Quick Loans: How to Find Fast Cash
When you need money fast, one of your options is to look for quick loans. However, you need to be careful about which lenders you trust, as some companies take advantage of your need for fast cash by offering loans with very bad terms.
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Did you know that six in 10 American households responding to a Pew survey said they’d had a surprise annual expense in the past 12 months? And the median cost of this surprise: $2,000.
When you have an emergency and need money right away, you may have no choice but to seek out quick cash. After all, there are some things that can’t wait — like doctor visits due to illness or injury, car repairs on the vehicle you use to get to work, or your home heating system breaking in the winter.
If you find yourself in need of fast cash, check out some quick loans below.
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Where to find quick personal loans
The good news is that you have lots of options to find fast funding from lenders. But the bad news is that some quick loans come at very high rates and have unfavorable terms. To avoid making your financial situation worse by choosing a lender that gouges you, it’s important to understand where and how to find quick loans that are affordable.
When most people think of fast loans, they think of payday loans. And, indeed, payday loans do provide money right away. The problem is, these loans are extremely expensive, so it’s very easy to become trapped in a cycle of debt you can’t pay back.
You don’t have to choose a payday loan to get money quickly — and usually, you shouldn’t. You should explore other options, including personal loans, installment loans, and peer-to-peer loans.
Companies offering quick loans
If you’re interested in a quick loan, some of your options include the following.
| Company | Loan Amounts | Time to Funding |
| LightStream | $5,000 – $100,000 | As soon as the same day |
| Upgrade | $1,000 – $35,000 | As soon as the next day |
| Upstart | $1,000 – $50,0002 | As soon as 3 business days |
You can learn more about each of these companies in the reviews below.
LightStream
Rates (APR)
3.49% – 19.99%*
with AutoPay
Loan Amounts
$5,000 – $100,000
Credit Score
660+
If you have a good credit score, LightStream is a great option for borrowers seeking quick funding. The lender has competitive rates, zero fees, and a program in which they will beat any rate offered by a competitor by 0.10 percentage points.**
- Credit score category: Excellent, good
- Soft credit pull to check rates: Not available
- Deposit time: As soon as the same day
- Origination fee: 0%
- Late fee: None
- Discounts: 0.50% interest rate reduction for enrolling in autopay
- Repayment terms: 24 – 144 months***
Upgrade
Rates (APR)
7.99% – 35.97%
Loan Amounts
$1,000 – $35,000
Credit Score
620+
With an easy loan application process, Upgrade is a great option for borrowers with bad or fair credit. You can check rates without affecting your credit score and this lender makes personalized loan recommendations for each borrower.
- Credit score category: Fair, bad
- Soft credit pull to check rates: Yes
- Deposit time: As soon as the next day
- Origination fee: 2.9% – 8%
- Late fee: $10
- Repayment terms: 36 or 60 months
Upstart
Rates (APR)
8.41% – 35.99%1
Loan Amounts
$1,000 – $50,0002
Credit Score
600+
Upstart is an online lending platform that partners with banks to provide personal loans that can be used for almost anything. Upstart’s lending model considers education, employment, and many other variables when determining eligibility.3 This model leads to 27% more approvals and 16% lower rates than traditional models.4
- Credit score category: Fair, bad
- Soft credit pull to check rates: Yes
- Deposit time: As fast as one business day
- Origination fee: 0% – 8%
- Late fee: $15 or 5% of payment
- Repayment terms: 36 or 60 months
Risks of getting fast loans
While getting quick loans is sometimes a necessity, there are downsides.
- Quick loans are almost always expensive. While online lenders offering fast funding are much less costly than payday loans, their rates and terms generally aren’t as favorable as competitors not focused on providing speedy access to cash. If you’d like to reduce your rates, you could also consider getting a fast home equity loan, but it will likely take at least 10–15 additional days to get your funding.
- Scammers know people looking for fast funding are often desperate for money. As a result, there are lots of companies with unethical business practices that target these borrowers. These companies may charge astronomical fees, have other damaging loan terms, and may try to get you to put assets at risk (such as car title lenders that require you to use your vehicle as collateral).
How to limit the risks
If you must take out fast loans, it’s imperative you work with a reputable company. Check the Consumer Financial Protection Bureau complaint database as well as the Better Business Bureau to research options. Read the fine print carefully to look for hidden fees.
When you’re considering lenders, also find out whether they’ll conduct a soft or hard inquiry on your credit report. Many lenders allow you to find out the loan terms as well as the likelihood of approval and projected interest rate without running a hard credit check.
This matters, because soft inquiries don’t impact your credit but hard inquiries do. Hard inquiries stay on your credit report for two years, and your score falls when you have too many.
Quick loans can be costly—but may also be necessary
Quick personal loans should be reserved for emergencies where you really need money ASAP. In other circumstances, take the time to fully explore lenders and look for the lowest personal loan rates to limit the overall cost of borrowing.
*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.
**LightStream will offer a rate .10 percentage points lower than the rate offered on any competing lender’s unsecured loan provided that you were approved for that lower rate (with the same loan terms offered by LightStream) no later than 2 p.m. Eastern time two business days prior to loan funding. The Rate Beat Program excludes secured or collateralized loan offers from any lender, and the competitive offer must be available to any customer with a similar credit profile. Terms are subject to change at any time.
If you believe you have been approved by another lender for a lower qualifying rate, contact LightStream customer service. We will work with you to determine your Rate Beat eligibility and obtain the necessary documentation.
***Payment example: Monthly payments for a $10,000 loan at 5.95% APR with a term of three years would result in 36 monthly payments of $303.99.
1The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.
2Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100.
3Although educational information is collected as part of Upstart’s rate check process, neither Upstart nor its bank partners have a minimum educational attainment requirement in order to be eligible for a loan.
4Approval numbers compare the 2020 loan approval rate by the Upstart model and a hypothetical traditional credit decision model. The APR calculation compares the two models based on the average APR offered to borrowers up to the same approval rate. The hypothetical traditional model used in Upstart’s analyses was developed in connection with the CFPB No Action Letter access-to-credit testing program, is trained on Upstart platform data, uses logistic regression and considers traditional application and credit file variables.
