6 personal loan lenders that’ll get you funded in as little as 1 business day

Personal loans have quickly become a convenient way to borrow small or large amounts of money. Not only can they be used to cover a variety of expenses — like a wedding, a funeral, a vacation, a surprise medical bill, a home repair and more — but lenders typically disburse funds directly to your bank account so you can start using that money as soon as possible.

In fact, some lenders will even get you funded as early as the very next day after you've been approved.

So Select rounded up some personal loan lenders that offer expedient funding so you can cover large expenses in a pinch.

When reviewing personal loans for funding in as little as one business day, we looked at key factors like interest rates, fees, loan amounts and term lengths offered, plus other features including how your funds are distributed, autopay discounts, customer service and how fast you can get your funds. (Read more about our methodology below.)

• Best overall: LightStream Personal Loans
• Best for borrowing higher amounts: SoFi Personal Loans
• Best for smaller loan amounts: PenFed Personal Loans
• Best for a lower credit score: Avant Personal Loans
• Best for flexible terms: OneMain Financial Personal Loans
• Best for co-borrowers: Prosper Personal Loans

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Who's this for? LightStream offers low-interest loans with flexible terms for people with good credit or higher, but if you have excellent credit, you'll be able to take advantage of some of the lowest interest rates.

This lender provides personal loans for just about every purpose except for higher education and small businesses. The interest rate ranges depend on the type of loan you're taking out.

You can generally receive your funds on the same day if you apply on a banking business day, your application is approved and you electronically sign your loan agreement and verify your direct deposit banking account information by 2:30 p.m. ET. But if you can't make this deadline, you should be able to receive your funds the next business day.

Another pro to using this lender is that LightStream doesn't charge any origination, administration or early payoff fees, and repayment terms range from 24 to 144 months.

Who's this for? SoFi Personal Loans do not require origination fees and they're also offered in higher amounts. Applicants can borrow as little as $5,000 and as much as $100,000, which makes this personal loan a great option for those who need more money to cover bigger expenses. Funds are also generally disbursed quickly — 92.6% of personal loan applicants receive same-day funding if they sign their agreement before 7 p.m. ET on a business day. Otherwise, you'll receive your money the next day.

The interest rates on these loans can range from 8.99% - 23.43% APR when you sign up for autopay, and the lender will give you a 0.25% interest rate reduction for doing so.

There's also some more flexibility when it comes to choosing the type of interest rate you receive. Loan applicants can chose between variable and fixed APR. Fixed APRs give you one rate that you pay for the entirety of your loan, and variable interest rates fluctuate, but SoFi caps them at 23.43%.

Who's this for? PenFed is actually a federal credit union that provides many personal loan options for debt consolidation, home improvement, medical expenses, auto financing and more. You don't need to be a member to apply, but you will need to sign up for a PenFed membership and keep $5 in a qualifying savings account to receive your funds.

You can get approved for a loan as little as $600 with this lender, which makes it a great option for those who don't need higher amounts of financing. Personal loan interest rates range from 4.99% to 17.99%. Not all applicants will qualify for the lowest rate, since it will depend on your creditworthiness, but the higher your credit score the more likely you are to receive lower interest rates.

One thing to keep in mind, though, is that PenFed provides its funds in the form of a paper check. If you know a nearby PenFed location, you can pick up your check at any time directly from the bank. Otherwise, you can receive your funds as early as the next day if you pay for expedited shipping.

Who's this for? Avant can typically provide it as soon as the next business day after you've been approved. The lender also offers personal loan amounts as low as $2,000 and as high as $35,000, and interest rates range from 9.95% to 35.99%. Avant will consider applicants with credit scores under 600 but just keep in mind that the higher your credit score the more likely you are to receive the lowest rates. Before you decide to apply for this loan, you can see if you pre-qualify for a rate that's on the lower end of the APR range.

While there are no penalties for early payoff, there is an origination fee of up to 4.75% and a late fee of up to $25 after the 10-day grace period.

Who's this for? OneMain Financial offers loan options that are a little more flexible compared to other lenders. Repayment terms run between 24 months and 60 months and OneMain Financial also allows borrowers the option to secure the loan with collateral in order to potentially receive an interest rate on the lower end of the lender's range (APRs range between 18.00% to 35.99%). Plus, borrowers can actually choose the date their monthly payments are due and have the option to apply with a co-applicant.

The origination fee is on the higher end: either a fixed fee between $25 and $500 or up to 10% of the loan amount, depending on which state you live in. And while there aren't any penalties for paying off the loan early, there is a late fee that will run you $30 or up to 15% (depending on your state). The minimum interest rate OneMain Financial offers is much higher than other lenders, meaning you could be paying a whole lot of interest.

According to the lender's website, it generally takes less than 10 minutes to complete your loan application and receive your decision (but that may, of course, vary depending on how many documents you'll need to provide). But once you sign the loan agreement, you'll receive your funds as early as the next day.

Who's this for? Prosper allows co-borrowers to submit a joint application, which can certainly be a huge draw for some potential borrowers when you consider the fact that this is not the case for all loans.

A co-borrower can be beneficial if the primary borrower can't qualify for favorable loan terms. A borrower may not qualify for favorable terms if they don't have a long enough credit history or if they have a lower credit score. The co-borrower on a personal loan application shares the liability for repaying the loan with the primary borrower which is why lenders may see a borrower as less risky if they have another person applying alongside them.

Prosper offers loan amounts between $2,000 and $50,000 with the possibility of next-day funding. You can choose term lengths from two to five years and, the APR for Prosper personal loans ranges from 7.95% to 35.99%. Origination fees are between 2.41% to 5% and get deducted from the loan proceeds.

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To determine which personal loans are the best, Select analyzed dozens of U.S. personal loans offered by both online and brick-and-mortar banks, including large credit unions, that come with no origination or signup fees, fixed-rate APRs and flexible loan amounts and terms to suit an array of financing needs.

When narrowing down and ranking the best personal loans for fair or good credit, we focused on the following features:

• Fixed-rate APR: Variable rates can go up and down over the lifetime of your loan. With a fixed rate APR, you lock in an interest rate for the duration of the loan's term, which means your monthly payment won't vary, making your budget easier to plan.
• Flexible minimum and maximum loan amounts/terms: Each lender provides a variety of financing options that you can customize based on your monthly budget and how long you need to pay back your loan.
• No early payoff penalties: The lenders on our list do not charge borrowers for paying off loans early.
• Streamlined application process: We considered whether lenders offered same-day approval decisions and a fast online application process. 
• Customer support: Every loan on our list provides customer service available via telephone, email or secure online messaging. We also opted for lenders with an online resource hub or advice center to help you educate yourself about the personal loan process and your finances.
• Fund disbursement: The loans on our list deliver funds promptly through either electronic wire transfer to your checking account or in the form of a paper check. Some lenders (which we noted) offer the ability to pay your creditors directly.
• Autopay discounts: We noted the lenders that reward you for enrolling in autopay by lowering your APR by 0.25% to 0.5%.
• Creditor payment limits and loan sizes: The above lenders provide loans in an array of sizes, from $500 to $100,000. Each lender advertises its respective payment limits and loan sizes, and completing a preapproval process can give you an idea of what your interest rate and monthly payment would be for such an amount.

After reviewing the above features, we sorted our recommendations by best for overall financing needs, quick funding, lower interest rates and flexible terms.

Note that the rates and fee structures advertised for personal loans are subject to fluctuate in accordance with the Fed rate. However, once you accept your loan agreement, a fixed-rate APR will guarantee interest rate and monthly payment will remain consistent throughout the entire term of the loan. Your APR, monthly payment and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more. 

*Your LightStream loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 7.99% APR with a term of 3 years would result in 36 monthly payments of $313.32.