These are the 5 easiest personal loans to get — and you can receive the money within a day (2024)

Personal loanscan be used to cover weddings, vacations,home repairs,emergency costs and more. However, if your credit leaves a lot to be desired or you're looking for more flexible terms, you may think you can't access good financing options. Fortunately, this doesn't have to be the case.

There are a number of personal loan lenders that cater to applicants with fair or poor credit, offer flexible terms and have low minimum loan amounts. Even better, you may be able to get approved for a loan and get the funds in as little as a day. Below, CNBC Select ranks the easiest personal loans to get, based on credit score requirements, terms and funding times. (Read more aboutourmethodologybelow.)

Who's this for? Avant Personal Loans can be an excellent option when you need access to funds quickly but have a low credit score. The lender works with applicants with credit scores as low as 550 and you can prequalify with a soft inquiry. You'll receive an approval decision within minutes (unless Avant needs more information or documents) and get the money the next day ifyou're approved by 4:30 p.m. CT Monday through Friday.

You can get a loan between $2,000 and $35,000 with Avant. Loan terms range from 24 to 60 months, and there are no early payoff fees if you want to pay off your loan early. Speaking of fees, you can expect to pay up to 4.75% in origination fees. If you don't make a payment on time, Avant can also charge you up to $25 in late payment fees.

Who's this for? OneMain Financial Personal Loans can be a good choice if you want to choose from a variety of different term lengths: 24, 36, 48 or 60 months. Further, OneMain doesn't have a minimum credit score requirement. Besides your credit history, the lender will consider your income, expenses and other debts. You may also get an offer to secure your loan with collateral, such as your car.

According to OneMain, the process of getting a loan — from the start of the application to funding — takes about one day on average. Plus, unlike other lenders on this list, OneMain offers physical branches you can visit.

You can qualify for a loan between $1,500 and $20,000. Note, however, that borrowing from OneMain can be somewhat expensive. First, origination fees can take the form of a flat fee ranging from $25 to $500or a percentage of the loan between 1% and 10%. Interest rates can also run high ranging from 18% to 35.99%. And finally, late fees can either be a flat $5 to $30 per late payment or 1.5% to 15% of the late amount of your last monthly payment. Luckily, there are no early payoff penalty fees.

Who's this for? If you haven't built a sufficient credit history yet, Upstart may be one of the best lender options for you as it looks at factors beyond credit scores when considering a loan application. Namely, it can look at your education, income and employment history, as well as your financial background.

You can check your loan terms without a hard inquiry before you apply. Upstart offers two term lengths — 36 and 60 months — and loan amounts anywhere from $1,000 to $50,000. Once you get approved, you can get the funds the next business day if you accept the loan before 5 p.m. EST Monday through Friday.

Upstart charges no prepayment penalty fees but its loans can still potentially come with high costs. For instance, you may have to pay up to 12% in origination fees. Your APR can range from 7.8% - 35.99%, but if you have no credit history or bad credit, your interest rate will likely be on the higher side. Additionally, if your payment is more than 10 days late, you'll owe 5% of the unpaid amount or $15, whichever is greater. That said, if you pay the loan off early, the lender won't charge a penalty fee.

Who's this for? When time is of the essence, LendingPoint can be a good pick. The lender can offer approval within seconds of applying and works with borrowers with poor credit. Typically, it will take one business day to receive the money.

When evaluating your loan application, LendingPoint considers your credit score, loan term, credit usage, loan amount and other factors. There's also a minimum annual income requirement of $35,000. You can prequalify with a soft credit pull.

LendingPoint allows you to borrow between $2,000 and $36,500. Terms lengths range from 24 to 72 months, giving you flexibility and plenty of time to repay the loan. You may need to pay an origination fee of up to 8% of your loan amount, but if you pay it off early, LendingPoint won't change early payoff penalties.

Who's this for? If you only need to borrow a few hundred dollars, Oportun may be worth considering. This lender works with customers with limited or no credit history and offers loan amounts as low as $300. You'll also have at least 12 months to repay the loan, which makes Oportuin an excellent alternative to short-term payday lenders. You can also opt to pay off the loan quicker since there are no early payoff fees.

The lender offers prequalification which doesn't impact your credit score. Oportun states that the full application process usually takes less than 10 minutes and most loans are funded on the same day.

Origination fees and loan terms may vary by applicant and state. Unfortunately, Oportun loans aren't available in every state, so check other lenders offering small loans if you're not eligible.

Ideally, you should have an emergency fund to cover unexpected urgent expenses. However, when it comes to personal finance, things don't always work out perfectly, and not all expenses are worth tapping into your emergency fund.

Luckily, you have options when it comes to lenders that offer personal loans with quick funding — even if your credit score needs work. Make sure to prequalify with several lenders before applying to get the best loan terms you can.

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To determine which personal loansare the easiest to get,CNBC Selectanalyzed dozens of U.S. personal loans offered by both online and brick-and-mortar banks, including large credit unions, that offer lenient credit requirements and can fund them within one business day.

When narrowing down and ranking the best personal loans, 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 disbursem*nt:The loans on our list deliver funds promptly through either an electronic wire transfer to your checking account or in the form of a paper check.
• Creditor payment limits and loan sizes:The above lenders provide loans in an array of sizes, from $250 to $50,000. 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, credit requirements and repayment 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.

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