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The best quick personal loans for same-day or next-day funding of September 2021

Rates as of 09/01/2021.

Not every personal loan has funding available the same or next business day for quick cash, but some lenders offer this option.

However, personal loans are expensive, and fast personal loans are even more so. That quick turnaround could come at the cost of higher interest rates. You could get a lower interest rate from another lender that doesn’t offer same-or next-day funding by waiting a few extra days, if possible.

The best quick personal loan for you will largely depend on your credit score. Like a grade for your borrowing, credit scores fall on a scale between 300 and 850. Here’s how the scores break down, according to FICO: 

  • Very poor: 300 to 579
  • Fair: 580 to 669
  • Good: 670 to 739 
  • Very good: 740 to 799 
  • Exceptional: 800 to 850

Knowing your score before you start shopping for a personal loan could help you find your best deal quicker. Check your credit score for free online to see what interest rates and loans you could qualify for. 

Here are Insider’s top picks for same-day or next-day funding:

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Lightstream

Lightstream personal loans are a solid choice for both relatively low interest rates and same-day funding. This lender topped Insider’s list of best personal loans in 2021, and quick funding is yet another bonus.  

However, this lender won’t be a good option for anyone with a poor credit score or little credit history. LightStream requires that applicants have a minimum credit score of 660.

For anyone who does qualify for a personal loan with LightStream, this is the most affordable option for fast cash. If your loan is verified and signed before 2:30 p.m. ET, same-day funding is available.

Read Insider’s full review of Lightstream here.

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PFI Best Upstart Logo Banner

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Upstart

Lightstream offers lower rates, faster service, and more flexibility than Upstart, but its minimum credit score is high. Upstart is a good option for quick funding if your credit score is between 600 and 660.

Upstart offers only three-year and five-year loans. While the platform has no prepayment penalties, there’s less flexibility in terms than for loans offered by other lenders. 

Next-business-day funding is available as long as the personal loan is accepted by 5:00 p.m. ET. 

Read Insider’s full review of Upstart here.

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Avant

Avant personal loans are the best fast-funding personal loan option for anyone with fair credit. This lender also made Insider’s list of best personal loans of 2021. Avant doesn’t have the lowest available starting APRs available, but the typical Avant borrower has a credit score between 600 and 700. This company will consider scores lower than what others will, and can provide funding the next business day if the loan is approved by 4:30 p.m. CT on a weekday. 

However, it’s worth noting that this lender charges an administrative fee up to 4.75%. While it could be an option for anyone needing quick funding with fair credit, borrowers with better credit could find better rates elsewhere.

Read Insider’s full review of Avant here.

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Other fast personal loans we considered

Not all banks that offer personal loans will fund them quickly. Insider found seven personal loans from reputable lenders that fund loans the same or next business day.

  • Alliant Credit Union personal loans: Alliant has minimum credit score requirements in the mid-600s, the same as Lightstream. However, Alliant’s interest rates are higher than Lightstream’s. Read Insider’s full review of Alliant Credit Union here
  • OneMain Financial personal loans: While this lender is open to those with fair credit, interest rates are relatively high. Lower interest rates and the same next-day funding is available through Avant or Upstart. Read Insider’s full review of OneMain Financial here
  • Best Egg: Best Egg does sometimes offer same-day or next-business-day personal loans, but there’s no guarantee. On the company’s site, it claims that most borrowers should expect to see funds within three days. Read Insider’s full review of Best Egg here
  • HSBC personal loans: This lender requires an excellent credit score for approval, but interest rates start higher than with LightStream. Borrowers who aren’t current customers will pay higher interest rates than those who are. Only existing customers can receive same-day loans; non-customers will receive money the next business day. 
  • LendingPoint: High interest rates and an origination fee up to 6% could mean there are better rates to be found elsewhere.
  • BBVA personal loans: Though the bank doesn’t give an official minimum credit score, only borrowers who have received an invitation for a personal loan can apply online. Only current customers can receive same-day funding and autopay discounts. 
  • Wells Fargo personal loans: While this bank offers same-day funding and a secured loan option for lower interest rates, Wells Fargo’s personal loans are difficult to apply for if you’re not a customer. Read Insider’s full review of Wells Fargo here

Which lender is the most trustworthy?

The Better Business Bureau evaluates businesses’ trustworthiness using factors like their responsiveness to consumer complaints, honesty in advertising, and clarity about business practices. Here is each company’s score:

Two of our three top picks are rated A or higher by the BBB. The BBB currently does not have a rating for Avant because the BBB does not have sufficient information to issue a rating on this business. Keep in mind that a top-notch BBB score does not ensure a positive relationship with a lender. You should keep doing research and talking to others who have used the company to get the most information possible. 

Alternatives to personal loans for quick cash

It’s worth noting that if you have an emergency fund or cash savings, dipping into those resources is a better option than borrowing. If you need to borrow money in an emergency, there are a few other avenues to explore. 

Payday alternative loans from a credit union

Not to be confused with traditional payday loans, payday alternative loans are offered by many different credit unions and work with all types of borrowers. Only available to members, these loans are good for anyone needing a small loan, and who can repay it quickly.

According to the National Credit Union Administration, payday alternative loans typically range from $200 to $1,000 and have terms between one and six months. Check with your credit union to see if this option is available, and what interest rates and borrowing amounts are available.

Loans from friends or family

While loans from family or friends aren’t to be taken or made lightly, it could be an option for anyone needing cash quicker than a bank could send it. 

If you plan to make or ask for this type of loan, one financial planner recommends putting loan terms and repayment plans in writing, and paying interest if possible.

A 0% interest credit card

If you happen to have (or can open) a 0% interest credit card that’s still within the intro APR term, it could be a useful option for spending. However, you’ll need to repay the balance before the 0% term expires. Most cards have between nine and 21 months of interest-free borrowing.

Frequently asked questions

Why trust our recommendations?

At Personal Finance Insider, we strive to help smart people make the best decisions with their money. We spent hours comparing and contrasting the features and fine print of dozens of personal loans so you don’t have to.

We understand that “best” is often subjective, however, so in addition to highlighting the pros of a lender’s personal loan, we outline the cons, too.

How did we pick the winners? 

All personal loans considered for this roundup had funding available either same-day or next business day. To find the best personal loans for quick cash, we considered the interest rate, range of loan terms available, and amount available to borrow. To make more effective recommendations, winners were broken down into three different credit score categories. Winners offered the lowest APRs of the competition, and the quickest funding. 

Can I get a personal loan without a credit check? 

With most lenders, no. All lenders Insider considered in this list required credit checks. OneMain Financial, which we considered, doesn’t have a minimum credit score requirement. A credit check could help you get the best interest rate that you qualify for. 

What can a personal loan be used for? 

Personal loans can be used for a variety of reasons, and lenders generally specify what loans can be used for. Generally, they’re best used for emergencies, like a home repair or medical expenses.

Personal loans can also be used to cover large purchase expenses that don’t qualify for other loans, like a motorcycle or RV purchase, or for a wedding. Credit card debt consolidation is another common use, making credit card debt easier to manage by putting it all into one monthly payment. Check with your lender to make sure your plans fit the lender’s personal loan options. 

Could I save money by waiting for my cash? 

In some cases, yes. Some lenders will charge higher interest rates or fees for the convenience of quick cash. Working with a lender that has a lower interest rate and waiting a few days for your money could help you save on interest over time.

However, that’s not always the case. Anyone with excellent credit scores looking for a personal loan should certainly consider LightStream, as low interest rates make it a top contender for personal loans even for people who don’t need the cash immediately. The same goes for borrowers with fair credit scores and Avant, which also topped our list of best personal loans in 2021

Liz Knueven

Personal Finance Reporter

Liz is a reporter at Business Insider, primarily covering personal-finance topics.  Before joining Business Insider, she wrote about financial and automotive topics as a freelancer for brands like LendingTree and Credit Karma.  She earned her bachelor’s degree in writing from The Savannah College of Art and Design. She lives and works in Seattle. Find her on Twitter at @lizknueven.

Ryan Wangman

Junior Loans Reporter

Ryan Wangman is a junior reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe. 

Disclosure:*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.

Disclosure: This post is brought to you by the Personal Finance Insider team. We occasionally highlight financial products and services that can help you make smarter decisions with your money. We do not give investment advice or encourage you to adopt a certain investment strategy. What you decide to do with your money is up to you. If you take action based on one of our recommendations, we get a small share of the revenue from our commerce partners. This does not influence whether we feature a financial product or service. We operate independently from our advertising sales team.

Personal Finance Insider offers tools and calculators to help you make smart decisions with your money. We do not give investment advice or encourage you to buy or sell stocks or other financial products. What you decide to do with your money is up to you. If you take action based on one of the recommendations listed in the calculator, we get a small share of the revenue from our commerce partners.

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