Best Fast Personal Loans for Quick Cash of May 2024

The MarketWatch Guides team researched dozens of personal loan companies to understand their loan application process, interest rates, fees and other terms that impact repayment. Here are our top picks for the best personal loans that you can get in a day or two.

• LightStream: Our top pick
• SoFi: Best customer service
• PenFed: Best for small loans
• Discover: Best for low rates
• Upstart: Best for bad credit
• U.S. Bank: Best for bank switchers
• Upgrade: Best discounts
• Wells Fargo: Best for in-person service

A personal loan is money borrowed from a bank, credit union or other financial institution that is typically repaid in fixed payments over a set number of months. Though many loans can take days to hit your bank account, fast personal loans can deposit your money as early as the same day.

To get a fast personal loan, you typically need only to fill out an application online or over the phone. But it’s generally best to shop around before applying. The best personal loans will usually offer lower interest rates and flexible repayment terms based on your creditworthiness. Knowing what you’re eligible for upfront can protect you from instant cash offers that might seem attractive, but come with predatory loan terms that can make it difficult to repay the loan.

A fast personal loan can help you cover common unplanned expenses — like car repairs and medical bills — for which you lack a good savings account. And with the U.S. total credit card debt hitting over an astonishing $1 trillion, according to recent data from the Federal Reserve Bank of New York, you may also choose to trade in your high-interest debt for a lower-interest personal loan through debt consolidation.

If you have strong credit and can generally pay your bills each month, a fast personal loan could be better than a high-interest credit card. However, if you think it may be a challenge to make your monthly loan payments, a fast personal loan could leave you in a predicament — especially if your credit does not qualify for lower interest rates. You may consider negotiating a payment plan with your current service providers instead of taking on more debt to cover emergency costs.

Further, before making any major financial decision, you may want to consider consulting with a financial adviser or credit counselor.

If you’re in the market for a quick loan, consider these fast personal loan pros and cons before applying and committing.

Before applying for a fast personal loan, you can use a payment calculator to see how the loan amount and repayment period can impact your budget. Next, it often helps to gather loan documents — like a valid state ID or proof of citizenship and recent pay stubs — ahead of time so lenders can verify your identity, residence and income.

Typically, applying is fairly simple. You can check your rates with a few lenders to compare offers. In most cases, you can prequalify with multiple lenders without impacting your credit score. 

Pay attention to interest rates, your loan term and any fees that could come with taking out the loan, paying it off early or making late payments. Apply to the lender that makes the best offer. But before committing, double-check that the loan terms work for you. Finally, sign your documents and look out for your funds — often within one business day.

1. Estimate your monthly payment: Use a personal loan calculator to estimate how much you’ll need to pay back each month based on your loan amount, interest rate and payoff term. 
2. Gather your documents: Most lenders need to see a photo I.D. or utility bill, paycheck stub and bank statements. You may also need to provide your employer’s name and address and/or tax returns.
3. Prequalify with multiple lenders: Many lenders offer pre-qualification without a credit hit. You can check out your expected rate so you can shop around before deciding on a lender. 
4. Apply online: Most lenders have online portals to complete your application. For personal loans, applications are usually straightforward and you can complete them quickly.
5. Review and sign your loan documents: Once you’ve been approved, carefully review your loan documents, double checking your interest rate, repayment term, and any fees you may be paying. Then, sign your documents online or physically sign and mail them in.

Remember that lenders typically reserve the lowest interest rates for applicants with solid credit. If you have poor credit and don’t qualify for an affordable payment — or if there’s a chance you’ll have difficulty repaying the loan — a fast personal loan may not be the best option for you right now. Consider improving your credit before applying for a quick loan.

If you’re looking for a fast personal loan that offers same-day funding and lower interest rates than a credit card, check out our picks:

• Lightstream: Borrow up to $100,000 same day with lowest rate guarantee and long repayment period. But you’ll need good to excellent credit to qualify and they don’t offer preapproval. 
• SoFi: Great customer service. Borrow $5,000 to $100,000 with payoff of 2 to 7 years and receive funds as fast as the same day. Prequalify with no impact to your credit. SoFi allows co-borrowers who will pay back the loan equally, but not co-signers who will help you qualify for the loan. 
• PenFed: This credit union offers loans up to $50,000 with membership (anyone can join) and money direct-deposited in 1 to 2 days. Prequalify with no impact to your credit score.

Once you’ve shopped around and decided on a lender, start your online application to secure your funding. If you’re still deciding, click on our recommendations for more information.

Our team put together a comprehensive 100-point rating system to evaluate personal loan companies. We gathered data points from 28 of the most prominent lenders in the US and analyzed disclosures, licensing documents, sample loan agreements, marketing materials and websites. Our rating system takes into account four broad categories.

• Affordability (35%): How expensive each company’s loans are to pay back. 
• Loan features (35%): The breadth of loan terms and features available to prospective customers.
• Customer experience (20%): Ease of application, prequalification and customer service interactions. 
• Company reputation (10%): An exploration of lenders’ Better Business Bureau files, customer reviews and outstanding regulatory actions. 

Our top-rated lenders may not be the best fit for all borrowers. To learn more, read our full personal loans methodology.

Editor’s Note: Before making significant financial decisions, consider reviewing your options with someone you trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.