Best Instant Loans of December 2024

If you are hit with an unexpected expense and need a personal loan urgently, our experts recommend SoFi and Splash. We evaluated personal loan lenders based on rates, fees, customer experience, and more and found these lenders to be the best picks thanks to their quick funding times (SoFi boasts same-day funding while Splash offers funding in as little as one business day), large loan amounts, and flexible repayment terms.

Compare instant loan rates of December 2024

Same-day funding

All the lenders below offer same-day funding when you apply on a business day and your loan is approved before the lender's same-day funding cutoff time.

Next-day funding

Though not as speedy as the lenders above, you can get these loans as soon as the next business after you apply and your application is approved. 

Methodology

Credible evaluated the best personal loan lenders for instant loans based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, fees, discounts, and whether cosigners are accepted. Credible’s team of experts gathered information from each lender’s website, customer service department, in-house resources, and via email support. Each data point was verified to make sure it was accurate at the time of publication.

Learn more about how Credible rates lenders by exploring our Personal Loans Lender Rating Methodology.

Where to get instant loans

You have a few options for getting an instant cash loan, and some are more costly than others:

• Personal loans: Personal loans are available from banks, credit unions, and online lenders. They provide a lump sum for almost any purpose, which you repay in predictable installments each month. Some lenders can fund a personal loan the same day, but depending on your situation, it could take longer. Personal loans often come with lower rates and longer terms than other instant loan options — the average interest rate on a 2-year personal loan was 12.33%, according to the Federal Reserve.
• Cash advance apps: Cash advance apps allow you to get a portion of your paycheck ahead of time without a credit check. The money is typically repaid automatically out of your next deposited paycheck. Most cash advance apps only let you borrow a couple hundred dollars, but some may offer up to $1,000. Some apps only ask for an optional tip, while others charge fees that depend on the amount of the advance. Some cash advance apps also charge a monthly subscription fee.
• Payday loans: Same-day payday loans are available online and at brick-and-mortar stores. They offer a small amount of cash without a credit check that is usually due on your next payday. However, these loans come with high fees that can translate to an annual percentage rate (APR) of 400% or more, depending on the fees charged. Additionally, payday lenders may debit your account if you don’t pay the loan back in time. If you don’t have sufficient funds, your bank may charge you an overdraft fee, further compounding the cost.

Learn More: APR vs Interest Rates on Personal Loans

Instant loans for bad credit

While payday loans and cash advances are instant and do not require a credit check, they come with fees that can equate to sky-high APRs. Personal loans are better for your finances, but have eligibility criteria. For example, the lender may have requirements regarding the following:

• Credit score: Many personal loan lenders require you to have a good credit score, but some, like Credible partner Upstart, may offer instant loans to bad-credit borrowers. You can also look for lenders that allow cosigners and apply with help from a friend or family member who has good credit.
• Income: Personal loan lenders, along with payday loan lenders and cash advance apps, require a verifiable source of income. Some personal loan lenders may also have minimum annual income requirements.
• Debt: Lenders consider how much debt you have relative to your income, which is known as your debt-to-income ratio (DTI). Lenders typically prefer a DTI below 35%, but some accept higher. If you’re overextended, you may not qualify.
• Payment history: Lenders check your credit report for red flags, like missed or late payments. These marks can make it more difficult to get a personal loan or may increase your rate.

How to compare instant personal loans

When comparing instant loans, consider the following:

• Funding time: If you need the loan today, that will narrow down your options. If you can wait at least one business day, that’ll open up the door to more lenders and lower rates.
• Eligibility requirements: Consider which lenders you can qualify for. Even if you have bad credit, prequalify with bad-credit personal loan lenders online to see how your rates compare to no-credit-check options.
• Loan amount: Weed out lenders that don’t offer the amount you need.
• Repayment terms: Determine the monthly payment you can afford, and look for lenders that offer a term with a payment at or below that amount. You can use a personal loan calculator to help you figure your monthly payment for different APRs.
• Fees: Some lenders may charge an origination fee, which is an upfront fee based on a percentage of the loan that is taken out of the amount you borrow. Some, but not all, lenders also charge late fees and insufficient funds fees.
• APR: The APR is a better way to compare loan costs than the interest rate alone since it considers upfront fees, like an origination fee, in addition to the interest rate.
• Cosigner option: Using a cosigner with good credit can help you qualify for a loan if you have bad credit. But you’ll need to choose a lender that allows cosigners. Your cosigner will be responsible for the loan if you fail to repay.

Compare Rates Now

How to apply for an instant personal loan

Before signing up for a cash advance app or taking out a payday loan, try to qualify for a personal loan. It’s likely the APR will be much lower and you’ll have a longer time to repay.

• Compare lenders: Research eligibility criteria, like minimum credit scores, as well as customer reviews, repayment terms, and cosigner options to find lenders that meet your needs.
• Prequalify: For lenders that offer prequalification, check the rate and terms you might qualify for before applying. Prequalification involves a soft credit inquiry, which won’t damage your credit score. Just note that when you apply for a personal loan, the lender will run a hard credit check that may temporarily reduce your credit score by a few points.
• Choose a loan: Select the loan quote that best meets your criteria — the best personal loan will likely have a relatively low APR and favorable repayment terms.
• Fill out the application: Complete the application online and submit any required documentation, such as pay stubs and bank statements.
• Sign your loan documents: If you’re approved, read the loan agreement and fine print to ensure the terms are acceptable, then sign and accept if they are.
• Get the funds: Wait for the funds to be transferred to your bank account (or directly to creditors in the case of debt consolidation loans).

Learn More: How To Get a Personal Loan

How to improve your credit score

A better credit score makes it easier to qualify for loans with favorable terms.

• Pay your bills on time: Your payment history accounts for 35% of your FICO credit score, so make sure to make at least the minimum payment on time. To avoid interest, pay the full balance on your credit cards each month.
• Reduce credit card balances: Pay off your credit card debt to reduce the amount you owe, which accounts for 30% of your score.
• Check your credit report for errors: View your free credit report at AnnualCreditReport.com and check for errors, like accounts that aren’t yours or inaccurate delinquencies. Dispute any errors with your creditors and the credit bureau immediately.
• Limit new applications for credit: Don’t apply for too many new credit cards or loans, as this can decrease your credit score.

Learn More: How To Build Credit

Pros and cons of instant personal loans

When you urgently need money, it can be hard to consider the downsides of getting it. But being aware of the cons can help you choose the best instant loan for your situation.

Pros

• Relatively low APRs: Personal loans cost less to borrow than using payday loans, cash advance apps, or credit cards, in most cases.
• Longer repayment terms: Many lenders let you pick your term, and you’ll have longer to pay off a personal loan than a payday loan or cash advance, which can be easier on your budget.
• May improve credit score: While a personal loan requires an initial hard credit check, which may cause your credit score to dip temporarily, your score may improve over time as you make on-time payments.

Cons

• May come with high minimum borrowing amounts: While some credit unions let you borrow as little as $500, most lenders require that you borrow a minimum of $1,000 or more. If you just need a couple hundred dollars to tide you over and can confidently repay it by your next paycheck, a cash advance app may be a better option.
• May not guarantee same-day funding: Some lenders offer funding as soon as the same day, but the actual time to fund varies depending on your application and your bank.
• Best rates require excellent credit: The low advertised rates for personal loans are reserved for borrowers with the best credit scores. If you have fair credit, you’ll likely pay a higher APR.

Keep Reading: 

• Best Hardship Loans for Bad Credit
• Best Personal Loans for Veterans