Fast personal loans can provide flexible financing options for consumers who need quick access to cash. While it may take several business days for funds to appear in your account, some lenders offer same-day or next-day deposit speeds. However, this convenience can come with higher interest rates and fees, so you should compare the best fast cash loans before applying.
We reviewed 15 popular lenders based on 13 data points in categories such as loan details, loan cost, eligibility and availability, customer experience and application process. We selected the best lenders based on the weights assigned to each category:
- Application process: 30%
- Eligibility and Accessibility: 25%
- Loan Details: 20%
- Credit cost: 15%
- Customer Experience: 10%
Within each category, we also considered several characteristics, including available loan amount, repayment term, annual interest rate (APR) range, and applicable fees. We also looked at minimum credit requirements, whether each lender accepts co-signer or joint applications, and the geographic availability of lenders. Finally, we evaluated each provider’s customer support tools, borrower benefits, and features that streamline the borrowing process—such as prequalification options and mobile apps.
Where appropriate, we grant partial credit based on the extent to which the lender meets each of the criterion.
Quick Business Loan Comparison Tips
If you need a quick loan, there are a few things you can do to ensure you get the best deal and still get cash fast. When comparing fast-approved business loans, follow these tips:
Find a funding rate that works for you. If your main goal is to get cash quickly, compare lenders based on application approval and loan disbursement timing. Fast financing speeds may be accompanied by higher interest rates or less flexible loan amounts, but the best personal loans offer a combination of competitive features.
Compare available rates. Check out the interest rates offered by each lender. Some lenders publish their rates as APRs, which include the rate plus additional fees to better understand the total cost of the loan. Some of the best personal loans have APRs between 4% and 36%.
Determine available repayment terms. Compare each lender’s loan terms and make sure you can afford your monthly repayments before you apply. The longer the repayment period, the lower the monthly interest rate — but in the long run, that means higher interest and higher borrowing costs.
Pay attention to the reputation of the lender. Seek advice from friends or family members who have fast-tracked business loans in the past. Also, read online reviews to find out what past and current borrowers have to say about the lender’s application process, approval opportunities and customer support. This can help you find a reputable and trustworthy lender.
Confirm lender license and certification. Before applying for a loan, make sure the lender is licensed and accredited. This gives you peace of mind that the lender is reputable and your loan is properly processed.
Read the fine print. Make sure you understand all the details of the loan agreement before signing the dotted line. By reading the fine print, you can avoid surprises later on – especially if you want to get loan funds fast and may be inclined to rush the loan process.
How fast can you get a personal loan?
You can usually get a personal loan fairly quickly, and some lenders offer near-instant approval and same-day financing. However, it is more common for personal loan funds to be received within three to five business days after the loan approval and credit verification process is complete.
The speed at which a personal loan is financed also depends on your bank and how quickly it processes the loan proceeds – and makes it easy to obtain. So if you need quick cash, ask your bank how long it will take to transfer money to your account.
How to Get a Personal Loan Fast
There are a few things you can do to increase your chances of getting approval and funding quickly. Follow these steps to get a personal loan fast:
- Check your credit score. Borrowers with a credit rating of 670 or higher are more likely to be approved for a personal loan than applicants with a lower credit rating. A good credit history also makes it easier to qualify for a lender that offers accelerated financing and competitive rates. Check your credit history and get in touch early in the credit process so you have time to make improvements or resolve any issues.
- Calculate how much you need and how much you can borrow. Personal loan amounts typically range from $1,000 to $100,000, but flexible loan amounts aren’t always available with quick financing. Before you decide on a lender and apply for a loan, consider how much money you need. This will help you narrow down your options and choose a loan that fits your schedule, rather than wasting time with a lender that doesn’t fit your needs.
- Gather all 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 may also be necessary to provide the lender with a copy of the bank statement. If you need quick access to personal loan funds, get these documents in order before you apply so that the approval process can be completed as quickly as possible.
- Prequalify with multiple lenders. Compare personal loans from multiple lenders to find the best rates and terms and lowest fees. If possible, pre-qualify to see the loan amount and interest rate you may be eligible for before taking the time to apply.
- Apply for a loan with your preferred lender. After prequalifying with multiple lenders, complete the application and underwriting process with the lender that offers the fastest financing – or otherwise meet your needs. This can usually be done online, but you may need to discuss your application with a loan officer over the phone or provide additional documentation to complete the verification process. Respond quickly to lender requests to avoid underwriting delays.
How to Get a Bad Credit Personal Loan Fast
If you have poor credit, it may be difficult to get a personal loan quickly because lenders will worry about your solvency. You can try to find a lender who is willing to work with you, but it may take longer and you may have to pay more interest and fees.
Also, consider applying with co-signers who may improve your personal chances of getting loan approval. A co-signer is someone with good credit who agrees to underwrite the loan with you and is responsible for making payments if you cannot. This can be a family member or friend, but keep in mind that co-signers carry significant risk.
This is how you can get cash fast without taking out a loan
If you need quick cash but don’t want to get a personal loan, consider these alternatives:
- Cash Advance App. These allow consumers to get cash from their paychecks before it is deposited into their accounts. The app links to the user’s account and then automatically debits the prepayment after payment is made.
- Friends and family. If you feel comfortable, consider giving a temporary funding to a friend or family member. Clearly communicate your needs and put all important loan terms in writing, including loan amount, interest rate and term. This provides clarity and helps you avoid conflicts later on.
- A credit card with 0% APR. Some credit cards offer a 0% interest introductory period for eligible applicants. These 0% APR credit cards can be a good option if you’re making large purchases and can pay off the balance within the introductory period (usually between 6 and 21 months).
- Payday Loans. These involve borrowing money for a short period of time and can be financed quickly. However, we do not recommend them because interest rates are often very high and loans can lead to credit cycles.
- Alternative Payday Loans (PALs) from credit unions. This type of loan is only available to qualified members of credit unions and can help you avoid typical payday loans. Loan amounts are typically capped at $200 to $1,000, with repayment terms ranging from 1 to 6 months.