Where can I get a quick personal loan - same day if possible?

The closest a borrower can get to a fair credit loan with an instant decision is a loan from LightStream by SunTrust Bank. This online lender advertises the possibility of getting approved and funded for a loan the same day you apply. The decision won’t necessarily be instant, but it’s still extremely fast compared to other personal loan providers.... read full answer

Most major personal loan providers accept applicants with scores in the fair credit range (640 - 699). But it’s generally online lenders that provide the quickest decisions – banks and credit unions tend to be a little slower.

Most lenders require 1-7 business days to decide on a personal loan application and 1-5 additional business days to fund the loan. The entire process can usually be completed within a week, though. And while you probably won’t get an instant decision, you can at least speed things up by submitting an application online and making sure everything is filled out correctly.

Fair credit loans with near-instant decisions:

• LightStream: Same-day approval and funding in some cases. It could take up to 2 business days. 660 credit score required.
• Marcus: 1 - 2 business days for approval, and 1 - 4 business days for funding. 680 credit score required.
• LendingPoint: 24 hours for approval, and 1 business day for funding. 620 credit score required.
• Achieve Personal Loans: 24 hours for approval, and 48 hours for funding. 620 credit score required.
• Best Egg: Up to 2 business days for approval, and 1 - 2 business days for funding. 640 credit score required.
• Avant: 24 - 48 hours for approval, and 1 business day for funding. 600 credit score required.

Note: The minimum requirements come either directly from the lenders or from multiple third-party sources.

Don’t forget also that your credit score is only one facet of what issuers look at. They’ll also consider your existing debts, income, employment status and other factors when deciding whether to approve you for a loan.

If you want to get a better idea of your approval odds for a personal loan, you can use WalletHub’s free pre-qualification tool to check your pre-qualification status with multiple lenders. You’ll also be able to see an estimation of what APRs you might get.

The minimum credit score for personal loan approval is 580, depending on the lender. That means it is possible to get an unsecured personal loan with a bad credit score, though such a loan will likely have an origination fee.

For your reference, WalletHub researched some of the most popular lenders to find out more about their specific loan requirements.... read full answer

Credit Score for Personal Loan Approval by Lender

*According to multiple third-party sources.

Your credit score is a measure of how risky it is for lenders to let you borrow money. The higher your score is, the better your chances of approval are and the better terms you’re likely to receive. Your credit score comes from a combination of factors that include your payment history, credit utilization, length of credit history, recent inquiries, and diversity of accounts.

But your credit score is far from the only thing that matters when it comes to personal loan approval. Lenders consider many other factors, including your income, existing debts, monthly expenses and more.

The minimum credit score needed for a personal loan with no origination fee and no collateral requirement is 660, which is fair credit. And borrowers will need good credit or excellent credit – a credit score of 700 or higher – to get the best personal loan rates. Personal loans for credit scores under 700 tend to be for relatively low amounts and have high APRs.

If your credit score is below 585, lower in the bad credit range, you still have options. For example, you could opt for a secured loan, where you put up something valuable as collateral. If you fail to pay back the loan, the lender can take the collateral as compensation. Because this greatly reduces the risk for the lender, people with any credit score may be considered for secured loans.

You can check your credit score for free on WalletHub. You’ll also get personalized advice for how to improve your score. The best way to estimate your odds of approval for a personal loan is to check to see if you’re pre-qualified for any offers before submitting an official application.