More lenders are making it possible to apply for a personal loan and receive your funds as quickly as the same day you apply — as long as you get your application in early enough. 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.
Narrow down fast personal loans by credit score minimums and rates to find the best for your budget and financial goals. Select Compare for up to four products to see their benefits side by side.
When speed is your top priority, these five factors can help you get a personal loan more quickly:
Fast personal loans are usually online loans that use software to process your application and cut the approval time from days to minutes. And it means that the speed of the application depends on you, the borrower. The faster you can upload the documents your lender needs to verify the information in your application, the faster you receive the money.
Generally, lenders with online applications are faster than those that ask you to apply at a branch in person.
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. With that in mind, here are three factors that can slow you down:
You’ll find few low-cost personal loan options for people with bad credit. While bad credit borrowers can get a loan, these are typically emergency payday or installment loans with high rates — often 400% or more. OppLoans is one lender that caters to bad credit with APRs capped at 160%.
However, if your low credit score is due to a limited credit history, you may have more low-cost options as long as you have regular income. Upstart, Stilt and Oportun are lenders that work with new credit applicants and offer APRs of 35.99% or less on their personal loans.
Many poor-credit borrowers turn to expensive payday and installment loans, but their costs can be exorbitant in the long run. A typical $375 payday loan attracts $520 in fees due to repeat borrowing and most payday loan borrowers stay in debt for at least 11 months.
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.
If these alternatives still don’t work for you, explore other options when you need to quickly borrow money. If personal loans aren’t your best option, check short-term loan alternatives for more resources.
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