Personal loans can put money in your bank account for debt consolidation, large purchases, or unplanned expenses. When you need money quickly, you may be interested in finding lenders that offer personal loans with quick funding.
To make your search easier, we’ve rounded up the best fast personal loans for different borrowing needs.
How to get a fast personal loan
If you need money quickly, then it helps to know the process. Here’s a rundown of what to expect.
Compare rates
The first thing you’ll need to do is get rate quotes. It’s helpful to get quotes from at least three different lenders so you have enough rates to compare.
When checking rates for fast personal loans, remember that your credit scores can affect what you pay. Also, be aware that the rate you’re quoted initially might not be the rate you end up with once you submit the full application.
Choose a lender and apply
Based on your comparisons, the next step is selecting a lender and applying for a loan. To apply for a fast personal loan, you’ll typically need to provide some personal information including:
- Name.
- Date of birth.
- Social Security number.
- Physical address.
- Email address.
- Phone number.
You’ll also need to tell the lender how much you want to borrow and what you need the money for. If you’re getting a fast personal loan online, you should be able to complete the application and submit it in a matter of minutes. You may get a response instantly or within a few hours of applying, depending on the lender.
1. Reach Financial: Best for consolidating debt
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Loan amounts – $3,500 – $40,000 | Loan terms – 24 to 60 months
Origination fee – 0.00% – 8.00% | Minimum credit score – Not specified
PROS
- Access to your free monthly credit score
- Ability to change your due date
- Fast funding
CONS
- May charge an origination fee (0.00% – 8.00%)
- Limited loan use
- Doesn’t offer joint applications
What to know
Reach Financial offers personal loans specifically for debt consolidation and credit card refinancing to borrowers with good credit scores. This lender offers competitive rates and terms, free monthly access to your credit score and may fund your loan in as few as 24 hours.
Reach Financial charges origination fees that may be as high as 8.00% of your loan amount, and its maximum APR is higher than some competitors at 35.99%.
How to qualify
To qualify for a Reach Financial personal loan, you’ll need to meet the following criteria:
- Minimum annual income of $20,000
- Must not live in the following states: Colorado, Connecticut, Maine, Mississippi, New Jersey, Nevada, Oregon, Rhode Island, Tennessee, Utah, Vermont, West Virginia or Wyoming
2. Upstart: Best for building credit
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Loan amounts – $1,000 – $50,000 | Loan terms – 36 and 60 months
Origination fee – 0.00% – 12.00% | Minimum credit score – 300
PROS
- Competitive interest rates (starting at 7.80%)
- May receive funds in one business day
- May work with low-credit borrowers
CONS
- High maximum interest rate (35.99%)
- Limited repayment terms (36 and 60 months)
- Charges origination fees (0.00% – 12.00%)
What to know
Upstart is a worthwhile option for applicants with thin or not-great credit files. It sometimes approves borrowers who are credit invisible or don’t have long enough credit histories to have a credit score. If you want to add to your credit report, you can use a personal loan to build credit — as long as you consistently make your payments on time.
However, you may get stuck with an origination fee of up to 12.00% — much higher than what other lenders charge. Plus, Upstart only offers two repayment duration terms: 36 and 60 months. Certain states have higher minimum borrowing amounts; for example, borrowers in Massachusetts must borrow a minimum of $7,000.
3. Upgrade: Best for flexible loan term durations
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Loan amounts –$1,000 – $50,000 | Loan terms –24 to 84 months
Origination fee – 1.85% – 9.99% | Minimum credit score –580
PROS
- Low credit score requirement
- Loan terms up to 84 months
- May receive funds within one business day of approval
CONS
- Charges origination fee (1.85% – 9.99%)
- High maximum APR of 35.99%
What to know
With fast funding and loan terms up to 84 months, Upgrade may be an attractive option for those looking for a quick loan with long repayment terms. This company also has a low credit score requirement, which may make it easier for those with poor credit to qualify.
Keep in mind that if you take out an Upgrade personal loan, you may have to pay an origination fee up to 9.99% of your loan amount — much higher than what some lenders may charge.
How to qualify
Aside from its 580 credit score requirement, Upgrade also specifies that consumers will need to meet the following criteria:
- Must be at least 18 years old
- Must be a U.S. citizen, permanent resident or living in the U.S. with valid visa
- Must verify your bank account
- Must have a valid email
4. LightStream: Best for applicants with excellent credit
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Loan amounts –$5,000 – $100,000 | Loan terms – 24 to 84 months
Origination fee – No origination fee | Minimum credit score – Not specified
PROS
- Doesn’t charge any fees
- Large maximum loan amounts ($100,000)
- Competitive interest rates (6.99% – 25.49%)
CONS
- Doesn’t offer prequalification
- May not use funds for education or business purposes
- Those with low credit scores won’t qualify
What to know
LightStream doesn’t specify its exact personal loan requirements, but it’s clear that you’ll need to have a robust credit score and history to qualify. This lender is a no-fee personal loan company that offers same-day funding. LightStream also offers a rate discount if you sign up for autopay, and backs its personal loans with a Loan Experience Guarantee.
Unlike many personal loan companies, however, LightStream does not allow consumers to check if they prequalify. Instead, if you want to see your potential rates and terms, you’ll have to submit to a hard credit pull, which can cause your credit score to go down.
While LightStream offers loans up to $100,000, LendingTree marketplace customers may not receive offers at this maximum loan amount.
How to qualify
LightStream doesn’t offer specifics on its personal loan requirements; however, you will need a high credit score to be eligible.
5. SoFi: Best for overall experience
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Loan amounts – $5,000 – $100,000 | Loan terms – 24 to 84 months
Origination fee – 0.00% – 7.00% (optional) | Minimum credit score – 680
PROS
- Doesn’t charge any required fees
- May receive funds same day as approval
- Loan amounts as high as $100,000
CONS
- Those with poor credit may not qualify
- No physical branches
- High minimum loan amount ($5,000)
What to know
Overall, SoFi offers the most beneficial options for borrowers — these include a wide range of borrowing amounts and repayment terms, highly competitive APRs, no required fees and clear borrowing requirements. This lender also offers same-day funding.
While SoFi offers loans up to $100,000, LendingTree marketplace customers may not receive offers at this maximum loan amount.
How to qualify
SoFi requires that you have some kind of consistent income. Borrowers must be employed (or at least have a job offer to start within 90 days) or receive income from other sources. U.S. citizens, permanent residents and nonpermanent residents may apply.
6. Discover: Best for no origination fees
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Loan amounts – $2,500 – $40,000 | Loan terms – 36 to 84 months
Origination fee – No origination (fee) | Minimum credit score – 720
PROS
- Funding as soon as one business day after loan acceptance
- Competitive interest rates
- No origination fees
CONS
- Low maximum borrowing amount
- Borrowers with bad credit may not qualify
- Doesn’t offer joint applications
What to know
If you are looking to consolidate debt, you may find that Discover offers lower rates than your credit cards or other personal loan lenders. Discover can also pay your original creditors directly if you take out a debt consolidation loan. You can get your loan within one business day of closing and avoid paying an origination fee.
However, discover personal loans only go up to $40,000 — so if you’re looking for a large personal loan, you may want to consider lenders that offer higher amounts.
How to qualify
To receive a personal loan from Discover, you’ll need to meet these requirements:
- Minimum individual or household annual income of $40,000
- Have a valid Social Security number
- Be at least 18 years old
- Verify household income and employment history
- Have a verifiable bank account
- Provide creditor information for debt consolidation loans
7. PenFed: Best for small loan amounts
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Loan amounts – $600 – $50,000 | Loan terms – 12 to 60 months
Origination fee – None | Minimum credit score – 760
PROS
- Doesn’t charge origination fees
- Low borrowing amounts ($600)
- Option to apply with a co-applicant
CONS
- Will need to become credit union member
- Charges a late payment fee
- Isn’t clear about some of its eligibility criteria
What to know
PenFed Credit Union offers the smallest loan amounts out of our top personal loan picks. It stands out for its wide range of borrowing options as well as competitive APRs (8.99% – 17.99%) that are much lower than what some competitors offer.
Further, PenFed doesn’t nickel and dime its borrowers with application or origination fees. And while its eligibility requirements may be unclear, customers are allowed to prequalify without affecting their credit score.
How to qualify
PenFed isn’t transparent about several aspects of its personal loan eligibility requirements; however, this lender may look at your credit score, repayment history and income.
Review the loan offer and provide your bank information
If your loan application is approved, the final step is signing off on the paperwork. Here, you’ll want to read through the loan offer carefully so that you know exactly what you’re agreeing to and what you’ll pay in interest or fees.
When you’re ready to sign, the last step is giving the lender your bank account information so it can deposit the loan funds. You’ll need to share your bank routing number and account number to receive the money.