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Compare personal loans with fast approval
Find a lender that can get you funds the same day you apply.
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 a day or two. 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, and many are able to transfer funds to your bank account as soon as the next business day after getting approved. But many banks and credit unions are catching up, giving you multiple options when you're looking to compare fast personal loans.
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 one to two 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
3 personal loan providers with same-day funding
Very few lenders offer same-day funding for personal loans. These three may be your best option if you're looking for fast approval.
- Loan amount: $5,000 to $100,000
- APRs: Competitive
- Terms: Flexible
Provided you submit your application before 2:30 p.m. ET on a business day, LightStream may be able to disburse your funds the same day you apply.
2. OneMain Financial
- Loan amount: $1,500 to $20,000
- APRs: 18% to 35.99%
- Terms: 2 years to 5 years
OneMain Financial may be able to get you your loan funds on the same day you apply. Just submit your application before noon on a business day, and a representative will reach out to complete the process.
3. Rocket Loans
- Loan amount: $2,000 to $45,000
- APRs: 7.16% to 29.99%
- Terms: 3 years to 5 years
Depending on when you apply and the bank you use, Rocket Loans may be able to transfer your funds to you on the same day you apply — but it doesn't give any specific rules on when you'll need to have your application submitted by.
3 personal loan providers with next-day funding
While these aren't the only three lenders that offer next-day funding, they provide competitive terms that may make borrowing more appealing.
- Loan amount: $1,000 to $50,000
- APRs: 7.68% to 35.99%
- Terms: 3 years to 5 years
Much of Upstart's process is automated, allowing it to quickly make credit decisions. This means you may have your personal loan funded as soon as the next business day.
- Loan amount: $2,000 to $35,000
- APRs: 9.95% to 35.99%
- Terms: 2 years to 5 years
Avant offers next-day disbursement for borrowers who submit their application and are approved before 4:30 p.m. CTon weekdays.
- Loan amount: $1,000 to $10,500
- APRs: 34% to 155%
- Terms: 0.5 years to 5 years
If approved, NetCredit may be able to deposit your loan funds into your bank account by the next business day. However, it doesn't state exactly when you need to have your application submitted by.
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:
- 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.
- Secured or unsecured. Deciding whether you want to back your loan with collateral or not can help you narrow down providers before looking at how fast you can receive your funds.
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 a day or two, 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. And if you only need a small amount, many apps now offer advances on your paycheck — usually for a much smaller fee than you'd get with a short-term lender.
Frequently asked questions
How do I know if a fast personal loan is legit?
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.
Is there anything to avoid when it comes to fast personal loans?
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.
Is borrowing a fast personal loan a good idea?
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. You can use our personal loan calculator to estimate the cost of your options before you commit.
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