Best Fast Personal Loans For Quick Cash Of 2024 (2024)

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Best Quick Personal Loans

Summary: Best Fast Personal Loans For Quick Cash

Tips to Compare Fast Personal Loans

If you need a loan fast, there are some things you can do to make sure you get the best deal possible while still receiving funds quickly. Follow these tips when comparing fast-approval personal loans:

• Find a funding speed that works for you. If your primary goal is to access cash quickly, compare lenders based on application approval and loan disbursem*nt times. Fast funding speeds may come with higher interest rates or less flexible loan amounts, but the best personal loans offer a combination of competitive features.
• Compare available interest rates. Look at the interest rate ranges available from each lender. Some lenders publish their rates as APRs, which include the interest rate plus additional fees and give a better idea of the overall cost of the loan. Some of the best personal loans come with APRs between about 4% and 36%.
• Determine available repayment terms. Compare loan terms for each lender, and make sure you can afford the monthly payments before you apply. The longer the repayment term, the smaller the monthly payment—but this translates into more interest and a higher cost of borrowing in the long run.
• Pay attention to lender reputation. Ask for referrals from friends or family members who have taken out a fast personal loan in the past. Also read online reviews to see how past and current borrowers feel about the lender’s application process, approval odds and customer support. This can help you find a lender that is reputable and trustworthy.
• Read the fine print. Make sure you are aware of all the details of the loan agreement before signing on the dotted line. By reading the fine print, you can avoid surprises down the road—especially if you are trying to get loan funds quickly and may be inclined to rush through the borrowing process.

What Is a Fast Personal Loan?

A fast personal loan is one where you can receive funding quickly; with some lenders, it can be as soon as the same day. That quick turnaround includes the entire process, including applying, receiving a decision and then receiving the funds in your bank account.

Lightstream is one lender that advertises same-day turnaround times, for some loans. In contrast, it can take up to a week to actually see funds in your account from the time you apply for the loan with most personal lenders.

Pros and Cons of Fast Personal Loans

Getting a personal loan fast can be appealing, but before you accept the financing, be sure to understand the pros and cons of a quick loan:

Pros

• Quick funding
• Cheaper than credit cards
• Can apply online with many lenders

Cons

• May require good credit
• Smaller choice of lenders
• Easier to make rushed financial mistakes
  Funds may take longer to receive if lender needs more info

How Fast Can You Get a Personal Loan?

You can usually get a personal loan pretty quickly, with some lenders offering almost immediate approvals and same-day funding. It’s more common, though, to receive personal loan funds within three to five business days of loan approval and completion of the loan verification process.

Personal loan funding speeds also depend on your bank and how quickly it processes—and makes accessible—the loan proceeds. So if you need cash quickly, ask your bank how long it will take to see funds deposited in your account.

How To Get a Quick Loan

There are a few things you can do to increase your chances of getting approved and receiving funds quickly. Follow these steps to get a personal loan fast:

1. Check your credit score. Borrowers with a credit score of at least 670 are more likely to get approved for a personal loan than less creditworthy applicants. Having a strong credit history also makes it easier to qualify with a lender that offers accelerated funding speeds with competitive rates. Check your credit score and report early in the borrowing process so you have time to make improvements or dispute issues.
2. Calculate how much you need and how much you can afford to borrow. Personal loan amounts generally range anywhere from $1,000 to $100,000, but flexible loan amounts are not always available with fast funding. Consider how much money you need before you choose a lender and apply for a loan. This will help you narrow down your options and choose a loan that works with your timeline, rather than wasting time on lenders that don’t meet your needs.
3. Compile all of the necessary documents. The documents required to apply for a personal loan vary by lender but typically include your driver’s license, Social Security number, proof of income and address. It also may be necessary to provide the lender with a copy of bank statements. If you need to access personal loan funds quickly, organize these documents before applying so you can move through the approval process as fast as possible.
4. Prequalify with multiple lenders. Compare personal loans from multiple lenders to find the best interest rate and repayment term as well as the lowest fees. Where possible, prequalify so you can see the loan amount and rate you’re likely to qualify for before committing time to the application process.
5. Apply for a loan at your preferred lender. Once you prequalify with several lenders, complete the application and underwriting process with the lender that offers the fastest funding speed—or otherwise addresses your needs. This often can be completed online, but you may need to discuss your application with a loan officer over the phone or provide additional documents to complete the verification process. Respond to lender requests quickly to prevent delays in underwriting.

How To Get a Quick Loan With Bad Credit

If you have bad credit, it might be hard to get a personal loan quickly because lenders will worry about your ability to make payments. You can try to find a lender who is willing to work with you, but it will likely take longer and you might have to pay more in interest and fees.

Also consider applying with a co-signer who can improve your personal loan approval odds. A co-signer is someone with good credit who agrees to sign the loan with you and is responsible for making the payments if you can’t. This can be a family member or friend, but keep in mind that co-signers assume substantial risk.

Alternatives To Quick Personal Loans

If you need cash fast but don’t want to take out a personal loan, consider these alternatives:

• Cash-advance apps. These let consumers access cash from their paycheck before it’s deposited in their account. The app links to the user’s account and then automatically withdraws the advanced amount after they get paid.
• Friends and family. If you feel comfortable, consider asking friends or family for a temporary cash infusion. Make sure you communicate your needs clearly and record all of the important loan terms in writing, including the loan amount, interest rate and repayment term. This can add clarity and help you avoid conflict down the road.
• 0% APR credit card. Some credit cards offer qualified applicants a 0% interest introductory period. These 0% APR credit cards can be a good option if you need to make a large purchase and can pay off the balance within the introductory period—usually between six and 21 months.
• Payday loans. These involve borrowing money for a short period of time and can come with fast funding speeds. However, we don’t recommend them because the interest rates are typically extremely high, and the loans can lead to a cycle of borrowing.
• Payday alternative loans (PALs) from a credit union. This type of loan is offered exclusively to eligible credit union members and can help you avoid a typical payday loan. Loan amounts are usually limited to $200 to $1,000, with repayment terms from one to six months.

Methodology

We reviewed 15 popular lenders based on 13 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We chose the best lenders based on the weighting assigned to each category:

• Application process: 30%
• Eligibility and accessibility: 25%
• Loan details: 20%
• Loan cost: 15%
• Customer experience: 10%

Within each category, we also considered several characteristics, including available loan amounts, repayment terms, annual percentage rate (APR) ranges and applicable fees. We also looked at minimum credit score requirements, whether each lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated each provider’s customer support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps.

Where appropriate, we awarded partial points depending on how well a lender met each criterion.

To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our .

Forbes Advisor Contributor Lindsay VanSomeren contributed to this article.

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