A quick loan can help you cover emergency expenses or pay day-to-day bills before your next paycheck. But not all quick loans are created equal: some charge high interest and fees, so you want to compare potential options carefully.
Many lenders promise same-day loans or next-day loans. But keep in mind that the shortest amount of time a lender says it can get approved funds to you often comes with a disclaimer. Several factors can delay your funding, and depending on your bank, there may be a wait before you can access your cash.
Here are our top picks for the best quick loans, as well as advice for how to apply for and compare terms for a fast loan.
- Good for existing customers: Wells Fargo
- Good for people with less-than-perfect credit: Avant
- Good for small paycheck advances: Earnin
- Good for a buy-now, pay-later option: Affirm
- Good for larger loan amounts: LightStream
- Good for member perks: SoFi
- Good for a payday loan alternative: Possible Finance
- Good for a credit union option: Alliant Credit Union
- What is a quick loan?
- Where can I get a quick loan?
- How can I get a quick loan?
- What are alternatives to quick loans?
- Our methodology: How we pick the best personal loans
- FAQs about quick loans
Good for existing customers: Wells Fargo
Why a Wells Fargo personal loan stands out: Wells Fargo says it can often deliver your funds by the same business day after loan approval. You’ll have to be an existing customer for at least 12 months to apply for a Wells Fargo personal loan. You also might qualify for a relationship discount on your rate if you have an eligible checking account and make automatic payments on your loan from a Wells Fargo account.
Pros
- Large loan amounts up to $100,000
- No origination fees or prepayment penalties
- Competitive rates
Cons
- Only available to existing Wells Fargo customers
Read reviews of Wells Fargo personal loans to learn more.
Good for people with less-than-perfect credit: Avant
Why an Avant personal loan stands out: If you’re approved for an Avant personal loan, you could have funds transferred to your bank account as soon as the next business day, depending on what time the application is approved. (Though depending on your bank, it could take longer to access your cash.)
Pros
- Good for fair credit borrowers
- Flexible repayment terms of 24 to 60 months
Cons
- High maximum interest rates
- Administrative fees up to 9.99%
- Late payment fees
Read reviews of Avant personal loans to learn more.
Good for small paycheck advances: Earnin
Why Earnin stands out: If you only need a small amount of money, Earnin might be a good fit since it lets you advance small amounts from an upcoming paycheck. According to Earnin, you could get your money nearly instantly if you’re a past customer and meet certain eligibility requirements. But keep in mind that you’ll need to pay a fee to access your money the most quickly.
Pros
- No mandatory fees or interest
- No credit checks
Cons
- Low withdrawal limits: up to $150 per day or $1,000 per pay period
- Direct deposit required
- Not suitable for all job types
Read our full review of Earnin to learn more.
Good for a buy-now, pay-later option: Affirm
Why an Affirm loan stands out: Buy-now, pay-later apps like Affirm can make certain large, necessary purchases more affordable. Affirm offers multiple payment plans, which vary depending on the purchase amount, store and loan term.
If you choose its “Pay in 4” plan, you won’t be on the hook for interest or fees — but you’re locked into a tight repayment schedule, and this plan is typically available only for purchases of $1,000 or less. A monthly installment plan offers more flexibility, but it may come with interest.
Pros
- Spread payments out over time
- No late fees or service fees
- Available online and in some physical store locations
Cons
- Installment plans have higher max interest rates than many credit cards
- No refunds on interest paid for returned items
- Not available in all states
Read reviews of Affirm to learn more.
Good for larger loan amounts: LightStream
Why a LightStream personal loan stands out: LightStream offers unsecured personal loans in amounts from $5,000 to $100,000, so it could be a good option if you have a larger expense you’re hoping to fund quickly.
Pros
- No origination, prepayment or late fees
- Competitive rates + rate beat program
- Autopay discount
Cons
- Typically need strong credit to qualify
- No prequalification option to check your potential rate
- Customer service available exclusively via email
Read reviews of LightStream to learn more.
Good for member perks: SoFi
Why a SoFi personal loan stands out: SoFi personal loans can be particularly appealing if you’re interested in extensive member perks that come with approval. SoFi membership benefits include access to exclusive events, financial planning with credentialed advisors and discounts on other SoFi financial products.
Pros
- Can pay your creditors directly for debt consolidation
- Check your potential rate without a credit impact
Cons
- High minimum loan amount ($5,000)
- May face an origination fee for lowest rates
Read reviews of SoFi personal loans to learn more.
Good for a payday loan alternative: Possible Finance
Why a Possible Finance personal loan stands out: Possible Finance offers small, short-term loans of up to $500 that can serve as a more manageable alternative to traditional payday loans. With the added benefit of reporting payments to credit bureaus, these loans can help you boost your credit if you make on-time payments.
Pros
- Preapproval with a soft credit check won’t hurt your credit
- Can help build credit
Cons
- Expensive loan
- Not available in all states
Read reviews of Possible Finance to learn more.
Good for a credit union option: Alliant Credit Union
Why an Alliant Credit Union personal loan stands out: Alliant Credit Union offers competitive starting interest rates and flexible repayment terms with a maximum loan amount of $100,000. Additionally, Alliant provides rate discounts for automatic payments and potential same-day funding for approved loans.
Pros
- Good range of loan amounts available
- Debt protection plan for certain life circumstances
Cons
- Must be a member to qualify for a loan
- Not a brick-and-mortar credit union
- Maximum rates aren’t not clear
Read reviews of Alliant Credit Union personal loans to learn more.
What is a quick loan?
A quick loan is any type of loan that can help you get money fast, which is important if you need an emergency loan. Some lenders that promote “quick cash” have high fees and interest rates. And some lenders charge a fee to get your loan funds more quickly.
If possible, look for loans with more-reasonable rates (no higher than 36% if possible) and a repayment schedule that you can afford.
Quick loans can provide a needed financial lifeline, but you want to avoid a cycle of debt where you continuously borrow money and pay high fees and interest.
Where can I get a quick loan?
Many lenders offer quick loans, but some have better terms and rates than others. Personal loans that have same-day funding usually offer larger loan amounts and longer terms than other options like buy-now, pay-later loans or payday advance loans.
You’ll want to try to avoid payday loans, title loans and pawn shop loans altogether since they often have very expensive rates and fees.
Personal loans
Personal loans that offer fast funding are attractive because they may let you borrow larger loan amounts and have competitive interest rates.
Personal loans are installment loans that are paid back within a fixed time period with equal monthly payment amounts. They can be unsecured loans or secured loans, which require collateral like a vehicle or savings account.
Many personal loan lenders say they’ll send your loan funds within a day or two of signing your loan contract. But the exact timing you can access the funds will also depend on your bank.
Buy-now, pay-later loans
Often called BNPL loans, buy-now, pay-later loans let you make a purchase today with a retailer and pay for it over several equal installments. These apps can be convenient if you don’t have enough money to pay for a purchase upfront.
You’ll typically be expected to make a few installment payments every two weeks until the purchase is paid off. Some buy-now, pay-later apps don’t charge interest if you pay off your loan on schedule.
Keep in mind that if you don’t make repayments on time, the BNPL loan may appear on your credit reports as a late payment.
Payday advance loans
Some lenders offer the option to borrow money against your upcoming paycheck. These get-paid early apps let you access some of your regular pay ahead of time. Repayment is usually automatic once your paycheck arrives.
You’ll often pay a fee for “instant” access to your paycheck advance, while other lenders charge a membership fee to access your paycheck early.
Which quick loans should I avoid?
- Payday loans: A payday loan is a type of quick personal loan that’s typically for $500 or less and due on your next payday. Lenders that offer payday loans often charge exorbitant fees, which can equate to interest rates of around 400% in some cases.
- Car title loans: A car title loan is a type of secured loan, where your vehicle is used as collateral. This means your car’s title or registration is left with the lender until you pay back the loan in full — and can be repossessed if you don’t make your payments as agreed. You must repay the loan with interest and fees, typically within 15 and 30 days.
- Pawn shop loans: With a pawn shop loan, you can use an item of value to secure the loan. A pawn shop will assess the value of the item and keep it on hand as collateral to back the loan. Terms for pawn shop loans vary and often include high interest rates. You’ll typically be required to pay back the full amount of the pawn loan to reclaim your pawned item, though the amount of time you have to repay the loan can vary from state to state.
How can I get a quick loan?
The lowest interest rates for quick loans are typically available for people with strong credit and a demonstrated ability to repay the loan. Lenders may consider your income and assets while evaluating your application. But even if your credit isn’t strong, you’ll likely still have some options.
Here are some tips to consider when considering a quick loan.
- Calculate your budget — how much you can comfortably afford each month when you take all of your bills into account.
- Shop around to compare interest rates and fees — One of the best ways to find a loan that works for you is by shopping around with different lenders. Prequalifying with a soft credit inquiry can help you see what terms you may be approved for and give you a general idea of monthly payments.
- Check for fees — Make sure to read through the fine print of the loan terms before signing. Some lenders charge origination fees or “instant” transfer fees that you should take into consideration.
- Make a repayment plan — Once you’re on stable ground, start thinking about your next unexpected expense. If you can save a little bit each month in an emergency fund, you’ll be better off the next time you need quick cash.
Are Credit Karma Approval Odds accurate?
Credit Karma’s Approval Odds provide data-based insights into credit card and personal loan offers you’re more likely to be approved for. Offers with Outstanding Approval Odds have your highest likelihood of approval for offers on Credit Karma.
They can also help you see more accurate personal loan rate estimates before you apply. Approval Odds are based on advanced models that look at thousands of data points to recommend credit cards and personal loans that may be a fit for you.
Approval Odds also consider …
- Insights from 20+ credit score versions
- Criteria that lenders actually use
- Your personal credit profile
Remember that while Approval Odds use statistical analysis, the final approval decision rests with the lender after you submit a formal application.
What are alternatives to quick loans?
If you’re worried about covering your bills, low-interest personal loans might be an option for you to consider.
Just be aware that even if a lower interest rate is advertised by a lender, it’s not guaranteed for all applicants, so borrowing could still result in a loan with a higher interest rate. Your eligibility and interest rates are based on your credit history and credit scores, among other factors, so it’s a good idea to get an idea where your credit is at before applying.
- Get a co-signer. If you have difficulty qualifying for a loan on your own, getting someone with good credit (like a parent or spouse) on board with co-signing a loan for you may be another alternative to avoid high-cost debt.
- Use a credit card. If you have a credit card, you could consider using it to cover an unexpected expense. If you pay it off in full before the due date each month, you won’t have to pay any interest.
- Ask for an extension. If you’ve recently become unemployed or experienced a crisis, you also can reach out directly to creditors to see if they’ll grant you a bill extension.
Our methodology: How we pick the best personal loans
Credit Karma’s editors evaluate the best personal loans by reviewing key features of dozens of popular lenders. Those features fall into three important categories:
- Affordability: We start by checking if a lender’s rates are competitive: are they higher than average or are they lower than many competitors? From there, we analyze if fees — particularly an origination fee — may make your loan more unaffordable. Last, we’ll check if the lender offers rate discounts for items such as automatic payments that may reduce your rate.
- Customer-friendly features: Taking out a personal loan is a big financial commitment, so we prioritize lenders that make things easier for you. For instance, do they offer a wide range of loan amounts for people with different borrowing needs? Do they offer at least several loan terms to give you more flexibility with your monthly payment? And, crucially, can they fund your loan quickly? A lender will also get bonus points for offering direct payments for debt consolidation or other customer-friendly features.
- Transparency: We believe personal loan terms should be easy to find and decipher. Prequalification, which lets you check what rate you may qualify for without a hard credit inquiry, is particularly important. We also check to see if a lender has been recently penalized by regulators.
Estimate personal loan costs
To better understand the total cost of any personal loans you’re considering, use an online calculator like Credit Karma’s simple loan calculator. A loan calculator can help you estimate your monthly payment and how much you’d pay in interest versus principal over the length of the loan.
FAQs about quick loans
You may be able to get a loan on the same day that you apply for it. To get a loan quickly, look for lenders that advertise “instant” or “same-day” funding. Certain factors, like what time of day you apply, whether you’re applying on a business day and when your bank accepts the funds into your account, may affect when you actually receive the cash. For example, your lender is more likely to send the money on the same day if you’re applying in the morning on a business day.
Certain lenders that offer same-day funding offer loans to people with bad credit. Lenders that offer prequalification are a good place to start. That will give you an idea of whether you’ll qualify with a lender before submitting a full application. Additionally, consider cash advance apps as a way to get money since they may not require a credit check.
How much you can borrow with a quick loan depends on the lender, as well as your credit and other factors like income. Some lenders offer paycheck advances starting at only a few hundred dollars, while personal loan lenders may offer large loans up to $100,000. Make sure to compare fees and interest rates before committing to a quick loan.
*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the personal loan, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.