Fast Personal Loans: 6 Best Lenders for Quick Cash

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Financial emergencies can happen at any time, and when they do, you need to respond quickly. But this can be challenging if you don’t have the funds available in savings. When this happens, taking out a personal loan can be a good way to cover the shortfall.

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You may think that the process of applying and getting approved for a personal loan would be tedious and time-consuming, but it’s not. Many online lenders will give you access to the funds within the same day or by the next business day.

6 Lenders That Provide Quick Cash Loans

Listed below are six online lenders that provide quick access to personal loans.

1. Upstart

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Upstart helps borrowers that have strong financial futures but are still in the process of building their credit. The company will consider various factors, including your degree and your job history. You do need to have a credit score of at least 620 to qualify.

The approval and funding process is quick with Upstart, and you could receive the money within one business day. Upstart does charge origination fees and late fees.

  • Loan amount: $1,000 to $50,000
  • APR range: 5.67% to 35.99%
  • Repayment terms: 3 to 5 years

2. Best Egg

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Best Egg caters to creditworthy borrowers that are looking for ways to consolidate their debt. You’ll need to have good to excellent credit to qualify, and the company does charge origination and late fees.

Best Egg isn’t the best option for bad credit borrowers. However, those who qualify can receive the funds as soon as the next business day.

  • Loan amount: $2,000 to $35,000
  • APR range: 5.99% to 29.99%
  • Repayment terms: 3 to 5 years

3. Avant

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Avant is a great option for less creditworthy borrowers who are looking to take out a quick loan. The company offers same-day funding, flexible repayment terms, and refinancing options.

And the company is very transparent about its fees and gives borrowers the option to prequalify for a loan. However, you won’t have the option to apply with a cosigner.

  • Loan amount: $2,000 to $35,000
  • APR range: 9.95% to 35.99%
  • Repayment terms: 2 to 5 years

4. Discover Loans

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Discover Loans are a great option for borrowers with stellar credit that are looking for a low interest rate and fast funding. You can receive the funds within the next business day, and the company doesn’t charge any origination fees.

However, Discover does put some limitations on what borrowers can do with a personal loan. You can use it for debt consolidation or to fund a large home improvement project. These cash loans are not designed to pay for college expenses or pay down the balance on a Discover credit card.

  • Loan amount: $2,500 to $35,000
  • APR range: 6.99% to 24.99%
  • Repayment terms: 3 to 7 years

5. Lending Club

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Lending Club was one of the first peer-to-peer (P2P) lenders and is one of the best lenders for borrowers looking for fast, convenient online cash loans. You’ll apply on Lending Club’s website, and the company will match you with investors that are willing to fund the loan.

If you’re approved for a loan the funds will be deposited in your bank account within a week. You should expect to pay an origination fee between 1% and 6% of the total loan amount.

Lending Club is ideal for borrowers with good credit history and a low debt-to-income ratio.

  • Loan amount: $1,000 to $40,000
  • APR range: 6.95% to 35.89%
  • Repayment terms: 3 to 5 years

6. OneMain Financial

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OneMain Financial is another lender that provides quick cash loans to borrowers that have bad credit. The company doesn’t have any minimum credit score requirements, and it offers same-day funding on cash loans.

However, you will pay for this kind of convenience. The company charges higher interest rates than others, and you’ll have to pay an origination fee.

  • Loan amount: $1,500 to $20,000
  • APR range: 18.00% to 25.99%
  • Repayment terms: 2 to 5 years

How to Choose the Right Fast Personal Loan Lender

When choosing a lender for fast cash loans, there are several factors to consider:

  • Interest rates: Compare the annual percentage rates (APRs) offered by different lenders to ensure you are getting the best deal. Be sure to factor in any origination fees or other costs associated with the loan, as these can increase the overall APR.
  • Loan terms: Compare the loan terms offered by different lenders, including the length of the loan and any prepayment penalties.
  • Reputation: Research the reputation of the lender by reading customer reviews and checking their Better Business Bureau rating.
  • Eligibility requirements: Make sure you meet the lender’s eligibility requirements, such as minimum credit score or income level, before applying.
  • Speed of funding: Consider how quickly you need the funds and choose a lender that can get you the money in the shortest amount of time.

How to Get a Personal Loan Fast

There are a few steps you can take to increase your chances of getting a personal loan fast:

  1. Check your credit score: Lenders often prioritize borrowers with higher credit scores. Having a good credit score can improve your chances of getting approved and getting a lower interest rate.
  2. Gather all necessary documentation: Have all of your financial and personal information ready to provide to the lender. This may include proof of income, bank statements, and identification.
  3. Shop around: Compare offers from multiple lenders to ensure you are getting the best interest rate and terms.
  4. Choose a lender with a fast application process: Some lenders have online applications that can be completed in just a few minutes, while others may require more detailed in-person or telephone conversations.
  5. Apply: To apply for a personal loan, you can visit a lender in person or apply online. Online lenders can typically provide a decision within a day of submission. If approved, funds can be deposited into your bank account within a few days. Some smaller banks and credit unions may require in-person applications.

Things to Keep in Mind

Keep in mind that when we say you can receive the funds within the same day or by the next business day, it’s not guaranteed. There are various factors that will influence how quickly you receive the cash loan. These factors include things like the rules of your bank, the loan amount, and when you apply.

If you’re not sure if your credit scores are high enough to qualify with any of these lenders, then you might consider a lending marketplace. With a lending marketplace, you’ll apply, and the company will match you with multiple lenders that are willing to work with you. This lets you compare interest rates from multiple lenders without further damaging your credit.

And finally, when you’re feeling a financial pinch, it can be tempting to settle for the easiest option. But don’t make the mistake of turning to predatory payday lenders that charge insanely high interest rates.

Choosing the wrong lender will only hurt your financial situation over the long haul. If you’re this desperate for cash, consider asking friends or family to loan you the money. Or you can look for creative ways to earn some extra money.

Summary

If you’re looking for a fast cash advance loan, any of the lenders on this list will make an excellent choice. The application process is fast, and if you’re approved, you can receive the funds with the same day or by the next business day.

Make sure you understand the terms and conditions of that loan before agreeing to anything. And start taking steps to save an emergency fund so you won’t find yourself in this situation again.

Jamie Johnson
Meet the author

Jamie Johnson is a freelance writer who has been featured in publications like InvestorPlace and GOBankingRates. She writes about various personal finance topics including student loans, credit cards, investing, building credit, and more.