Best quick loans

Choose one of these lenders if you need a personal loan fast

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LendingClub, LightStream and Rocket Loans
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The best quick loans are personal loans you can get from a reputable lender that lets you apply online and receive funding quickly. Loans that fall in this category are also installment loans, which are loans you make regular payments on for a set term. The ideal quick loan comes with a fixed interest rate that never changes.

While there are plenty of pitfalls to watch out for any time you borrow money, financial advisor Melanie C. Simons of ReFrame Wealth notes that personal loans can be used for plenty of different purposes, including debt consolidation or financing a large purchase. The primary advantage of these loans is the fact they are very flexible in terms of what you can use the money for.

"Another potential advantage is the simplicity of one fixed regular payment to a single lender, rather than payments that fluctuate month to month," she said.

Before you apply for the best quick loans, however, you should compare all the options on the market today in terms of their borrowing limits, interest rates and fees.

Key insights

  • Qualified borrowers can often get personal loans in as little as one business day.
  • Interest rates may vary widely from lender to lender and are often based on factors like borrower credit score, repayment terms and loan amounts.
  • APR, which includes not just interest but also fees and charges, is a good point of comparison between lenders.

Our picks for best quick loans

To make our choices for best quick loans, we collected 806 data points (26 individual data points for 31 lenders), including customer reviews and overall ratings from ConsumerAffairs readers, on popular lenders. We used these data points to evaluate factors that have the most impact on borrowers, including time to funding, annual percentage rate (APR), loan minimums, repayment terms and credit score requirements, before making our final selections.

Our picks may be Authorized Partners who compensate us. This does not affect our recommendations or evaluations but may impact the order in which companies appear.

  • $100,000 max loan amount
  • 24- to 144-month repayment terms
  • Good credit score required
  • User star rating: 3.3

LightStream offers loans with longer repayment terms and higher limits than most of its competitors and claims you can receive your funds as soon as the day you apply.

Loan amounts range from $5,000 to $100,000, and repayment terms last from 24 to 144 months. APRs range from 7.49% to 25.99%. Funds can be used for almost any purpose, co-signers are permitted and loans are available to borrowers in all 50 states.

Note that LightStream installment loans come with no origination fees and no hidden fees, although you'll need a good or excellent credit score to be approved.

Check out our LightStream review to learn more about this lender.

What we like
  • LightStream promises fast funding as soon as the day you apply.
  • Borrowers with good or excellent credit will find highly competitive rates.
  • Repayment terms last up to 144 months.
  • LightStream loans come with no origination fees or hidden fees.
What to consider
  • LightStream only offers loans to borrowers with good or excellent credit.
  • It does not let you check your rate without a hard inquiry on your credit report.
  • Autopay is required for the lowest rates.
What do reviewers say
Past customers seem to be pleased with the easy application process and the excellent customer service they received, based on ConsumerAffairs reviews, with one reviewer stating, “I would rate LightStream 5/5 for their commitment to their client, the competence displayed in their organization, and their reliability.” However, some borrowers complained about payments posting to their accounts slower than they should.

  • $35,000 max loan amount
  • 12- to 60-month repayment terms
  • Most customers have at least 600 credit score
  • User star rating: 2.3

Avant offers personal loans in amounts that range from $2,000 to $35,000, and the company claims your funds can be deposited in your account as soon as the next business day after approval.

You can check your rate without any impact on your credit score, which makes it easy to shop around and compare. APRs for Avant personal loans at the time of publishing range from 9.95% to 35.95% based on creditworthiness, and you can tailor your payment up or down by choosing from repayment terms that last from 12 to 60 months. Like other quick loan lenders, loans from Avant come with fixed interest rates and fixed payments that won't change based on market conditions.

Avant personal loans are available to borrowers in all 50 U.S. states and Washington, D.C. Co-signers are not permitted.

Read our Avant review for more insights into this lender.

What we like
  • Flexible repayment terms last from 12 to 60 months.
  • Avant promises a quick decision and funding as soon as the next business day.
  • Avant's online portal and mobile app let you track your loan payments and progress at any time.
What to consider
  • Avant charges an administration fee of up to 4.75%.
  • Loan amounts are capped at $35,000, which may be insufficient for some borrowers.
  • Interest rates can be high for borrowers with fair or bad credit.
What do reviewers say
Avant has mixed reviews among ConsumerAffairs readers. Many customers report being satisfied with their borrowing experience due to the quick and easy application process. One reviewer reported, “The application process was easy and quick. They rushed to assist my needs and the payments were just right.” However, some customers were dissatisfied with payments being reported on their accounts late or not at all.

  • $40,000 max loan amount
  • 24- to 60-month repayment terms
  • Minimum credit score not disclosed
  • User star rating: 3.1
LendingClub Logo Compare Offers on ConsumerAffairs

LendingClub is another lender that lets you get access to up to $40,000 in funding quickly — potentially within 24 hours of loan approval. Loan amounts start at just $1,000, so it can be a good option if you need a small amount of cash in a hurry.

You can check your rate and gauge your approval odds with no impact on your credit score, and you can repay a loan over 24 to 60 months. APRs for LendingClub loans range from 9.57% to 35.99%, with the lowest rate available to borrowers with excellent credit.

LendingClub is available to borrowers in 49 states (not available in Iowa). Co-signers are permitted.

If you want to learn more about LendingClub and its loan process, make sure to check out our LendingClub review.

What we like
  • Interest rates are competitive for borrowers with great credit.
  • Get funding as soon as 24 hours after loan approval.
  • Borrow up to $40,000 for debt consolidation , home improvements or other financing needs.
What to consider
  • Interest rates will be high for borrowers with lower credit.
  • An origination fee of 3.00% to 8.00% of the loan amount applies.
What do reviewers say
Positive reviews from ConsumerAffairs readers seem to center on the lender's ability to approve borrowers with less-than-perfect credit and its easy application process. Many liked the autopay options. One borrower summed it up by saying, “It's easy since the payments are deducted once a month from my account, and I have always been able to speak to somebody when I call.”

However, some reviewers complain about their payments being incorrectly applied to their accounts and interest rates being too high.

Rocket Loans
  • $45,000 max loan amount
  • 36- or 60-month repayment terms
  • 610 to 640 minimum credit score
  • User star rating: N/A*

*Not enough user reviews

Borrowers with fair or even bad credit may be able to get a quick loan with Rocket Loans, part of the same family of companies as Rocket Mortgage. Rocket Loans promises to be "rocket fast,” with funding as soon as the same day.

You may be able to borrow up to $45,000 with a personal loan from Rocket Loans. APRs range from 7.727% to 29.99%, with loan terms of 36 or 60 months. You can check your rate with this lender without any impact on your credit score.

Loans are available to borrowers in 47 U.S. states (not available in Iowa, West Virginia and Nevada).

Read our Rocket Mortgage review for more information about this lender.

What we like
  • Rocket Loans offers a fast and easy online application process.
  • Borrow up to $45,000 with same-day funding.
  • Check your rate without any impact on your credit score.
  • Competitive rates are available for borrowers with great credit.
What to consider
  • An origination fee of 1% to 6% of the loan amount is deducted from the loan amount.
  • Only two repayment options are available: 36 and 60 months.
  • Autopay is required for the lowest rates.
What do reviewers say
This lender has not been reviewed by ConsumerAffairs readers.

First Tech Federal Credit Union
  • $50,000 max loan amount
  • 24- to 84-month repayment terms
  • Most credit scores accepted
  • User star rating: N/A*
Learn More
first tech federal credit untion logo

*Not enough user reviews

First Tech Federal Credit Union offers personal loans to its members in amounts from $500 to $50,000, with funds available usually on the same day of approval.

Repayment terms on personal loans can last from 24 to 84 months, with higher APRs for longer terms. At the time of publishing, the minimum rate on a 24-month personal loan is 6.7%; on an 84-month loan, it’s 11%. You can check your rate online without any effect on your credit score.

First Tech Federal Credit Union loans have no application or origination fees, but you do need to be a member of the credit union to apply. Membership is available to qualified individuals in all 50 U.S. states.

What we like
  • Borrow from $500 up to $50,000 with fast and easy funding.
  • Check your rate with no impact on your credit.
  • You won't pay any origination fees or application fees.
  • You have the option to defer your first payment for up to 45 days.
What to consider
  • Credit union membership is required.
  • You can only check your rate online for a two-year loan.
What do reviewers say
This lender has not been reviewed by ConsumerAffairs readers.

Need cash now? Use our Personal Loans Tool to lock in great offers in minutes!

    How to get a quick personal loan

    If you need cash relatively quickly, a quick personal loan can help make it happen. That said, you shouldn't rush into getting a loan without reading over the fine print first.

    Simons, the financial advisor at ReFrame Wealth, says that consumers exploring loan options should ask about prepayment penalties, which may be charged if you pay off your loan earlier than planned. In the meantime, she recommends watching out for interest rates that are higher than on other types of loans available to you, like a credit card or line of credit.

    "Also keep in mind that simply applying for a personal loan may impact your credit score," she said, although most of the lenders on our list allow you to check your rate without any hit to your credit.

    After comparing loan options in terms of rates, fees and repayment options, check to see if the monthly payment suggested for your loan amount is one you can easily afford. If not, you should find out which lenders can approve you for a longer repayment term, a lower interest rate or both.

    Once you find a quick loan you are happy with, you can apply by submitting information like your name, your address, your employment situation, your income and your Social Security number. Some lenders may also ask for additional documentation, such as pay stubs or other proof of income. If your loan is approved, lenders in our ranking may be able to get you money the same day.

    » MORE: Personal loan vs. personal line of credit

    Frequently asked questions

    What is a good rate for a quick loan?

    Among the lenders we list, LightStream has the lowest starting APR, at 5.24% at the time of publishing. Other lenders’ rates start a bit higher. Your ability to qualify for the best rates will depend on your creditworthiness, the amount you borrow and the loan term length.

    What is the difference between a quick personal loan and a payday loan?

    A quick loan is an online personal loan with a fixed interest rate, a fixed monthly payment and a set repayment schedule you agree to ahead of time. Quick loans can be used for any number of goals, from debt consolidation to paying for home repairs or unexpected medical bills.

    By contrast, payday loans are short-term, high-cost loans that are usually in amounts of $500 or less — or just enough to get you to the next payday. According to the Consumer Financial Protection Bureau, payday loans can have rates verging on 400%.

    Are quick loans safe?

    Quick loans from reputable lenders like the ones in our ranking are safe because they use encryption to protect your personal data. For example, LendingClub uses Transport Layer Security (TLS) to protect your sensitive personal information on the web.

    Can I get a quick personal loan if I have bad credit?

    Some lenders offer quick personal loans to consumers with poor credit; however, they charge higher fees and rates to make up for the added risk. This makes personal loans for those with bad credit more costly over the long run.

    » MORE: Best personal loans with a co-signer

    Bottom line

    The best quick loans can save the day when you need cash in a hurry, whether you need to get your car fixed and back on the road quickly or you have another surprise bill to pay off. However, you should do your best not to rush the loan process too much — and to spend some time shopping around for the best deal.

    Most importantly, make sure you wind up with a loan that won't bust your budget and leave you in bad financial shape in the long term.

    Article sources
    ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. Specific sources for this article include:
    1. Consumer Financial Protection Bureau, " What is a payday loan? " Accessed Sept. 9, 2022.
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