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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.
Best Fast Personal Loans of 2023
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- Best Overall: SoFi
- Best With a Co-Signer: Upgrade
- Best for Low Interest: LightStream
- Best for Bad Credit: Prosper
- Best Big Bank: U.S. Bank
- Best Credit Union: Patelco Credit Union
- Best for Small Loans: First Tech Federal Credit Union
Company | APR | Credit Score est. | Loan Amount | More Details |
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Best Overall : SoFi
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- APR Range: 8.99% - 25.81%
- Loan Amount: $5,000 - $100,000
- Loan Terms: 24 months - 84 months
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.
Same-day funding
Loans up to $100,000
No origination fees
Rate discounts available
Offers unemployment protection
High minimum loan amount
Doesn’t allow co-signers
Requires good or excellent credit
- 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
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- APR Range: 8.49% - 35.99%
- Loan Amount: $1,000 - $50,000
- Loan Terms: 24 months - 84 months
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.
Allows co-borrowers for joint loans
Offers both secured and unsecured loans
Rate discounts available
Charges an origination fee
High maximum APR
- 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
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- APR Range: 7.49% - 25.49%
- Loan Amount: $5,000 - $100,000
- Loan Terms: 24 months - 144 months
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.
Same-day funding
Loans up to $100,000
No origination fees
Rate discounts available
High minimum loan amount
Requires good or excellent credit
No loan pre-qualification option
- Have good or excellent credit
- Have sufficient income or assets to repay the loan
Best for Bad Credit : Prosper
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- APR Range: 6.99% - 35.99%
- Loan Amount: $2,000 - $50,000
- Loan Terms: 24 months - 60 months
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.
Eligibility for credit scores as low as 600
Low minimum APR
Allows co-applicants
Charges an origination fee
High maximum APR
No loans of less than $2,000
- 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
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- APR Range: 8.24% - 24.99%
- Loan Amount: $1,000 - $50,000
- Loan Terms: 12 months - 84 months
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.
Physical branches in 27 states
Same-day funding
No origination fees
Competitive interest rates
Good or excellent credit required for non-customers
Non-customers restricted to smaller loans and shorter terms
Not available in all states
- Have a Social Security number
- Provide a home address and employment information
Best Credit Union : Patelco Credit Union
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- APR Range: 8.95% - 17.90%
- Loan Amount: $300 - $100,000
- Loan Terms: 6 months - 84 months
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.
Low minimum and high maximum loan amounts
Unsecured and secured loans available
Competitive interest rates
No origination fees
Credit union membership required
Membership requirements
Long repayment terms for large loans only
- 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
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- APR Range: 8.99% - 18.00%
- Loan Amount: $500 - $50,000
- Loan Terms: 24 months - 84 months
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.
Low minimum loan amounts
Same-day funding
No origination fees
Allows co-signers and co-borrowers
Credit union membership required
Membership requirements
Long repayment terms for large loans only
- 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
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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:
- 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.
- 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.
- 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.
Same-day or next-day funding often available
Low interest rates, especially with good credit
Can be used for nearly any legal purpose
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
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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.
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Can You Get a Personal Loan Instantly?
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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.
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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.
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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.
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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.
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