What is a quick personal loan and how do I get one?

Our goal here at Credible Operations, Inc., NMLS number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are ours.

Looking for quick cash to cover a big expense or a financial emergency? Quick personal loans are a useful option to consider. Compare loan rates and terms. (iStock)

Your refrigerator is dying. Your car’s transmission turns off. You need urgent medical attention. Sometimes you have to quickly find the money to cover an expense.

If you face an unexpected bill, you may be able to cover your costs with a quick personal loan. In many cases, you may receive approval the same day you apply. But while quick personal loans can help you overcome a financial emergency, you could end up paying more than you could pay if you can wait a few days to get your money back.

Credible, it’s easy to compare personal loan rates from several lenders.

What is a quick personal loan?

A personal loan is a type of installment loan that you can use for anything from paying an unexpected expense to consolidating higher interest credit card debt. The interest rates for personal loans are generally lower than the interest rates for credit cards. Applying for and approving a personal loan can take several days.

A quick personal loan helps borrowers who need funds quickly, as approval times tend to be shorter. Online lenders are popular providers of quick personal loans. Most online lenders offer a streamlined process for faster approval and funding, all of which can be done without leaving your home.

Although loan approvals are never guaranteed, lenders typically approve quick personal loan applications as long as you meet their requirements. Your chances of getting approved are better when you have a good credit rating, stable income, and low debt ratio.

How fast are we talking?

The standard financing time for most personal loans from a bank or credit union is one to seven business days. Online banks are generally faster and can process and fund your loan within five business days.

But some lenders, such as Avant and LightStream – two credible partner lenders – specialize in providing quick personal loans, with funds deposited into your bank account as quickly as the same day or day after approval.

Lenders to Consider for Quick Personal Loans

Not all personal lenders offer quick personal loans. The following credible partner lenders all offer same day or next business day financing.


  • Funding time: From the next working day (if approved before 4.30 p.m. CT on a weekday)
  • Minimum credit score: 550
  • Minimum income: $ 1,200 per month
  • Loan amounts: $ 2,000 to $ 35,000
  • Loan term (years): 2 to 5


  • Funding time: Next working day
  • Minimum credit score: 700
  • Minimum income: Do not disclose
  • Loan amounts: $10,000 at $ 50,000
  • Loan term (years): 3 to 6

To discover

  • Funding time: From the working day following acceptance
  • Minimum credit score: 660
  • Minimum income: $ 25,000
  • Loan amounts: $ 2,500 to $ 35,000
  • Loan term (years): 3 to 7

Loan point

  • Funding time: From the next working day
  • Minimum credit score: 580
  • Minimum income: $ 20,000
  • Loan amounts: $ 2,000 to $ 36,500
  • Loan term (years): 2 to 4


  • Funding time: From the same working day
  • Minimum credit score: 660
  • Minimum income: Do not disclose
  • Loan amounts: $ 5,000 to $ 100,000
  • Loan term (years): 2 to 7

OneMain Financial

  • Funding time: Same day, but usually requires a visit to a branch
  • Minimum credit score: Nothing
  • Minimum income: Do not disclose
  • Loan amounts: $ 1,500 to $ 20,000
  • Loan term (years): 2 to 5

Universal Credit

  • Funding time: During the day, once approved
  • Minimum credit score: 560
  • Minimum income: Do not disclose
  • Loan amounts: $ 1,000 to $ 50,000
  • Loan term (years): 3 to 5

To improve

  • Funding time: In the day following the clearance of the necessary verifications
  • Minimum credit score: 560
  • Minimum income: Do not disclose
  • Loan amounts: $ 1,000 to $ 50,000
  • Loan term (years): 2 to 7

How Much Can I Borrow With a Quick Personal Loan?

You may be able to get a personal loan of a minimum amount of $ 1,000 up to a $ 100,000 maximum, and a loan term ranging from 12 to 84 months. The amount you may be entitled to will depend on many factors including your credit history, credit score, length of loan, amount you are requesting, and other factors.

  • Credit score and history Your credit plays an important role in determining whether a lender will approve you for a loan, the interest rate, and the loan amount. If your credit scores are low or if your credit report has derogatory ratings or late payments, the lender may offset their perceived risk by offering you a lower loan amount and a higher interest rate.
  • Income – Lenders want to see a stable job and income that shows you have sufficient resources to pay back the money you borrow.
  • Debt-to-income ratio (DTI) – Your DTI is the amount of your income that goes to pay off your monthly debt payments. A low DTI demonstrates your ability to pay off the loan with less risk of default. As a general rule, the lower your DTI, the more likely you are to qualify for a loan at the lower rate.
  • Term of the loan – If your loan term is longer, your payments may be lower, making them more manageable, even though you will be paying more interest over the loan term.
  • Amount of the loan – Avoid paying interest whenever possible. For this purpose, only ask for the amount you need to borrow.

Want to see where you stand? To consider prequalification for a loan – without affecting your credit – to determine how much you could borrow and the interest rate you could receive.

How much does a quick personal loan cost?

To illustrate how the terms of a loan, as well as your credit rating, can influence the cost of a loan, consider the following examples:

  • Ready to – Suppose a borrower with poor credit contracts a $ 5,000 loan with a three-year repayment term, an APR of 24.99% and an origination fee of $ 250; they would receive $ 4,750 in loan financing and make 36 monthly payments of $ 199. The interest and fees included in the APR would cost $ 2,156 for a total loan cost of $ 7,155.
  • Loan B – Now consider what the loan costs might be for a borrower with good credit. For a $ 5,000 loan with a five-year repayment period, an APR of 5.99%, and no origination fees, a borrower would make 60 payments of $ 97 and only $ 798 in total interest, for a total cost. the loan of $ 5,798.

Pros and Cons of Quick Personal Loans

Quick personal loans can be beneficial if you want to access quick cash to pay for an unforeseen expense. But personal loans also have drawbacks. So, before taking out a quick personal loan, it is important to balance the pros and cons of your unique financial situation.


  • Apply online quickly – You can usually complete the loan application within minutes and get a decision immediately.
  • Quick financing – No need to wait weeks or even months to receive the loan funds. You can often receive funds the same day or the next business day after approval.
  • Lower interest rate – With personal loans, you can pay much less interest than you would with other quick cash options, such as payday loans or credit cards.


  • Original costs – Many online quick loan providers don’t charge a set-up fee, but if a lender charges one, the fee can be anywhere from 1% to 8%. That is why it is so important to shop around and find loans with the most favorable terms and the lowest fees.
  • It might be more expensive than waiting – If you need the money right away, you may be more inclined to rush into a loan offer with less than desirable terms. Even if you are facing a financial emergency, it is a good idea to carefully consider the terms, fees, and obligations of the loan before signing.
  • Higher interest rates – If your credit is poor, you might receive loan offers with interest rates of up to 36%. In this case, it may be worth your while to improve your credit before you apply for a quick loan.

Alternatives to Quick Personal Loans

Quick personal loans are a solid option when you need the funds quickly. But they are not the only option. Here are some alternatives to personal loans to consider:

  • Personal line of credit – The main advantage of a personal line of credit is its flexibility. You can only borrow the amount you need, and you can withdraw and repay funds multiple times. Keep in mind, however, that most personal lines of credit have variable rates, which are often higher than personal loan rates, so they’re not your best bet for consolidating debt.
  • Balance Transfer Credit Card – If you have good or excellent credit, you may be eligible for a credit card balance transfer with an introductory offer of 0% APR for a specified period, as long as you pay off your entire balance before the period expires. Be aware of the balance transfer fees – usually around 3% of the loan amount. You’ll want to use the numbers to make sure you save more interest than you pay for fees.
  • Payday and securities loans – While these types of short term loans can give you access to immediate cash flow, they should only be considered as a last resort.

Payday loans often have a fee equivalent to an annual percentage rate (APR) of 400% or more. Plus, these loans are usually due in full on your next payday, which can be very difficult, especially if you are strapped for cash. The typical auto title loan is around $ 700 with an APR of 300%, according to the Bureau of Consumer Financial Protection. If that is not enough, failure to repay the loan can lead to foreclosure of your vehicle, which happens to 20% of borrowers.

Compare personal loan rates is a matter of minutes when you use Credible to check the rates of several lenders.

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