Best Quick Loans for Fast Cash in May 2025

SoFi isn’t the only lender that offers same-day loans. Compared to many others, though, it has a later cutoff time when it comes to signing your loan documents.

With SoFi, you can sign as late as 6 p.m. Eastern time on a business day and you may still qualify for a same-day loan. Lightstream, on the other hand, has a cutoff time of 2:30 p.m. Eastern time. Those few extra hours could be a lifesaver if you need to borrow for an unexpected emergency.

SoFi comes with a bunch of other benefits, too, like a 0.25% rate discount if you sign up for autopay. You can also take advantage of free financial planning to find the best way to budget for your quick loan.

But to get the lowest rate, you have to pay an origination fee (0.00% - 7.00%). Make sure to ask for offers that do and don’t include this fee to see whether paying the fee works in your favor.

You must meet the requirements below in order to get a loan from SoFi:

• Age: Be the age of majority in your state (typically 18)
• Citizenship: Be a U.S. citizen, an eligible permanent resident or a non-permanent resident (a DACA recipient or asylum-seeker, for instance)
• Employment: Have a job or job offer with a start date within 90 days, or have regular income from another source
• Credit score: 680+

Other lenders commonly charge origination and/or late payment fees, but LightStream doesn’t charge either. LightStream is also fast — it can fund your loan on the same business day if your application is approved, verified and closed by 2:30 p.m. Eastern time.

LightStream doesn’t let you prequalify, so you’ll have to submit to a hard credit hit to check your eligibility. This will probably drop your credit score by a handful of points.

If you’re looking for a quick loan because you’re facing an expensive home repair, note that LightStream’s home improvement loans offer even longer repayment terms (24 to 240 months). Although a long repayment term often means more overall interest, it can help lower your monthly payments.

LightStream doesn’t specify its exact credit score requirements, but you must have good to excellent credit to qualify. Most of the applicants that LightStream approves have the following in common:

• At least five years of on-time payments under a variety of accounts (credit cards, auto loans, etc.)
• Stable income and the ability to handle paying their current debt obligations
• Savings, whether in a bank account, investment account or retirement account

With Rocket Loans, you won’t have to worry about uploading your documents manually. This online lender verifies your identity, income and bank account electronically. This might be one of the reasons why it can offer same-day loans.

However, you’ll only have two repayment terms to choose from (36 or 60 months). Also, Rocket Loans might be better if you’re working toward (but don’t yet have) excellent credit. At 8.01%, Rocket Loans’ minimum annual percentage rate (APR) isn’t as low as some.

To qualify for Rocket Loans, you must meet the requirements below:

• Citizenship: Must be a U.S. citizen
• Age: 18 or older
• Income: Minimum annual income of $24,000
• Residency: Can’t live in Iowa, Nevada or West Virginia
• Credit score: 620+

OneMain Financial’s rates are high, but it might be worth it if you have bad credit and need money fast. If you get your loan sent to your bank account that’s linked with your debit card, you could have your funds as soon as an hour after closing. You could also pick up a check at a OneMain branch (there are 1,300+ of them).

But paying off your loan early with OneMain Financial is not likely to save you money. It uses the precomputed interest model. This means your interest is based on your total loan amount and then added to your payments at the start of your loan.

Under a simple interest model (the most common type), interest accrues on your loan balance. In other words, your overall interest due goes down as you pay back your loan.

OneMain Financial isn’t very transparent about its personal loan eligibility requirements, but it’s possible to qualify even with a score as low as 500. Before closing on a loan, you’ll be required to provide:

• Government-issued identification (such as a driver’s license or passport)
• Proof of residence (such as a rental agreement or utility bill)
• Proof of income (such as pay stubs or tax returns)

OneMain loans are not available in Alaska, Arkansas, Connecticut, District of Columbia, Massachusetts, Rhode Island, Vermont or in U.S. territories.

Upstart is a lending platform that connects borrowers who are looking for personal loans with partner banks and credit unions that are ready to finance. When you apply, Upstart looks not just at your credit score but also at your education and job status. You might even qualify if you have bad or no credit.

Personal loans through Upstart come with limited loan term options: 36 or 60 months. And if Upstart approves you with bad credit, you might be responsible for a whopping origination fee (0.00% - 12.00%).

Upstart has transparent eligibility requirements, including:

• Age: Be 18 or older
• Administrative: Have a U.S. address, personal banking account, email address and Social Security number
• Employment: Have a job or job offer that starts within six months, or have regular income
• Credit-related factors: Debt-to-income (DTI) ratio no higher than 50% (45% in Connecticut, Maryland, New York and Vermont), no bankruptcies within the last year, fewer than six inquiries on your credit report in the last six months and no current delinquencies
• Credit score: 300+ (unless you’re an eligible college student or graduate, in which case Upstart could approve you with no credit)

Discover offers three repayment assistance options if you’re having trouble keeping up with your payments. Plus, its customer service department is based in the U.S. and is open seven days a week.

Not everyone will qualify for Discover, though. Its minimum credit score requirement is steep, and you can’t add a co-borrower to make it easier to get approved.

You’ll need to meet these eligibility criteria to get a Discover loan:

• Age: Be at least 18
• Citizenship: Have a Social Security number
• Administrative: Have a physical address, email address and internet access
• Income: Minimum income of $40,000 (individually or as a household)
• Credit score: 720+

If you aren’t happy with your current checking account (or don’t have one), Upgrade could be a great choice to get a quick loan. Upgrade is a financial technology company that partners with banks that provide personal loans — and you can open a checking account with Cross River Bank during the loan application process.

Borrowers who open a checking account could earn a $200 welcome bonus after setting up a qualifying direct deposit, and are eligible for interest rate discounts on new loans through Upgrade.

One thing to keep in mind with Upgrade loans is the origination fee. Some lenders only charge this to low-credit borrowers, but Upgrade’s partners tack one on to every loan.

To qualify for a loan through Upgrade, you must meet the requirements below:

• Age: Be at least 18 years old (19 in some states)
• Citizenship: Be a U.S. citizen or permanent resident, or live in the U.S. with a valid visa
• Administrative: Have a valid bank account and email address
• Credit score: 580+

Many legitimate quick loans start at $1,000. With PenFed Credit Union, you can get a loan as small as $600. Borrowing only what you need is important so you don’t take on extra debt (leading to unnecessary interest).

Although you’ll have to join the credit union to get a quick loan, PenFed is open to everyone. Joining is an easy process — you can apply for an online loan and become a member at once. You can also check rates before joining so you don’t waste your time.

To qualify for a PenFed loan, you must meet the following requirements:

• Membership requirements: PenFed membership (anyone can join)
• Administrative: Open up PenFed savings account with $5 deposit; may need to submit documents to verify your identity and income

If you need a midsize loan and you have fair credit, Avant could be a solution. Avant only requires a credit score of 550. You can also prequalify for a personal loan (which only requires a soft credit hit) to check your eligibility. This can help you protect your credit score as you work on improving it.

If you have strong credit, you might want to check with another lender. With a minimum APR of 9.95%, you can probably find a lower rate somewhere else.

To get a loan with Avant, you’ll need to meet the following minimum requirements:

• Residency: Not available to residents of Hawaii, Iowa, Maine, Massachusetts, New York, Vermont, Washington and West Virginia.
• Administrative: May need to submit bank statements, pay stubs or tax documents to prove your income. Avant may also call your employer to verify your employment.
• Credit score: 550+