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.
On this page:
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.
>> Read More: How do payday loans work?
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 |
| Avant | $2,000 – $35,000 | Next business day, but can vary |
| SoFi | $5,000 – $100,000 | Within a few days |
| Best Egg | $2,000 – $35,000 | Within 1 to 3 days |
| LendingClub | Up to $40,000 | Varies by borrower |
| Prosper | $2,000 – $40,000 | Can take 1 to 3 business days |
| Peerform | $4,000 – $25,000 | Can take 1 day to 2 weeks |
You can learn more about each of these companies in the reviews below.
>> Read more: Where to Find Small Personal Loans
Avant
Rates (APR)
9.95% – 35.99%
Loan Terms
24 – 60 months
Loan Amounts
$2,000 – $35,000
Avant provides funds for the majority of borrowers by the next business day after applying. Here are the key terms of Avant personal loans:
- Loan amounts range from $2,000 to $35,000
- Choice of loan repayment terms between 24 and 60 months
- Loan APRs are between 9.95% and 35.99%
- You’ll pay an administrative fee, which could be as high as 4.75%.
While the interest rates are relatively reasonable, the up-front fees are high.
SoFi
Rates (APR)
5.74% – 16.49%
Loan Terms
3 – 7 years
Loan Amounts
$5,000 – $100,000
SoFi indicates you’ll receive your funds within “a few days” after your application is completed and verified. Here are the key terms of SoFi personal loans:
- Loan amounts range from $5,000 to $100,000
- Choice of loan repayment terms between three and seven years
- Loan APRs are between 7.33% and 15.49% with autopay discount
- There’s no origination or administration fee
Interest rates are reasonable, and the lack of fees makes SoFi a great choice, but you won’t get your funds the next day as you would with Avant. This is a good option if you can wait a little longer.
Best Egg
Rates (APR)
5.99% – 29.99%
Loan Terms
3 – 5 years
Loan Amounts
$2,000 – $35,000
You can apply online for a loan from Best Egg and receive funds in as little as one business day. Here are the key terms of Best Egg personal loans:
- Loan amounts range from $2,000 to $35,000
- Choice of three- or five-year for repayment
- Loan APRs are between 5.99% and 29.99%
- The origination fee ranges from 0.99% to 5.99% of the borrowed amount
The interest rate range for Best Egg has lower rates than Avant’s range, but the origination fee could be costlier.
Peer-to-Peer Loans
Peer-to-peer loans are obtained through online marketplaces that connect you with people who invest in loans. When you apply, your loan is posted and funded by these investors. The peer-to-peer lending site doesn’t directly loan you the money, but it facilitates the process and collects monthly payments to distribute to the investors. There are three primary options for peer-to-peer loans.
LendingClub
Rates (APR)
6.95% – 35.89%
Loan Terms
3 – 5 years
Loan Amounts
Up to $40,000
LendingClub provides funds within seven days of accepting your loan offer. Here are the key terms of LendingClub personal loans:
- Loan amounts range up to $40,000
- Choice of three- or five-year for repayment
- Loan APRs are between 6.95% and 35.89%
- The origination fee ranges from 1% to 6%
A seven-day delay to receive funds means LendingClub isn’t an option when you need money the next business day.
Prosper
Rates (APR)
6.95% – 35.89%
Loan Terms
3 – 5 years
Loan Amounts
$2,000 – $40,000
Funds from Prosper personal loans are typically available within five days of accepting a loan offer.
- Loan amounts range from $2,000 to $40,000
- Choice of three- or five-year for repayment
- Loan APRs are between 6.95% to 35.99%
- The origination fee ranges from 2.4% to 5%
You’ll get your loan a little faster from Prosper than LendingClub, and the origination fee may be lower.
Peerform
Rates (APR)
5.99% – 29.99%
Loan Terms
Not provided
Loan Amounts
$4,000 – $25,000
Funds are typically available in around a week from Peerform.
- Loan amounts range from $4,000 to $25,000
- Loan APRs are between 5.99% and 29.99%
- The late fee ranges from 1% to 5%
Terms are similar to competitors, but if you can’t wait a week for funding, this may not be an option.
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.
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