Editor's choice: Credible personal loans
- Loan range: $1,000 to $100,000
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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.
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.
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.
Very few lenders offer same-day funding for personal loans. These three may be your best option if you're looking for fast approval.
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.
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.
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.
While these aren't the only three lenders that offer next-day funding, they provide competitive terms that may make borrowing more appealing.
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.
Avant offers next-day disbursement for borrowers who submit their application and are approved before 4:30 p.m. CTon weekdays.
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.
When choosing between different loan offers, consider these factors in addition to the loan speed to find the best deal:
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.
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:
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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