If an emergency cost pops up and you don’t have the cash to pay for it, a quick loan might seem like a saving grace.
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. A number of factors can delay your funding, and depending on your bank, there may be a wait before you can access your cash.
We’ve rounded up our top picks for quick loans, as well as advice for how to take out a fast loan and some alternatives to consider.
- Good for existing customers: Wells Fargo
- Good for people with less-than-perfect credit: Avant
- Good for small cash 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?
- How can I get emergency money fast?
- Alternatives to high-interest debt
- Our methodology: How we pick the best personal loans
- Calculate personal loan costs
- FAQs about quick cash 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 vary by state
Read reviews of Avant personal loans to learn more.
Good for small cash 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 $100 per day or $750 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 $500, short-term loans 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 key if you’re in an emergency. If you’re looking to get money fast, two main factors will make lenders stand out: quick approval and quick funding time. Often the lenders that promote “quick cash” offer loans with high fees and interest rates. And if you need money quickly, any option can seem viable.
But even though many lenders don’t advertise “quick loans,” there are still a number of legitimate — and less expensive — options available. If possible, look for loans with more-reasonable rates (typically, 36% or below is considered affordable) and a repayment schedule that you can afford.
The most affordable quick cash 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, for example. But even if your credit isn’t great, you’ll likely still have some options.
How can I get emergency money fast?
If you’re in a financial jam, there’s no guarantee you’ll be approved for a loan or that you’ll be approved for funds as quickly as you hope.
There are some loan options that offer funding quickly that are often less favorable to borrowers. For example, payday loans, auto title loans, and other high-interest, short-term debt can be incredibly expensive. You should try to avoid these types of loans whenever possible.
Payday loans and payday advances
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. To put things into perspective, a $500 loan with a $50 lending fee equates to an APR of more than 260%.
Payday loans can often be rolled over or renewed for only the cost of the lending fee, which increases the total cost for the borrower, and moves the loan out to the next payday.
This cycle of applying for and then renewing payday loans can quickly put you in a cycle of debt, so applying for this type of loan to get funds quickly should be avoided whenever possible.
A potentially cheaper option is a payday alternative loan, which is a small-dollar loan offered by certain federal credit unions. Application fees can’t be more than $20, and interest rates are capped at 28%. To apply, you’ll typically need to be a credit union member for at least one month.
Car title loans
A car title loan is another expensive short-term loan.
This 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.
Car title loans are expensive — they’re often offered by predatory lenders and should be avoided if possible.
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.
Examples of items you can use as collateral for a pawnshop loan include jewelry, musical instruments, electronics and other high-value items. 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.
Alternatives to high-interest debt
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.
Here are some other options to consider if you have trouble qualifying for a personal loan.
- 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.
And 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.
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.
Calculate 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 cash 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’ll 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 — these may not require a credit check.
*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.