Instant Cash: Best Lenders for Quick Loans for 2024

If you need cash fast, some online lenders will deposit thousands of dollars directly into your bank account by the end of the day. Personal loans are readily available for well-qualified borrowers. Some lenders even offer same-day funding for borrowers with less-than-stellar credit.

See Also: How To Get $340 Per Year in Cash Back on Gas and Other Things You Already Buy

Here are a few of the top lenders that offer quick loans to get cash into your accounts ASAP.

Best Lenders for Quick Loans Compared

Best Loans for Same Day Funding

1. SoFi

• APR: 8.99% to 29.99%

• Loan amount: $5,000 to $100,000

• Credit rating needed: None

SoFi is one of the biggest online lenders available, offering personal loans up to $100,000 and same-day funding for some borrowers. If you need access to $5,000 or more and have a decent credit score, you can score interest rates under 10% APR. SoFi doesn’t limit borrowing to those with high credit scores, as there is no minimum credit score needed to apply. Be aware, however, that your rates may be much higher with a lower score.

Pros

• Access up to $100,000

• Same-day funding for loans approved by 3 p.m. PT

• SoFi member benefits (discounts, coaching, etc.)

Cons

• Must open SoFi Checking and Savings and setting up direct deposit for the lowest rates

• Origination fee may be up to 7% APR

• Lowest loan amount is $5,000

2. Lightstream

• APR: 6.99% to 25.99%

• Loan amount: $5,000 to $100,000

• Credit rating needed: Good to Excellent

Lightstream is a popular online lender that offers same-day funding on personal loans. Aimed at borrowers with higher credit scores, Lightstream offers loans from $5,000 up to $100,000 total. You may be eligible to deposit funds into your linked bank account on the same day your application is approved–as long as approval happens before 3 p.m. PT. Lightstream offers low rates for highly-qualified borrowers.

Pros

• No origination fees

• Repayment schedule up to 10 years available

• Super low rates for qualified borrowers

Cons

• No pre-approval tool available

• Need a higher credit rating for approval

• Must borrow at least $5,000

3. Rocket Loans

• APR: 9.12% to 29.99%

• Loan amount: $2,000 to $45,000

• Credit rating needed: Fair to good credit

Rocket Loans is an online lender that offers fast access to cash with their personal loan platform. You can borrow as little as $2,000 and get access to cash on the same day your application is approved in some cases. There are origination fees for these loans, which can be quite expensive–up to 9%–so make sure to read the fine print before signing your loan docs.

Pros

• Pre-qualification available

• Same-day funding available

• Autopay discount available

Cons

• Very high origination fees possible–up to 9%

• Limited repayment terms–3 or 5 years

• No co-borrowers

Best Loans for Next Day Funding

4. LendingClub

• APR: 8.98% to 35.99%

• Loan amounts: $1,000 to $40,000

• Credit rating needed: Fair to good credit

LendingClub offers personal loans with next-day funding and loan amounts as low as $1,000. You can apply for a loan entirely online and receive cash as soon as the next business day after approval. LendingClub offers loans to borrowers with less-than-stellar credit–but also allows co-borrowers to apply with you to help you chances of getting a loan.

Pros

• Low minimum loan amount of $1,000

• Can be approved with lower credit score

• Funds available next business day

Cons

• Rates can be high for those with poor credit

• May come with an origination fee

• You cannot borrow more than $40,000

5. Best Egg

• APR: 8.99% to 35.99%

• Loan amount: $2,000 to $50,000

• Credit rating needed: Good-to-excellent

Best Egg is an online lender that offers next-day loans and loans as large as $50,000 for well-qualified borrowers. You’ll need a decent credit score to qualify, but cash may land in your account within 24 hours of loan approval. Origination fees on these loans can be high, so make sure to read the fine print before signing your loan docs.

Pros

• Get your cash the next business day

• No late fees

• Loans available up to $50,000

Cons

• High origination fees–up to 8.99%

• Not available in all states

• Some states require a high minimum loan amount

6. Upstart

• APR: 7.80% to 35.99%

• Loan amount: $1,000 to $50,000

• Credit rating needed: None

Upstart is an online lender that is aimed at borrowers with poor credit ratings. It uses alternative methods of qualifying you for a personal loan. You can get a loan as small as $1,000 and funding as soon as the next business day after loan approval. Rates can be high, though, with the highest rates capping out around 35.99% APR.

Pros

• Borrow as little as $1,000

• Funds can arrive the next business day

• No minimum credit score needed to apply

Cons

• Origination fee may be assessed

• Can only get a 3-year or 5-year loan

• Rates up to 35.99% for low-qualifying borrowers

7. LendingPoint

• APR: 7.99% to 35.99%

• Loan amount: $1,000 to $36,500

• Credit rating needed: None

LendingPoint is an online lender that offers smaller personal loans and next-day funding after your loan is approved. You can borrow as little as $1,000 and there’s no minimum credit rating to apply. As with most lenders that offer loans to those with poor credit, you might end up paying a much higher APR than well-qualified borrowers, This can be up to 35.99% maximum APR.

Pros

• Low rates available for those with excellent credit

• Next-day funding available

• Mobile app available

Cons

• Origination fee may be charged

• Can’t apply with a co-borrower

• Smaller loan amounts

Alternatives to Quick Loans

While getting a loan can help you come up with cash fast, it may not be the best option for you. Here are a few alternatives to quick personal loans that can help you access funding quickly:

Credit Card

These days you can pay for almost anything with a credit card. If you have an immediate need, you may be able to use your cash instead of applying for a loan. Credit cards may also offer a “cash advance” feature to access cash from an ATM–but just know these fees and interest rates are very high for this option.

Payday Loan

A paydaL loan is a type of short-term loan that allows you to pledge repayment from your future paycheck. The loans must usually be repaid within a month or less, and the interest rates can be over 200% APR. This can be a risky option and end up costing you more. Approach payday loans with caution.

Family and Friends

If you’re strapped for cash and need money, you might consider borrowing from family or friends. You might be able to borrow without paying interest, but it’s a good idea to write up an agreement on when (and how) you’ll repay the loan. Loans to family and friends can cause a strain in your relationship, so consider this a last-resort option.

FAQ

• How can I borrow money and get it instantly?

  • There are several ways to borrow money and get it right away. Credit cards let you get a "cash advance" directly from an ATM. Payday loans give you cash before you walk out the door. Pawn shops let you leave with cash in hand. All of these methods, though, charge insanely-high interest rates and fees. It can even put you in a worse financial position than you started with. Some personal loans offer same-day funding, but make sure you know the terms and conditions, such as fees, repayment terms, etc. before applying.

• What is the easiest loan to get immediately?

  • You can apply for a personal loan through a reputable online lender. Some will deposit cash into your bank account before the end of the day. Lenders like Lightstream, SoFi, and Rocket Loans offer same-day funding, but you'll need to be approved for your loan earlier in the day to qualify. The best way to get approved is having a high credit score and excellent credit history.

• How to borrow $500 quickly?

  • If you need to borrow $500, there are short-term loans available through many payday loan companies. You can also get a $500 cash advance from many credit card issuers. However, note that you'll end up paying huge fees and over 100% APR in interest in some cases. Therefore, borrowing money instantly may not be the best idea. You can always hit up friends or family for cash, though remember there is a risk of straining your relationship.

Rates and loan amounts accurate as of June 17, 2024.

This article originally appeared on GOBankingRates.com: Instant Cash: Best Lenders for Quick Loans for 2024