Applying for a personal loan can be a lengthy process, and borrowers can’t always wait for cash in emergencies. Luckily, several lenders offer fast funding—some disbursing funds as soon as the same business day.
To determine the best emergency loans, we compared personal loan lenders that offer a fully online experience and funding within two days or less. We also considered other factors like minimum credit requirements, interest rates, and customer service experience.
Inside this article
- Best emergency loans
- Best overall: LightStream
- Best for co-borrowers: LendingClub
- Best for small loans: Upgrade
- Best for fair credit: Avant
- Best for fast funding: Prosper
- Best for limited credit history: Upstart
- Best for flexible repayment terms: LendingPoint
- Best for no hidden fees: Rocket Loans
- Compare the best emergency loans
- Methodology
- What loans can you get the same day?
- Frequently Asked Questions
Best emergency loans
Best overall: LightStream
Best for co-borrowers: LendingClub
Best for small loans: Upgrade
Best for fair credit: Avant
Best for fast funding: Prosper
Best for limited credit history: Upstart
Best for flexible repayment terms: LendingPoint
Best for no hidden fees: Rocket Loans
Best overall: LightStream
4.05 stars
Interest rates: 5.99% to 23.99%
Time to fund: Same day
Why it’s the best
LightStream is the consumer lending arm of Truist Bank (formerly SunTrust). LightStream’s personal loans go up to $100,000—the highest borrowing limit on our list—making them an excellent option for consumers who need to borrow a large sum of money. Same-day funding is available to those who qualify, making it ideal for borrowers who need to cover significant emergency expenses quickly.
LightStream also offers a Rate Beat Program that can save consumers an additional 0.1% over eligible competitor rates. That said, the lender reserves its lowest rates for the most creditworthy borrowers and does not offer a prequalification process.
Pros
Same-day funding available
Loans available up to $100,000
Competitive interest rates through Rate Beat Program
Cons
No prequalification available
Some limitations on use of loan funds
More details
Online application: Yes.
Interest rates: 5.99% to 23.99%.
Loan amounts: $5,000 to $100,000.
Min. credit score: LightStream only approves good-to-excellent credit profiles.
Loan terms: 3 to 7 years.
Discounts and perks: A 0.5% discount for automatic payments.
Fees: None.
Time to fund: As soon as the same-day for qualified borrowers.
Best for co-borrowers: LendingClub
3.5 stars
Interest rates: 8.05% to 36%
Time to fund: One day after approval
Why it’s the best
LendingClub is a former peer-to-peer lender specializing in personal loans up to $40,000. The lender makes it easier for borrowers to qualify by allowing co-borrowers to apply—something not offered by every lender. Doing so may also help borrowers access more competitive rates than they would otherwise qualify for.
LendingClub’s annual percentage rates (APRs) are higher than those from some top competitors and range from 8.05% to 36%, but borrowers do not pay prepayment penalties. LendingClub also reports that over one-third of its borrowers receive funds within 24 hours after approval, making it a solid choice for borrowers who need cash to address emergencies.
Pros
Funds available within 24 hours after approval
Allows co-borrowers to apply with you
Offers prequalification with a soft credit check
Cons
Loans only go up to $40,000
Charges an origination fee from 3% to 6%
APRs start higher than some competitors
More details
Online application: Yes.
Interest rates: 8.05% to 36%.
Loan amounts: $1,000 to $40,000.
Min. credit score: 600.
Loan terms: 3 to 5 years.
Discounts and perks: No prepayment penalties.
Fees: Origination fee of 2% to 6%.
Time to fund: As soon as 24 hours for qualified borrowers.
Best for small loans: Upgrade
3.4 stars
Interest rates: 7.96% to 35.97%
Time to fund: One business day after verification
Why it’s the best
Upgrade is a fintech company that offers personal loans starting at just $1,000 and up to $50,000. Smaller loan amounts mean borrowers don’t have to borrow more than they need—even when faced with an inconvenient and costly emergency. Repayment terms are also extremely flexible (24 to 84 months).
The lender offers a convenient online application process and imposes a low minimum credit score. Borrowers can also receive their loan funds within one business day post-verification, making it even easier to access emergency funds.
Pros
Funding available in as little as one business day
Loans start at just $1,000
Low minimum credit score requirements
Cons
Maximum APRs close to 36%
Origination fee from 1.85% to 8.99%
Charges late payment and insufficient fund fees
More details
Online application: Yes.
Interest rates: 7.96% to 35.97%.
Loan amounts: $1,000 to $35,000.
Min. credit score: Does not disclose.
Loan terms: 2 to 7 years.
Discounts and perks: No prepayment penalties and autopay discount available to qualified borrowers.
Fees: 1.85% to 8.99% origination fee and a $10 late fee.
Time to fund: As soon as the next business day.
Best for fair credit: Avant
3.6 stars
Interest rates: 9.95% to 35.95%
Time to fund: One business day after approval
Why it’s the best
A Chicago-based fintech company, Avant offers personal loans up to $35,000 to customers with a credit score between 600 and 700, making the lender a good choice for borrowers who only have fair credit. Repayment terms vary from 12 to 60 months.
Funds may be available as soon as the next business day, so those with less-than-stellar credit facing emergency expenses may have greater approval odds with Avant than with other lenders.
Pros
Low minimum credit score requirements
Funds available as soon as the next business day
Repayment terms from 12 to 60 months
Cons
Higher APRs than competitors.
No rate discounts
Administration fee up to 4.75%
More details
Online application: Yes.
Interest rates: 9.95% to 35.95%.
Loan amounts: $2,000 to $35,000.
Min. credit score: 600.
Loan terms: 1 to 5 years.
Discounts and perks: None.
Fees: You may be charged an administration fee up to 4.75%. Late fees may apply—the amount of the late fee varies by state.
Time to fund: As soon as the next business day.
Best for fast funding: Prosper
3.3 stars
Interest rates: 6.99% to 35.99%
Time to fund: One business day after offer acceptance
Why it’s the best
According to Prosper, 99% of the lender’s borrowers receive personal loan funds within one business day of signing their loan documents, making it best suited to consumers who need to cover emergency expenses quickly.
The company’s personal loan offerings come with somewhat flexible repayment terms (24 to 60 months) and borrowers can access between $2,000 and $50,000. Like most competitive lenders, there are no prepayment penalties—though the origination fee ranges from 1% to 5%.
Pros
Funds available in as little as one business day
Offers prequalification with a soft credit check
No prepayment penalties
Cons
$2,000 minimum loan amount
No advertised rate discounts
Charges an origination fee from 1% to 5%
More details
Online application: Yes.
Interest rates: 6.99% to 35.99%.
Loan amounts: $2,000 to $50,000.
Min. credit score: 600.
Loan terms: 2 to 5 years.
Discounts and perks: No prepayment penalties.
Fees: 1% to 5% origination fee, and borrowers may also be subject to check payment fees, late fees or insufficient fund fees.
Time to fund: As soon as the next business day.
Best for limited credit history: Upstart
3.6 stars
Interest rates: 6.50% to 35.99%
Time to fund: One business day after offer acceptance
Why it’s the best
Upstart is an artificial intelligence-based lending platform that connects eligible consumers with personal loans from a network of banks and credit unions. The platform relies on several factors when making lending decisions, so borrowers with limited credit histories can still qualify based on their education, employment, and financial situation.
Loan amounts range from $1,000 to $50,000 and are available the next business day upon approval for qualified borrowers. Minimum loan terms start higher than other lenders at 36 months and extend up to 60 months, which can lower monthly payment amounts.
Pros
Offers prequalification with a soft credit check
Considers more than just your credit history for loan approval
Funds are often available one business day after signing
Cons
Only offers two repayment terms
Loans max out at $50,000
No rate discounts
More details
Online application: Yes.
Interest rates: 6.50% to 35.99%.
Loan amounts: $1,000 to $50,000.
Min. credit score: 300.
Loan terms: 3 or 5 years.
Discounts and perks: No prepayment fees or penalties.
Fees: None.
Time to fund: As soon as the next business day.
Best for flexible repayment terms: LendingPoint
3.45 stars
Interest rates: 7.99% to 35.99%
Time to fund: One business day after approval
Why it’s the best
Another fintech company, LendingPoint, made the list because of its fast funding and flexible repayment terms (24 to 72 months). LendingPoint makes credit decisions based on proprietary algorithms. The loan amount and terms borrowers qualify for depend on several factors, including individual credit profile, current debt-to-income ratio, and payment-to-income ratio.
Borrowers can access personal loans from $2,000 to $36,500, and money may be available as soon as the next business day after approval. The lender offers personal loans in 48 states and Washington, D.C., but loans are unavailable in Nevada or West Virginia.
Pros
Initial loan offers available in seconds.
Funds available the next business day.
Can be used for any legal personal expense or purchase
Cons
Not available in Nevada or West Virginia
No joint or co-signed loans
Origination fee ranges from 0% to 8%
More details
Online application: Yes.
Interest rates: 7.99% to 35.99%.
Loan amounts: $2,000 to $36,500.
Min. credit score: Does not disclose.
Loan terms: 2 to 6 years.
Discounts and perks: No prepayment penalties.
Fees: Origination fee ranges from 0% to 8%, depending on your state.
Time to fund: As soon as the next business day.
Compare the best emergency loans
| Interest rates | Loan amounts | Time to fund | |
|---|---|---|---|
| LightStream | 5.99% to 23.99% | $5,000 to $100,000 | Same day |
| LendingClub | 8.05% to 36% | $1,000 to $40,000 | One day after approval |
| Upgrade | 7.96% to 35.97% | $1,000 to $50,000 | One business day after verification |
| Avant | 9.95% to 35.95% | $2,000 to $35,000 | One business day after approval |
| Prosper | 6.99% to 35.99% | $2,000 to $50,000 | One business day after offer acceptance |
| Upstart | 6.50% to 35.99% | $1,000 to $50,000 | One business day after offer acceptance |
| LendingPoint | 7.99% to 35.99% | $2,000 to $36,500 | One business day after approval |
| Rocket Loans | 8.416% to 29.99% | $2,000 to $45,000 | Same day |
All rates are accurate as of Jan. 19, 2023, and include any applicable discounts as specified by the lender.
Why some lenders didn’t make the cut
Of the 29 personal loan lenders that we reviewed, only a fraction made the cut. The lenders that didn’t have high enough scores to be included, received lower ratings due to having higher interest rates, longer funding time, limited customer service options and bad customer reviews as well as not allowing co-signers.
Methodology
Our expert writers and editors have reviewed and researched 29 popular lenders to help you find the best debt consolidation loan. Out of all the lenders considered, the eight that made our list excelled in areas across the following categories (with weightings): loan cost (10%), loan details (15%), eligibility and accessibility (25%), customer experience (15%), and application process (35%).
Within each major category, we considered several characteristics, including APR ranges, time to fund, online application availability, maximum loan amounts and terms, minimum credit score requirements and co-signer acceptance. We also evaluated each provider’s customer support options and customer reviews.
What loans can you get the same day?
Many loans take several days to receive funds, but some lenders offer same-day or next-day funding. Fast funding speeds are more common with online lenders than with traditional banks and credit unions.
That said, the time it takes to receive loan funds can ultimately depend on several factors, including how long it takes to apply for a personal loan and how long it takes the borrower’s bank to process the deposit.