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4 Ways to Ensure Your Chance of Getting a Loan Fast

6 min read
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When you’re in a pinch and looking for a quick loan, you may come face-to-face with a variety of lenders offering payday, auto title, and high-interest rate installment loans hidden under a different name. Though their lax requirements and fast funding may be tempting, there are often better, more affordable options available that match your borrowing needs.

What Is a Quick Loan?

A quick loan is a loan that offers approval and funding within a few days of application, sometimes as fast as the same day. Though they can come in all types of loans—like personal, auto, secured, and unsecured, to name a few—when you search for quick loans online, the results may make you think that it’s a specific type, when in reality the term “quick” is simply describing how fast the loan can get approved and deposited into your account.

Because of this, it’s important to be wary, as lenders advertising quick loans, fast loans, or fast cash are often offering loans with high-interest rates, no credit checks, or intentionally easy eligibility requirements. In other words, quick loans offer immediate gratification but can be detrimental to your financial situation down the line. That’s not to say getting a loan quickly isn’t possible. With a little research, you can weed out any advanced fee loan scams from legitimate lenders and find a loan that suits your financial needs.

How Is a Quick Loan Different from a Personal Loan?

Quick loans refer to how fast a loan is approved and deposited into your account—they are not a specific type of loan. That being said, depending on the speed at which a personal loan is approved and deposited, a personal loan is often very fast and easy to get once you fit the personal loan eligibility criteria. And while there are several loans that can fall into the “quick loan” category—including payday loans, refinanced personal loans, auto title loans, and even pawn shop loans—personal loans tend to be the best option when it comes to overall costs.

Ironically, lenders that advertise quick loans online won’t necessarily get you money faster than other lenders. While loans advertised as “quick loans” are often easier to qualify for and can lead to faster application processing, you may still need to wait several business days for a bank transfer.

Why Are Quick Loans Necessary?

People usually search for quick loans because they need money for an immediate emergency and don’t realize better alternatives exist. Some loans advertised as “quick loans” generally come with high fees and interest rates, short repayment terms, and the resulting high annual percentage rates (APRs). They’re often the last resort, but there are more cost-effective solutions out there if you know where to look.

Some common reasons you might search for quick loans include:

  • Emergency medical expenses. Accidents happen without warning, and you may need money to pay for medical bills for yourself or a loved one. (Note: they may not advertise it and might send you a bill, but nonprofit healthcare providers, including hospitals and clinics, may offer free or discounted services to low-income patients).

  • Household bills. Sometimes bills stack up, and you need extra money to stock the fridge and cover rent, utilities, phone, insurance, or other necessities.

  • Car repairs. A broken-down car can be a time-sensitive emergency, particularly if you need your car to get to work.

  • Home repairs. Some household problems, like a leaky roof, can lead to more costly repairs or dangerous living conditions and may need to be fixed immediately.

These reasons are common and understandable. But rather than searching for quick loans, a personal loan from a reputable lender could save you money (and be a safer bet) in the long run.

The Pros and Cons of Using Advertised “Quick Loans”

When you rationalize it, loans advertised as “quick loans” can be expensive, but they’re better than forgoing medical treatment, missing a rent payment, being stuck with a broken down car, or being housed in an unlivable home, all of which can cascade into larger debt problems. But still, there may be better, more affordable alternatives. Here are some pros and cons of advertised “quick loans.” and how to look for more affordable alternatives.

Pros

  • You may be able to get cash on the same day

  • Low (or no) credit requirements mean the loans might be easier to qualify for

Cons

  • High-interest rates and fees can turn quick loans into a huge financial burden

  • Extremely short loan terms and repayment options can make it difficult to make loan payments on time while affording your usual monthly expenses

  • Many lenders advertising quick loans come with hidden fees and expenses

Remember: Because quick loans refer to timing and aren’t a specific type, it is possible to still get funds fast from a reputable lender. Instead of searching for quick loans online, change your search terms to look for personal loans with easy applications or short approval and fund transfer times.

4 Ways to Ensure Your Chance of Getting a Loan Fast

There are a few steps you can take that may increase your chances of quick approval for a loan with reasonable terms. Some of this can require forethought and planning, and it’s often best to take action before you need to borrow money.

1. Don’t apply for more than you need.

The larger the loan amount, the more difficult it is to qualify, so review your finances and apply only for what you truly need. The loan amount can also impact which types of loans you should look into. For example, payday loans are often capped at $500, which might make a credit card, wage access program, or a loan from an employer, family member, or friend better alternatives.

Larger expenses might mean looking into personal loans, high-rate installment loans, or auto title loans. In general, the less expensive option tends to be low-rate personal loans.

2. Improve your credit.

Your credit score can directly impact your ability to qualify for a loan and the rates and terms you’re offered if approved. But improving your credit takes time. It’s worth focusing on your credit now to help ensure you can qualify for more favorable loan terms if you do need one in the future.

If you haven’t done so recently, review your credit reports from the three credit bureaus, Equifax, Experian, and TransUnion. If you find any errors, dispute them immediately. When negative marks are updated or deleted, your credit score may quickly improve.

3. Go to a reputable lender.

Before applying, read customers’ reviews of online lenders to learn about their experiences. Remember: though speed is important, it shouldn’t be your only concern. You also want to find a lender that offers good customer service, reasonable rates, and fair repayment options. Keep in mind that some lending options can carry high-interest rates. Payday loans, for example, can carry up to 400% APR, according to the Consumer Financial Protection Bureau.

4. Have your documents ready.

Lenders may request documents to verify your identity, income, and address. You may need to share copies of:

  • A government-issued ID, like a driver’s license or passport

  • Proof of address, like a lease or utility bill

  • Proof of income, like a recent pay stub, bank statement, or tax documents

Sharing copies as soon as they’re requested could help you avoid delays during the loan application process.

Why You Should Consider a Personal Loan Over a Loan Advertised as a “Quick Loan”

Personal loans that don’t make speed their only selling point are often a better option than those advertised as “quick loans.” Generally, these personal loans offer a lower interest rate, high loan limit, and longer repayment terms, which can make managing the repayments easier. And this doesn’t mean they’ll take weeks and months to process. LendingClub, for example, offers funds in as little as a few days. 1

Online personal loans may also require a better credit profile than advertised quick loans — which might be scary to people with less-than-ideal credit. However, online lenders often let you pre-check your offer, which won’t impact your credit score. Within a few minutes, you can find out your chances of being approved and review your options.

What Makes LendingClub Stand Out

With over 3 million members served since 2007, LendingClub is the nation’s largest online lending marketplace and offers access to credit with flexible amounts and terms, fast funding times, low-interest rates, and no pre-payment penalties. We treat our members the way we’d want to be treated with clear terms, fixed rates, and repayment plans that our members can actually afford. And this, especially when needing a quick loan to pull you out of financial hot water, can make all the difference.


  1. The time it takes for a loan to be funded is not guaranteed and individual results vary based on multiple factors, including but not limited to investor demand.

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Savings are not guaranteed and depend upon various factors, including but not limited to interest rates, fees, and loan term length.

A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $19,584 for a term of 36 months, with an interest rate of 10.29% and a 6.00% origination fee of $1,190 for an APR of 14.60%. In this example, the borrower will receive $18,663 and will make 36 monthly payments of $643. Loan amounts range from $1,000 to $40,000 and loan term lengths range from 24 months to 60 months. Some amounts, rates, and term lengths may be unavailable in certain states.

For Personal Loans, APR ranges from 9.57% to 35.99% and origination fee ranges from 3.00% to 8.00% of the loan amount. APRs and origination fees are determined at the time of application. Lowest APR is available to borrowers with excellent credit. Advertised rates and fees are valid as of July 11, 2024 and are subject to change without notice.

Checking a rate through us generates a soft credit inquiry on a person’s credit report, which is visible only to that person. A hard credit inquiry, which is visible to that person and others, and which may affect that person’s credit score, only appears on the person’s credit report if and when a loan is issued to the person. Credit eligibility is not guaranteed. APR and other credit terms depend upon credit score and other key financing characteristics, including but not limited to the amount financed, loan term length, and credit usage and history.  

Unless otherwise specified, all credit and deposit products are provided by LendingClub Bank, N.A., Member FDIC, Equal Housing Lender (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Credit products are subject to credit approval and may be subject to sufficient investor commitment. ​Deposit accounts are subject to approval. Only deposit products are FDIC insured.

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