The best fast personal loans for quick cash – July 2020

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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.

However, personal loans are expensive, and fast personal loans are even more so. That quick turnaround could come at the cost of higher interest rates. You could get a lower interest rate from another lender that doesn’t offer same-or next-day funding by waiting a few extra days, if possible.

The best quick personal loan for you will largely depend on your credit score. Like a grade for your borrowing, credit scores falls on a scale between 300 and 850. Here’s how the scores break down, according to FICO: 

• Very poor: 300 to 579
• Fair: 580 to 669
• Good: 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. 

Best for excellent credit: LightStream personal loans

• Same-day funding, if accepted, verified, and signed before 2:30 p.m. ET
• Interest rates range from 3.49% to 19.99%* APR with AutoPay (Rates as of 7/28/2020. Rates vary by loan purpose)
• Only available for borrowers with good or better credit
• Loan amounts from $5,000 to $100,000
• Terms range from two to 12 years* (depending on loan purpose)

LightStream personal loans are a solid choice for both relatively low interest rates and same-day funding. This lender also topped Business Insider’s list of best personal loans in 2020, 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.

Learn more about Lightstream personal loans »

Best for good credit: Upstart personal loans 

• Next-business-day funding
• Interest rates range from 4.66% – 35.99%
• 3-year and 5-year terms
• Loan amounts from $1,000 to $50,000

Lending platform Upstart offers quick personal loan funding, but borrowers who could qualify through LightStream could get lower rates and faster service and more flexibility with LightStream. 

Upstart offers only three and five-year loans. However, the average interest rate of all loans issued through the platform was 23% in June 2020. 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. 

Learn more about Upstart personal loans »

Best for fair credit: Avant personal loans

• Next-day funding available
• Interest rates range From 9.95% – 35.99% APR
• Loan amounts from $2,000 to $35,000
• Loan terms from two to five years

Avant personal loans are the best fast-funding personal loan option for anyone with fair credit. This lender also made Business Insider’s list of best personal loans of 2020. 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 better rates elsewhere.

Learn more about Avant personal loans » 

Not all banks that offer personal loans will fund them quickly. Business Insider found seven personal loans from reputable lenders that fund loans the same or next business day.

• Alliant Credit Union personal loans: While this lender does offer same-day funding, it has minimum credit score requirements in the mid-600s, the same as Lightstream. However, Alliant’s interest rates are higher than Lightstream’s, and funding is equally quick. 
• OneMain Financial personal loans: While this lender is open to those with fair credit, interest rates are high from this lender. Lower interest rates and the same next-day funding is available through Avant or Upstart.
• Best Egg personal loans: Best Egg does sometimes offer same-or next-business-day personal loans, but there’s no guarantee. On the company’s site, it claims that most borrowers should expect to see funds within three days. 
• HSBC personal loans: This lender requires an excellent credit score for approval, but interest rates start higher than would be available from LightStream. Borrowers who aren’t current customers will pay higher interest rates than current customers. Only existing customers can receive same-day loans; non-customers will receive money the next business day. 
• Lendingpoint: High interest rates and an origination fee up to 6% could mean there are better rates to be found elsewhere.
• BBVA personal loans: Though the bank doesn’t give an official minimum credit score, only borrowers who have received an invitation for a personal loan can apply online. Only current customers can receive same-day funding and autopay discounts. 
• Wells Fargo: 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.

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

• Best for: credit union members needing small loans (under $1,000)

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

• Best for: small amounts, quick cash

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

• Best for: small amounts, short loan terms

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 interest-free borrowing.

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.

How did we pick the winners? 

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. 

Can I get a personal loan without a credit check? 

With most lenders, no. All lenders Business 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 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 2020. 

See Business Insider’s top picks for the best personal loans of 2020 »