What is a fast personal loan and how to get one?


Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

Looking for quick cash to cover a big expense or financial emergency? Quick personal loans are a useful option to consider. Compare loan rates and terms. (iStock)

Your refrigerator dies. Your car’s transmission turns off. You need emergency medical attention. Sometimes you need to find money quickly to cover an expense.

If you face an unexpected bill, you may be able to cover your expenses with a quick personal loan. In many cases, you may receive approval the same day of your request. But while quick personal loans can get you through a financial emergency, you could end up paying more for a loan than you could afford if you can wait a few days for your money.

Credible, it’s easy to compare personal loan rates from several lenders.

What is a fast personal loan?

A personal loan is a type of installment loan that you can use for anything, from paying an unexpected expense to consolidating higher-interest credit card debt. Personal loan interest rates are generally lower than credit card interest rates. Application and approval for a personal loan can take several days.

A fast personal loan helps borrowers who need funds quickly, as they usually come with faster approval times. Online lenders are popular providers of fast personal loans. Most online lenders offer a streamlined process for faster approval and funding, all without leaving your home.

Although loan approvals are never guaranteed, lenders generally approve fast personal loan applications as long as you meet their requirements. Your chances of approval are better when you have a good credit rating, stable income, and a low debt-to-income ratio.

How fast are we talking?

The standard funding time for most personal loans from a bank or credit union is one to seven business days. Online banks are generally faster and can process and fund your loan within five business days.

But some lenders, such as Avant and LightStream – two credible partner lenders – specialize in providing quick personal loans, with funds deposited into your bank account as quickly as the same or next day after approval.

Lenders to Consider for Quick Personal Loans

Not all personal lenders offer fast personal loans. The following Credible partner lenders all offer same day or next business day financing.


  • Funding time: As of the next business day (if approved before 4:30 p.m. CT on a weekday)
  • Minimum credit rating: 550
  • Minimum income: $1,200 per month
  • Loan amounts: $2,000 to $35,000
  • Duration of the loan (years): 2 to 5


  • Funding time: Next business day
  • Minimum credit rating: 700
  • Minimum income: don’t divulge
  • Loan amounts: $10,000 at $50,000
  • Duration of the loan (years): 3 to 6


  • Funding time: From the working day following acceptance
  • Minimum credit rating: 660
  • Minimum income: $25,000
  • Loan amounts: $2,500 to $35,000
  • Duration of the loan (years): 3 to 7


  • Funding time: From the next working day
  • Minimum credit rating: 580
  • Minimum income: $20,000
  • Loan amounts: $2,000 to $36,500
  • Duration of the loan (years): 2 to 4


  • Funding time: As soon as the same working day
  • Minimum credit rating: 660
  • Minimum income: don’t divulge
  • Loan amounts: $5,000 to $100,000
  • Duration of the loan (years): 2 to 7

OneMain Financial

  • Funding time: Same day, but usually requires a visit to a branch
  • Minimum credit score: Any
  • Minimum income: don’t divulge
  • Loan amounts: $1,500 to $20,000
  • Duration of the loan (years): 2 to 5

Universal Credit

  • Funding time: Within 1 day once approved
  • Minimum credit score: 560
  • Minimum income: don’t divulge
  • Loan amounts: $1,000 to $50,000
  • Duration of the loan (years): 3 to 5

To improve

  • Funding time: Within one day after completing the necessary checks
  • Minimum credit score: 560
  • Minimum income: don’t divulge
  • Loan amounts: $1,000 to $50,000
  • Duration of the loan (years): 2 to 7

How much can I borrow with a fast personal loan?

You may be able to obtain a personal loan for a minimum amount of $1,000 up to a maximum of $100,000, and a loan term ranging from 12 to 84 months. The amount you may be eligible for will depend on many factors, including your credit history, credit score, length of loan, amount you are requesting, and other factors.

  • Credit score and history — Your credit plays an important role in a lender’s approval of a loan, the interest rate and the loan amount. If your credit scores are low or if your credit report has bad marks or late payments, the lender may offset their perceived risk by offering you a lower loan amount and a higher interest rate.
  • Income – Lenders want to see a stable job and income that demonstrates that you have sufficient resources to repay the money you borrow.
  • Debt-to-income ratio (DTI) — Your DTI is the amount of your income used to pay your monthly debt payments. A low DTI demonstrates your ability to afford the loan with less risk of default. Generally, the lower your DTI, the more likely you are to qualify for a loan at the lowest rate.
  • Term of the loan – If your loan term is longer, your payments may be lower, making them more manageable, even though you will pay more interest over the term of the loan.
  • Amount of the loan – Avoid paying interest whenever possible. For this, only ask for the amount you need to borrow.

Want to see where you are? Consider prequalification for a loan — without affecting your credit — to determine how much you could borrow and the interest rate you could receive.

How much will a fast personal loan cost?

To help illustrate how loan terms, as well as your credit score, can influence the cost of a loan, consider the following examples:

Advantages and disadvantages of fast personal loans

Quick personal loans can be beneficial if you want quick access to cash to pay for an unexpected expense. But personal loans also have drawbacks. So, before taking out a quick personal loan, it’s important to balance the pros and cons based on your unique financial situation.


  • Apply online quickly — You can usually complete the loan application in minutes and get a decision right away.
  • Quick Funding — No need to wait weeks or even months to receive loan funds. You can often receive funds the same day or the next business day after approval.
  • Lower interest rates — With personal loans, you can pay much less interest than you would with other quick cash options, such as payday loans or credit cards.


  • Assembly costs — Many online quick loan providers do not charge an origination fee, but if a lender charges one, the fee can be between 1% and 8%. That’s why it’s so important to shop around and find loans with the best terms and lowest fees.
  • It could be more expensive than waiting – If you need money immediately, you may be more inclined to hastily accept a loan offer with less than desirable terms. Even if you’re facing a financial emergency, it’s a good idea to carefully review the terms, fees, and obligations of the loan before signing.
  • Higher interest rates — If your credit is poor, you may receive loan offers with interest rates of up to 36%. In this case, it may be worth improving your credit before applying for a quick loan.

Alternatives to fast personal loans

Quick personal loans are a solid option when you need funds quickly. But they are not the only option. Here are some alternatives to personal loans to consider:

Payday loans often come with fees equivalent to an annual percentage rate (APR) of 400% or more. Also, these loans are usually due in full on your next payday, which can be very difficult, especially if you are short on cash. The typical auto title loan is around $700 with an APR of 300%, according to the Consumer Financial Protection Bureau. If that’s not enough, non-payment of the loan can lead to the seizure of your vehicle, which happens to 20% of borrowers.

Compare personal loan rates is a matter of minutes when you use Credible to check rates from multiple lenders.


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