10 Best Personal Loans With Fast Funding in December 2024

Our experts reviewed the best fast personal loan lenders and found SoFi to be the winning choice. It boasts same-day funding — so you can get the money when you need it most — along with generous loan amounts, flexible loan terms, and zero fees required. 

A personal loan can be an excellent tool for covering emergency expenses, consolidating debt, and making large purchases. To expedite your application, apply early during a business day — some lenders have a cutoff for same-day funding. And prequalify with multiple lenders first to see which are most likely to approve your application.

Compare rates on fast personal loan in December 2024

When you prequalify for a personal loan, it doesn’t impact your credit score, but does let you get a sense of the rates and terms you might qualify for. Once you’ve compared rates and apply, the lender will conduct a hard credit inquiry, which could temporarily ding your score.

Best fast personal loans

With many personal loan lenders, you can expect to have funds as soon as the next business day after you apply. Some even offer same-day funding. 

All of the following Credible partner lenders can make funds available the same or the next business day after you’re approved.

Other lenders that also offer fast personal loans include Navy Federal, USAA, TD Bank, and Citi.

Methodology

Credible evaluated the best personal loan lenders for fast personal 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.

What is a fast personal loan?

In many cases, fast personal loans don’t differ at all from traditional personal loans, except that they’re funded the same day or within a day or two of your application. Many online lenders now offer fast funding as a standard benefit.

And while many fast loans are legitimate personal loans with competitive interest rates, some fast loans and some emergency loans are really payday loans or cash advances that charge predatory rates. 

Predatory loans are considered to be any loan that charges an annual percentage rate (APR) over 36%. That’s where personal loans top out — and generally bad-credit personal loans are the only ones that carry such high rates.

But payday loans frequently have triple-digit APRs. They charge high fees for short-term, small loans that are due on your next payday. The same can be said for most cash advances — if you want money in minutes, you’ll generally have to pay some sort of expedited funds fee, which can push the APR on these loans over 200%. (If you tip, it’ll go even higher). 

The dollar amount might seem low — $8.99 to get a $100 two-week loan, for example, in minutes. But that’s equal to an APR of 234%.

To put that in perspective, it’s like paying $234 to borrow $100 for one year, meaning you’d have to pay a total of $334 back.

How to compare personal loans

When you’re shopping for a fast personal loan, there are a few loan criteria you should consider to help choose the best option:

• Time to fund: If you need a fast personal loan, it’s important to consider each lender’s time to fund the loan. Many lenders share this information right on their websites (or check out the details in the table above). There are plenty of lenders that offer loan funding within a day or two of approval.
• APR: The APR gives you an idea of the overall cost of your loan, aside from additional fees you may incur, like late fees. Get prequalified with a handful of lenders to compare APRs and find the best rate.
• Loan amount: Personal loan amounts can range from around $1,000 to over $100,000. Each lender has a different maximum loan amount, so make sure the lender you choose offers loans in the size you need.
• Repayment terms: Personal loan repayment terms usually last anywhere from 1 year to 7 years. However, some lenders may offer terms over 10 years, depending on what you’re using the loan funds for.
• Fees: In addition to the interest on your loan, you may also be required to pay an upfront fee. Common fees include origination fees and administrative fees. Though origination fees are reflected in the APR, it’s still a good idea to note which loans have them, since they’re often deducted from the amount you borrow.
• Cosigner option: If your credit isn’t sufficient to qualify for a loan by yourself, you may need a cosigner with good credit to apply with you. However, many lenders don’t allow cosigners on personal loans, so make sure to narrow your list to those that do if you need one.

Pros and cons of fast personal loans

Fast personal loans come with some obvious advantages. However, there are also some downsides to consider before applying for one.

Pros

• Fast funding: Many online lenders offer personal loans where you can have the money in your bank account within a day or two of approval.
• Competitive interest rates: Personal loans often have competitive interest rates — 2-year loans were lower than credit card rates by an average of 9 percentage points, according to the most recent data from the Federal Reserve. If you have good credit, you’re more likely eligible for the lowest-rate personal loans.
• Prequalification available: It’s common for online lenders to allow prequalification, meaning you can find out if you’re likely to qualify without it impacting your credit.

Cons

• The best rates depend on your credit: Whether you qualify for a personal loan and what interest rate you’ll get is dependent on your credit history and financial profile. So if you’re struggling financially, it may be hard to get approved or to get a low rate. It will be easier to get approved for a payday loan or cash advance — since neither of these check your credit. But then you’re in predatory lending territory.
• Some fast loans are predatory: If the loan requires a credit check, or is offered by a reputable bank where you already have a checking and savings account, it’s probably not predatory. Some legitimate loans don’t consider your credit, but will be clear about the APR. But if the lender doesn’t consider your credit, and doesn’t clearly display the APR (or charges fees instead of interest and has a short repayment period), it’s probably predatory — and best avoided if possible.
• Fewer options available: If you need money right away, you’ll have fewer options for lenders, since not all offer fast funding.

How to get a personal loan fast

The process for getting a fast personal loan isn’t all that different from getting any other personal loan. As you’re shopping for a loan, make sure to pay attention to more than just the funding time.

1. Compare lenders: First things first, compare a variety of different personal loan lenders to narrow down your list to those that meet your needs. Pay special attention to each lender’s funding time and look specifically at those with same-day or next-day funding.
2. Prequalify: As mentioned, many lenders allow you to prequalify for a personal loan, meaning you can find out if you’re likely to qualify and what rate you could get without it negatively impacting your credit.
3. Pick a loan: After you narrow down your list, choose the lender with the APR and terms that look best. The APR includes both interest and fees, so it’s the most accurate picture of how much the loan will cost you.
4. Complete the application: Depending on the loan, you can probably complete the online application within about 10 minutes. You’ll need to provide financial information, including proof of income.
5. Get your funds: If you have good credit, your loan application could be approved instantly. Once your loan is approved, a fast personal loan should land in your bank account either the same day or the next day.

Related: How To Get a Personal Loan

Where to get a personal loan fast

Several types of lenders offer personal loans, including traditional banks, credit unions, and online lenders. However, not all lenders can offer fast funding on personal loans.

As you’re shopping for a personal loan, you may find that most (if not all) traditional banks and credit unions aren’t able to accommodate same-day or next-day funding on personal loans. Instead, narrow your focus to online lenders, which are more likely to offer fast funding.

Eligibility criteria for personal loans

The eligibility criteria for a personal loan are likely to vary from lender to lender. However, there are a handful of requirements that come standard for most lenders.

• Age: Most lenders require that a borrower be at least 18 years of age to qualify for a personal loan, as that’s the minimum age to enter into a contract.
• Credit score: Some lenders require good or excellent credit (a FICO score above 670) to qualify for a personal loan, while others offer loans to borrowers with fair credit (FICO from 580 to 669) or even poor credit (FICO below 580).
• Employment status: You’ll need to have an income source to qualify for a personal loan, which usually comes by way of employment. However, some lenders consider unemployment benefits and other income sources.
• Income: Some lenders (though not all) have a minimum income you must earn to qualify for a personal loan. For example, Credible partner Discover requires a minimum income of $25,000 annually.
• Debt-to-income ratio (DTI): In addition to a minimum income, lenders generally require that your DTI is below 35%. This figure is the total of your minimum monthly debt payments divided by your gross monthly income, expressed as a percentage.

Learn More: What Are the Requirements for a Personal Loan?

Read More:

• Personal Loan Term Length: What You Need To Know
• Best Personal Loans for Fair Credit
• Best Personal Loans for Good Credit
• Best Personal Loans for Excellent Credit
• Best Low-Interest Personal Loans