Why You Can Trust the MarketWatch Guides Team
Here’s a breakdown of how we reviewed and rated top personal loan providers
33
Providers RatedOur team researched more than two dozen of the country’s most popular personal lenders, including large online companies like SoFi, big banks like Wells Fargo, and peer-to-peer lenders like Upstart.
660
Data Points AnalyzedTo create our rating system, we analyzed each personal loan company’s disclosures, licensing documents, marketing materials, sample loan agreements and websites to understand their loan offerings and terms.
41
Loan Features TrackedOur team regularly collects data on each company’s loan offerings and terms, such as minimum and maximum loan amounts, origination fees and discounts.
17
Professionals ConsultedBefore we began our research process, we consulted with financial advisors and industry experts to ensure our evaluations covered the banking product aspects that matter most to potential customers.
The Best Fast Personal Loans
The MarketWatch Guides team researched dozens of personal loan companies to understand their loan application process, interest rates, fees and other terms that impact repayment. Here are our top picks for the best personal loans that you can get in a day or two.
- LightStream: Our top pick
- SoFi: Best customer service
- PenFed: Best for small loans
- Discover: Best for low rates
- Upstart: Best for bad credit
- U.S. Bank: Best for bank switchers
- Upgrade: Best discounts
- Wells Fargo: Best for in-person service
LightStream Our Top Pick
5.0
Interest Rate (APR)6.99% to 25.49%Term Options24 months to 144 monthsLoan Size Offered$5k to $100k
LightStream Overview
LightStream, a division of Truist Financial Corporation, is an online lender that offers same-day personal loans of up to $100,000. They advertise some of the lowest rates (starting at 6.99% as of this writing) and longest repayment terms of the lenders we explored. But you’ll likely need an excellent credit score and a strong credit history to get the best deal. LightStream states it only approves applicants with good to excellent credit.
Pros & Cons
Pros Loan amounts of up to $100,000 Repayment terms as long as 12 years for some loans No loan origination fees or fees for early payoff or late payments Discount for autopay Cons Good to excellent FICO credit score and strong credit history preferred Extra payments not automatically applied to the principal balance No preapproval process available on the website
Application and Funding Speed
You can apply for a LightStream personal loan online using your computer, mobile phone or tablet. LightStream does not offer preapprovals — where you can see the interest rate you qualify for without impacting your credit score. So submitting a loan application will trigger a hard credit check that can negatively impact your score.
If you apply during business hours, you can expect a decision quickly. Applicants with good credit are more likely to be approved than those with fair credit, but it’s not guaranteed. You may be able to receive your money the same day if you sign your loan documents, complete final verification and provide your bank information by 2:30 p.m. Eastern time on a banking business day.
SoFi Best Customer Service
4.9
Interest Rate (APR)8.99% to 29.49%Term Options24 months to 84 monthsLoan Size Offered$5k to $100k
SoFi Overview
SoFi provides same-day personal loans from $5,000 to $100,000 with payoff periods between two and seven years. It offers multiple member discounts and stand-out customer service programs like career coaching and financial planning at no extra cost. SoFi may also offer to pause your payments if you lose your job. Applicants can check their rate without impacting their credit score.
Pros & Cons
Pros No origination fees, late fees or prepayment penalties Allows co-borrowers Multiple discounts for opting into things like autopay and direct deposit May adjust payments if unemployed Cons Does not allow co-signers Higher minimum loan amounts in some states
Application and Funding Speed
You can apply for a SoFi fast personal loan online and see what interest rate you’re eligible for almost immediately. Choose from repayment periods between two and seven years. Once you’ve reviewed and agreed to all terms, you can sign your documents. Applications signed on a business day before 7 p.m. Eastern time may be funded on the same day.
PenFed Credit Union
Best for Small Loans
4.8
Interest Rate (APR)7.99% to 17.99%Term Options12 months to 60 monthsLoan Size Offered$600 to $50k
PenFed Overview
PenFed Credit Union’s personal loans start at $600, the lowest loan on this list. However, you may be able to borrow up to $50,000, and funding can be available within one to two business days with direct deposit. Anyone can apply for a PenFed loan, but you’ll have to join the credit union before accepting an offer. Members enjoy low interest rates(starting at 7.99% as of this writing)and discounts on several financial products and services.
Pros & Cons
Pros No origination fees or penalties for early payoff Prequalify for multiple offers without harming your credit score Allows co-borrowers Monthly or bi-weekly payments are allowed if paying from a PenFed checking account Cons Late payment fee of $29 charged when past five days overdue Must be a member of the credit union to accept the loan offer
Application and Funding Speed
You can apply for a PenFed fast personal loan online. When checking your rates, you may get a prompt to log in or sign up as a member. You don’t have to be a member to check your rates, but you will have to join the credit union if you decide to move forward with an offer from PenFed.
Once you’re approved and have completed the verification process, you can receive your funds within one to two business days if you select to procure your funds via direct deposit. Physical checks can take up to seven business days.
Discover Best for Low Rates
4.6
Interest Rate (APR)7.99% to 24.99%Term Options36 months to 84 monthsLoan Size Offered$2.5k to $40k
Discover Overview
Discover offers fast personal loans between $2,500 and $40,000, for which borrowers can take up to seven years to pay off. Discover markets some of the lowest interest rates compared to other personal loan lenders we researched, ranging from 7.99% to 24.99% APR as of this writing.
However, the rate you actually get will depend on your financials and other factors. You can see what rate you qualify for without impacting your credit score. Approved and accepted loan applications can get quick funding, often within one business day.
Pros & Cons
Pros Prequalify without affecting your credit score No origination fees or fees for early payoff Allows direct payment to creditors in most cases Able to change payment due date Cons Loan limit of $40,000 is lower than some other lenders Does not allow co-signers or co-borrowers May charge a $39 late fee for past-due payments
Application and Funding Speed
After prequalifying for a Discover personal loan, you can complete your application online and receive a decision on the same day. Once your application is approved and you’ve accepted the loan terms, expect your money within one business day. You can also opt for Discover to pay your creditors directly when using the loan for debt consolidation.
Upstart Best for Bad Credit
4.4
Interest Rate (APR)7.80% to 35.99%Loan Size Offered$1K to $50KMinimum Credit Score300
Upstart Overview
Upstart is a lending marketplace that connects borrowers to banks, credit unions and other financial institutions. But it doesn’t require good credit: Instead, Upstart uses an applicant’s education level and employment experience — in addition to their credit score — to determine their loan rates and terms. So you may be able to qualify even with poor credit. Potential borrowers can apply for loan amounts of up to $50,000 through Upstart and receive funds within the next business day.
Pros & Cons
Pros Borrowers with low or no credit may qualify No fees for early loan payoff Prequalify without impacting your credit score Cons Applicants with low credit scores may pay higher interest rates Some lender partners may charge an origination fee Limited repayment terms — select three or five years
Application and Funding Speed
Applying for an Upstart fast personal loan starts with checking what interest rate you qualify for and choosing the best offer. Because you’ll likely view offers from multiple lenders, you may want to review the terms of each loan carefully. One lender may charge an origination fee, while another does not. Once you find a deal that works for you, you can expect your money within one business day of accepting the loan agreement.
U.S. Bank
Best for Bank Switchers
4.4
Interest Rate (APR)8.74% to 24.99%Term Options12 months to 60 months (for non-customers)Size Offered$1k to $50k
U.S. Bank Overview
U.S. Bank offers same-day personal loans between $1,000 and $50,000 at competitive rates. They are ideal for bank switchers because they reserve the best loan terms for existing customers. You’ll need a checking account or another product with U.S. Bank to qualify, so if you’re shopping for a new bank as well, this could be a good option.
Current U.S. Bank customers who meet other qualifications could see their funds within hours. If you’re not a customer, you can still apply for a U.S. Bank loan, but you’re limited to $25,000 — and it can take up to four business days to get your money.
Pros & Cons
Pros More favorable loan terms for existing U.S. Bank customers Autopay discount Allows joint applications No origination fees or prepayment penalties Cons Less favorable loan terms for non-customers May charge a late fee of up to $40 May not be available in all 50 states
Application and Funding Speed
In general, the fastest way to receive a U.S. Bank personal loan is to get a U.S. Bank checking account. Existing customers can check their rates online, submit an application and get a decision in minutes. If approved, you could have your money within hours. But if you’re not a customer, getting your money can take up to four business days. Non-customers also face higher minimum credit score requirements, lower loan amounts and shorter repayment terms.
Upgrade Best Discounts
4.3
Interest Rate (APR)8.49% to 35.99%Term Options24 months to 84 monthsLoan Size Offered$1k to $50k
Upgrade Overview
Upgrade offers personal loans for up to $50,000 that can be deposited into your account as early as the next business day. In addition to an autopay discount, Upgrade offers savings for borrowers who open a Rewards Checking Plus account and have all or a portion of their debt paid directly. Applicants can choose a repayment term of up to seven years.
Pros & Cons
Pros Multiple discounts Allows co-borrowers No prepayment penalties Cons Charges an origination fee between 1.85% to 9.99% May charge up to a $10 fee for late payments and a $10 fee for failed payment attempts Minimum loan amounts could be higher in some states
Application and Funding Speed
If you’re interested in an Upgrade fast personal loan, you can check the interest rate you qualify for online. Then, you can choose whichever of the available offers will meet your needs. After your application is approved, any money sent to your bank account could be available within one business day. If you opted for Upgrade to pay your creditors directly, like for debt consolidation, it could take up to two weeks.
Wells Fargo
Best for In-Person Service
4.3
Interest Rate (APR)7.49% to 23.24%Term Options12 months to 84 monthsLoan Size Offered$3k to $100k
Wells Fargo Overview
Wells Fargo offers personal loans for eligible existing customers at low interest rates,starting at 7.49% APR as of this writing. Approved applicants can borrow between $3,000 and $100,000 and take up to seven years to pay them off, depending on the loan amount. Credit decisions can be made on the same day, with funding often available in one to three business days.Wells also offers what most other lenders don’t: The ability to apply in person, at one of its more than 7,000 branches across the country.
Pros & Cons
Pros Offers a discount for automatic payments from eligible Wells Fargo accounts No origination fees or prepayment penalties Option to change your payment due date Cons Must be an existing Wells Fargo customer to apply for a personal loan May charge a late payment fee No option to pay creditors directly
Application and Funding Speed
Existing Wells Fargo customers can apply for a personal loan online, over the phone or in person and get an approval decision on the same day. Once approved, you can expect your money within one to three business days after signing your loan agreement. If you’re not a current customer, applying for a personal loan can take longer, as you’ll first need to sign up for a checking account.
*Rates accurate as of May 23, 2024
>> Related: Learn more about the best online personal loans
Summary: Fastest Lenders for Quick Cash in 2024 2024
Filters
Minimum Credit Score
300-680
5.0 Interest Rate (APR)6.999% to 25.49% What Stands OutWill beat competitor offers by 0.10% Loan Size Offered$5K to $100K Minimum Credit ScoreN/A |
4.9 Interest Rate (APR)8.99% to 29.49% What Stands OutPays off creditors directly up to $100K Loan Size Offered$5K to $100K Minimum Credit Score680 |
4.8 Interest Rate (APR)7.99% to 17.99% What Stands OutNo origination fees Loan Size Offered$600 to $50K Minimum Credit Score550 |
4.6 Interest Rate (APR)7.99% to 24.99% What Stands OutFully U.S.-based customer service Loan Size Offered$2.5K to $40K Minimum Credit Score660 |
4.4 Interest Rate (APR)7.80% to 35.99% What Stands OutOffers for low- or no-credit borrowers Loan Size Offered$1K to $50K Minimum Credit Score300 |
4.4 Interest Rate (APR)8.74% to 24.99% What Stands OutOffers money within hours for existing bank customers Loan Size Offered$1K to $50K Minimum Credit Score660 |
4.3 Interest Rate (APR)8.49% to 35.99% What Stands OutSecured loan offer Loan Size Offered$1K to $50K Minimum Credit Score620 |
4.3 Interest Rate (APR)7.49% to 23.24% What Stands OutIn-person service at 4,500+ branches Loan Size Offered$3K to $100K Minimum Credit ScoreN/A |
| Loan Provider | Interest Rate (APR) | What Stands Out | Loan Size Offered | Minimum Credit Score | Visit Site | See More |
|---|---|---|---|---|---|---|
| 6.999% to 25.49% | Will beat competitor offers by 0.10% | $5K to $100K | N/A | Visit Site | Get Pre-Qualifiedfrom multiple lenders on Credible's platform | |
| 8.99% to 29.49% | Pays off creditors directly up to $100K | $5K to $100K | 680 | Visit Site | Get Pre-Qualifiedfrom multiple lenders on Credible's platform | |
| 7.99% to 17.99% | No origination fees | $600 to $50K | 550 | Visit Site | Get Pre-Qualified | |
| 7.99% to 24.99% | Fully U.S.-based customer service | $2.5K to $40K | 660 | Visit Site | Get Pre-Qualifiedfrom multiple lenders on Credible's platform | |
| 7.80% to 35.99% | Offers for low- or no-credit borrowers | $1K to $50K | 300 | Visit Site | Get Pre-Qualified | |
| 8.74% to 24.99% | Offers money within hours for existing bank customers | $1K to $50K | 660 | Visit Site | Get Pre-Qualified | |
| 8.49% to 35.99% | Secured loan offer | $1K to $50K | 620 | Visit Site | Get Pre-Qualifiedfrom multiple lenders on Credible's platform | |
| 7.49% to 23.24% | In-person service at 4,500+ branches | $3K to $100K | N/A | Visit Site | Get Pre-Qualified |
| Loan Provider | Interest Rate (APR) | What Stands Out | Loan Size Offered | Minimum Credit Score | Visit Site | See More |
|---|---|---|---|---|---|---|
| 6.999% to 25.49% | Will beat competitor offers by 0.10% | $5K to $100K | N/A | Visit Site | Get Pre-Qualifiedfrom multiple lenders on Credible's platform | |
| 8.99% to 29.49% | Pays off creditors directly up to $100K | $5K to $100K | 680 | Visit Site | Get Pre-Qualifiedfrom multiple lenders on Credible's platform | |
| 7.99% to 17.99% | No origination fees | $600 to $50K | 550 | Visit Site | Get Pre-Qualified | |
| 7.99% to 24.99% | Fully U.S.-based customer service | $2.5K to $40K | 660 | Visit Site | Get Pre-Qualifiedfrom multiple lenders on Credible's platform | |
| 7.80% to 35.99% | Offers for low- or no-credit borrowers | $1K to $50K | 300 | Visit Site | Get Pre-Qualified | |
| 8.74% to 24.99% | Offers money within hours for existing bank customers | $1K to $50K | 660 | Visit Site | Get Pre-Qualified | |
| 8.49% to 35.99% | Secured loan offer | $1K to $50K | 620 | Visit Site | Get Pre-Qualifiedfrom multiple lenders on Credible's platform | |
| 7.49% to 23.24% | In-person service at 4,500+ branches | $3K to $100K | N/A | Visit Site | Get Pre-Qualified |
No results were found.
*Rates accurate as of May 23, 2024
What Are Fast Personal Loans?
A personal loan is money borrowed from a bank, credit union or other financial institution that is typically repaid in fixed payments over a set number of months. Though many loans can take days to hit your bank account, fast personal loans can deposit your money as early as the same day.
To get a fast personal loan, you typically need only to fill out an application online or over the phone. But it’s generally best to shop around before applying. The best personal loans will usually offer lower interest rates and flexible repayment terms based on your creditworthiness. Knowing what you’re eligible for upfront can protect you from instant cash offers that might seem attractive, but come with predatory loan terms that can make it difficult to repay the loan.
When Should You Consider a Personal Loan?
A fast personal loan can help you cover common unplanned expenses — like car repairs and medical bills — for which you lack a good savings account. And with the U.S. total credit card debt hitting over an astonishing $1 trillion, according to recent data from the Federal Reserve Bank of New York, you may also choose to trade in your high-interest debt for a lower-interest personal loan through debt consolidation.
If you have strong credit and can generally pay your bills each month, a fast personal loan could be better than a high-interest credit card. However, if you think it may be a challenge to make your monthly loan payments, a fast personal loan could leave you in a predicament — especially if your credit does not qualify for lower interest rates. You may consider negotiating a payment plan with your current service providers instead of taking on more debt to cover emergency costs.
Further, before making any major financial decision, you may want to consider consulting with a financial adviser or credit counselor.
>> Related: Learn more about personal loan statistics
PERSONAL LOAN CALCULATOREnter your projected loan amount, term and interest rate to see your estimated monthly payments and the total interest you can expect to pay.
LOAN INFORMATION
$10,000
$1,000$100,000
5 years
1 years9 years
8%
6%35%
Monthly Payment$202.76
PrincipalInterest
Total Principal Paid$10,000
Total Interest Paid$2,166
Total Paid$12,166
Show amortization schedule
Start Date
Estimated Payoff DateSeptember 6, 2028
Amortization schedule
Pros and Cons of Fast Personal Loans
If you’re in the market for a quick loan, consider these fast personal loan pros and cons before applying and committing.
Pros
Receive quick funding — in many cases, as soon as the same day
Typically offer lower interest rates than other fast loan options, like credit cards and payday loans
Most do not require collateral
Few restrictions on how the money can be used
Cons
Harder to qualify for the best interest rates if credit is subpar
Fast funding can make it easier to borrow unnecessarily
May come with fees
Could come with a shorter repayment period, resulting in a high monthly payment
>> Related: Learn more about the pros and cons of personal loans
Obtaining a Fast Personal Loan
Before applying for a fast personal loan, you can use a payment calculator to see how the loan amount and repayment period can impact your budget. Next, it often helps to gather loan documents — like a valid state ID or proof of citizenship and recent pay stubs — ahead of time so lenders can verify your identity, residence and income.
Typically, applying is fairly simple. You can check your rates with a few lenders to compare offers. In most cases, you can prequalify with multiple lenders without impacting your credit score.
Pay attention to interest rates, your loan term and any fees that could come with taking out the loan, paying it off early or making late payments. Apply to the lender that makes the best offer. But before committing, double-check that the loan terms work for you. Finally, sign your documents and look out for your funds — often within one business day.
- Estimate your monthly payment: Use a personal loan calculator to estimate how much you’ll need to pay back each month based on your loan amount, interest rate and payoff term.
- Gather your documents: Most lenders need to see a photo I.D. or utility bill, paycheck stub and bank statements. You may also need to provide your employer’s name and address and/or tax returns.
- Prequalify with multiple lenders: Many lenders offer pre-qualification without a credit hit. You can check out your expected rate so you can shop around before deciding on a lender.
- Apply online: Most lenders have online portals to complete your application. For personal loans, applications are usually straightforward and you can complete them quickly.
- Review and sign your loan documents: Once you’ve been approved, carefully review your loan documents, double checking your interest rate, repayment term, and any fees you may be paying. Then, sign your documents online or physically sign and mail them in.
>> Related: Learn more about the easiest personal loans to get
The Bottom Line
Remember that lenders typically reserve the lowest interest rates for applicants with solid credit. If you have poor credit and don’t qualify for an affordable payment — or if there’s a chance you’ll have difficulty repaying the loan — a fast personal loan may not be the best option for you right now. Consider improving your credit before applying for a quick loan.
If you’re looking for a fast personal loan that offers same-day funding and lower interest rates than a credit card, check out our picks:
- Lightstream: Borrow up to $100,000 same day with lowest rate guarantee and long repayment period. But you’ll need good to excellent credit to qualify and they don’t offer preapproval.
- SoFi: Great customer service. Borrow $5,000 to $100,000 with payoff of 2 to 7 years and receive funds as fast as the same day. Prequalify with no impact to your credit. SoFi allows co-borrowers who will pay back the loan equally, but not co-signers who will help you qualify for the loan.
- PenFed: This credit union offers loans up to $50,000 with membership (anyone can join) and money direct-deposited in 1 to 2 days. Prequalify with no impact to your credit score.
Once you’ve shopped around and decided on a lender, start your online application to secure your funding. If you’re still deciding, click on our recommendations for more information.
Frequently Asked Questions About Fast Personal Loans
The quickest way to get a personal loan is by prequalifying with reputable companies that offer same-day or next-day loans. You can often check your rate online with multiple lenders without harming your credit score. Then, you can apply for an offer with a low interest rate, little to no fees and a repayment schedule that works for you. Funds are often sent within a business day of you reviewing and signing the loan documents.
The lenders above offer fast personal loans, some as soon as the same day, but the money is not instant. Beware of any lender promising instant money. These offers are often predatory, high-interest loans that are difficult to repay.
Be careful when searching for instant cash loans. Fast-cash offers often promote no credit needed, but they can come with high interest rates and short repayment terms. Fast personal loans are not instant cash loans, but you can receive money as soon as the same day. Eligible applicants typically have strong credit and a stable income. These profiles are likely to be approved quickly and for lower interest rates. For the fastest approval, be sure to fill out the application accurately and respond promptly to any requests for further documentation.
Methodology: Our System for Ranking the Best Personal Loans
Our team put together a comprehensive 100-point rating system to evaluate personal loan companies. We gathered data points from 28 of the most prominent lenders in the US and analyzed disclosures, licensing documents, sample loan agreements, marketing materials and websites. Our rating system takes into account four broad categories.
- Affordability (35%): How expensive each company’s loans are to pay back.
- Loan features (35%): The breadth of loan terms and features available to prospective customers.
- Customer experience (20%): Ease of application, prequalification and customer service interactions.
- Company reputation (10%): An exploration of lenders’ Better Business Bureau files, customer reviews and outstanding regulatory actions.
Our top-rated lenders may not be the best fit for all borrowers. To learn more, read our full personal loans methodology.
Editor’s Note: Before making significant financial decisions, consider reviewing your options with someoneyou trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.
If you have feedback or questions about this article, please email the MarketWatch Guides team ateditors@marketwatchguides.com.
