Quick Loans: Best Lenders for Fast Cash in 2024

A quick loan is a personal loan with a fast approval and funding process. Personal loans are generally unsecured, which means they don’t require collateral that takes time to appraise. Instead, lenders consider your credit, income and debt when determining if you qualify and the rate.

Annual percentage rates on personal loans range from about 6% to 36%, with the lowest rates going to borrowers with strong credit. Loan amounts range from $1,000 to $100,000, and monthly payments are fixed for the loan term, typically two to seven years.

Consider rates and terms — in addition to funding time — when you compare fast personal loans from lenders.

Where to get a quick loan

Banks, credit unions and online lenders offer personal loans, and each can have different approval and funding times.

Fast online loans

Online lenders let borrowers apply, receive money and make payments entirely online. The time from approval to receiving the funds can range from same-day to a few business days, depending on the lender.

Many online lenders offer the option to pre-qualify before applying to see prospective rates and terms without affecting your credit score. Some lenders may charge an origination fee that is deducted from your loan amount and adds to the cost of your loan.

Lenders like Discover and LightStream can be options for those with good or excellent credit (score of 690 or higher), while Upstart and Avant accept borrowers with fair or bad credit (score of 689 or lower).

Fast credit union loans

Some credit unions can fund personal loans quickly. Alliant Credit Union, for example, funds loans the same day, though you’ll need to be a member for 90 days before you apply.

Credit unions often have lower annual percentage rates, which can make it a cheaper option. An applicant’s history as a member can inform loan decisions, so being in good standing with a credit union may help your application.

Fast bank loans

Banks offer personal loans, but funding may take up to a week. A bank may fund a loan more quickly if you’re already a checking account holder.

Some banks accept loan applications only from existing customers, and you may have to apply in person for a loan. Banks also tend to favor borrowers with strong credit scores.

Quick loans to avoid

Payday loans and high-interest installment loans are both options that offer quick funding but can be expensive and difficult to repay. Try to avoid fast loans with high interest rates whenever possible.

Payday loans are short-term loans that are repaid from your next paycheck. While funds can be obtained almost instantly, loans can carry an APR of nearly 400%. Payday loans are commonly offered for small amounts like $500 or less and should be considered a last resort.

High-interest installment loans are repaid over a few weeks to months, which allows you more time to repay the loan when compared to a payday loan. However, interest rates can be more than 36%, the maximum rate that most consumer advocates consider affordable.

For example, a $1,000 loan with a six-month term and a 60% APR would cost $182 in interest and require a $197 monthly payment. The same loan with a 20% APR would cost $59 in interest. It’s best to avoid high-interest installment loans if possible, as high APRs can make it difficult to pay these loans off.

Frequently asked questions

• How fast can I get a loan?

   
• Are online loans safe?

   

How to get a quick loan

Here are steps you can take to help move a loan application along quickly:

1. Gather documentation: Know what you need to apply for the loan so the lender can easily verify your identity, income and other information. Lenders often say their ability to fund a loan quickly depends on borrowers’ responsiveness to requests for documentation.

2. Calculate estimated payments: Use a personal loan calculator to see how rates and loan terms affect monthly payments. Then, consider how the estimated monthly payment may impact your budget.

3. Pre-qualify and compare loans: Pre-qualifying for a personal loan helps show how much you may qualify for and the rate. It doesn’t guarantee a loan, but it can help you compare loan options without affecting your credit score. 

4. Apply: Depending on your lender, you can apply for a personal loan online or in person. Smaller banks and credit unions may request physical applications, while online lenders offer faster web-based applications. You can typically get a decision within a day after submitting all the necessary information. If approved, expect to receive funds in your bank account within a day or two.

Quick loans for bad credit

Some lenders offer fast loans for borrowers with bad credit (629 or lower credit score). If you have bad credit, a low debt-to-income ratio and proof of stable income can help you qualify.

Your credit score doesn’t affect how long it takes for a lender to fund your loan, but your loan is likely to have a high APR, and you may not be approved for a large loan amount.

A credit union may be the best option for bad-credit borrowers. They offer lower loan rates and look at more than just your credit score when reviewing your application. However, credit unions typically require membership and some require a few days to fund a loan.

Many online lenders can fund loans faster, but take the time to pre-qualify and compare bad-credit loans before borrowing. Choose a loan with a monthly payment that fits your budget and make a plan to repay the loan.

How to get quick cash without a loan

Before you borrow — especially if the rate you pre-qualify for is high — see if you can delay the expense or find an interest-free cash source. MoneyGeek recommends trying all these cheaper alternatives before taking a high-cost loan:

• Get help from local financial assistance programs.

• Use a cash advance app to borrow a small amount from your next paycheck.

• Consider a “buy now, pay later” app to fund an essential purchase from a store.

• Get a pawnshop loan secured by something you own.

• Try other ways to earn money.

• If you are comfortable with it, ask family and friends for a loan through lending circles or a loan agreement.

Next step: Pre-qualify on MoneyGeek

When you pre-qualify, you get the chance to quickly compare rates, loan features and terms. Pre-qualifying on MoneyGeek with our lender partners won’t affect your credit score.