On a time crunch? In today’s online world, more and more lenders are making it possible to take out a personal loan and receive your funds in as little as 1-2 days. However, you might want to base your loan on more than just speed to find the most competitive deal.
How do fast personal loans work?
Applying for a personal loan is typically the same across lenders — where they differ is how long it takes them to process your application and disburse your loan funds. Online lenders tend to have the quickest process. Many are able to transfer funds to your bank account as soon as the next business day after getting approved, while banks and credit unions usually take longer.
Can I get my loan funds on the same day I apply?
Some lenders do offer same-day funding, but generally, you’ll find most take 1-2 business days to fund your loan. Those that do offer same-day funding usually require you to apply during business hours, and some may even require you to visit a physical branch to complete your application in person.
Compare lenders that offer fast personal loans
4 personal loan providers that offer fast personal loans
Not all lenders will allow you to get your funds the same day you apply, let alone within a few hours, but some do. The following loan providers are great to consider if you’re looking for fast approval.
LendingMate does not consider applicants’ credit scores when deciding whether to lend funds. Instead, all applicants must apply with a guarantor who agrees to make payments if the loan applicant cannot (home equity is not required to secure a loan). Once a guarantor is accepted, LendingMate can get you funds within 24 hours. The delivery time can be even sooner if the guarantor completes the loan application online, assuming there are no issues.
If you opt to receive your loan money by Interac e-Transfer, LendDirect can get your funds to you in 2 hours or less. If you choose Direct Deposit instead, you’ll have to wait until the next business day.
Going directly to a Cash Money location to apply for an installment loan can get you funds immediately (if you’re approved). You can get money in 1 hour or less if you receive funds through Interac e-Transfer instead.
How should I compare fast personal loans?
When choosing between different loan offers, consider these factors in addition to the loan speed to find the best deal:
Annual percentage rate (APR). This is the annual cost of a loan and accounts for both interest and fees. Alongside the speed of your loan, it should be a top consideration. After all, it may be worth waiting a week for processing if it means you’ll save thousands of dollars in interest.
Loan amount. Not all personal loan providers offer the same range of funding, so you’ll want to first find a lender than can meet your exact borrowing needs. Otherwise, how fast you can get your loan won’t matter.
Loan term. This affects the total cost of your loan as well as how much you pay each month. Keep in mind that a fast personal loan may not be worth it if it means you’ll be saddled with a short loan term and unaffordably high monthly repayments.
What if I don’t qualify for a traditional personal loan?
If you don’t have the credit to qualify for a traditional personal loan, you may want to consider a fast short-term lender instead. These providers can often fund loans in 1-2 days, but be cautious: Payday loans tend to have high APRs that can make repayments difficult to afford.
If you have something to offer as collateral, you can also look into pawn shop loans. You can usually leave the shop with cash the same day you walk in.
Frequently asked questions
The best way to know if a lender is legit is to research it thoroughly and find reviews from actual borrowers. All legitimate lenders should also have a way to contact it — usually a phone number or email address — so you can ask questions and get more info. And be especially cautious of short-term lenders that offer same-day loans. Most need at least a day or two to process your application and transfer your funds.
No matter the time it takes your loan to get funded, you should always be wary of:
Borrowing too much. Only apply for the amount you need to to avoid repayments that overextend your budget.
Excessive fees and charges. Fees and other miscellaneous charges can quickly add up, which could cause you to pay double or even triple what you initially borrowed.
That ultimately depends on whether you’re confident you’ll be able to meet the repayment schedule without defaulting on the loan or missing payments.
Kellye Guinan is a writer and editor with Finder and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.
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