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Not every personal loan has funding available the same or next business day for quick cash, but some lenders offer this option.
Here are Insider’s top picks for same-day or next-day funding:
Find a loan offer based on your needs
Lightstream
LightStream personal loans are a solid choice for both relatively low interest rates and same-day funding. This lender topped Insider’s list of best personal loans in 2022, and quick funding is yet another bonus.
However, this lender won’t be a good option for anyone with a poor credit score or little credit history. LightStream requires that applicants have a minimum credit score of 660.
For anyone who does qualify for a personal loan with LightStream, this is the most affordable option for fast cash. If your loan is verified and signed before 2:30 p.m. ET, same-day funding is available.
Read Insider’s full review of Lightstream.
Upstart
LightStream offers lower rates, faster service, and more flexibility than Upstart, but its minimum credit score is high. Upstart Personal Loans is a good option for quick funding if your credit score is between 600 and 660.
Upstart offers only three-year and five-year loans. While the platform has no prepayment penalties, there’s less flexibility in terms than for loans offered by other lenders.
Next-business-day funding is available as long as the personal loan is accepted by 5 p.m. ET.
Read Insider’s full review of Upstart.
Avant
Avant Personal Loans personal loans are the best fast-funding personal loan option for anyone with fair credit. This lender also made Insider’s list of best personal loans of 2022. Avant doesn’t have the lowest available starting APRs available, but the typical Avant borrower has a credit score between 600 and 700. This company will consider scores lower than what others will, and can provide funding the next business day if the loan is approved by 4:30 p.m. CT on a weekday.
However, it’s worth noting that this lender charges an administrative fee up to 4.75%. While it could be an option for anyone needing quick funding with fair credit, borrowers with better credit could find lower rates elsewhere.
Read Insider’s full review of Avant.
Best Egg
Best Egg Personal Loan is a good choice for short loan terms and fast funding. Its minimum loan term is 36 months, while the maximum term is 60 months. Best Egg loans can be repaid at any time without an early payment penalty.
About half of Best Egg’s customers get money the next day after a successful verification process, but it may take one to three business days to see money deposited in your account.
Read Insider’s full review of Best Egg.
LendingPoint
LendingPoint Personal Loan is great for borrowers with poor credit, as its minimum credit score requirement is only 580. However, LendingPoint doesn’t offer joint or cosigned loans, meaning you won’t be able to enlist a cosigner to get a lower rate.
The application process is fast with LendingPoint, and the company may approve you for a loan the same day you apply. You often get your funds the next business day after approval.
Read Insider’s full review of LendingPoint.
Rocket Loans
Rocket Loans personal loans is one of the only lenders on our list to offer same-day funding, but it comes with a lot of fees. You’ll pay an origination fee between 1% to 6% when your loan is funded, which will be deducted from your overall loan proceeds. Additionally, you’ll pay a $15 fee for any payments not made within 10 days of the due date and a $15 fee for a returned check.
Rocket Loans also has a quick application process, and you can complete it within several minutes.
Read Insider’s full review of Rocket Loans.
Opploans
OppLoans Personal Loans is good for borrowers with poor credit because there is no minimum credit score required to qualify, which is different from other personal loan companies.
Additionally, you won’t pay any fees with an OppLoans loan, including an origination fee, late fee, or prepayment penalty. Other lenders on our list charge fees.
Read Insider’s full review of OppLoans.
Other fast personal loans we considered
Not all banks that offer personal loans will fund them quickly. Insider found seven personal loans from reputable lenders that fund loans the same or next business day.
Alliant Credit Union Personal Loan: Alliant has minimum credit score requirements in the mid-600s, the same as Lightstream. However, Alliant’s interest rates are higher than Lightstream’s. Read Insider’s full review of Alliant Credit Union. OneMain Financial personal loans: While this lender is open to those with fair credit, interest rates are relatively high. Lower interest rates and the same next-day funding is available through Avant or Upstart. Read Insider’s full review of OneMain Financial. HSBC personal loans: This lender requires an excellent credit score for approval, but interest rates start higher than with LightStream. Borrowers who aren’t current customers will pay higher interest rates than those who are. Only existing customers can receive same-day loans; non-customers will receive money the next business day. Wells Fargo Personal Loan: While this bank offers same-day funding and a secured loan option for lower interest rates, Wells Fargo’s personal loans are difficult to apply for if you’re not a customer. Read Insider’s full review of Wells Fargo.
Which lender is the most trustworthy?
The Better Business Bureau, a non-profit organization focused on consumer protection and trust, evaluates businesses using factors like their responsiveness to consumer complaints, honesty in advertising, and clarity about business practices. Here is each company’s score:
Lighstream
A+
Upstart
Avant
A
Best Egg
A+
LendingPoint
A
Rocket Loans
A+
Opploans
A+
All of our three top picks are rated A or higher by the BBB. Keep in mind that a top-notch BBB score does not ensure a positive relationship with a lender. You should keep doing research and talking to others who have used the company to get the most information possible.
Fast cash personal loan credit requirements
LenderMinimum credit score LightStream660Upstart600Avant600Best Egg640LendingPoint580Rocket Loans620OppLoansNo minimum
The best quick personal loan for you will largely depend on your credit score. Like a grade for your borrowing, credit scores fall on a scale between 300 and 850. Here’s how the scores break down, according to FICO:
Very poor: 300 to 579Fair: 580 to 669Good: 670 to 739 Very good: 740 to 799 Exceptional: 800 to 850
Knowing your score before you start shopping for a personal loan could help you find your best deal quicker. Check your credit score for free online to see what interest rates and loans you could qualify for.
Alternatives to personal loans for quick cash
It’s worth noting that if you have an emergency fund or cash savings, dipping into those resources is a better option than borrowing. If you need to borrow money in an emergency, there are a few other avenues to explore.
Payday alternative loans from a credit union
Not to be confused with traditional payday loans, payday alternative loans are offered by many different credit unions and work with all types of borrowers. Only available to members, these loans are good for anyone needing a small loan, and who can repay it quickly.
According to the National Credit Union Administration, payday alternative loans typically range from $200 to $1,000 and have terms between one and six months. Check with your credit union to see if this option is available, and what interest rates and borrowing amounts are available.
Loans from friends or family
While loans from family or friends aren’t to be taken or made lightly, it could be an option for anyone needing cash quicker than a bank could send it.
If you plan to make or ask for this type of loan, one financial planner recommends putting loan terms and repayment plans in writing, and paying interest if possible.
A 0% interest credit card
If you happen to have (or can open) a 0% interest credit card that’s still within the intro APR term, it could be a useful option for spending. However, you’ll need to repay the balance before the 0% term expires. Most cards have between nine and 21 months of interest-free borrowing.
Methodology
All personal loans considered for this roundup had funding available either same-day or next business day. To find the best personal loans for quick cash, we considered the interest rate, range of loan terms available, and amount available to borrow. To make more effective recommendations, winners were broken down into three different credit score categories. Winners offered the lowest APRs of the competition, and the quickest funding.
How do I choose the best fast cash personal loan for me?
To find the best personal loan for fast cash for you, consider the factors that are most important to you. Many borrowers prioritize the speediest funding time, but also take into account the lowest interest rate, any fees, the minimum credit score needed, and the accessibility of the lender’s customer service. You’ll also want to make sure you’re able to select a term length that works for you and that your loan’s purpose is allowed by the lender you choose.
Guides like this one will help you compare multiple lenders in the same place to weigh their pros and cons. Make sure to also read individual reviews of any lenders you’re considering.
Frequently asked questions
Why trust our recommendations?
At Personal Finance Insider, we strive to help smart people make the best decisions with their money. We spent hours comparing and contrasting the features and fine print of dozens of personal loans so you don’t have to.
We understand that “best” is often subjective, however, so in addition to highlighting the pros of a lender’s personal loan, we outline the cons, too.
Can I be approved for a personal loan without a credit check?
With most lenders, no. All lenders Insider considered in this list required credit checks. OneMain Financial, which we considered, doesn’t have a minimum credit score requirement. A credit check could help you get the best interest rate that you qualify for.
What can a personal loan be used for?
Personal loans can be used for a variety of reasons, and lenders generally specify what loans can be used for. Generally, they’re best used for emergencies, like a home repair or medical expenses.
Personal loans can also be used to cover large purchase expenses that don’t qualify for other loans, like a motorcycle or RV purchase, or for a wedding. Credit card debt consolidation is another common use, making credit card debt easier to manage by putting it all into one monthly payment. Check with your lender to make sure your plans fit the lender’s personal loan options.
Could I save money by waiting longer for my cash?
In some cases, yes. Some lenders will charge higher interest rates or fees for the convenience of quick cash. Working with a lender that has a lower interest rate and waiting a few days for your money could help you save on interest over time.
However, that’s not always the case. Anyone with excellent credit scores looking for a personal loan should certainly consider LightStream, as low interest rates make it a top contender for personal loans even for people who don’t need the cash immediately. The same goes for borrowers with fair credit scores and Avant, which also topped our list of best personal loans in 2022.