Personal Loans

Quick Loans: Personal Loan Lenders With Fast Funding

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Personal loans are lump-sum loans that are repaid in fixed monthly installments over a set period of time, typically a few years. They’re a good option for people who need fast cash, since many personal loans are funded on the same day you’re approved or the following business day.

Keep reading to learn where you can find next-day or same-day loans from personal loan lenders and online lending platforms.

Where to get quick personal loans

Personal loans can be used to pay for virtually anything and they offer fast funding, which makes them a popular option for borrowers who need quick cash. If approved, you may have access to your loan funds on the same day or the following business day.

Here are a few online lenders, banks and credit unions that offer fast access to cash for approved borrowers:

10 fast loans with same-day or next-day funding
Lending platform Available funding Loan terms* Best for…
Alliant Credit Union Same day APR: 6.24% – 10.24%

Term length: 12 to 60 months

Amount: $1,000 – $50,000

Existing Alliant Credit Union members with good credit
Avant Next day APR: 9.95% – 35.99%

Term length: 24 to 60 months

Amount: $2,000 – $35,000

Poor- and fair-credit borrowers who want a secured loan
Best Egg Next day APR: 5.99% – 29.99%

Term length: 36 or 60 months

Amount: $2,000 – $50,000

Borrowers of all credit profiles who can qualify for a good rate
Discover Bank Next day APR: 6.99% – 24.99%

Term length: 36 to 84 months

Amount: $2,500 – $35,000

Borrowers with good credit who want a long loan term
LendingPoint Next day APR: 9.99% – 35.99%

Term length: 24 to 60 months

Amount: $2,000 – $36,500

Poor- and fair-credit borrowers
LightStream Same day APR: 4.99% – 19.99%

Term length: 24 to 144 months

Amount: $5,000 – $100,000

Excellent-credit borrowers who need high loan amounts
OneMain Financial Same day APR: 18.00% – 35.99%

Term length: 24 to 60 months

Amount: $1,500 – $20,000

Poor- and fair-credit borrowers who want a secured loan
Rocket Loans Same day APR: 7.16% – 29.99%

Term length: 36 or 60 months

Amount: $2,000 – $45,000

Borrowers of all credit profiles who can qualify for a good rate
Upstart Next day APR: 7.86% – 35.99%

Term length: 36 or 60 months

Amount: $1,000 – $50,000

Borrowers without an established credit history
Wells Fargo Bank Same day APR: 5.74% – 24.24%
Term length: 12 to 84 months
Amount: $3,000 – $100,000
Existing Wells Fargo customers who can qualify for a rate discount
*APR may include AutoPay discount

Benefits and drawbacks of a personal loan

Personal loans can provide fast access to the funds you need, but they’re not always the right financial tool to choose. Consider the benefits and drawbacks of personal loans, so you can make an informed financial decision.

Pros Cons
 Fast funding. Many lenders disperse funding to approved borrowers on the same day or the following business day.

 Consistent repayment schedule. Personal loans are repaid in fixed monthly installments over a set period of time.

 Competitive APRs. Borrowers with good credit may qualify for lower APRs than those of other unsecured options, like credit cards.

 Fees and penalties. Some lenders charge a loan origination fee, which is typically 1% to 8% of the cost of the loan.

 APRs can be high. Personal loans can be an expensive borrowing option for borrowers with bad credit or no credit.

 Not all borrowers qualify. Subprime borrowers may not qualify for a personal loan at all.

What to consider when shopping for a personal loan

APR

APR, or annual percentage rate, is the yearly cost of borrowing money. Personal loan APRs account for the interest rate as well as other fees, such as a loan origination fee. The lower your APR is, the less your loan will cost over the course of a year. Because a lower APR translates to a lower cost of borrowing, you’ll want to shop around for the lowest possible APR for your situation.

Since personal loans are typically unsecured (meaning they don’t require collateral), lenders determine your eligibility and loan terms based on your financial history. Borrowers with good credit and a low debt-to-income ratio will qualify for better loan terms than bad-credit borrowers. If you have bad credit, opting for a secured personal loan (which does require collateral) could lead to more affordable terms.

Check out the table below to see how your credit score affects the APR on an unsecured personal loan, and how the APR affects your borrowing costs:

The cost of borrowing a 3-year, $15,000 loan
Credit score 680-719 760+
Est. APR* 18.77% 9.82%
Monthly payment $548 $483
Total interest paid $4,732 $2,379
Total cost of the loan $19,732 $17,379
*Based on LendingTree’s Personal Loan Offers Report, Jan. 2021

Fees and penalties

Your APR accounts for fees like a loan origination fee, but it’s worthwhile to consider these fees when comparing offers for a quick loan. Origination fees are typically as high as 8% of the cost of the loan, and they may be subtracted from the total loan amount you’re offered — which effectively means that you’re borrowing less money.

Penalties are not accounted for in your APR, since they’re not charged unless you don’t adhere to the loan terms. For example, some lenders charge a prepayment penalty for paying off the loan early. You may also be charged a penalty for late or missed payments, depending on the lender. Make sure to read your loan agreement thoroughly to understand your borrowing terms.

Loan length and amount

The amount of money you borrow and the repayment terms that you choose will also affect how much the loan costs over time. When you borrow a long-term personal loan, you may end up paying more in interest than you would if you pay off the loan on a shorter timeline.

And of course, the more money you borrow, the more you’re paying to borrow. You should only borrow the amount of money you need, or else you’ll end up paying interest unnecessarily. Use the personal loan calculator below to see potential monthly payments based on loan amount, loan length and interest rate.

Alternatives to a personal loan when you need money fast

A personal loan isn’t your only option when you need some fast cash. Consider the following alternatives, as well:

Download a paycheck advance app

Asking your employer’s HR department for an advance on your next paycheck is one way to get access to cash fast and without a credit check. But technology has made it even easier to access your paycheck early — without having to go through your employer.

Paycheck advance apps let you borrow money from your upcoming paycheck based on hours you’ve already worked. In many cases, they don’t require a credit check and don’t charge interest, though some of these apps may charge a membership fee or ask for a voluntary tip. Plus, they may also have eligibility requirements, such as being paid on a regular schedule and being paid via direct deposit. You also can’t borrow nearly as much as you could with a personal loan.

Paycheck advance apps
Cost Voluntary tips accepted $1 monthly membership fee
Voluntary tips accepted
Advance limit $100, or up to $500 with continued use of the app $100, or $200 with a Dave spending account
Funding speed
  • Cash Out: Same day or next business day.
  • Lightning Speed: Instant funding with a connected debit card.
  • Standard: Up to 3 business days for free.
  • Express: Less than 8 hours for a small fee.
Eligibility requirements
  • A checking account where at least 50% of your earnings are direct deposited.
  • A regular pay schedule (weekly, biweekly, semi-monthly or monthly).
  • A fixed work location or paper/electronic timesheets.
  • A checking account with direct deposits through a bank supported by Dave.
  • A paycheck direct deposited to your account on consistent dates.
  • Enough funds after your next paycheck to repay Dave.

Ask about hardship programs

If you need a quick loan to tide you over because you can’t pay a loan or utility bill, you should first see if you’re eligible for financial hardship programs before taking out a personal loan to make ends meet. Hardship programs may include forbearance, loan modification, temporary APR reductions or fee waivers.

These programs will vary depending on the type of bills you have due. For example, credit card hardship programs may be different than a mortgage forbearance.

Keep in mind that if you enter a loan forbearance program, you’ll still have to repay the loan eventually, whether those payments are due at the end of your loan term or at the end of the forbearance period. Plus, interest may accrue during your forbearance period, which could increase the cost of borrowing in the long run.

Coronavirus hardship: For more information about hardship programs offered by banks and lenders amid the coronavirus pandemic, visit www.lendingtree.com/coronavirus.

Avoid payday lenders at all costs

If you need money fast, you may have come across payday lenders that promise quick cash without a credit check. However, payday loans are a bad option, since they’re expensive and can trap borrowers in a cycle of debt.

Here’s how to spot a predatory lender:

  • High cost of borrowing. Payday loan fees are typically around $15 per $100 borrowed, which means that APRs are nearly 400%.
  • Short repayment terms. You only have until your next pay period (typically two weeks) to repay the loan, plus any fees charged.
  • No credit check. Payday loans promise fast cash without a credit check, but reputable personal loan lenders will conduct a hard inquiry during the application process.

Instead, you could look to your local credit union for help. Some credit unions offer payday alternative loans (PALs) that let you borrow up to $2,000. APRs are capped at 28%, making this a much less expensive borrowing option when compared with payday loans.

 

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