*AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Excellent credit required for lowest rate. Rates vary by loan purpose.
The best quick loan lenders are Upstart if you have a low credit score or SoFi if you have decent credit because you’ll find additional resources and flexibility to match your loan to your needs.
An unexpected car repair or the need for a new water heater can make you start looking for quick loans online. A fast personal loan can help you make it to the next payday. These loans are not for everyone in every situation, but they can be a good option for some people in specific circumstances. Find a listing of the top lenders providing fast cash when needed.
Quick Look: Best Lenders for Quick Loans
- Best for Mediocre Credit: Upstart
- Best for Small Loans to Help You Get by: First Premier Lending
- Best for Customer Service: SoFi
- Best for Fast Funding: LifeStream
- Best for Terms of 24-48 Months: Upgrade
Table of Contents
The Best Quick Loans for Fast Cash
Learn the best lenders for quick online loans to get cash that day or the next to help you meet your financial obligations.
1. Best for Mediocre Credit: Upstart
Connect with lenders fast in an online marketplace that pairs you with various lender types, including banks and credit unions. Upstart boasts a big difference that its lenders do not require good credit. You’ll get paired with loans based on your education, employment, and other financial factors to get better loan terms. Loans on Upstart are up to $50,000 and can be funded within the following business day of applying.
Pros
- Qualify even if your credit is average or poor
- Pay off the loan early without incurring fees
- Get prequalification without a hard credit pull
Cons
- Despite being able to get a loan with a low credit score, you might have to pay higher-than-average interest rates to get it
- Watch for origination fees from the lenders you get paired with
- Repayment terms are limited to three or five years
How to qualify: You must be at least 18 years old, have a Social Security number, a U.S. address, a regular income source, a bank account with a U.S. bank to deposit the funds, and a valid email address.
2. Best for Small Loans to Help You Get by: First Premier Lending
It might only take a few hundred dollars to help you make ends meet or to complete a necessary repair to keep life going. If that’s the case, you should look into First Premier Lending, which allows you to borrow as little as $100. You’ll get access to quick cash and can get funding as quickly as the next business day.
Pros
- Smaller loans available
- Despite more flexibility in amounts, interest rates are comparable to other lenders
- Look into the rates you’d qualify for without a hard credit pull
Cons
- The lender does not disclose credit score requirements
- As a network that connects you to lenders, it’s all up to the lender what fees to charge
- Loans are limited to $20,000
How to qualify: Must be 18, have a Social Security number, and have a regular income.
3. Best for Customer Service: SoFi
- Best For:No origination feesVIEW PROS & CONS:securely through SoFi Personal Loans's website
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.
Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
SoFi offers same-day loans for up to $100,000. Payoff timelines range from two to seven years. As part of your loan, you can qualify for discounts and access additional resources, such as career coaching and financial planning, meaning you don’t pay extra for these services. If you are down on your luck, such as losing a job, SoFi might work with you to pause or lower payments.
Pros
- Check rates without a hard credit pull
- Same-day loans available
- Enjoy discounts for selecting options like autopay or direct deposit
- Resources for hard times to adjust payments
Cons
- Minimum loan amount of $5,000, which can be higher in some states
How to qualify: Be of age to enter a binding contract, have income, and be a U.S. citizen or have valid documentation to be in the US.
4. Best for Fast Funding: LightStream
One of the fastest lenders when it comes to funding is LightStream. You can get your loan funded the same day you apply. Loans are also flexible in how you use them, including debt consolidation, emergency repairs, home renovations, etc. You must have decent credit to qualify for this loan, though.
Pros
- No fees
- Discounts for enrolling in autopay
- Longer repayment terms on some loan types help stretch out the payments
- Get loans of up to $100,000 without the requirement to put down collateral
Cons
- Qualifying and viewing rates require a hard credit pull
- High minimum loan amounts
- Must have good credit to qualify
How to qualify: Credit score of 660 or higher, strong credit history, maximum debt-to-income ratio of 50%, at least 18 years of age, income and assets to cover monthly payments, U.S. citizen or permanent resident, Social Security number and verified bank account
5. Best for Terms of 24-84 Months: Upgrade
Upgrade is another good lender for those with mediocre credit. You can still qualify for funding the next day. With terms ranging from 24 to 84 months, you can finance the loan in a manner that makes the most sense. The interest rates are not the lowest on this list, but you can qualify for savings if you set up autopay and open a Rewards Checking Plus account to make your loan payments.
Pros
- Discounts available to make the loan more affordable
- Can apply with a co-borrower
- No penalties for paying the loan off early
Cons
- Loans come with origination fees
- Minimum loan amounts can be high
How to qualify: be a U.S. citizen or permanent resident, at least 18 years of age, have a credit score of 580 or higher, a verifiable bank account and Social Security number
What Is a Quick Loan?
A quick loan is a personal loan that provides money you borrow from a bank or other financial institution. You’ll repay it in installments over several months, generally two to 10 years.
This type of loan can provide financing quickly, sometimes even on the same day. The application process is generally simple and only involves completing an application with general personal information and income data. This will help the lender determine your creditworthiness.
How to Get a Quick Loan
Learn how to apply for and fund a quick loan to get the money you need quickly.
1. Compare Rates
Review the rates available based on your specific financial situation, income and type of loan you need. Try to get quotes from at least three lenders without harming your credit by completing multiple hard credit pulls. Your credit score can be a determining factor in whether you get the loan. Also, the rates you see during prequalification can vary once you complete the full application.
2. Choose Your Lender
Once you’ve decided on the best lender for you, complete the full application. This will involve inputting your personal information, such as name, date of birth, phone number, email address, and Social Security number. At this stage, you’ll select a loan amount and disclose how you’ll be using the funds. Most lenders allow you to apply for and get loan approval in minutes.
3. Review All Final Loan Details
Compare the final loan details with the quote you got to ensure you’re comfortable with the terms. These are the terms you are agreeing to, not the prequalification terms. Read the details carefully to understand your commitments.
4. Provide Banking Information
You’ll input your banking information so the lender can deposit the funds and finalize the loan. At this point, you should get your funding within a few hours or the next business day.
Quick Loans for Bad Credit
It is possible to qualify for quick loans with bad credit. A credit score of 629 or lower will make it more challenging to qualify for a loan, but certainly not impossible as long as you have adequate income to cover it.
Even if your credit score is less than optimal, the lender can approve your loan the same day. Your credit score should not impact the speed of your loan funding.
Individuals with bad credit should shop around for their loans and get multiple pre-qualifications to compare terms. That’s because you’re a more risky borrower and will likely see higher loan interest rates.
Quick Loans to Avoid
As you search for loan options that fit your needs, you’ll find some loans that might be considered predatory. These loans have high interest rates or unfavorable terms that often lead to losing valuable collateral or trapping you in high payments that are mostly interest. Here’s a look at some you should avoid if you can.
- Payday loans: These short-term loans are available to bridge gaps until your next paycheck. However, their interest can be as much as 400%. So, for a small loan of $500, you might repay $2,000. Use these only as a last resort. Look for installment loans instead that let you repay over many months at a lower interest rate.
- Pawnshop loans: When you take valuables to a pawnshop, you can borrow money against those items. However, similar to payday loans, the term is generally concise. If you don’t pay off the loan within a week or so, the pawnshop gets to keep your valuables and sell them to recoup their loan expenses.
- Car title loans: You can get a loan using the title of your car as collateral. But much like other forms of collateral loans, the risk is big here. You’ll surrender your car to the lender if you don’t repay the loan in time, and often, these are short-term loans. Not having a car could disrupt your ability to work, putting you into further financial straits.
Alternatives to Quick Loans
A quick loan is just one way to access funds when you need them fast. Consider these alternatives to avoid taking out a personal loan.
- Cash advance: Work with your credit card company to get a cash advance. Just know that these can carry enormous interest rates compared to personal loan terms. You’ll start paying interest in advance when you complete it. You might also pay a fee for the advance and interest on it. You can also get a cash advance from an app, such as Dave, which can provide up to $500 with no interest or fees if you pay the funds back when you get paid.
- Sell items you no longer need: Look around your home to check if you have items you can sell to meet your financial obligations. For example, you might have a musical instrument you no longer play or nice clothes that don’t fit. These items are easy to sell for cash on platforms like Facebook Marketplace or eBay. You can also take valuables to a pawnshop to sell or get a secured loan while the pawnshop holds the items as collateral.
- Ask friends or family for help: When you know you can pay off a loved one's debt, consider asking for help. That way, you don’t pay interest on small loan amounts, like a few hundred dollars, to make it until your next payday or a few months until you can pay off the amount.
Make Ends Meet with Quick Loans
When you encounter an unexpected expense and don’t have the funds to pay for it, you can get a quick loan to help you get by. Use these loans strategically, though, as the interest rates are high, and they can start a cycle of debt if you aren’t careful. But when a car repair disrupts your daily life and ability to make money, a quick loan can be a wise choice to keep you on your feet.
Frequently Asked Questions
What is the easiest loan to get immediately?
The easiest loan to get immediately is a payday loan or other secured loan. However, these loans often have short terms and unfavorable rates, making them less attractive for borrowers.
How can I get an instant loan immediately?
Many personal loans are available on the same day. However, some require you to wait until the next business day for funding.
Are quick loans safe?
Read the terms for a quick loan carefully. You want to ensure you can meet the repayment requirements and that the interest rate is not so high that you’ll pay enormous amounts for the loan.
About Rebekah Brately
Rebekah Brately is an investment writer passionate about helping people learn more about how to grow their wealth. She has more than 12 years of writing experience, focused on technology, travel, family and finance. Her work has been published in Benzinga, Hearst Bay Area, FreightWaves and Dallas Observer publications.