Best fast personal loans of April 2024
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BLUEPRINT
Updated 5:44 p.m. UTC April 22, 2024
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When you need to access cash quickly, an online personal loan is often your best option. The best fast personal loans provide same-day or next-day funding for borrowers who qualify — but it’s important to keep an eye on rates, terms and conditions to ensure you’re getting the right loan for you, not just the speediest.
In 2024, the best fast personal loans provide money as soon as the same day or the next day after approval. They also have quick approval processes, reasonable eligibility requirements and high loan limits. Rates for fast loans might not be as very low, but still offer competitive rates to qualified borrowers.
Best fast personal loans
- SoFi: Best overall.
- LendingClub: Best for co-borrowers.
- LightStream: Best for low APR.
- Prosper: Best for good credit.
- LendingPoint: Best for below-average credit.
- Oportun: Best for small loans.
- Upgrade: Best for bad credit.
Compare the best fast personal loans
| INTEREST RATES | LOAN AMOUNTS | REPAYMENT TERMS (YEARS) | MINIMUM CREDIT SCORE | TIME TO FUND | |
|---|---|---|---|---|---|
SoFi
| 8.99% to 29.49%
| $5,000 to $100,000
| 2 to 7
| Does not disclose
| Same day
|
LendingClub
| 8.98% to 35.99%
| $1,000 to $40,000
| 3 to 5
| No minimum
| 24 to 42 hours
|
LightStream
| 6.99% to 25.99%
| $5,000 to $100,000
| 2 to 12
| Does not disclose
| Same day
|
Prosper
| 8.99% to 35.99%
| $2,000 to $50,000
| 2 to 5
| 600 | 1 business day
|
LendingPoint
| 7.99% to 35.99%
| $2,000 to $36,500
| 2 to 6
| 660 | 1 business day
|
Oportun
| 34.95% to 35.99%
| $300 to $18,500
| 1 to 5.33
| No minimum
| 1 to 3 business days
|
Upgrade
| 8.49% to 35.99%
| $1,000 to $50,000
| 2 to 7
| 580 | 1 business day
|
All rates are accurate as of April 22, 2024 and include any applicable discounts as specified by the lender.
Methodology
Our expert writers and editors have reviewed and researched multiple lenders to help you find the best fast personal loan. Out of all the lenders considered, the seven that made our list excelled in areas across the following categories (with weightings): application process (35%), loan cost (15%), loan details (20%), eligibility and accessibility (20%) and customer experience (10%).
Within each major category, we considered several characteristics, including time to fund, APR ranges, late payment fees, maximum loan amounts and terms, minimum credit score requirements and co-signer acceptance. We also evaluated each provider’s customer support options and customer reviews.
Why some lenders didn’t make the cut
Of the personal loan lenders that we reviewed, only a fraction made the cut. The lenders that didn’t have high enough scores to be included, received lower ratings due to having longer funding times, higher interest rates, not allowing co-signers and charging more fees than many competitors.
How fast is a "fast" personal loan?
All the lenders highlighted in this article provide quick funding after borrowers are approved. That means these fast personal loans offer same-day funding or funding within one to two business days after approval.
How to get a fast personal loan with bad credit
If you need money fast but have bad credit or no credit history, you may need to apply for a fast personal loan with a co-signer or co-borrower. Applying with another applicant will allow you to take advantage of their better credit score and history to help you qualify for the loan and potentially receive more favorable rates and terms.
However, your co-signer or co-borrower will be equally responsible for paying back the loan, which means you will need to be on the same page with your co-applicant to ensure the loan is paid off.
Alternatives for getting cash fast
When you need money in a hurry, you may consider other short-term lending options before turning to a personal loan. Payday loans, pawn shop loans and car title loans are well-known as quick ways to access cash because you can usually get the money immediately instead of waiting for personal loan approval.
However, short-term loans tend to have much more significant risks than personal loans. Payday loans can charge APRs approaching 400%, making it difficult to get out of the payday lending cycle once you’ve started. Both pawn shop loans and car title loans require collateral, and defaulting on these loans will mean losing the valuable item or car you use to secure them.
Though it can take a little longer to apply, get approved and receive funding from a fast personal loan, this will generally be a much safer and less expensive option than turning to a short-term loan.
Frequently asked questions (FAQs)
There is no way to get cash instantly with a personal loan. “It usually doesn’t take much time to fund a personal loan, especially via an online lender,” says Leslie H. Tayne, Esq., Founder and Managing Director of Tayne Law Group. “[But usually] the approval process takes one to three days, while disbursal of funds takes up to another five days, especially if you bank with a smaller bank or credit union.”
However, just because you can’t get money immediately doesn’t mean you can’t expect quick funding. “In many cases, it may only take a couple of days between approval and receiving the funds in your bank account,” Tayne says.
Many online lenders offer quick funding for personal loans, but every reputable lender must take at least some time to approve your application before disbursing your funds. Tayne warns about lenders who make promises about lightning-quick funding.
“Some less reputable lenders may promise fast funding because they do not perform a credit check,” she says. “While that may seem more convenient, especially if you don’t have great credit, it’s a red flag. Best case, you’ll end up paying exorbitant interest rates and fees. Worst case, it’s a scam.”
Several online lenders specialize in helping borrowers with bad credit get personal loans. You may qualify for a loan with such lenders and receive funding anywhere from the same day to within two business days. But such loans will often come with higher interest rates, high origination fees or low borrowing limits—so make sure you do your research before agreeing to borrow from a lender.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
