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Best Quick Loans Providers in 2020

Need to borrow cash quickly? Check out our selection of the 5 best providers on the market for a same-day loan in 2020.
michaelgraw
Author: michaelgraw
Last Updated: May 11, 2020
Best quick Loan Providers in 2020 | Learnbonds
Best quick Loan Providers in 2020 | Learnbonds

When an unexpected expense comes up, you don’t have time to wait days for a loan to clear your bank account. Thankfully, quick loan providers can often get you cash within one day or even on the same day you submit an application.

In this article, we’ll take a closer look at what quick loan providers are, how they work, and how they compare to other types of personal loans. We’ll also highlight five of the best quick loan providers on the market today. By the end, you’ll have the information you need to determine if a quick loan is right for you and to make an informed decision about which quick loan provider to use.

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    FundsJoy Personal Loans - Best For High Limits

    Our Rating

    Fundsjoy - Personal Loans
    • Borrow Between $200 - $5000
    • Approval Time is Exceptional
    • Easy Application Process
    Fundsjoy - Personal Loans

    Summary of the Best Quick Loan Providers

    Reviewers Choice
    Avant Loan
    Rating
    Available Loan Amount
    $2,000 - $35,000
    Available Term Length
    2 to 5 years
    Representative APR
    10% to 36%
    Rating
    Visit Now
    Lightstream
    Rating
    Available Loan Amount
    $5,000 - $100,000
    Available Term Length
    2 to 7 years
    Representative APR
    3.5% to 16.8%
    Rating
    Visit Now
    Upstart
    Rating
    Available Loan Amount
    $1,000 - $50,000
    Available Term Length
    3 or 5 years
    Representative APR
    7.69% to 36%
    Rating
    Visit Now
    CashUSA.com
    Rating
    Available Loan Amount
    $500 - $10,000
    Available Term Length
    6 months
    Representative APR
    5.99% to 35.99%
    Rating
    Visit Now
    Rocket Loans
    Rating
    Available Loan Amount
    $2,000 - $45,000
    Available Term Length
    3 years
    Representative APR
    5.99% to 35.99%
    Rating
    Visit Now

    Understanding Quick Loans

    If you need cash immediately to cover an unexpected expense, an online quick loan can put money in your account within one business day. Most quick loans are simply personal loans that don’t require collateral. You pay them back in monthly payments, with interest, until the loan is fully repaid.

    What is a Quick Loan?

    A quick loan is best understood as an umbrella term for any loan that gives you cash quickly. If a lender can promise money in your bank account within 24 hours, it’s fair to call it a quick loan.

    That said, some lenders offer same-day loans if you get in your application by a certain time. In a financial emergency, that speed can be the difference between overdrawing your bank account or having the money you need on hand.

    What Can You Use a Quick Loan For?

    In most cases, there are few restrictions on what you can use a quick loan for. Money from a quick loan can be used to pay household bills, to cover an unexpected medical expense, or to help with other emergency expenditures.

    You can also use a quick loan for non-essential expenses, such as funding a vacation or improving your home. But, you’re better off turning to a traditional personal loan, a credit card, or another type of loan for these non-emergency expenses.

    That’s because you pay for the speed and convenience of quick loans in the form of higher interest rates. If you don’t need cash right away, a quick loan is a more expensive option. But, in a pinch, the higher interest rate charged by a quick loan is a lot cheaper than paying overdraft or late fees.

    Types of Quick Loans

    The majority of quick loans are unsecured personal loans. You don’t have to put down any collateral, such as your car or your home, or find a cosigner to get these loans. The interest rates on unsecured personal loans can be somewhat higher than for collateralized loans. But, this type of quick loan is a good option if you’re at all worried about missing a payment in the future.

    That said, you can often get a lower interest rate with a quick loan by putting up your car or another asset as collateral. Title loans are an example of this type of secured quick loan. Be careful with these, though, since the lender can repossess your car if you miss a payment on your loan.

    It’s important to realize that personal and title quick loans are usually repaid over a period of years rather than months. If you only need to borrow a small amount of money and want to pay it back in a few months or faster, it’s worth considering payday loans and pawnshop loans.

    Payday loans typically require that you pay back the loan, plus interest, on the date of your next paycheck. Pawnshop loans typically have a loan period of up to a few months but require that you give up a physical asset like jewellery as collateral. 

    Advantages and Disadvantages of Getting a Quick Loan

    The big advantage of getting a quick loan as opposed to another type of loan is speed. Getting money in your bank account within hours, rather than days or weeks, can make a huge difference when an emergency expenditure comes up. It can also make the difference between being able to pay your bills on time and avoiding late fees or not.

    The main disadvantage to quick loans is that they’re often more expensive than other types of loans that take a few days to reach your bank account. You’ll see this cost primarily in higher interest rates, although some loan providers also charge higher fees around loans that are processed rapidly. If you don’t need money right away, you can probably find a more favorable interest rate from a standard personal loan that takes a few days to reach your account.

    Best Quick Loans in 2020

    1. Avant - Best for Bad Credit

    Avant is one of the best providers to turn to for a quick loan if your credit is less than stellar. The company makes loans to anyone with a credit rating of 580 or above and a minimum income of $20,000.

    Avant offers fairly long loan term, they start at two years, so monthly payments should be manageable for the majority of loans. Helpfully, the company doesn’t charge any prepayment fees if you want to pay back your loan early to save on interest. That’s particularly good if you just need fast cash to tide you over until your next paycheck, but don’t want to be stuck with loan payments for years on end.

    The loan application process takes just a few minutes, and Avant has live humans you can talk to if you need help. You’ll get money in your bank account by the next business day, but Avant doesn’t offer same-day cash.

    • APR: 10% to 36%
    • Loan Type: Personal Loan
    • Loan Amounts: $2,000 to $35,000
    • Minimum Credit Rating: 580
    • Length: 2 to 5 years

    Our Rating

    • Works with Bad Credit: Accepts anyone with a credit score above 580
    • Easy Prepayment: No fee for paying off your loan early
    • Customer Support: Talk to live humans during the application process or after
    • Next-day Deposit: Avant doesn’t offer same-day loans

    2. Lightstream - Best for Low Interest Rates

    Getting cash quickly doesn’t have to be expensive. Lightstream has interest rates starting as low as 3.5%, which is extremely inexpensive given the speed of the company’s service. Your interest rate is locked in for the length of your loan and there are no prepayment fees if you have the cash to pay it off early.

    Even better, Lightstream can get money in your bank account on the same day you apply. Just submit an application before noon and sign your loan agreement by 2:30 PM Eastern.

    The only downside to Lightstream is that who can qualify a loan is somewhat limited by credit history and income. The company only accepts borrowers with a credit score of 660 or higher, and the amount you will be eligible to borrow is tightly tied to your annual income.

    • APR: 3.5% to 16.8%
    • Loan Type: Personal Loan
    • Loan Amounts: $5,000 to $100,000
    • Minimum Credit Rating: 660
    • Length: 2 to 7 years

    Our Rating

    • Low Interest Rates: Pay as little as 3.5% APR
    • Same-day Cash: Just sign your loan agreement by 2:30 PM Eastern
    • Prepayment Allowed: No fees for paying off your loan early
    • No Small Loans: Loan amounts start at $5,000
    • Requires Good Credit: Minimum 660 credit score to qualify

    3. Upstart - Best for Short Credit History

    Upstart stands out in the world of quick loan providers by giving borrowers with no credit history a chance. You still need a minimum credit score of 580 to qualify for a loan, but the company takes into account factors like job history and education to help you get approved. That means that Upstart can offer loans to a lot of people who would be turned away immediately by other lenders.

    Of course, don’t expect a huge loan if you don’t have any credit history. Upstart issues loans starting at $1,000, and interest rates as high as 36% and origination fees can make your loan much more expensive. Thankfully, the company doesn’t charge any fees for paying off your debt early.

    Upstart is a next-day lender rather than a same-day lender. Even then, you’ll need to accept and sign your loan agreement by 5 PM Eastern to get your cash the next business day.

    • APR: 6% to 36%
    • Loan Type: Personal Loan
    • Loan Amounts: $1,000 to $50,000
    • Minimum Credit Rating: 580
    • Length: 3 to 5 years

    Our Rating

    • No Credit History Required: Upstart looks at job history and education
    • Small Loans Available: Borrow as little as $1,000
    • No Prepayment Penalty: Pay off your loan early without extra fees
    • High Interest Rates: Up to 36% for borrowers with no credit history
    • Next-day Cash: Must have your loan signed by 5 PM Eastern

    4. CashUSA - Best for Short-term Loans

    If you just need a small amount of cash to tide you over until your next paycheck, CashUSA is a good option. This lender issues loans as small as $500, and loan terms can be as short as 90 days. Of course, watch out for high-interest rates on these short-term loans as you can pay as much as 36% APR, and CashUSA also charges origination fees.

    That said, CashUSA can also be a good option if your credit is poor. That’s because the company doesn’t have a minimum credit score required to qualify for a loan. So, even if you’ve had credit issues in the past, CashUSA may be willing to approve you in exchange for a higher interest rate.

    Keep in mind that CashUSA doesn’t offer same-day loans. Most loans arrive in your bank account the next business day, but this isn’t a guarantee with CashUSA like it is for many other quick loan providers.

    • APR: 6% to 36%
    • Loan Type: Personal Loan
    • Loan Amounts: $500 to $10,000
    • Minimum Credit Rating: None
    • Length: 90 days to 72 months

    Our Rating

    • Small Loans: Borrow as little as $500
    • Short Loan Terms: Pay back your loan in 90 days
    • Bad Credit Gets Approved: No minimum credit score required
    • High Interest Rates: Up to 36% APR, plus origination fees
    • Next-day Cash: Speed isn’t guaranteed with CashUSA

    5. RocketLoans - Best for Same-day Funding

    RocketLoans is a good option if you absolutely need money on the same day that you put in your loan application. If you can approve and sign your loan agreement by 1 PM Eastern, RocketLoans will get cash in your bank account within a few hours.

    Unfortunately, that speed comes at a cost. The company charges a minimum interest rate of 7.1% APR, plus origination fees ranging up to 6% of the value of your loan. The upside is that RocketLoans doesn’t charge a prepayment penalty, so you can stave off some of the interest charges by paying off your debt early.

    RocketLoans has a lower credit score minimum of 580 than same-day providers like Lightstream. But, keep in mind that there is a minimum income requirement of $24,000 per year and that the company requires a minimum two-year credit history.

    • APR: 7% to 30%
    • Loan Type: Personal Loan
    • Loan Amounts: $2,000 to $45,000
    • Minimum Credit Rating: 580
    • Length: 3 to 5 years

    • Same-day Loans: Sign your loan by 1 PM Eastern
    • Low Credit Requirement: Minimum score of 580
    • Pay Off Debt Early: No prepayment fees
    • High Origination Fees: Up to 6% of your loan value
    • High Interest Rates: Starting at 7.1% APR

    Conclusion – Getting a Quick Loan

    If you need money right away to pay for an emergency expenditure, a quick loan can help. Many loan providers are able to put money in your bank account within 24 hours, and some can even get you money the same day. Even if you have bad credit, there’s a quick loan provider willing to work with you to get you the cash you need right now.

    With our review of the top five quick loan providers, you can make a more informed decision about whether a same-day or next-day loan is right for you and apply today.

    FundsJoy Personal Loans - Best For High Limits

    Our Rating

    Fundsjoy - Personal Loans
    • Borrow Between $200 - $5000
    • Approval Time is Exceptional
    • Easy Application Process
    Fundsjoy - Personal Loans

    Glossary of Loan Terms

    A scale showing a high Credit Score
    Credit Score

    A credit score shows your creditworthiness. It's primarily based on how much money you owe to loan or credit card companies, if you have ever missed payments or if you have ever defaulted on a loan.

    A green tick stamp showing Guaranteed Approval
    Guaranteed Approval

    Guaranteed Approval is when, no matter how bad, your credit score its, your loan application will not get declined.

    A stack of coins and notes to show Cash Advance
    Cash Advance

    A Cash Advance is a short-term loan that has steep interest rates and fees.

    A secured padlock and document showing Collateral
    Collateral

    Collateral is when you put up an item against your loan such as your house or car. These can be reposessed if you miss payments.

    A scale with coins showing a high Credit Limit
    Credit Limit

    A Credit Limit is the highest amont of credit a lender will lend to the borrower.

    5 gold stars showing a high Credit Rating
    Credit Rating

    Your Credit Rating is how likely you are to fulfil your loan payments and how risky you are as a borrower.

    A silver cog with a gold star inside
    Default

    If you default on your loan it means you are unable to keep up with your payments and no longer pay back your loan.

    A coin with a green arrow showing Interest Rates
    Interest

    The Interest is a percentage based on the amount of your loan that you pay back to the lender for using their money.

    Piles of coins showing Fixed Interest Rate
    Fixed Interest Rate

    Fixed Interest Rate is when the interest rate of your loan will not change over the period you are paying off you loan.

    A calendar with an exclamation mark showing late payment
    Late Fee

    If you miss a payment the lender will charge you for being late, this is known as a late fee.

    A printed document with a crest showing a Principle
    Principle

    The Principle amount the borrower owes the lender, not including any interest or fees.

    A tag with a dollar symbol highlighting Prime Rate
    Prime Rate

    This is the Interest Rate used by banks for borrowers with good credit scores.

    A and holding a pile of green cash
    Secured Loan

    A Secured Loan is when you put collateral such as your house or car up against the amount you're borrowing.

    A hand holding cash with an unlocked padlock
    Unsecured Personal Loan

    An Unsecured Personal Loan is when you have a loan based soley on your creditworthliness without using collateral.

    Two hands holding an changing interest rate
    Variable Rate

    A Variable Rate is when the interest rate of you loan will change with inflation. Sometimes this will lower your interest rate, but other times it will increase.

    a credit card with gold coins
    AAA Credit

    Having an AAA Credit Rating is the highest rating you can have.

    A small bridge
    Bridge Loan

    A Bridge Loan is a short term loand that can last from 2 weeks up to 3 years dependant on lender.

    A calendar and tools to show an Installment Loan
    Installment Loan

    An Installment Loan is a loan that is paid back bi-weekly or monthly over the period in which the loan is borrowed for.

    A graduation cap and price tag
    Federal Student Loan

    If you obtain a Federal Student Loan to pay your way through College ten you loan is held with the U.S. Department of Education.

    A graph with a magnifying glass
    Financial Aid

    Financial Aid is funding available to post-secondary education students in America.

    A grey bank building with a green dollar symbol inside
    Guarantor

    A Guarantor co-signs on a loan stating the borrower is able to make the payments, but if they miss any or default the Guarantor will have to pay.

    Homes on scales balanced with money
    Home Equity Loans

    Home Equity Loans is where you borrow the equity from your property and pay it back with interest and fees over an agreed time period with the lender.

    London Inter Bank Offered Rate
    LIBOR

    LIBOR is the London Inter-Bank Offered Rate which is the benchmarker for

    Gold coins being fed into a larger doller weight
    Debt Consolidation

    Debt Consolidation is when you take out one loans to pay off all others. This leads to one monthyl payment, usually with a lower interest rate.

    FAQs

    How fast can I get money with a quick loan?

    Most loans that are considered “quick” can put money in your bank account within 24 hours. That means you’ll get money by the next business day. Some providers can even get you money the same day you apply, as long as you submit your application by a certain time.

    Does applying for a quick loan impact my credit score?

    Most lenders conduct a soft credit check in order to offer you a quick loan. That won’t impact your credit score like a hard credit check might. So, there’s no risk in looking for multiple quick loan offers from different providers

    Can I get lower monthly payments on my loan?

    Your monthly payments depend on the amount of money you borrowed, the interest rate, and the length of the loan. If you’re having trouble paying, your lender may be willing to extend your loan term. This reduces your monthly payments, but increases the overall cost of the loan since you pay more in interest. Keep in mind that lenders are under no obligation to agree to lengthen your loan, so consider what payments you can handle before accepting an offer.

    What happens if I miss a monthly payment on my loan?

    If you miss a payment on your loan, get in touch with your lender as quickly as possible. In many cases, they will work with you to roll your debt into a new loan with a new payment plan in exchange for new fees. But, not all lenders allow this, and missing payments can hurt your credit score.

    Types of Loan – A-Z Directory

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    michaelgraw

    Michael is a writer covering finance, new markets, and business services in the US and UK. His work has been published in leading online outlets and magazines.

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