast personal loans.

Assess your borrowing needs

The first question to ask yourself is how much you need to borrow. Some lenders may offer smaller or larger loans than others, which can narrow down which ones you consider. A typical personal loan may range anywhere from $1,000 to $50,000, though it's possible to find lenders offering loans under $1,000 or in the neighborhood of $100,000+.

Weigh the costs

Interest rates matter when comparing fast personal loans because the higher the rate, the more expensive borrowing can end up being. Fees can also add to your total.

As you're comparing lenders, look at the range of rates being offered. Keep in mind that whether you're able to qualify for the lowest annual percentage rate for a loan can depend on your credit scores and credit history.

Using an online personal loan calculator can help you to estimate what your monthly payments and total cost of borrowing may work out to at different rates and with different fees factored in.

Consider the terms

Your loan repayment term can determine how much you'll need to pay each month and the total amount you pay in interest. A shorter loan term can mean a higher monthly payment, but less paid in interest. A longer term, on the other hand, can result in a lower monthly payment but more interest paid.

As you compare lenders, think about which loan term might fit your budget best. And again, you can use an online loan calculator to experiment with different terms to see how these options might affect your payments.

How to get a fast personal loan

If you need money quickly, then it helps to know the process. Here's a rundown of what to expect.

Compare rates

The first thing you'll need to do is get rate quotes. It's helpful to get quotes from at least three different lenders so you have enough rates to compare.

When checking rates for fast personal loans, remember that your credit scores can affect what you pay. Also, be aware that the rate you're quoted initially might not be the rate you end up with once you submit the full application.

Choose a lender and apply

Based on your comparisons, the next step is selecting a lender and applying for a loan. To apply for a fast personal loan, you'll typically need to provide some personal information including:

  • Name.
  • Date of birth.
  • Social Security number.
  • Physical address.
  • Email address.
  • Phone number.

You'll also need to tell the lender how much you want to borrow and what you need the money for. If you're getting a fast personal loan online, you should be able to complete the application and submit it in a matter of minutes. You may get a response instantly or within a few hours of applying, depending on the lender.

Review the loan offer and provide your bank information

If your loan application is approved, the final step is signing off on the paperwork. Here, you'll want to read through the loan offer carefully so that you know exactly what you're agreeing to and what you'll pay in interest or fees.

When you're ready to sign, the last step is giving the lender your bank account information so it can deposit the loan funds. You'll need to share your bank routing number and account number to receive the money.

Alternatives to fast personal loans

Personal loans aren't the only option when you need money quickly. There are some other possibilities you might consider when you're short on cash.

Cash advance

A credit card cash advance is another way to get cash quickly, though there are some drawbacks.

First, credit card cash advances can carry steep interest rates that are much higher than the regular purchase APR. The rate kicks in as soon as you take the advance, which can make them an expensive way to borrow. Aside from that, your credit card company may charge you a cash advance fee.

If you're interested in a smaller cash advance, then you might be better off using a cash advance app instead. Dave, for instance, can give you access to $500 in minutes with no interest and no fees. You'll just need to be able to pay it back on your next payday.

Sell your stuff

A third option for getting cash quickly is selling things you don't need. If you've got electronics, gaming consoles, musical instruments, sports equipment, clothes, or anything of value lying around the house you could sell it to make money fast.

Some of the best places to sell things for cash include Facebook Marketplace, local bargain groups, and Craigslist. You could also take items to a pawn shop to sell, or use them as collateral for a small, secured loan. Keep in mind that if you pawn items and don't pay the loan back on time, the pawn shop gets to keep your stuff.

Fast personal loans: Key considerations

Fast personal loans aren't all alike and, again, the goal is to find the one that best suits your needs. To wrap things up, here are a few more things to weigh when comparing your loan options.

Credit score

Your credit score determines the type of lender and interest rate you’ll be able to get approved from. A higher credit score is usually better, though it's possible to find fast personal loans for bad credit.

If you haven't checked your credit scores lately, you may want to do that to get a better idea of where you stand. That can help you decide which lenders you should be targeting, based on their minimum credit score requirements. Checking your credit report is easy and free. Federal law allows consumers to request a free copy of their credit reports from each of the three major credit bureaus. There are also credit monitoring services which can support you in improving your credit score to achieve your financial goals.

Selection of lenders

When you're comparing loan options through an online marketplace, it may help to have more lenders to choose from. Some platforms work with a broader network of lenders than others, which can directly impact how many loan quotes you're able to view.

If you're checking rates with individual lenders, you may want to create an ideal lender profile so that you're not wasting time with ones that don't fit. This profile might be based on factors such as your desired loan amount, credit score, and preferred repayment terms.

Time to get the funds

Loan funding speed may be your primary concern if you need money fast. Most of the lenders we've profiled here offer loan funding the next business day, but other lenders may take a week or more to fund your loan.

Taking time to read the fine print on what happens next after you're approved can make it easier to zero in on which lenders are the fastest when it comes to funding.

When is it best to take cash from a fast personal loan?

The best time to take cash from a fast personal loan is when you're able to borrow the amount you need at terms that you're comfortable with. Signing off on a loan with an exorbitant interest rate just because you're desperate for cash now could lead to regret later if you realize that there was a better, less expensive option available to you.

Ideally, the right personal loan for you allows you to borrow quickly without subjecting you to unreasonable rates or burdensome monthly payments.

TIME Stamp: Fast personal loans can give you cash quickly, but take time to shop around

When you need money in a hurry, a personal loan might be the first place you look. However, it's helpful to slow down for a moment to weigh all your borrowing options before making a decision. That can help ensure that you find the best loan, or loan alternative, for your situation.

Frequently asked questions (FAQs)

Can I get a personal loan without a credit check?

No-credit-check personal loans do exist but they can be an expensive way to borrow. Lenders use credit checks to gauge your risk and assign interest rates based on that perceived risk accordingly. If you get a personal loan with no credit check, it's possible that you could pay a much higher interest rate than for a loan that requires you to share your credit scores.

What loans can I get instantly?

Online personal loans and cash advances like the one offered by Dave can put money in your bank account virtually instantly—or as quickly as the next business day. Personal loans from traditional banks or credit unions, on the other hand, may take several business days to process.

Which bank gives the fastest personal loan?

Funding speeds for personal loans can vary by lender, with online banks typically working faster than traditional banks. An online lender may be able to fund a personal loan the same day that you're approved or the next business day. A brick-and-mortar bank could require several days to review your application and fund your loan once approved.

What is the easiest company to get a personal loan?

The easiest company to get a personal loan will depend largely on how much you need to borrow and your creditworthiness. If you have excellent or near-perfect credit, then you may find it relatively easy to get a loan from any company. Those with fair or poor credit may need to spend more time shopping around for the right lender.

The information presented here is created independently from the TIME editorial staff. To learn more, see our About page.

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