How long does it take to get money from an American Express personal loan?

The easiest banks to get a personal loan from are USAA and Wells Fargo. USAA does not disclose a minimum credit score requirement, but their website indicates that they consider people with scores below the fair credit range (below 640). So even people with bad credit may be able to qualify.… read full answer

Wells Fargo normally requires a credit score of 660 for their unsecured personal loans. However, they also offer secured personal loans that are available even with lower scores. Wells Fargo’s secured loans require collateral in the form of money in a Wells Fargo savings account or CD.

Most banks that offer personal loans require a credit score of at least 660. Some require even higher scores, like Citizens Bank (680) and Barclays (700).

Easiest Banks to Get a Personal Loan From:

• USAA: Will lend to people with less than fair credit (scores below 640)
• Wells Fargo: 660 minimum credit score for unsecured; no minimum for secured
• American Express: 660 minimum credit score
• Discover: 660 minimum credit score
• TD Bank: 660 minimum credit score for existing customers (750 for non-TD customers)

These credit score requirements are either official info from the lender or the consensus of third-party sources.

The average person’s credit score is over 660, which puts them in a decent position to qualify for a personal loan from most banks. But if your score is lower, you can apply with USAA or get a secured loan from Wells Fargo.

You might also want to look outside of banks. Some credit unions and online lenders offer better chances of being approved with bad credit. For example, Avant’s minimum score requirement is reportedly 600 and LendingPoint’s is 585.

Plenty of lenders offer quick personal loans, including Avant, LightStream by SunTrust Bank, and Marcus by Goldman Sachs. They often give application decisions within minutes and provide funding within 1-2 business days of approval. In rare cases, like with LightStream, you may be able to get your loan funded the same day you apply. But you’ll need to have everything in place by a certain time of day.… read full answer

Examples of quick personal loans:

• LightStream by SunTrust Bank: Can approve loans in minutes and usually takes no longer than 24 hours. Same-day funding if you sign and verify the agreement by 2:30 p.m. EST on a business day.
• Avant: Approval is possible in minutes, and decisions are typically made within 48 hours. Funding 1 business day after approval.
• Marcus by Goldman Sachs: Approval is possible in minutes, and most other decisions are made within 2 business days. Funding 1 - 4 business days after approval.
• Wells Fargo: Approval is possible in minutes, and decisions usually don’t take longer than 3 business days. Funding 1 business day after approval.

Those are just a few examples. But even though many lenders offer the potential for quick personal loans, some people will still get approved more quickly than others.

People who exceed the credit and income requirements for a personal loan usually have the fastest approval times. Those who just barely qualify may take longer to receive a decision. And if you accidentally input any incorrect information on your application, the lender will have to contact you to verify the actual details, which could delay things by a few days.

So try to apply for loans where you believe you exceed the qualifications – if you’re pre-qualified, even better. And make sure to fill out the application accurately and truthfully.

A quick loan is a loan that offers both approval and funding within a few days of application, as fast as the same day in some cases. In contrast, many personal loans take 7 business days or more to get approved and funded.

Much like all loans aren’t quick, not all quick loans are the same. There are several main types – personal loans, payday loans, auto title loans and pawn shop loans. But personal loans are the only quick loans that are really worth considering because the other types are too expensive.… read full answer

TYPES OF QUICK LOANS:

Personal Loans: It’s possible to get some personal loans as soon as the same day you apply, but usually it takes up to a week. A personal loan is an unsecured loan (meaning there’s no collateral) that you can use for anything. They usually last for 12 to 84 months, offer amounts of $1,000 to $100,000, and have APRs of 6% to 36%. Major personal loans set their credit score minimums at 585 or higher, and you’ll need a score of 660+ to avoid an origination fee.

Payday Loans: You can get a payday loan the same day you apply. A payday loan offers a small amount (usually less than $1,000), which you pay back from your next paycheck in 2 - 4 weeks. You’ll also owe a fee that is equal to having a very expensive APR, often over 400%. Payday loans may not require a credit check.

Auto Title Loans: You can get an auto title loan the same day you apply. Auto title loans are secured by your car, so if you can’t pay them back, the lender will take ownership of your vehicle. They let you borrow 25% to 50% of your car’s worth for 15 to 30 days, in return for finance charges totaling up to a quarter of what you borrow. Auto title loans may not require a credit check.

Pawn Shop Loans: Pawn shops don’t require you to apply and will give you money for your valuable items the same day. You won’t get the item’s full worth, only 20% to 60%. But if you pay that amount back within a certain number of months, along with 2% to 25% interest per month, you’ll get your item back. If not, the shop will sell it.

FINAL THOUGHTS

Another way people get quick loans is by borrowing from friends and family. To get a loan from an individual, you will have to agree upon the terms of lending, such as the APR and payoff timeline. You might be able to get money faster than by submitting an application with a traditional lender. But you should still take time to draw up an agreement and sign it.

Moving forward, you should also start building an emergency fund by setting aside some money each month. That way, you can give yourself a quick loan the next time unforeseen expenses come up.