Select looks at personal loans offering quick funding so you can cover large costs in a pinch.
Personal loans have quickly become a convenient way to borrow small or large amounts of money. Not only can they be used to cover a variety of expenses — like a wedding, a funeral, a vacation, a surprise medical bill, a home repair and more — but lenders typically disburse funds directly to your bank account so you can start using that money as soon as possible.
In fact, some lenders will even get you funded as early as the very next day after you’ve been approved.
So Select rounded up some personal loan lenders that offer expedient funding so you can cover large expenses in a pinch.
When reviewing personal loans for funding in as little as one business day, we looked at key factors like interest rates, fees, loan amounts and term lengths offered, plus other features including how your funds are distributed, autopay discounts, customer service and how fast you can get your funds. (Read more about our methodology below.)
- Best overall: LightStream Personal Loans
- Best for borrowing higher amounts: SoFi Personal Loans
- Best for smaller loan amounts: PenFed Personal Loans
- Best for a lower credit score: Avant Personal Loans
- Best for flexible terms: OneMain Financial Personal Loans
- Best for co-borrowers: Prosper Personal Loans
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Who’s this for? LightStream offers low-interest loans with flexible terms for people with good credit or higher, but if you have excellent credit, you’ll be able to take advantage of some of the lowest interest rates.
This lender provides personal loans for just about every purpose except for higher education and small businesses. The interest rate ranges depend on the type of loan you’re taking out.
You can generally receive your funds on the same day if you apply on a banking business day, your application is approved and you electronically sign your loan agreement and verify your direct deposit banking account information by 2:30 p.m. ET. But if you can’t make this deadline, you should be able to receive your funds the next business day.
Another pro to using this lender is that LightStream doesn’t charge any origination, administration or early payoff fees, and repayment terms range from 24 to 144 months.