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Compare personal loans with fast approval

Find a lender that can get you funds the same day you apply.

This article was reviewed by Doug Noll, a member of the Finder Editorial Review Board and award-winning lawyer, mediator and author with over 40 years of experience in the legal field.

In today's online world, more and more lenders are making it possible to apply for 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. The fastest personal loans often have higher interest rates.

5 lenders that offer loans in 24 hours or less

These online lenders can fund your loan in one business day after you sign your loan agreement. In some cases, you can get your money as soon as the same day you apply.

LightStream personal loans


4.83 / 5
★★★★★

Go to site

on Lightstream's secure site

LightStream is an online lender with some of the most competitive interest rates available. You can get your loan the same day you apply — if you sign the document agreeing to the terns and conditions of the loan by 2:30 p.m ET. But it’s one of the few online lenders that doesn’t let you check the rate you might qualify for without affecting your credit score — called preapproval. Its eligibility requirements are also stricter than other online lenders like Upstart.

  • Available in all states
Pros
  • Same-day funding available
  • Wide range of repayment terms
  • Loans up to $100,000
Cons
  • No loans under $5,000
  • No preapproval process
  • No customer service number listed online
Loan Amount$5,000 – $100,000
APRCompetitive
Interest Rate TypeFixed
Min. Credit ScoreGood to excellent credit
Turnaround TimeAs soon as next day
Maximum Loan Term7 years
Minimum Loan Term2 years

OneMain Financial personal loans


3.4 / 5
★★★★★

Go to site

on OneMain's secure site

OneMain Financial can fund a loan within one hour of approval — as long as you have a debit card that was issued by a bank. It’s also one of the only lenders that accepts bad credit, which is usually defined as a credit score below 580. This makes it a good alternative to other bad credit options like payday loans, which can come with rates upwards of 400% APR. But you may be able to find less-expensive options if you have a credit score over 580. Its starting APR is about twice the average interest rate on a personal loan — around 9% according to the Federal Reserve.

  • Not available in: Alaska, Arkansas, California, Connecticut, Massachusetts, Michigan, Rhode Island, Vermont
Pros
  • One-hour funding
  • Accepts poor credit
  • No prepayment penalties
Cons
  • Origination fee of up to
  • High minimum APR
  • Secured loans may be slower
Loan Amount$1,500 – $20,000
APR18% to 35.99%
Interest Rate TypeFixed
Min. Credit ScoreVaries
Turnaround TimeAs soon as the same day
Maximum Loan Term5 years
Minimum Loan Term2 years

Upstart personal loans


4.15 / 5
★★★★★

Go to site

on Upstart Personal Loans's secure site

With Upstart, you can receive your funds as soon as the next day if you accept your loan offer before 5 p.m. on a weekday. Otherwise, it can take two business days to get your funds. Even that’s significantly faster than a bank loan, which can take weeks. And because this lender considers factors like education and career, you can still qualify if you have a fair credit score — usually defined as a credit score between 580 and 670. But where most lenders only charge an origination fee of up to 5%, Upstart's reach 8%. Like most lenders, Upstart deducts this fee from the loan before sending over the funds, so you'll receive less money than you're approved for. And if you want to fund an education-related expense, it can take three more days.

  • Not available in: West Virginia
Pros
  • Next-day funding
  • Accepts fair credit
  • No prepayment penalty
Cons
  • Potentially high origination fee
  • Only offers 3 or 5 years terms
  • Longer turnaround for education loans
Loan Amount$1,000 – $50,000
APR3.50% to 35.99%
Interest Rate TypeFixed
Min. Credit Score580 or 600 depending on state of residence
Turnaround Time1 to 3 business days
Maximum Loan Term5 years
Minimum Loan Term3 years

Upgrade personal loans


3.98 / 5
★★★★★

Go to site

on Upgrade's secure site

Upgrade can fund most loans within one business day after approval — if you’re sending the money to your account. For debt consolidation, it can take up to two weeks to clear, depending on your creditor’s policies. Like Upstart, this may be a good option for fair credit borrowers who have at least $1,000 in monthly income after covering bills. But it also has a high origination fee that can reach 8%, which it also deducts from the loan funds.

  • Not available in: Colorado, Iowa, Maryland, Vermont, West Virginia
Pros
  • Fair credit OK
  • Next-day funding
  • No prepayment penalty
Cons
  • Long turnaround for debt consolidation
  • Potentially high origination fee
  • Requires monthly cash flow of $1,000
Loan Amount$500 – $50,000
APR5.94% to 35.97%
Interest Rate TypeFixed
Min. Credit Score600
Turnaround Time1 to 4 business days
Maximum Loan Term7 years
Minimum Loan Term2 years

Rocket Loans personal loans


3.85 / 5
★★★★★

True to its name, Rocket Loans can fund your loan as soon as the same day you apply — as long as you accept your loan offer by 1 p.m. ET on a business day. This makes it one of the fastest lenders out there. But all borrowers pay an origination fee of 1% to 6% which Rocket Loans deducts from your balance before sending over the funds on the loan. If you have an excellent credit score of over 760, you may be able to qualify for a loan from a lender that doesn't charge origination fees — but it may take longer.

  • Not available in: Iowa, Nevada
Pros
  • Same-day funding available
  • Quick online application
  • No prepayment penalty
Cons
  • Origination fee deducted from balance
  • Only offers terms of three or five years
  • No loans over $45,000
Loan Amount$2,000 – $45,000
APR5.97% to 29.99%
Interest Rate TypeFixed
Min. Credit Score640
Turnaround TimeAs soon as the same day
Maximum Loan Term5 years
Minimum Loan Term3 years

Consider these factors to find a fast personal loan

When speed is your top priority, compare these factors to make sure you're getting the best loan to fit your needs:

  • Turnaround time it takes to get a loan from the moment you start the application to the moment the money shows up in your bank account. Most online lenders prominently display this on their website — or in their frequently asked questions.
  • Eligibility requirements are a lender's minimum requirements to qualify for a personal loan. For faster approval, avoid lenders where you just barely make the cutoff for credit score and income.
  • Annual percentage rate (APR) tells you the percentage of your loan balance that you pay in interest and fees over one year. It's the fastest way to compare cost on loans with the same term.
  • Loan amounts tell you the minimum and maximum available through a lender. Eliminate all lenders that don't offer the amount that you need.
  • Monthly payments are how you'll have to repay the lender each month. Most lenders will give you an estimate of the monthly after you prequalify for a loan. If not, use a personal loan calculator to estimate payments from your top choice.

Fast personal loans work by automating the application

Fast personal loans usually work by using software to process your application. This cuts down the processing time from days to minutes. And it means that the speed of the application depends on you, the borrower. The faster you're able to upload documents your lender needs to verify the information in your application, the faster you'll receive the money.

Generally, lenders with online applications are faster than a lender that asks you to apply at a branch in person.

Who can get the fastest personal loans?

Some borrowers have an easier time getting money than others. Lenders typically prefer to work with people who work full-time, have few other debts and good credit — that's a credit score above 670. But some borrowers can have a hard time qualifying for a loan quickly:

  • Self-employed applicants may have a more difficult time verifying their income.
  • Hourly workers with irregular shifts can also have a hard time verifying their income.
  • Anyone applying for a large loan amount may also have a hard time getting a loan quickly. Lenders tend to take extra precautions if you apply for a loan close to the maximum amount available because repayments last several years.

5 ways to get a personal loan faster

While turnaround time varies depending on the applicant and the lender, there are a few ways to speed up the time it takes for a personal loan:

  1. Apply in the morning. If you sign off on your loan by the early afternoon, you can sometimes receive the funds through a bank transfer the same day at no additional charge.
  2. Use an online marketplace like Fiona, which allows you to prequalify with multiple lenders with only one form. This allows you to quickly choose a provider based on personalized offers, rather than the general range of rates, fees and terms a lender offers.
  3. Consider a lender that you already have a checking account with. They're already familiar with your finances and can immediately put the money in your account without having to bother with sending funds between banks.
  4. Have all of your documents ready before you apply, such as last year's tax returns, bank statements and statements from other loan or credit card accounts that you're paying off. That way you won't have to go scrambling to find the information you need.
  5. Pay for a wire transfer or ask if the lender can send the funds directly to your debit card if a same-day bank transfer is not an option. This can get you money in a few hours — though there may be a $15 fee for wire transfers.

Alternatives to fast personal loans

For people with bad credit or irregular income, a personal loan can take longer than other options. If you can't qualify with a lender that offers fast funding, an alternative may be better

  • Pay advance apps let you access wages you've already earned and are made for hourly workers. Often these apps also offer financial wellness services like credit score tracking and help building up an emergency fund.
  • Some employers also offer paycheck advances directly through a payroll software provider like Gusto or an employer-based pay advance provider like PayActiv.
  • Short-term lenders like payday loan providers can also offer same-day funding if you apply in person at a branch. But these can come with APRs upwards of 400%. While these often have terms of 30 days or less, a Consumer Financial Protection Bureau study found that most borrowers take at least 11 months to pay off a payday loan.

Visit our guide to personal loans to learn more about how this type of financing works. If personal loans aren't your best option, check short-term loan alternatives for more resources.

Picture: Shutterstock

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