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Best Fast Personal Loans of 2023

SoFi offers the fastest personal loans online

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We named SoFi as our choice for “best overall” fast personal loan, but we found many other top picks in various categories. To narrow down our list of the best fast personal loans, we looked at dozens of lenders and many individual factors to find the best lenders for many types of borrowers. We analyzed factors like interest rates, fees, loan amounts, and repayment terms. No matter your needs or your financial situation, you’ll likely find a loan that works for you in our list of best fast personal loans.

If youre not seeing anything in the results that are a good fit for your needs, consider warranties from these companies:
Company APR Credit Score est. Loan Amount More Details
Best Overall
SoFi
APR With Autopay Discount
8.99% - 25.81%
Recommended Minimum Credit Score
Not Disclosed
This lender does not disclose its minimum credit score requirements.
Loan Amount
$5,000 - $100,000
See Details Check Rates
Best With a Co-Signer
Upgrade
APR With Autopay Discount
8.49% - 35.99%
Recommended Minimum Credit Score
620
This lender does not disclose its minimum credit score requirements.
Loan Amount
$1,000 - $50,000
See Details Check Rates
Best for Low Interest
LightStream
APR With Autopay Discount
7.49% - 25.49%
Recommended Minimum Credit Score
680
This lender does not disclose its minimum credit score requirements.
Loan Amount
$5,000 - $100,000
See Details Check Rates
Best for Bad Credit
Prosper
APR Range
6.99% - 35.99%
Recommended Minimum Credit Score
600
This lender does not disclose its minimum credit score requirements.
Loan Amount
$2,000 - $50,000
See Details Check Rates
Best Big Bank
U.S. Bank
APR With Autopay Discount
8.24% - 24.99%
Recommended Minimum Credit Score
660
This lender does not disclose its minimum credit score requirements.
Loan Amount
$1,000 - $50,000
See Details Check Rates
Best Credit Union
Patelco Credit Union
APR Range
8.95% - 17.90%
Recommended Minimum Credit Score
640
This lender does not disclose its minimum credit score requirements.
Loan Amount
$300 - $100,000
See Details Check Rates
Best for Small Loans
First Tech Federal Credit Union
APR Range
8.99% - 18.00%
Recommended Minimum Credit Score
660
This lender does not disclose its minimum credit score requirements.
Loan Amount
$500 - $50,000
See Details Check Rates
Why Trust Us
70
Lenders reviewed
31
Loan features considered
1,680
Data points analyzed
173
Primary data sources used
Investopedia collected key data points from several lenders to identify the most important factors to borrowers. We used this data to review each lender for fees, accessibility, repayment terms, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right borrowing decision for their needs.

Compare Personal Loan Rates with Our Partners at Fiona.com

Best Overall : SoFi

Investopedia's Rating
4.8

  • APR Range: 8.99% - 25.81%
  • Loan Amount: $5,000 - $100,000
  • Loan Terms: 24 months - 84 months
Why We Chose It

SoFi is our favorite pick for fast personal loans, and it’s easy to see why. SoFi offers a wide range of loan amounts from $5,000 to $100,000, which you can pay off over two to seven years. Once you’re approved for your loan, it will most likely be funded the same day.

SoFi has several ways to help customers save money. First, there are no origination fees to get a loan. You can also qualify for interest rate discounts for setting up autopay or direct deposit. Finally, SoFi offers unemployment protection that allows you to pause your payments if you have a loan in good standing and you lose your job.

Pros & Cons
Pros
  • Same-day funding

  • Loans up to $100,000

  • No origination fees

  • Rate discounts available

  • Offers unemployment protection

Cons
  • High minimum loan amount

  • Doesn’t allow co-signers

  • Requires good or excellent credit

Qualifications
  • Be a U.S. citizen, permanent resident, or non-permanent resident
  • Be at least 18 years old
  • Have a government-issued ID
  • Reside in an eligible state
  • Have a verifiable income or a job offer to start within 90 days

Best With a Co-Signer : Upgrade

Investopedia's Rating
4.6

  • APR Range: 8.49% - 35.99%
  • Loan Amount: $1,000 - $50,000
  • Loan Terms: 24 months - 84 months
Why We Chose It

If you can’t qualify for a personal loan on your own or you want to apply for a joint loan with your partner, Upgrade could be a good option. Upgrade allows joint loans, which can help you qualify for a larger loan amount or a better interest rate.

Upgrade offers both secured and unsecured loans, which can be helpful for borrowers who struggle to qualify and who don’t have someone to add as a co-applicant. Additionally, interest rate discounts can help you save money on your loan costs.

Pros & Cons
Pros
  • Allows co-borrowers for joint loans

  • Offers both secured and unsecured loans

  • Rate discounts available

Cons
  • Charges an origination fee

  • High maximum APR

Qualifications
  • Be a U.S. citizen, permanent resident, or in the U.S. on a valid visa
  • Be at least 18 years old
  • Have a verifiable bank account
  • Have a valid email address

Best for Low Interest : LightStream

Investopedia's Rating
4.0

  • APR Range: 7.49% - 25.49%
  • Loan Amount: $5,000 - $100,000
  • Loan Terms: 24 months - 144 months
Why We Chose It

LightStream offers some of the best interest rates you can get on a personal loan. You can pay as little as 7.49%, which includes a 0.50% rate discount for setting up autopay on your account. LightStream also offers a wide range of loan amounts—you can borrow up to $100,000.

LightStream offers another benefit that’s difficult to find with personal loans, and that’s long loan terms. Depending on your loan purpose, you could have a repayment term as long as 12 years. That’s particularly helpful for borrowers who plan to borrow the maximum of $100,000.

Pros & Cons
Pros
  • Same-day funding

  • Loans up to $100,000

  • No origination fees

  • Rate discounts available

Cons
  • High minimum loan amount

  • Requires good or excellent credit

  • No loan pre-qualification option

Qualifications
  • Have good or excellent credit
  • Have sufficient income or assets to repay the loan

Best for Bad Credit : Prosper

Investopedia's Rating
3.6

  • APR Range: 6.99% - 35.99%
  • Loan Amount: $2,000 - $50,000
  • Loan Terms: 24 months - 60 months
Why We Chose It

Many of the fast personal loans on our list require either good or excellent credit to qualify. If you’re still working to improve your credit and need access to cash, Prosper could be a good option. Prosper generally offers personal loans for credit scores above 600. As a bonus, Prosper allows for co-applicants, meaning you can apply with someone else if you have a credit score of less than 600.

Prosper also has a low minimum APR. Borrowers with excellent credit could pay as little as 6.99%, which is lower than any other lender on our list. However, Prosper also has a high maximum APR and charges an origination fee, which some other lenders don’t do.

Pros & Cons
Pros
  • Eligibility for credit scores as low as 600

  • Low minimum APR

  • Allows co-applicants

Cons
  • Charges an origination fee

  • High maximum APR

  • No loans of less than $2,000

Qualifications
  • Be at least 18 years old
  • Live in a state where loans are available
  • Have a U.S. bank account
  • Have a Social Security number

Best Big Bank : U.S. Bank

Investopedia's Rating
4.7

  • APR Range: 8.24% - 24.99%
  • Loan Amount: $1,000 - $50,000
  • Loan Terms: 12 months - 84 months
Why We Chose It

U.S. Bank might be the right choice for your fast personal loan if you’d rather borrow from a big bank, especially if you’re already a customer. You’ll be eligible for larger loan amounts and longer repayment terms if you have an established banking relationship with U.S. Bank.

U.S. Bank also has all the perks of a large bank. Physical branches make it easy to get personalized customer service. You can sit down with a loan officer to have all your questions answered, determine whether you’re a good candidate for a loan, and even find out what other banking products might be appropriate for you.

Pros & Cons
Pros
  • Physical branches in 27 states

  • Same-day funding

  • No origination fees

  • Competitive interest rates

Cons
  • Good or excellent credit required for non-customers

  • Non-customers restricted to smaller loans and shorter terms

  • Not available in all states

Qualifications
  • Have a Social Security number
  • Provide a home address and employment information

Best Credit Union : Patelco Credit Union

Investopedia's Rating
4.7

  • APR Range: 8.95% - 17.90%
  • Loan Amount: $300 - $100,000
  • Loan Terms: 6 months - 84 months
Why We Chose It

As a regional credit union, Patelco isn’t available to everyone, as you’ll need to meet its membership requirements. But if you qualify, you’ll enjoy personal loans with appealing interest rates, loan amounts, and repayment terms. First, Patelco offers competitive rates, even for borrowers who only qualify for higher interest rates. There’s a wide range of loan amounts available, ranging from as little as $300 to as much as $100,000. And you can choose a repayment term ranging from six months to seven years.

Additionally, depending on your creditworthiness, you could also choose one of Patelco’s secured loan options. Secured lending options include credit builder loans, secured lines of credit, savings-secured loans, and certificate-secured loans.

Pros & Cons
Pros
  • Low minimum and high maximum loan amounts

  • Unsecured and secured loans available

  • Competitive interest rates

  • No origination fees

Cons
  • Credit union membership required

  • Membership requirements

  • Long repayment terms for large loans only

Qualifications
  • Be a Patelco Credit Union member
  • Membership requirements include living, working, attending school, or worshipping in certain California counties or cities.
  • Alternatively, membership requirements also include being employed by a Patelco sponsor company or joining the Financial Fitness Association.

Best for Small Loans : First Tech Federal Credit Union

Investopedia's Rating
4.6

  • APR Range: 8.99% - 18.00%
  • Loan Amount: $500 - $50,000
  • Loan Terms: 24 months - 84 months
Why We Chose It

First Tech Federal Credit Union is an excellent choice if you need to borrow a relatively small amount. Loans are available for as little as $500, which is lower than what most lenders offer. First Tech Federal doesn’t charge origination fees, which can save you thousands on your loan costs. You can also apply with a co-signer or co-borrower if you don’t qualify on your own.

Pros & Cons
Pros
  • Low minimum loan amounts

  • Same-day funding

  • No origination fees

  • Allows co-signers and co-borrowers

Cons
  • Credit union membership required

  • Membership requirements

  • Long repayment terms for large loans only

Qualifications
  • Be a First Tech Federal Credit Union member
  • If you don’t meet geographical or employment requirements, you could join the Financial Fitness Association or the Computer History Museum to become a member.

Compare the Best Fast Personal Loans of 2023

Best For
APR Range
Average Origination Fee
Late Fee
Time To Receive Loan
Loan Amount
Latest Repayment
Reset All
SoFi Best Overall 8.99% - 25.81% 0.00% $0.00 0 days $5,000 - $100,000 84 months Check Rates
Hide, not for me
Upgrade Best With a Co-Signer 8.49% - 35.99% 1.85%–9.99% $10.00 1 day $1,000 - $50,000 84 months Check Rates
Hide, not for me
LightStream Best for Low Interest 7.49% - 25.49% 0.00% $0.00 0 days $5,000 - $100,000 144 months Check Rates
Hide, not for me
Prosper Best for Bad Credit 6.99% - 35.99% 1.00% - 7.99% $15.00 or 5.00% of the unpaid payment. 1 day $2,000 - $50,000 60 months Check Rates
Hide, not for me
U.S. Bank Best Big Bank 8.24% - 24.99% 0.00% $25.00 0 days $1,000 - $50,000 84 months Check Rates
Hide, not for me
Patelco Credit Union Best Credit Union 8.95% - 17.90% 0.00% 3% of loan payment or $5 whichever is higher 0 days $300 - $100,000 84 months Check Rates
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First Tech Federal Credit Union Best for Small Loans 8.99% - 18.00% 0.00% $15.00 to $25.00 0 days $500 - $50,000 84 months Check Rates
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*APR ranges for some companies include a discount for automatic payments or existing bank customers.

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.

Pros
  • Same-day or next-day funding often available

  • Low interest rates, especially with good credit

  • Can be used for nearly any legal purpose

Cons
  • Fast funding not available from all lenders

  • Origination fees required with some lenders

  • May require good or excellent credit

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.

Frequently Asked Questions

  • How Fast Can You Get a Personal Loan?

    Loan processing and disbursement times vary by lender. But generally, you can receive fast personal loans as soon as the same day you apply. If you have a more complicated loan application—for example, if you’re applying for a larger loan amount or have a co-borrower—it can take a few extra days to receive your loan funds.

  • Can You Get a Personal Loan Instantly?

    Personal loans aren’t available instantly. Some lenders, such as SoFi or U.S. Bank, will receive your loan application and make a decision within minutes. But it can still take several hours before the funds are disbursed to your bank account.

  • Can You Get a Fast Personal Loan With No Credit Check?

    There are loans that don’t require credit checks, including car title loans and payday loans. However, these are very expensive and risky forms of debt, and they should be avoided if you have other financing alternatives.

  • Are Online Fast Loans Safe?

    Online fast personal loans are as safe as any other personal loan. As long as you get your loan from a reputable lender, you don’t have to worry about scams. However, there are some risks associated with personal loans from any source if you don’t make your payments. For example, you could see your credit score drop or be charged costly late fees.

  • Can I Get a Fast Personal Loan With Bad Credit?

    Some lenders offer personal loans to borrowers with bad credit. However, you still need to have a source of income to show that you can repay the loan. And even if your credit isn’t good enough to qualify, you may be able to get a loan with bad credit with a co-signer.

  • What Can a Fast Personal Loan Be Used For?

    Fast personal loans can be used for nearly any legal purpose. They are commonly used for debt consolidation, financial emergencies, or large purchases. Some lenders may have restrictions that say you can’t use a loan for real estate, gambling, or investing. But otherwise, there are few restrictions.

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.

young woman in glasses looking for a personal loan lender

fizkes / Getty Images

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
  1. SoFi. “Personal Loans.”

  2. LightStream. “Lending Uncomplicated.”

  3. Prosper. “Personal Loans Through Prosper.”

  4. Patelco. “Patelco Membership.”

  5. Patelco. “Personal Loans and Lines of Credit.”

  6. First Tech. “Loans.”