Best Fast Personal Loans for Quick Cash

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We all have those “how do I find the cash for that?” moments in our lives – the car needs repairing, a pipe bursts, or you need to fly across the country to care for a family member… there’s always a reason to need cash fast. Fortunately, there are now plenty of options at your disposal, and getting a fast personal loan may just need the injection of cash you need.

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Compare best personal loan rates in February, 2024

How to get fast cash loans

n emergency situations, when you need personal loans quickly, you may consider the following options:

  1. Online lenders: Online lenders often provide fast loan processing and quick disbursal. They typically have streamlined application processes and may offer same-day or next-day funding. Research reputable online lenders and check their eligibility requirements and loan terms.
  2. Credit unions: Credit unions are member-owned financial institutions that often offer personal loans with competitive rates and flexible terms. Some credit unions may provide expedited loan processing for urgent needs.
  3. Peer-to-peer lending platforms: Peer-to-peer lending platforms connect borrowers directly with individual lenders. These platforms often have quick application processes and may offer rapid funding.
  4. Payday alternative loans (PALs): PALs are short-term, small-dollar loans offered by some credit unions as alternatives to high-interest payday loans. They typically have more favorable terms and faster approval processes.
  5. Credit card cash advances: If you have an available credit limit on your credit card, you may be able to obtain a cash advance. This allows you to withdraw funds directly from your credit card, although be aware that cash advances often come with higher interest rates and fees.
  6. Family and friends: In some cases, you may be able to seek financial assistance from family members or friends who are willing to lend you money quickly. Ensure that both parties have a clear understanding of the terms and repayment expectations.

What are fast cash personal loans?

If you need money quickly many loans are no use to you simply because the time scale is too long. The application procedure is drawn out and even when you have been approved for the loan it is days before the cash is in your checking account. If you can’t get your car out of the shop or pay for a plumber, a loan that takes days or even weeks to materialize is of little use.

However, there are loans available specifically designed to get you the funds you need in hours or a couple of days at most. Thanks to online lenders, you aren’t limited just to short-term loans with terrible interest rates – you can now get funding at a good rate fast, especially if you have a good or excellent credit score.

What are the benefits of fast personal loans?

Fast personal loans can offer several benefits to individuals in need of immediate financial assistance. Here are some of the advantages of fast personal loans:

  1. Quick access to funds: As the name suggests, fast personal loans provide rapid access to funds when you're facing an urgent financial requirement. The application process is typically streamlined, and funds can be disbursed quickly, often within a few business days or even the same day, depending on the lender.
  2. Convenient application process: Fast personal loans usually have a simple and straightforward application process. Many lenders offer online applications, allowing you to apply from the comfort of your home or anywhere with internet access. This saves time and eliminates the need for extensive paperwork or in-person visits to a bank or financial institution.
  3. Flexibility in usage: Fast personal loans are typically unsecured, meaning you don't need to provide collateral. This gives you the flexibility to use the funds for a variety of purposes, such as paying off medical bills, consolidating debt, covering unexpected expenses, making home repairs, or funding a small business venture.
  4. Credit history may be less significant: Some lenders who offer fast personal loans may be more lenient when it comes to credit history. While they may still consider your credit score and financial background, they might be willing to provide loans to individuals with less-than-perfect credit. This can be beneficial if you're trying to rebuild your credit or have a limited credit history.
  5. Improved financial flexibility: Fast personal loans can provide a temporary solution to your immediate financial needs. By accessing funds quickly, you can address urgent expenses or manage financial emergencies without disrupting your long-term financial plans. This flexibility can be valuable in maintaining your financial stability and meeting your obligations on time.
  6. Potential for competitive interest rates: Depending on your creditworthiness and the lender you choose, fast personal loans can sometimes come with competitive interest rates. It's essential to compare rates and terms from different lenders to find the most favorable option. Lower interest rates can save you money in the long run, reducing the overall cost of borrowing.
  7. Building or rebuilding credit: Taking out a fast personal loan and making timely repayments can contribute to building or rebuilding your credit history. Demonstrating responsible borrowing behavior by repaying the loan as agreed can positively impact your credit score. This can open doors to better loan terms and access to credit in the future.

Why apply for a fast cash personal loan?

There are all sorts of reasons why you might need finance in a hurry. Among the most common are:

  • Emergency expenses: Fast cash personal loans can provide immediate funds to cover unexpected emergencies like medical bills, car repairs, or home repairs.
  • Debt consolidation: Consolidating high-interest debts with a fast cash personal loan can help simplify your finances and potentially lower your overall interest payments.
  • Time-sensitive opportunities: If you come across a time-sensitive investment opportunity or need funds for a limited-time offer, a fast cash personal loan can help you seize the opportunity.
  • Avoiding late fees or penalties: When facing impending late fees or penalties for missed payments, a fast cash personal loan can help you avoid these additional charges and protect your credit score.
  • Overcoming cash flow gaps: If you're experiencing temporary cash flow issues between paychecks or business cycles, a fast cash personal loan can bridge the gap until your next influx of funds.
  • Home improvement projects: Funding home renovations or repairs with a fast cash personal loan allows you to enhance your living space or increase the value of your property.
  • Education or training expenses: When pursuing educational opportunities or career development, a fast cash personal loan can cover tuition fees, course materials, or certification costs.
  • Wedding or special events: Planning a wedding or hosting a special event often requires upfront costs, and a fast cash personal loan can help finance the occasion.
  • Travel or vacation expenses: If you're in need of funds for a dream vacation or travel experience, a fast cash personal loan can provide the necessary funds to make it happen.
  • Business needs: Entrepreneurs or small business owners may require quick funding for inventory purchases, equipment upgrades, or working capital, and a fast cash personal loan can support these needs.

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What are the different types of quick cash loans?

Personal loan: A personal loan is (usually) an unsecured loan that you pay back with fixed regular installments over the term of the loan. As it is unsecured you don’t need to provide collateral. This means your property is safe should you find it difficult to keep up repayments. However, as the lender’s money is more vulnerable than with a secured loan the interest charged is likely to be more. The great advantage of a personal loan as a method of fast funding is that you may get longer terms than with most other financial products.

Credit card cash advance: Most credit card companies allow you to get cash with your card though they usually charge fees. Though this may make it an expensive way to borrow money it does have the advantage of providing money instantly. There’s no time lost in applying and waiting for approval.

HELOC: A home equity line of credit, or HELOC, allows you to set up a line of credit with your home as collateral. HELOC providers agree to a maximum amount you may borrow, often up to 85% of the equity you hold in your home and a draw period (anywhere between 5 and 20 years) when you can access the money. After this period, when you only pay interest on the amount you borrow, you usually have a period of years to repay the entire debt. Because your house is the collateral there is the possibility you will lose it if you default.

Home equity loan: If your home has risen in value since you bought it or you have paid off an appreciable amount of the mortgage you will have equity. Lenders are prepared to offer you a secured personal loan based on a percentage of that figure. While this sort of finance often has a low-interest rate, as with a HELOC, your home is at risk.

Title loan: A title loan is a loan taken out against the value of your car. If you don’t keep up your repayments, they’ll seize your car.

Friends and family: If a member of your family or circle of friends is prepared to lend you the sum you require then your search for a fast loan may be over. However, you need to be very careful that this doesn’t ruin your relationship with the lender. Make sure the exact interest to be charged is understood (if any) and you agree when you’ll pay it back by.

Crowdfunding: If you’re facing a difficult situation there are often people online who would be happy to give you a few dollars to help you get back on your feet if you’re willing to share your story. This can be a good move if you’re funding a medical emergency as people often want to help you manage the hand you’ve been dealt.

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What credit score do I need to get a quick personal loan?

As with all forms of borrowing, the better your credit score the better terms and interest rate you are likely to be offered. Most lenders will want a minimum credit score of 560 and upwards, with 660-720 being more common. It is certainly possible to get fast personal loans with a poor credit score but the APR will be much higher.

As with all forms of finance make sure what the agreement means for you and how much it will cost. If you need money quickly, it is tempting to grab whatever is available but try not to panic. A bad decision can get you into serious financial trouble that may be worse than missing a bill or two.

How can I get a fast personal loan online?

Most providers of fast personal loans offer online applications. Before you apply, make sure you have the documentation you may need on hand. Most lenders will need details of your income (after tax), your employment status, checking account details, credit history, current debt held, and the amount you want to borrow. Look for those that will do a soft credit check first to let you know if you’re likely to be approved, before moving forward with your application, which will involve a hard credit check.

Once approved you will be asked to sign an agreement. Once you have agreed to the offer, most lending bodies will directly deposit the loan straight into your bank account. The best lenders make the whole process simple and very fast.

Apply for a fast personal loan online

  1. Research lenders: Find reputable lenders offering fast personal loans online.
  2. Prepare documents: Gather identification, proof of income, and other required documents.
  3. Visit lender's website: Go to the chosen lender's official website.
  4. Fill out the application: Complete the online form with personal, employment, and income details.
  5. Upload supporting documents: Submit scanned or electronic copies of the required documents.
  6. Review and submit: Double-check the application and supporting documents, then submit.
  7. Await approval: The lender will review your application, which may take a short time.
  8. Receive loan offer: If approved, you'll receive a loan offer with terms and conditions.
  9. Accept the offer: Read and accept the offer if it suits your needs.
  10. Get funded: Once you accept, the lender will disburse the funds to your bank account.

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Loan rate & terms disclosure: Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.

Requesting prequalified rates on Credible is free and doesn't affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.