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.
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. 585 credit score required.
- FreedomPlus: 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.