Best Quick Loans in 2023

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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Best lenders for quick loans

Written by Amanda Push | Edited by Katie Lowery | Reviewed December 1, 2023

How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
LenderBest for…Funding timelineAPR rangeLoan termsLoan amounts
Alliant Credit Union logoDebt protectionSame dayStarting at 11.79%12 to 60 months$1,000 - $100,000
Avant logoLow-credit borrowersNext day9.95% - 35.95%12 to 60 months$2,000 - $35,000
Discover personal loans logoNo origination feesNext day7.99% - 24.99%36 to 84 months$2,500 - $40,000
LendingPoint logoSmall loan amountsNext day7.99% - 35.99%24 to 72 months$2,000 - $36,500
LightStream logoLong repayment termsSame day7.49% - 25.49% (with autopay)24 to 144 months$5,000 - $100,000
Rocket Loans logoMid-sized purchasesSame day9.116% - 29.99% (with autopay)36 or 60 months$2,000 - $45,000
SoFi logoLarge loan amountsSame day8.99% - 25.81% (with discounts)24 to 84 months$5,000 - $100,000
Upgrade logoCosigner loansNext day8.49% - 35.99% (with autopay)24 to 84 months$1,000 - $50,000
Upstart logoThin credit historiesNext day6.40% - 35.99%36 and 60 months$1,000 - $50,000
Wells Fargo logoEstablished customersNext day8.49% - 24.49% (with autopay)12 to 84 months$3,000 - $100,000
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Read more about how we chose the best lenders for quick loans.

Top lenders for quick loans

Alliant Credit Union logo

  • Funding timeline: Same day
  • APR: Starting at 11.79%
  • Terms: 12 to 60 months
  • Loan amounts: $1,000 – $100,000

 

  Why we like it: If you ever run into personal challenges, such as unemployment or disability, and you have a personal loan with Alliant Credit Union, this lender offers debt protection plans that can cover you.

 

Overview: One of the biggest perks of getting a loan through Alliant Credit Union is its debt protection plan. These plans protect borrowers in the case of death, disability or involuntary unemployment. Because this lender is a credit union, borrower interest rates should never go above 18%.

 

However, the longer your repayment term is, the higher the interest rate you’ll be required to pay. So, this lender may be a better fit for consumers looking for loans with short repayment terms.

 

ProsCons

  Offers debt protection plans in case of death, disability or unemployment

  Credit union APRs stay below 18%

  Flexible loan amounts

  Must pay a monthly fee for debt protection plans

  Unclear eligibility requirements

  No option for cosigner or co-borrower

 

Eligibility requirements: You can join Alliant Credit Union as long as you become a member of Foster Care to Success, a nonprofit that supports foster care teens who are about to age out of the system. You can also join if you meet the following criteria:

  • Live or work near Alliant’s corporate Chicago headquarters
  • Are a current or former employee of Alliant partner businesses
  • Are an immediate family member to a current Alliant member

Avant logo
Funding timeline: Next day

  • APR: 9.95% – 35.95%
  • Terms: 12 to 60 months
  • Loan amounts: $2,000 – $35,000

 

  Why we like it: With a low minimum credit score of 580, Avant is an accessible option for those who don’t have perfect credit scores.

 

Overview: While consumers with excellent credit scores may find lower rates elsewhere, if you have a poor credit score, you may qualify for an Avant quick loan. Unfortunately, you do not have the option to add a cosigner or co-borrower in the application process. Avant also charges an origination fee.

 

ProsCons

  Low minimum credit score requirement

  No prepayment penalties

  Origination fee lower than some competitors'

  Charges an origination fee (Up to 4.75%)

  No cosigner options

  High maximum APR (35.95%)

 

Eligibility requirements: Besides a minimum credit score of 580, you’ll need to provide Avant with documents such as bank statements or pay stubs to prove your income. You also can’t live in Hawaii, Iowa, Maine, Massachusetts, New York, Vermont and West Virginia.

Discover personal loans logo

  • Funding timeline: Next day
  • APR: 7.99% – 24.99%
  • Terms: 36 to 84 months
  • Loan amounts: $2,500 – $40,000

 

  Why we like it: Discover customers get to skip paying an origination fee — a common administrative fee associated with personal loans that is taken out of the total balance of their loan.

 

Overview: While Discover doesn’t offer as much flexibility on loan amounts as other lenders might, it makes up for it in the length of its repayment terms, competitive rates and lack of origination fees.

 

However, those who don’t have great credit may need to look elsewhere, as Discover doesn’t allow for cosigners. Cosigner loans can make it easier for borrowers with a low credit score or without much credit history to qualify for credit since a second person agrees to sign for the loan.

 

ProsCons

  Doesn’t charge origination fees

  Flexible loan terms of up to 84 months

  Competitive APR

  No option for cosigners

  Low maximum loan amount ($40,000)

  Low-credit borrowers may not qualify

 

Eligibility requirements: To get a Discover quick loan, you’ll need to meet these requirements:

  • Minimum credit score of 720
  • Minimum annual income of $25,000
  • Must be a U.S. citizen
  • Can’t use loan to pay for secondary education expenses, pay off secured loans or repay Discover credit cards

LendingPoint logo

  • Funding timeline: Next day
  • APR: 7.99% – 35.99%
  • Terms: 24 to 72 months
  • Loan amounts: $2,000 – $36,500

 

  Why we like it: At a maximum amount of $36,500, LendingPoint has one of the smaller loan amounts on our list.

 

Overview: Aside from offering funding for consumers looking for small personal loans, LendingPoint has a low credit score requirement that may make it easier for some consumers to qualify. LendingPoint also provides flexible repayment terms to borrowers.

 

However, LendingPoint customers may have to pay an origination fee (0.00% - 10.00%). This lender also doesn’t offer the option to apply for a personal loan with a cosigner.

 

ProsCons

  Clear eligibility criteria

  Low minimum credit score requirement (660)

  Considers more than just your credit score

  Charges an origination fee (up to 10.00%)

  No option for cosigners

  High maximum APR

 

Eligibility requirements: Other than being at least 18 years old, you’ll need to meet the following criteria to get a personal loan with LendingPoint:

 

  • 660 minimum credit score
  • Have a government-issued photo ID
  • Have a Social Security number
  • Have a minimum annual income of $40,000
  • Have a verifiable bank account
  • Not live in Nevada or West Virginia

LightStream logo

  • Funding timeline: Same day
  • APR: 7.49% – 25.49% (with autopay and excellent credit)
  • Terms: 24 to 144 months
  • Loan amounts: $5,000 – $100,000

 

  Why we like it: At a maximum of 144 months, LightStream offers one of the longest personal loan repayments terms on the market.

 

Overview: Not only does LightStream have long repayment terms, but it also offers loans up to $100,000 and a competitive APR. LightStream also does not charge its customers fees of any kind.

 

Unfortunately, if you want to see the rates you may qualify for with LightStream, you’ll have to submit to a hard credit inquiry, as this lender does not allow consumers to see if they prequalify for personal loans. As opposed to the prequalification process, hard credit pulls can cause your credit score to go down by a few points.

 

ProsCons

  Doesn’t charge any fees

  Repayment terms of up to 144 months

  Loan amounts as large as $100,000

  Can’t prequalify for a loan

  High minimum loan amount

  Eligibility criteria unclear

 

Eligibility requirements: LightStream borrowers must have good or excellent credit to get a quick loan. You’ll also need to meet these requirements:

  • Minimum five years of credit history
  • Proof of assets such as savings
  • Good debt-to-income ratio
  • Consistent payment history

Rocket Loans logo

  • Funding timeline: Same day
  • APR: 9.116% – 29.99% (with autopay)
  • Terms: 36 or 60 months
  • Loan amounts: $2,000 – $45,000

 

  Why we like it: Because Rocket Loans amounts aren’t quite as high as some competitors’ but still higher than others, this lender may be best for borrowers planning to take a loan for making mid-sized purchases.

 

Overview: On top of its quick funding, if you sign up for autopay with Rocket Loans, you may receive an APR discount that can reduce the total cost of your loan. Also, while some personal loans have APRs of up to 36%, Rocket Loans’ APR only goes as high as 29.99%.

 

However, Rocket Loans customers only have two repayment terms to choose from (36 or 60 months), and they may have to shell out an origination fee.

 

ProsCons

  Offers an autopay discount

  Flexible loan amounts

  Competitive interest rates

  Charges an origination fee

  Limited loan repayment terms

  No option for cosigners

 

Eligibility requirements: To get a loan from Rocket Loans, you’ll need to be at least 18 years old and be a U.S. resident. Rocket Loans also requires a minimum credit score of 640 and considers factors like your income and the amount of your current debt.

SoFi logo

  • Funding timeline: Same day
  • APR: 8.99% – 25.81% (with autopay)
  • Terms: 24 to 84 months
  • Loan amounts: $5,000 – $100,000

 

  Why we like it: While many personal loan lenders only offer up to $50,000, SoFi provides loans as large as $100,000.

 

Overview: From zero required fees to long repayment terms, SoFi offers consumers a large array of benefits. This lender also provides unemployment protection to borrowers who find themselves in a challenging financial position.

 

However, because SoFi’s minimum loan amount is $5,000, this lender may not be a good fit for people seeking small personal loans.

 

ProsCons

  Offers a 0.25% autopay discount

  Provides repayment terms of up to 84 months

  Loan amounts of up to $100,000

  High minimum loan amounts

  Consumers with low credit scores may not qualify

  To access lower rates, you may have to accept an origination fee

 

Eligibility requirements: Here’s what you need to know about SoFi’s guidelines for loan eligibility:

 

  • Minimum credit score of 680
  • Must be employed or have an employment offer starting in 90 days
  • If not employed, must have steady source of income
  • Must be a U.S. citizen, permanent resident or non-permanent resident (including Deferred Action for Childhood Arrivals program recipients and asylum-seekers) with current immigration status

Upgrade logo

  • Funding timeline: Next day
  • APR: 8.49% – 35.99%
  • Terms: 24 to 84 months
  • Loan amounts: $1,000 – $50,000

 

  Why we like it: If you’re struggling to qualify for a personal loan on your own, you may want to consider applying with a cosigner to increase your chances of getting approved. Unlike some lenders, Upgrade allows potential borrowers to apply with a cosigner.

 

Overview: This online lender offers repayment terms as long as 84 months and provides the option to get a cosigner or secured loan if you don’t have great credit. To get Upgrade’s lowest rates, you’ll need to pay off a portion of your existing debt directly and enroll in autopay (aside from meeting any credit requirements).

 

Upgrade does, however, charge an origination fee ranging from 1.85% - 9.99%, a bit higher than the average origination fee. However, some lenders charge as much as 12% for origination fees.

 

ProsCons

  Offers cosigner and secured loans

  Loan terms of up to 84 months

  Offers an autopay discount

  High origination fee (1.85% - 9.99%)

  May be charged late fees

  High maximum APR (35.99%)

Eligibility requirements: Other than a minimum credit score of 580, Upgrade requires that you meet the other following criteria:

  • Be a U.S. citizen, permanent resident or immigrant with a valid visa
  • Have a verifiable bank account
  • Have a valid email address

Upstart logo

  • Funding timeline: Next day
  • APR: 6.40% – 35.99%
  • Terms: 36 and 60 months
  • Loan amounts: $1,000 – $50,000

 

  Why we like it: If you’re fairly new to credit, you can build your profile with a personal loan from Upstart as this lender provides some flexibility in approving borrowers.

 

Overview: Upstart offers personal loan borrowers competitive interest rates and flexibility on loan amounts. Upstart has a unique approach to lending, using artificial intelligence and considering factors like your education and job history to determine loan eligibility.

 

Unfortunately, if you don’t qualify for an Upstart loan on your own, this lender doesn’t offer the option to apply with a cosigner. Upstart also has a higher possible origination fee than other lenders (0.00% - 12.00%) and has limited repayment terms.

 

ProsCons

  Flexible loan amounts

  Low credit score requirements (300)

  Offers flexible loan amounts

  High possible origination fee (0.00% - 12.00%)

  Limited repayment terms

  No option for co-applicants

 

Eligibility requirements: Upstart offers quite a bit of insight into its loan eligibility requirements. Here’s what you’ll need to qualify for an Upstart loan:

 

  • Minimum credit score of 300
  • Be a U.S. citizen or permanent resident living in the U.S.
  • Have a verifiable identity
  • Have a job, offer to start a job in six months or have another source of consistent income
  • Have a valid email address
  • Have a U.S. address
  • Have a personal banking account

Wells Fargo logo

  • Funding timeline: Next day
  • APR: 8.49% – 24.49% (with autopay)
  • Terms: 12 to 84 months
  • Loan amounts: $3,000 – $100,000

 

  Why we like it: Wells Fargo customers who have a checking account and enroll in autopay from a Wells Fargo deposit account may receive a 0.25% rate discount.

 

Overview: With loan terms as long as 84 months and amounts of up to $100,000, Wells Fargo offers personal loan borrowers a lot of flexibility. On top of that, borrowers don’t have to worry about paying origination fees or prepayment penalties.

 

To get a Wells Fargo loan, however, you must be an existing customer and have a Wells Fargo account for at least 12 months. If you want a smaller loan amount, you may have to apply elsewhere.

 

ProsCons

  Offers 0.25% rate discount

  Low maximum APR (24.49%)

  No origination fees

  Must be a Wells Fargo customer

  May be charged late fees

  High minimum loan amount

 

Eligibility requirements: Wells Fargo doesn’t provide much detail about its borrower requirements for personal loans. However, when applying for a Wells Fargo personal loan, you need to provide the following:

 

  • Your personal information, such as your Social Security number and date of birth
  • Income and employment verification, such as pay stubs or W-2s
  • Contact information, such as your phone number, email and address
  • Your personal loan information such as loan purpose and how much you want to borrow

Pros and cons of personal loans

Personal loans can provide fast access to the funds you need, but they’re not always the right financial tool for every consumer. Consider the benefits and drawbacks of personal loans so you can make an informed financial decision.

ProsCons

  Fast funding: Some lenders disperse funding to approved borrowers on the same day or the following business day.

  Consistent repayment schedule: Personal loans are repaid in fixed monthly installments over a set period of time.

  Competitive APRs: Borrowers with good credit may qualify for lower APRs than they may receive on other unsecured options, like credit cards.

  Fees and penalties: Some lenders charge a loan origination fee, which is typically 1% to 12% of the cost of the loan and comes out of your total balance.

  APRs can be high: Personal loans can be an expensive borrowing option for borrowers with bad credit or no credit.

  Not all borrowers qualify: Poor-credit borrowers may not qualify for a personal loan at all.
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How to get a personal loan with fast funding

The application process may look a little different based on the lender or marketplace, but here are the typical steps you might take when applying for a personal loan:

  1. Calculate your budget
    Since personal loans come in a lump-sum disbursement, it’s important to know how much money you’ll need to borrow and how much you can afford to repay. You can use a personal loan calculator to estimate your monthly payments based on factors like how much you plan to borrow, your annual percentage rate (APR) and loan terms.
  2. Compare lenders
    Like you do when shopping for a new car or home, you’ll want to compare a variety of lenders when applying for a personal loan to find the best fit for your financial needs. Many lenders allow you to prequalify for a loan to see the potential rates, terms, fees and borrowing amounts without any impact to your credit score.
  3. Verify your information
    If you prequalify for loans with several lenders, you’ll need to verify the information you provided in your application. This process can involve submitting documentation, like a copy of your government-issued identification, pay stubs, W-2s and a mortgage/rental agreement.
    During this part of the process, the lender will run a hard credit pull to verify your credit history.
  4. Sign your loan agreement
    If you’re officially approved for a personal loan, the final step in the process is to sign a loan agreement. After you’ve signed, you’ll receive your funds and start making your monthly payments on the prescribed schedule.
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Where to find quick loans

Personal loans can be found at many types of financial institutions, including the following:

  Banks: Some traditional brick-and-mortar banks, like Wells Fargo, offer loans with fast funding timelines. However, in some cases, the application process may take longer as some banks may require you to visit a local branch in person.

  Credit unions: Like traditional banks, some credit unions may require you to visit a local branch in person during the personal loan application process. Most also require you to become a member before receiving your loan. However, credit union personal loan APRs should only go as high as 18%, so you may find much lower rates with this type of lender.

  Online lenders: Because online lenders have no physical branches and can do everything remotely, they often offer quick application and funding turnarounds. Unlike credit unions, however, online lenders’ APRs can get as high as 36%, particularly if you have bad credit.

Quick loans for bad credit

Getting a personal loan if you have bad credit can be a challenge. Some lenders may deny your application, and you may only qualify for high APRs with others, sometimes as much as 36%.

However, there are still plenty of trustworthy personal loan lenders that provide bad credit loans on a fast timeline. Avant and Upstart, for instance, have low minimum credit score requirements and provide funds within one business day after you’ve signed your loan agreement.

If you’re worried about qualifying for a personal loan or getting stuck with high rates, consider applying for a loan with a cosigner or getting a secured loan.

Cosigner loans allow you to apply for a loan with a second person, helping you qualify for lower rates. Secured loans require you to put down collateral, such as a savings account or vehicle. With collateral backing the loan, lenders are sometimes more willing to approve borrowers who may otherwise not qualify.

Keep in mind these routes may add some extra time to the application and approval process.

Alternatives to quick loans

A personal loan isn’t your only option when you need some fast cash. Consider the following alternatives:

  Credit cards

Credit cards can be a useful tool for quickly accessing funds. As opposed to the lump sum of a personal loan, credit cards offer a line of credit from which you can draw at will.

Card users are given a predetermined limit and only charged interest on the amount of the credit line they use. Unlike personal loans, credit cards may come with variable interest rates, meaning your interest rates may vary month to month depending on the market.

  Personal lines of credit

A personal line of credit (PLOC) isn’t offered at every financial institution, but you may be able to access one if you have an established relationship with a bank.

Similar to credit cards, PLOCs offer borrowers credit on a revolving basis. Borrowers can take money out of the account during draw periods but will have to repay the funds, plus interest, once the draw period ends.

  Payday alternative loans

While traditional payday loans often come with predatory lending practices, a safer alternative is a payday alternative loan.

These loans are typically found at credit unions. Payday alternative loans come with short loan repayment terms and a maximum APR of 28%, while payday loans can have APRs as high as 400%.

  Borrow from family or friends

While borrowing from loved ones can present its own set of challenges, taking out a family loan from a friend or family member may save you money on interest and fees, especially if you have bad credit.

However, it’s wise to take precautions when borrowing from loved ones as this can lead to tension in your relationships, as a 2021 LendingTree survey found. Be sure to set up rates and terms ahead of time and consider writing up a legal contract that both parties sign.

  Paycheck advance apps

Paycheck advance apps let you borrow money from your upcoming paycheck based on hours you’ve already worked. In many cases, these apps don’t require a credit check and don’t charge interest, though some may charge a membership fee or ask for a voluntary tip. Plus, they may also have eligibility requirements, such as being paid on a regular schedule and being paid via direct deposit. You also can’t borrow nearly as much as you could with a personal loan.

  Ask about hardship programs

Before taking out a personal loan to make ends meet, you should first see if you’re eligible for financial hardship programs if you need help paying a loan or utility bill. Hardship programs may include forbearance, loan modification, temporary APR reductions or fee waivers.

Keep in mind that if you enter a loan forbearance program, you’ll still have to repay the loan in full eventually. Deferred payments may be due at the end of your loan term or at the end of the forbearance period. Plus, interest may accrue during your forbearance period, which could increase the total cost of borrowing in the long run.

Avoid these types of quick loans

  Payday loans

If you need money fast, you may have come across payday lenders that promise quick cash without a credit check. However, payday loans are a bad option, since they’re expensive and can trap borrowers in a cycle of debt.

Here’s how to spot a predatory lender:

  • High cost of borrowing. Payday loan fees are typically around $15 per $100 borrowed, which means that APRs are nearly 400%.
  • Short repayment terms. You only have until your next pay period (typically two weeks) to repay the loan, plus any fees charged.
  • No credit check. Payday loans promise fast cash without a credit check, but reputable personal loan lenders will conduct a hard inquiry during the application process.

  Pawn shop loans

Like payday loans, pawn shop loans can land borrowers in hot financial water due to high interest rates and fees. These types of loans don’t require credit checks, but you need to provide valuable collateral in exchange for the loan.

When taking out a pawn shop loan, you visit a pawn shop and offer collateral (such as electronics or jewelry) in exchange for the loan. If you do not repay your loan, the pawn shop may keep your collateral to offset its loss.

How we chose the best quick loans

We reviewed more than 28 lenders to determine the overall best quick loans. To make our list, lenders must offer competitive APRs. From there, we prioritize lenders based on the following factors:

  • Accessibility: Lenders are ranked higher if their personal loans are available to more people and require fewer conditions. This may include lower credit requirements, wider geographic availability, faster funding and easier and more transparent prequalification and application processes.
  • Rates and terms: We prioritize lenders with more competitive fixed rates, fewer fees and greater options for repayment terms, loan amounts and APR discounts.
  • Repayment experience: For starters, we consider each lender’s reputation and business practices. We also favor lenders that report to all major credit bureaus, offer reliable customer service and provide any unique perks to customers, like free wealth coaching.

Frequently asked questions

Whether a loan with fast funding is safe depends on both the type of loan you are taking out and the lender. Payday loans, for example, offer quick funding but can trap people in a cycle of debt due to high interest rates and fees. In some cases, consumers who borrow payday loans have to take out more payday loans to cover the cost of the original loan.

Personal loans with fast funding are available, even to those with bad credit. However, without cosigner support or getting a secured loan, you may have a hard time getting approved or may only get offers with high APRs.

 

Instead, consumers with bad credit may want to improve their credit score before attempting to get a personal loan.

Some of the fastest loans are offered by lenders with same-day funding. This means your loan funds could be deposited into your bank account the same day that you are approved and sign your personal loan agreement.

 

To get fast funding, you’ll want to prepare your application information and documents (such as government-issued identification and pay stubs) ahead of time.