When you need money quickly, an instant loan can seem like the perfect solution. Instant loans provide a way to get cash deposited into your bank account on the same day you apply, letting you cover emergency costs or other pressing needs.
But how fast are instant loan funds really? While some lenders advertise same-day approval and funding, the actual speed will depend on several factors. This guide explains everything you need to know about getting an instant loan and accessing cash quickly from top lenders.
What is an Instant Loan?
An instant loan , also called a fast loan or quick loan, is a borrowing option claiming to deposit funds into your account very rapidly after approval.
Rather than waiting days or weeks for loan decisions and disbursals, instant lenders use technology to accelerate the process. The best instant loan companies approve borrowers within minutes or hours and send money the same day or next business day.
Instant online loans work similarly to other personal loans but with faster timelines. You can apply for an amount ranging from $100 up to $100,000 typically and receive the money as a lump-sum payment. Repayment terms are fixed, usually between two and seven years.
While instant funding makes these loans appealing for fast cash, it’s still critical to compare interest rates and fees across multiple lenders. An instant decision doesn’t necessarily mean you are getting the best loan.
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Top 10 Instant Loan Lenders of 2024
Many lenders now offer nearly instant personal loans thanks to streamlined online systems. However, funding speeds can vary by company.
Here are 10 top picks for fast loans capable of same-day funding:
Lightstream
Lightstream provides unsecured personal loans between $5,000 and $100,000 with fixed rates as low as 3.99% APR. Approved applicants can receive funds the same day they apply if finished by 2:30 pm ET on a weekday.
SoFi
SoFi personal loans range from $5,000 to $100,000 with rates starting at 4.99% APR. The lender claims one of the fastest funding times, with money hitting accounts just one business day after approval.
Upstart
This online lender offers personal loans up to $50,000 for borrowers with fair to exceptional credit. If you apply and get approved early in the day, funds may arrive as soon as the next business day.
LendingPoint
Loans from $2,000 up to $36,500 are available from LendingPoint for applicants with fair to good credit. Most borrowers receive money in one to two business days when accounts are verified quickly.
Rocket Loans
Part of Rocket Companies, this lender provides personal loans up to $45,000 with swift access to funds in as little as 8 hours after approval, even on weekends in some cases.
OneMain Financial
OneMain Financial deposits unsecured loans up to $20,000 as soon as the next business day for approved applicants who eSign loan documents early enough in the day.
Avant
Avant claims it can deposit approved loans of $2,000 to $35,000 by the next business day when veri fication steps are completed quickly by the borrower.
Upgrade
Upgrade offers personal loans up to $50,000 for everyday expenses and special purchases, with money arriving in borrowers’ accounts in just one business day post-approval.
Prosper
Borrowers can take out personal loans between $2,000 and $40,000 with Prosper and get funds fast thanks to next-day funding after approval.
Earnest
Earnest promises efficient funding the next calendar day after you are approved for a personal loan between $2,000 and $50,000.
While all these online lenders feature expedited funding turnarounds, exact timing varies between companies. Reading reviews can help narrow down the truly fastest emergency loan providers.
Factors That Impact Funding Speeds
Getting an instant decision on a personal loan is only part of obtaining fast emergency funds. How quickly the approved cash hits your bank account depends on several key factors:
- Time of approval: Later approvals in the day or just before weekends/holidays delay transfers to the next business day.
- Verification completion: Most lenders require added verification to help prevent fraud and cannot disburse funds until those steps are finished.
- Type of transfer: ACH transfers generally take 1-3 days while wire transfers or debit cards are faster.
- Your bank: Large banks tend to process external transfers more slowly while online banks and credit unions credit funds faster.
So even with lenders providing same-day approvals and sending money right away, accessing loan funds likely takes at least a full day. Still, instant online lenders make getting necessary cash much quicker during financial shortfalls.
What is the Easiest Instant Loan to Get?
For the best chance at instant loan approval with swift access to money, choose lenders catering specifically to your situation:
- Good credit: SoFi, Lightstream, and other lenders on our top 10 list approve borrowers fastest when credit scores are 690+ and debt-to-income levels are low to moderate.
- Fair credit: Opt for companies like Avant, Upgrade, or OneMain Financial if you have less-than-perfect credit but steady income streams. Expect higher rates but next-day funding.
- Poor/no credit: Possible Financial and other alternative lenders use factors beyond credit reports to approve applicants quickly. Amounts may be smaller and APRs higher though.
- Existing customer: If you have accounts with Wells Fargo, Chase, or another bank already, applying for loans directly through them streamlines processes since much of your data is on file.
Pre-qualifying can help target lenders most likely to approve your loan application the fastest as well.
Instant Loan Uses and Alternatives
People needing fast access to cash turn to instant funding loans for uses like:
- Medical bills
- Emergency home or car repairs
- Unexpected expenses
- Business investments
- Special purchases
- Debt consolidation
However, there are a few other options beyond personal loans to access fast financing with same-day approvals, including:
- Credit cards: 0% introductory APR cards provide interest-free money instantly if repaid quickly.
- Home equity: Home equity loans or lines allow homeowners to borrow against existing home equity.
- Auto title loans: Allow vehicle owners to take fast loans against the equity in their paid-off car, but have very high fees.
- Pawn shops: Provide immediate loan funding but require collateral and also charge expensive rates typically.
While these alternatives offer swift money, approval is not guaranteed, and it’s critical to compare costs across all types of loans needing fast cash.
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Get Your Instant Loan Today!
When you need money deposited instantly, rapid-funding online personal loans can provide the cash to cover pressing needs, even if your credit is not perfect. Be sure to compare multiple lender options to find the best rates and always borrow only what you can realistically budget to repay. With a reputable instant loan, fast cash is just a few clicks away!
Frequently Asked Questions
Can you get approved for an instant loan on the weekend?
A small number of lenders like Rocket Loans have the capacity to approve borrowers within an hour and disburse funds on weekends. But most instant lenders operate between Monday to Friday. You can apply over the weekend and may get approved Monday morning.
How fast can I get money from an instant loan?
At the absolute quickest, if approved early in the day, verified instantly, and choosing wire transfer to an online bank account, you may access instant loan funds within 8-12 hours theoretically. However, standard funding times are at least 1-3 days.
What credit score is needed for fastest approval?
Each lender sets its own credit requirements, but you will get an instant decision most easily with scores of 690 and above. Lenders that offer bad credit lending can still approve borrowers fast but likely at higher interest rates.
Can I get approved with no credit history?
Yes, some lenders approve loans based on bank account history and income versus credit reports alone. Approval happens fastest when you provide ample documentation to validate personal details. Expect smaller loan amounts though.
What is an instant cash loan?
A cash advance provides immediate cash from sources like credit cards or apps, but tends to be very expensive. Fees on payday loans, paycheck advances, or credit card cash advances add up quickly. Instant personal loans are cheaper alternatives.
