Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.
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By
Jerry Brown
Jerry Brown
Personal Loans & Debt Consolidation Expert
Jerry is a freelance contributor to Newsweek’s personal finance team. He primarily covers loans, including personal loans, home equity loans and student loans. When he isn’t writing, he enjoys spending time with family, riding an electric bike or scooter through the French Quarter in New Orleans and traveling.
Read Jerry Brown's full bio
Reviewed By
Claire Dickey
Claire Dickey
Senior Editor
Claire is a senior editor at Newsweek focused on credit cards, loans and banking. Her top priority is providing unbiased, in-depth personal finance content to ensure readers are well-equipped with knowledge when making financial decisions.
Prior to Newsweek, Claire spent five years at Bankrate as a lead credit cards editor. You can find her jogging through Austin, TX, or playing tourist in her free time.
Read Claire Dickey's full bio
Personal loans are flexible financial tools. You can use them for many purposes, such as paying for moving expenses or consolidating high-interest debts. Another pro is that they often provide fast funding. Although some lenders might take a week to deposit funds after you’re approved, some offer same- or next-day funding.
Before you apply for a personal loan, it’s wise to compare rates, fees and repayment terms across multiple lenders. To help, we researched the top lenders known for offering personal loans with fast funding. We also cover the pros and cons and how to apply.
Our Methodology
Newsweek Vault’s loan experts evaluated multiple data points to help our readers make sense of their borrowing options across student loans and personal loans. To narrow down the best available offers, we weigh the product pros and cons across five core categories, including:
- Application process
- Eligibility requirements
- Interest rates
- Loan amounts (minimum and maximum)
- Repayment flexibility
Our Picks
- Best for Large Loan Amounts: LightStream
- Best for Bad Credit: Avant
- Best for Secured Loans: Best Egg
- Best for Low APR Range: Discover
- Best for Thin Credit Profiles: Upstart
- Best for Unemployment Protection: SoFi
- Best for Small Loans: PenFed
Best Personal Loans That Fund You in a Day or Less 2024
Best for Large Loan Amounts
LightStream
on Credible’s website
Why we chose it
LightStream offers personal loans up to $100,000 with no fees and repayment terms of up to 144 months, depending on the loan purpose. Once approved, you can receive funds as soon as the same day if you sign the loan agreement by 2:30 p.m. ET on a business day. Learn more with our LightStream personal loans review.
Pros
- Flexible repayment terms
- No fees
- Large maximum loan amount
Cons
- Must have at least five years of credit history
- High minimum loan amount
- Good FICO score credit required
Best for Bad Credit
Avant
on Credible’s website
Why we chose it
Avant offers personal loans to borrowers with credit scores as low as 580, meaning you could qualify with poor credit. Once approved, the company can deposit funds into your account by the next business day. Learn more with our Avant personal loans review.
Pros
- Low minimum credit score requirement
- Flexible repayment terms
- Option to prequalify
Cons
- High maximum rate
- Administration fee up to 9.99%
- Low maximum loan amount compared to some other lenders
Best for Secured Loans
Best Egg
on Credible’s website
Why we chose it
Best Egg offers secured and unsecured loans up to $50,000, depending on where you live. The lender states on its website that more than half of approved borrowers receive funds within one business day. Learn more with our Best Egg personal loans review.
Pros
- Offers secured loans
- Option to send funds directly to creditors
- You can take out two Best Egg loans
Cons
- Origination fees
- Joint loans aren’t available
- Not available in all states
Best for Low Rates
Discover
on Credible’s website
Why we chose it
Discover provides loans with no upfront fees up to $40,000 and low minimum rates compared to some other lenders. After you’re approved, the bank can fund your loan as soon as the next day. Learn more with our Discover personal loans review.
Pros
- No origination fees
- Flexible repayment terms
- Option to send funds directly to your creditors
Cons
- Generally need a good FICO Score
- Late fees
- No co-borrower or co-signer options
Best for Thin Credit Profiles
Upstart
on Credible’s website
Why we chose it
Upstart offers personal loans to borrowers with minimal credit history. Once approved, the lender can fund your loan as early as the next day. Learn more with our Upstart personal loans review.
Pros
- Fast approval
- Accessible to borrowers with thin credit profiles
- Broad range of repayment terms
Cons
- Possible origination fees
- High maximum rate
- Late fees
Best for Unemployment Protection
SoFi
on Credible’s website
Why we chose it
SoFi provides loans up to $100,000 that can be funded as fast as the same day. If you lose your job, you could qualify for employment protection if you’ve made on-time payments for nine consecutive months.
Pros
- Possible same-day funding
- Unemployment protection
- Joint loans are available
Cons
- High minimum loan amount
- Good credit required
- May have to pay an origination fee for lowest rate
Best for Small Loans
PenFed
Vault Verified
Why we chose it
PenFed offers personal loans with no fees and a minimum loan amount of only $600. If approved, the lender can deposit funds into your account as fast as the next day.
Pros
- Low minimum loan amount
- No origination fees
- Low maximum rate
Cons
- Membership required
- $29 late fee
- Must deposit $5 into PenFed savings account to get started
Why Would You Need a Personal Loan That Funds You in a Day or Less?
You could use a personal loan to pay for almost any expense. Here are some common reasons.
- Emergencies. You can use funds to pay for various emergency expenses, such as a sudden job loss or emergency home repair.
- Auto financing. A personal loan can also be used to finance a car. However, the trade-off is that, depending on your financial situation, you might qualify for a lower rate with an auto loan.
- Renovation projects. You could use a personal loan for home improvement projects, such as installing a new bathtub or outdoor fireplace.
- Weddings. Weddings can be pricey. A personal loan could help you pay for several wedding expenses like a photographer or wedding cake.
- Funerals. If you need funds to bury a loved one, a personal loan could help you cover funeral expenses.
How to Choose the Best Same- or Next-Day Personal Loan
While shopping for a personal loan with fast funding, pay special attention to these factors.
- Annual percentage rate (APR): Compare APRs from many different lenders to estimate your total borrowing costs. Most lenders post their APR ranges—which factor in interest plus fees—on their websites.
- Loan amounts: Loan amount ranges vary by lender. Choose a company that provides the amount you want to borrow.
- Repayment terms: Use a personal loan calculator to see how different repayment terms affect your monthly payment and overall borrowing costs. Afterward, select a lender that offers terms that align with your budget.
- Lender reputation: You could ask friends and family members who have received personal loan funds the next day for recommendations. Plus, you can online reviews to get an idea of whether previous borrowers had positive or negative experiences with a lender.
Pros and Cons of Fast Funding Personal Loans
Although personal loans generally allow you to access cash quickly, there are some pros and cons to consider before applying.
Pros
- Fast access to cash. You can get the cash you need quickly after being approved.
- Potential to borrow a large amount. Depending on your financial situation, some lenders offer loan amounts up to $100,000 or higher.
- Flexibility. You can spread out your fixed monthly payments over several years.
Cons
- Fees. Some personal loan companies charge an origination fee for processing your loan amount.
- Debt. Using a personal loan to purchase an item makes it more expensive due to interest and other borrowing costs.
- Potentially high rates. Although maximum rates vary by lender, some lenders charge APRs as high as 35.99%.
How to Get a Same- or Next-Day Personal Loan
“A physical credit union or local bank may also be able to fund your personal loan in a day. I applied for a personal loan with a credit union and received a check to deposit into my account the same day after signing a loan agreement.”
— Jerry Brown
Below are the general steps you will take to apply for a personal loan.
- Gather the necessary documents. Lenders might require you to provide financial documents, like bank statements, W-2s and tax returns.
- Comparison shop. Submit a prequalification application with multiple lenders to compare rates, terms and fees.
- Submit a full loan application. Once you’ve chosen the best option for you, submit a loan application.
- Sign the loan agreement. After approval, the lender will send you a loan contract. Review it carefully to ensure you agree with the terms before signing on the dotted line.
- Repay funds as promised. After the lender deposits funds into your account, make payments on time to avoid late fees and damage to your credit profile.
Frequently Asked Questions
Can You Get a Loan As Soon as the Next Day With Poor Credit?
Yes, some lenders offer personal loans to borrowers with low credit scores. The drawback is you’re likely to receive a higher interest rate if you apply on your own with bad credit. That said, you may improve your chances of securing a lower rate by adding a co-signer or co-borrower to your loan application.
Is It Possible to Get a Personal Loan Instantly
Traditional personal loans generally take some time to process, but you can receive funds as early as the same day. That said, some cash advance apps allow you to borrow a small amount of money instantly for a fee.
Is Taking Out a Personal Loan Better Than Using a Credit Card?
It depends on your situation. Personal loans often have lower average rates than credit cards. But if you can qualify for a credit card with a 0% intro APR offer, you may pay less in interest than you would with a personal loan. However, note that once the promotion expires, the card’s standard APR will kick in—and this can be high.
Related Links
- How To Calculate Loan Interest
- Best Personal Loans
- Best Fast Cash Loans
- Best Emergency Loans
Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. We may earn a commission from partner links on Newsweek, but commissions do not affect our editors’ opinions or evaluations.
Jerry Brown
Personal Loans & Debt Consolidation Expert
Jerry is a freelance contributor to Newsweek’s personal finance team. He primarily covers loans, including personal loans, home equity loans and student loans. When he isn’t writing, he enjoys spending time with family, riding an electric bike or scooter through the French Quarter in New Orleans and traveling.
Read more articles by Jerry Brown
