Best Fast Personal Loans of 2023

The Bottom Line

We chose SoFi as the best overall option for fast personal loans. With large loan amounts, no fees, and same-day funding, SoFi’s loans have a lot to offer. Plus, thanks to SoFi’s unemployment protection, you don’t have to worry about making your payments if you lose your job. No other lender on our list offers this benefit.

However, if you don’t have good credit or need to borrow a smaller amount, SoFi might not be the right choice for you. Other lenders on our list, such as Patelco Credit Union and First Tech Federal Credit Union, offer loans of less than $1,000. And if you don’t have good credit, you may still qualify with Prosper, Upgrade, or U.S. Bank.

Guide to Choosing the Best Fast Personal Loan

Should You Get a Fast Personal Loan?

If you need money from a personal loan—whether it’s for a time-sensitive financial emergency or not—there’s no reason not to get a fast personal loan. Opting for a fast personal loan versus one that takes a few extra days doesn’t require you to sacrifice cost or quality. In fact, some of the best overall personal loan lenders offer same-day or next-day funding.

How to Get a Fast Personal Loan

To get a personal loan as fast as possible, follow these steps:

1. Check rates ahead of time. Many personal loan lenders have loan pre-qualification tools, allowing you to check your eligibility and view available rates without affecting your credit score. This can help you avoid applying for a loan you may not actually qualify for or where you won’t qualify for a competitive interest rate.
2. Respond quickly. After you submit your full loan application, the lender will make a decision. Depending on the lender, the underwriting process can take a few minutes or a few hours. If the lender needs additional information, such as copies of your pay stubs, respond quickly with the requested information to avoid delays.
3. Sign the agreement promptly: Once the lender approves your application, you will receive the loan agreement. Review it right away and sign it. Some lenders have cutoffs to qualify for same-day funding, so pay attention to the clock.

Comparing Fast Personal Loans

When shopping for a personal loan, consider the following factors:

• Interest rate: The interest rate is the biggest factor affecting your total repayment costs. Lenders on this list charge anywhere from 6.99% to 35.99%. With such a wide range, you want to make sure you’re choosing a lender that offers a competitive rate.
• Fees: In addition to your interest rate, fees can also add to your loan cost. Some lenders (though not many on our list) charge origination fees, which can increase your loan costs by thousands. Late fees are also common.
• Disbursement time: Some lenders on our list send your loan money as quickly as the same day, while others may take a bit longer. We’ve narrowed down our list of fast personal loans to lenders that offer same-day or next-day funding to most applicants.
• Repayment terms: Most lenders on our list offer repayment terms of up to seven years. Your repayment term, along with your loan amount and interest rate, will directly influence your monthly payment. Make sure to find a term that results in a monthly payment that works with your budget.

Pros & Cons of Fast Personal Loans

Fast personal loans come with both pros and cons, and it’s important to understand them before you apply for a loan.

Alternatives to Personal Loans for Fast Cash

If a personal loan isn’t right for you or you don’t qualify for one, here are some personal loan alternatives with fast funding: 

• Payroll advance: Some employers offer pay advances that allow you to receive a portion of your next paycheck early.
• Payday advance app: There are payday or cash advance apps like Dave that allow you to use a portion of your wages before your next payday.
• Credit union emergency loans: Some credit unions offer payday loan alternatives. They have relatively low interest rates and you can use them to cover emergency expenses that pop up. You can find a credit union near you at MyCreditUnion.gov.
• Credit card cash advances: If you have a credit card, you may be able to take out a cash advance. However, cash advances are expensive, with very high APRs and fees, so they aren’t recommended outside of emergencies.
• Payday loan: When you can’t cover an expense, a payday loan—a short-term loan for a relatively small amount—can be tempting. But they should be a last resort, as they have astronomical fees and APRs.

Methodology

To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:

• Loan costs (advertised APR, fees, and six other factors): 29.25%
• Loan terms (loan amount, repayment term, and three other factors): 22.25%
• Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
• Additional features (online application, pre-qualification, and eight other factors): 20%

Learn more about how we evaluated personal loans in our complete methodology.