How Fast Can You Get a Personal Loan if You Need One?

If you need to borrow money for something, a personal loan could be a good option. The interest rate you'll pay on a personal loan is typically a lot lower than a credit card's rate and you'll also have more predictability with a personal loan. You'll get a payoff schedule upfront that tells you exactly how much your monthly payments will be, what your total costs will be, and when the debt will be paid off.

The issue, though, is that you need to apply for a personal loan and get the funding before you can use the money for a purchase. If you have a surprise expense or something happens and you need money right away, you may be concerned about how long this process is going to take.

But just how quickly can you actually get a personal loan -- and will you be able to get the funds fast enough to cover a pressing expense?

Some personal loan lenders can deliver funds very quickly

The good news is, it is actually possible to get a personal loan really fast. In fact, many personal loan lenders allow you to submit an application online, get an answer about whether you can borrow within just a few minutes, and then get the funds from the loan deposited into your checking account the very same day that you apply.

This is definitely not the case for every single lender. But there are multiple options out there for speedy funding -- especially if you are a well-qualified borrower. You'll just want to look around and get several quotes from multiple different loan providers to find one that does offer fast delivery of the money you need.

It's important, though, to make sure you are getting a personal loan -- and not a payday loan. There are some lenders out there that offer loans very quickly but charge really high upfront fees that could leave you paying an effective APR of 400%. You can spot these loans because they often require you to pay back the money really quickly and because they have very high origination fees.

If you'd end up getting stuck with a personal loan lender that charges you a huge fee upfront and a high rate, you would actually most likely end up better off with a credit card to cover your expense that you have to pay right away (assuming you have access to a card).

You can avoid these types of costly lenders by looking at the fine print to see your annual percentage rate (APR). That's a more accurate measure of total costs since it shows what you'd pay in a year including both interest and fees. If your lender won't tell you what your APR is, run away.

How to get your personal loan ASAP

If you want a legitimate personal loan ASAP, you should start by getting quotes from several lenders. This can enable you to compare your options and find one offering a fast loan with reasonable terms.

You should also make sure that you're ready to apply for a loan and get fast approval. You can do this by:

• Ensuring your credit isn't frozen (or unfreezing it, if it is), so lenders can check your bona fides when they need to.
• Getting your documentation together (including pay stubs), so you can provide details on earnings and proof of income.
• Submitting an online application, as this can be a faster way to get approved than going to a local lender.

If you have your ducks in a row and apply with the best personal loan lenders offering speedy funding, ideally you'll be able to get an affordable loan right when you need it most.