Quick Loans: Best Lenders for Fast Cash of February 2025

When you're strapped for cash, you don't always have time to wait days or weeks for a loan. Whether you need to get your car back on the road or buy a plane ticket to deal with a family emergency, you can find legitimate lenders that offer personal loans fast. LightStream provides the best quick loans, offering same-day funding, low interest rates, and large loan amounts in an online-only experience. If you don't have good credit, try Upgrade, Reach, or Universal Credit.

So before you resort to something drastic, like a payday loan, prequalify with lenders offering quick loans online. You can compare annual percentage rates (APRs) and loan terms before you commit. To get you started, we'll review the best loans with fast funding, how to choose a lender, and how to get a quick loan with bad credit.

Best quick loans

All the lenders below can fund loans the same day or next business day after you apply. Take a few minutes to prequalify — it won't hurt your credit — to get an idea of loan rates and terms you might qualify for. 

You'll need to formally apply to see your final rate and terms, at which point the lender will pull your credit, which may temporarily lower your score. Though time is of the essence, make sure you can afford the loan and payment before you sign the loan agreement.

Methodology

Credible evaluated 31 lenders using almost 900 data points to find the best quick loans. Fast funding topped the list of criteria, with a focus on lenders that offer same-day or next-day funding. Other factors included interest rates, customer experience, maximum loan amount, repayment terms, fees, discounts, and more. Credible's team of experts gathered information from each lender's website, customer service department, directly from our partners, and via email support. Each data point was verified by a senior editor to make sure it was accurate and up to date.

Learn more about how Credible rates lenders by exploring our personal loans lender rating methodology.

What is a quick loan?

A quick loan provides cash with minimum processing time, sometimes as soon as the same day you apply. However, not all quick loans are the same.

Payday loans and pawnshop loans, for example, offer fast funding without a credit check, but fees and interest generally make them more expensive than loans from online lenders, banks, and credit unions.

Online lenders use technology that lets borrowers compare loans, prequalify, submit an application, and get a decision in a single visit to a website. You may be able to get same-day funding if you apply and receive approval on the same business day. Online lenders typically have cutoff times to receive same-day funding. For example, LightStream has a 2:30 p.m. cutoff time.

Some banks and credit unions offer same-day personal loans to existing customers, with applications available online or in-person.

In cases where lenders can't provide a personal loan on the same day, you might be able to get a loan as soon as the next day or within a few business days.

Read more: How Long Does It Take To Get a Personal Loan?

How to get a quick personal loan

To qualify for a personal loan, you need to convince lenders that you'll repay the loan according to the agreed-upon terms. To do this, they generally consider your credit profile among other factors.

Have a good-enough credit score

While you'll need excellent credit to qualify for the best rates, some online lenders offer quick loans for bad credit. You can even find no-credit-check quick loans, but they typically come with very high fees. APRs on payday loans can be in the triple digits, for instance. They're not recommended.

Have high-enough income

Most lenders want proof that you have a consistent and stable source of income, but it doesn't necessarily have to be from a full-time job. Some lenders also have minimum annual income requirements, such as $20,000 per year.

Have a low DTI

Your debt-to-income ratio (DTI) represents the share of your income you put toward debt repayment each month. You can calculate it by dividing your minimum monthly debt payments by your monthly gross income.

The lower it is, the better your chances of getting approved. DTI maximums vary by lender — for example, Upstart considers personal loan applicants with a DTI below 50%, in most states.

Other factors that affect your application

Some lenders may look at bank account transactions and other factors when determining the risk of lending you money.

If a lender uses alternative underwriting data, such as cash flow evaluation, it may make it easier to qualify with poor credit.

Learn More: How To Get a Personal Loan

Factors to consider when choosing a quick personal loan

Before you apply for a personal loan, prequalify with multiple lenders to compare rates and terms based on your situation. Prequalifying does not hurt your credit. Once you receive lender quotes, compare them based on the following:

• Funding time: With some fast-cash loans, you can receive the money as soon as the same day you apply. Others may send you money the day after your loan application is approved. Consider how quickly you need the money when choosing the best quick loan.
• Fees: Some lenders charge origination fees and late fees, while others, like LightStream, do not. If a lender charges an origination fee, it will be reflected in the loan's APR.
• APR: APR represents the total cost of borrowing each year, including interest and upfront fees, expressed as a percentage of the loan amount. Use APRs to compare how much you'll pay to borrow money from each lender.
• Terms: Repayment terms typically range from 1 to 7 years, and vary by lender. A longer term may mean a lower monthly payment, but you'll pay more in interest. To reduce interest costs, choose the shortest term you can comfortably afford.
• Lender reputation: Look up customer reviews to evaluate previous borrowers' experience with the lender's customer service team. Repeated complaints about the same issue could be a red flag.
• Cosigner rules: If you have bad credit, it can be easier to qualify for a quick personal loan with a cosigner. A cosigner is a friend or family member with good credit who would be equally responsible for loan repayments. If you have a willing cosigner, narrow down your options to lenders that allow cosigners.
• Digital tools: If you think you'll be more likely to stay on top of payments with a lender that offers autopay and a mobile app, consider those features when choosing a lender.

How to apply for a quick loan

To apply for a fast personal loan online, you'll generally follow these steps, although the process can vary from one lender to the next:

• Check your credit score: Find out if your bank or credit union provides free access to your credit score. Some credit bureaus let you check your score for free. The knowledge will come in handy as you compare lenders, since many of them have minimum credit score requirements.
• Compare lenders: First, narrow down your options to lenders you're likely to qualify with. To do this, consider minimum credit score, minimum income, and maximum DTI requirements between lenders. Then, select those that offer the loan terms you need, such as the amount you want to borrow and the repayment term you want.
• Prequalify with multiple lenders: Most personal loan lenders let you prequalify with a soft inquiry that won't hurt your credit. Prequalification usually takes no more than a few minutes and provides an estimate of rates and terms you might qualify for. Note that prequalification is not an offer of credit and rates and terms may be different after you apply and receive a loan offer.
• Pick a loan offer: Choose the loan offer that best meets your needs. Aim for the lowest APR along with a monthly payment you can afford. Make sure you'll be able to continue making payments for the duration of the loan's repayment term.
• Complete the application: Complete your application and supply any additional requested documentation, such as pay stubs and bank statements. Once you officially apply, the lender will conduct a hard pull on your credit, which could temporarily ding your credit score.
• Sign your loan documents: If you're happy with the final loan offer, sign the paperwork to begin the funding process.
• Receive the funds: Funds are typically deposited directly into your bank account, as soon as the same day, in some cases.
• Begin repayment: In most cases, you'll repay the loan in monthly installments, beginning within 30 days of funding. If autopay is an option with your lender, setting it up can help you avoid missing payments.

Learn More: How To Get a Personal Loan

Quick loans for bad credit

Getting a fast loan for bad credit can be a challenge, but it's not necessarily impossible. The following strategies can help you get a fast-cash loan online, even if your credit score isn't pretty:

• Apply with a cosigner: If you have a friend or family member with good credit who's generous enough to vouch for you on a loan, they can improve your chance of qualifying. By cosigning, they'll have full responsibility for the loan if you fail to make payments. Make sure to work out a budget for repayment with your cosigner to avoid damaging their credit or your relationship.
• Look into secured options: Some lenders offer secured personal loans that are easier to qualify for with bad credit. However, you'll need to provide collateral, such as the title to your vehicle. You could lose that collateral if you fail to repay the loan.
• Explore bad credit lenders: Some lenders are friendlier to bad credit borrowers than others. Look into lenders that use alternative underwriting data, like Upstart. And consider other lenders with low credit score minimums or those who accept cosigners (not all lenders do) to find the best bad credit loans.

Check Out: Types of Bad Credit Loans

Quick loans to avoid

Keep an eye out for types of quick loans that can involve sacrificing affordability for convenience. Examples of quick loans to avoid include:

• Payday loans: Due to the combination of high fees and short repayment terms, the cost of a payday loan could be the equivalent of paying a triple-digit APR. Depending on the laws in your state, a payday lender could charge an APR over 600%.
• Pawnshop loans: Pawnshop loans tend to be more expensive than personal loans from financial institutions because of fees and monthly interest rates that could exceed 200% APR, depending on state law and the size of the loan. If you can't replay the loan, you'll also lose your collateral.
• Car title loans: Any loan secured by collateral involves the risk of losing the asset if you default, but car title loans also tend to be a very expensive form of borrowing. The monthly fee on a car title loan could equate to paying about a 300% APR — and a car title lender might charge additional fees as well.

Related Articles:

• How To Compare Personal Loans
• Current Personal Loan Interest Rates
• Best Personal Loans for Fair Credit
• Best Personal Loans for Good Credit
• Best Banks for Personal Loans
• Best Credit Unions for Personal Loans