The Ultimate Guide to Borrowing Money: Best Personal Loan Options in 2024

In today's fast-paced world, it's not uncommon to find yourself in need of extra cash. Whether you're facing unexpected expenses or planning a major purchase, borrowing money can provide the financial support you need. In this guide, we'll explore the best personal loan options available in 2024, focusing on same-day loans for quick funding.

Our Top Picks of Timely Offers from Our Partners

When it comes to same-day personal loans, there are several lenders that stand out in terms of expedient funding. CNBC Select has rounded up the 7 best same day personal loans of 2024:

• LightStream
• SoFi
• PenFed
• Avant
• OneMain Financial
• Prosper
• Citi Bank

These lenders offer competitive interest rates and flexible terms, making them ideal for covering large expenses in a pinch. Whether you need to consolidate debt, finance a home project, or cover emergency expenses, these personal loan options have got you covered.

Compare Personal Loans to Find the Best Option

Before applying for a personal loan, it's important to compare your options to ensure you're getting the best deal. Consider factors such as interest rates, loan amounts, repayment terms, and any additional fees or charges. By comparing different lenders, you can find the loan that best suits your needs and financial situation.

Best Same Day Personal Loans of 2024

When it comes to same-day personal loans, the following lenders have been rated as the best options for quick funding:

• LightStream: Best for no origination fee
• SoFi: Best for borrowing higher amounts
• PenFed: Best for smaller loans
• Avant: Best for a lower credit score
• OneMain Financial: Best for flexible terms
• Prosper: Best for co-borrowers
• Citi Bank: Best for existing customers

These lenders have been chosen based on their reputation, customer satisfaction, and their ability to provide funding in as little as one business day. Whether you have excellent credit or a lower credit score, there's a same-day personal loan option that can meet your needs.

More on Our Picks for Best Personal Lenders

For a more detailed look at our top picks for best personal lenders in 2024, we've provided additional information on each lender:

• LightStream Personal Loans
• SoFi Personal Loans
• PenFed Personal Loans
• Avant Personal Loans
• OneMain Financial Personal Loans
• Prosper Personal Loans
• Citi Personal Loan

These lenders offer a range of personal loan options, including unsecured loans, debt consolidation loans, and home improvement loans. Whether you need a large loan or a smaller one, there's a lender on this list that can help you meet your financial goals.

What is a Personal Loan?

A personal loan is a type of loan that allows you to borrow money for personal use. Unlike a mortgage or auto loan, a personal loan is typically unsecured, meaning you don't need to provide collateral. Personal loans can be used for a variety of purposes, including debt consolidation, home improvements, medical expenses, and more.

How Do You Apply for a Personal Loan?

Applying for a personal loan is a relatively straightforward process. Most lenders offer online applications, allowing you to apply from the comfort of your own home. To apply, you'll typically need to provide personal information, such as your name, address, income, and employment details. The lender will then review your application and make a decision based on your creditworthiness.

How Do You Get a Personal Loan with Bad Credit?

While having bad credit can make it more difficult to get approved for a personal loan, it's not impossible. Some lenders specialize in offering personal loans to individuals with less-than-perfect credit. To improve your chances of approval, consider applying for a loan with a co-signer or offering collateral. Additionally, taking steps to improve your credit score, such as paying off outstanding debts and making all of your payments on time, can increase your chances of getting approved.

What is an Unsecured Personal Loan?

An unsecured personal loan is a type of loan that doesn't require collateral. Unlike a secured loan, such as a mortgage or auto loan, an unsecured personal loan is based solely on your creditworthiness. This means that if you default on the loan, the lender doesn't have the right to seize any of your assets. Unsecured personal loans typically have higher interest rates compared to secured loans, as they pose a higher risk to the lender.

Cheapest Ways to Borrow Money

When it comes to borrowing money, it's important to consider the cost. Here are some of the cheapest ways to borrow money:

• Personal loan from a bank or credit union
• 0% APR credit card
• Buy now, pay later
• 401(k) loan
• Personal line of credit
• Home equity financing

These options offer competitive interest rates and favorable terms, making them ideal for borrowers looking to minimize their borrowing costs.

Fastest Ways to Borrow Money

When you're in need of quick cash, speed is of the essence. Here are some of the fastest ways to borrow money:

• Personal loan from an online lender
• Loan apps
• Cash advance from a credit card
• Loan from family or friends
• Pawnshop loan

These options allow for fast approval and funding, ensuring you get the money you need when you need it.

Borrowing Options to Avoid

While there are many borrowing options available, there are also some options that should be avoided due to their high costs or unfavorable terms. Here are some borrowing options to avoid:

• Payday loans
• High-interest installment loans

These options often come with exorbitant interest rates and can trap borrowers in a cycle of debt. It's best to explore alternative options before considering these high-cost loans.

Paying Back Borrowed Money

Once you've borrowed money, it's important to have a plan for repayment. Here are some tips for paying back borrowed money:

• Create a budget and allocate funds towards loan repayment
• Make payments on time to avoid late fees and penalties
• Consider setting up automatic payments to ensure you don't miss a payment
• If possible, pay more than the minimum payment to reduce the overall interest paid

By following these tips, you can effectively manage your debt and repay borrowed money in a timely manner.

Conclusion

Borrowing money can provide the financial support you need to cover large expenses or unexpected costs. The best personal loan options in 2024 offer expedient funding and competitive interest rates, making them a viable solution for borrowers in need. Whether you need same-day funding or a loan for bad credit, there are lenders that can meet your specific needs. Remember to compare your options, consider the costs, and have a repayment plan in place to ensure you make the most of your borrowed money.