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The 6 Best Lenders For a Quick Disbursal Personal Loan

Quick Disbursal Personal Loan

When you find yourself in a fix with an urgent need for cash, one option available is to go for a quick disbursal personal loan. There is a long list of lenders always available to offer quick cash. There are also same-day personal loan direct lenders you can easily find. 

Compare the terms and conditions as well as the rate of each lender. Also, consider how long it takes a lender to fund the loan. Once this has been done, select a suitable lender and stick with them. 

Fast cash loans can be used to cater to various unexpected bills such as moving expenses, car repair, medical bills, and many others. 

Most lenders operate online and are readily available to provide cash to eligible clients either the same day or the next. Usually, these lenders check your credit score to ascertain your eligibility. 

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Some Reputable Online Lenders

While some lenders fund the account of eligible customers the same day, others provide theirs the next day. 

Same-Day Loans

1) One Main Financial

This is an online borrowing platform that provides cash to individuals regardless of their credit card score. They offer fast personal loans online with no credit check

This lender proves particularly helpful to people with bad credit scores. However, there are other terms and conditions attached. 

2) Rocket Loans

Rocket loans require a minimum credit score of 640. Their estimated APR ranges between 5.97 – 29.69%, while they offer loans from as low as $2000 to a maximum of $45,000. 

To qualify for this loan, you are expected to have your application approved on or before 1 p.m Eastern Time.  

3) LightStream

LightStream is a quick disbursal personal loan lender that provides loans to qualified borrowers on the same day. Applicants are expected to have gone through the application stage on or before 2:30 p.m E.T. 

LightStream has a minimum credit score requirement set at 660, and borrowers do not get direct payment. They offer a loan range of $5,000 – $100,000 with an APR estimate of 4.49 – 20.49%. 

Fast Loans Funded by the Next Day

There are a host of next-day online lenders. Below are a few examples:

1) Upstart

Upstart is a quick cash direct lender which funds creditors’ accounts the next day. Applicants are expected to have their applications approved before 5 p.m. E.T. 

Upstart has flexible terms and conditions, which makes its services accessible to individuals with low credit scores. However, borrowers only have two repayment options. They have a minimum credit score requirement of 580 and a loan amount ranging from $1,000 to $50,000. 

2) LendingPoint

LendingPoint, just like Upstart, has a minimum credit score of 580 as well as flexible terms and conditions for borrowers with poor credit scores. They have an estimated APR rate of 9.9 – 35.99% and offers loan amounts between $2,000 – $36,500.

3) Discover® Personal Loans

Discover® Personal Loans have a minimum credit score requirement set at 660 with an average score of 750. 

Contrary to the other lenders mentioned above, Discover loans are only accessible to borrowers with good credit scores. Eligibility is also determined by the information provided by the applicant. 

Discover® Personal Loans has an estimated APR of 6.99 – 24.99% and a loan amount of $2,500 – $35,000. 

Fast Credit Union Loans

Some unions, such as First Tech, Navy Federal, and a host of others, provide fast credit union loans to their members. These loans are made available either on the day of application or within two business days. 

For some credit unions, an applicant’s membership history plays a role in the approval of a loan request. Federal credit unions have a maximum APR of 18%, which is considerably low when compared against other lenders.

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Fast Loans: What to Know Before You Borrow

      • Before applying for a loan, find out the requirements for a prompt response from lenders. Some lenders demand that applicants have their applications approved before a deadline. 
      • Getting loans from online lenders can take a while but comes with low annual percentage rates. On the other hand, pawnshops and same-day payday loan direct lenders provide quick cash with high APRs. While payday loans direct deposit the same day, they have higher interest rates and shorter repayment terms than personal loans. This can trap borrowers in a cycle of debt.
      • Compare different lenders, their repayment terms, and annual percentage rates. Choose the lender with the lowest rates and the most convenient repayment policy. 
      • Some same-day personal loan direct lenders provide borrowers with a direct deposit the same day, regardless of their credit score

Fast Loans for Bad Credit

Having bad credit can be detrimental to your borrowing opportunities. Although limited, creditors with bad credit still stand a chance to access quick loans from some lenders. Evidence of stable income and a low-debt-to income ratio can help boost your chances. 

Lenders do not consider credit scores and send funds as quickly as possible. As easy and enticing as this may sound, this could be a bad way to incur more debt. This is because such loans usually come with high APRs. 

It is advisable to have a thorough understanding of the repayment policy of such loans. Also, create a repayment plan before applying for a bad credit loan. 

Fast Cash without a Loan

Taking loans with high APRs should be your last borrowing option. Find out other means to get funds with little or no interest rate below:

If you are in good standing with your family and friends, they could prove helpful in your time of need. This might be a difficult choice, but it is worth a try. However, endeavor to repay the debt on or before the agreed date. Failure to do so could strain the relationship. Some other alternatives to high APRs loans include but are not limited to:

      • Loan apps for borrowing small amounts of money with a plan to repay when the next paycheck arrives. 
      • An extra source of income.
      • Seeking out financial assistance from religious bodies, NGOs, or charity organizations. 

At the end of the day, the decision for a fast cash source rests solely on your shoulders. Weigh your pros and cons, and understand the long-term consequences that can come with such loans.

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About the author: Shaan is a content writer who enjoys creative writing and her career in the marketing field. Shaan also has an educational background in Marketing Management.