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What is the best company for a high approval instant loan?

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If you got an unexpected bill and have no funds to cover it, you can find many online lenders for fast funding. Be careful though because going with short-term loans such as payday comes at a very high borrowing cost. With so many online lenders, choosing a trustworthy one can be difficult. This is why we did our homework to bring you our pick for emergency loans companies:

Our top picks

  1. Upstart Loans: They are a lending platform that provides services in English and Spanish. Offers fast-funding options for people with low credit scores. They use uncommon variables when determining who to lend money to. 

Loan amount: $1,000 – 50,000


  • No need for previous credit history
  • They have changeable payment dates.
  • Fast funding in just one day after loan approval


  • May charge origination fee
  • Just two options for repayment terms
  1. Best egg: These unsecured loans are for people with a minimum credit score of 600 points. They offer express funding in just one business day. Best egg also offers a financial health tool to learn more about how to take control of your finances. 

Loan amount: $2,000 – 50,000


  • Fast funding
  • A wide variety of loan uses
  • Option for homeowners to get a secured loan


  • Charges origination fee
  1. SoFi: This lender has a loan for almost every occasion. From adoption and pregnancy expenses, home remodelings, debt consolidation, medical expenses, small- businesses, and more. They offer fast funding for people with good to excellent credit scores, having a minimum of 680 points. SoFi charges no fees, which makes them a very competitive lender.

Loan amount: $5,000 – 100,000


  • No origination fee
  • No late payment fee
  • Offers co-sign option
  • Provides unemployment insurance


  • Minimum borrowing amount of $5,000
  • Low scores may not qualify.
  1. Avant: Loans for less than good credit scores, with a minimum of 580 points. They offer fast funding in even just one business day after getting approved. 

Loan amount: $2,000 – 35,000


  • Fast funding 
  • A wide variety of loan uses
  • Changeable payment date


  • No co-signer option
  • Charges origination fee

Improve your chances of approval

Getting fast funding is not always easy, and many lenders offer unsecured loans that come with high-interest rates. Therefore, by applying these tips, you may increase your chances of getting approved for better loans:

  • Get a cosigner: When you have a less than good credit score, getting a cosigner will increase your chances of getting approved. This family member or friend shares the responsibility of the loan with you in case you can´t pay it back, so consider a cosigner that can take the risk. 
  • Give complete proof of income: When you show solid proof of income you can increase your chances of approval, even if you have a bad credit score. Do not forget to include pensions and any other type of income you have to increase your possibilities. 
  • Consider DTI ratio: Debt-to-income (DTI) is a ratio that lenders look at to make sure you can repay a loan. To calculate it, add up all your debt payments from a month-to-month basis. Then divide them by your gross monthly income, and you will get a percentage. Lenders prefer a debt-to-income ratio lower than 36%.
  • Get pre-qualified first: This feature helps you navigate through various loans to check if you are eligible, what the loan amount could be, and the terms and rates that come with it. It will not affect your credit score as it is considered a soft inquiry.

What about payday loans?

These short-term loans are typically for small amounts of $500 or less. They have a quicker application process than other loans. Some lenders even offer funding within 24 hours. The issue is, payday loans are predatory loans – it means that they offer high-interest rates, unfair terms and often lead consumers to a debt cycle. Take this fact: The CFPB calculated an average APR for a two-week payday loan of 400%, compared to credit cards ranging from 12-30%. Here are the pros and cons of payday loans:


  • Easy to access (no need for credit history)
  • Fast application process


  • Unaffordable interest rates
  • You need an active bank account (to which the lender has access)
  • Easy to fall in a debt cycle
  • They do not help build credit

*Verdict:  Although payday loans offer quick and easy application processes, in this case, the fastest option is not the best. These funds may end up being very costly, so take your time and compare before sticking to one lender. 

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