Best Quick Loans for Fast Cash in 2024

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

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.

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. 

How to qualify: Must be 18, have a Social Security number, and have a regular income.

3. Best for Customer Service: SoFi

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. 

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.

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.

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