Online Personal Loans

With an online personal loan, you can receive the money you need to cover just about any expense. This type of loan might be a good option if you need to cover financial emergencies like a car repair or medical bill, or pay for essential expenses before your next payday.

Here’s a closer look at online personal loans and how to know if they’re right for you.

How do online personal loans work?

Unlike traditional loans where you meet with a lender in person, the entire process for an online loan — from filling out the application to repaying what you borrow — happens online. This makes online personal loans a fast and convenient way to get the money you need.

To receive an online personal loan, you will need to:

  • Fill out an application form on the lender’s website.
  • Wait for the lender’s approval decision.
  • Upon approval, receive your funds via direct deposit.
  • Repay what you borrow over an agreed-upon term, which may range from a couple of weeks to several months.

Online personal loans are typically offered by banks, credit unions, and alternative lenders like Advance America. They may also be known as same-day personal loans or instant online loans.

What are the advantages of getting a personal loan online?

There are several benefits to getting your personal loan online, including:

  • Convenience. It’s easy to apply online from your home computer or mobile device.
  • Peace of mind. You’ll know within minutes if you’ve been approved.
  • Speed. You’ll receive your money quickly – possibly as soon as the same day you apply.

Can I apply for a personal loan online with bad credit?

Yes, you can! You don’t necessarily need good credit to get an online personal loan. Many lenders will consider factors in addition to your credit score — like your income and employment history — when deciding whether to approve you.

For more than 25 years, Advance America has been providing loans to borrowers of all credit types, including borrowers with bad credit. We offer a variety of personal loans to fit your financial needs, and you can apply online 24/7.

What can I use an online personal loan for?

Personal loans are flexible, meaning you can use them to cover just about any expense.


Whether your car breaks down, you need to replace the water heater, or you need an unexpected medical procedure, an online personal loan can be very useful.

Large purchases

An online personal loan can be used to pay for large purchases like appliances, furniture, or vacations.

Education, training, or professional development

You can use funds from an online personal loan to pay for education costs, job training, or professional development courses.

Everyday expenses

You can also use a personal loan to help cover essential expenses, such as groceries or rent. These types of loans can help you out when you’re in a financial pinch and need money quickly.

How do I apply for a personal loan online?

Here’s how to get an online personal loan:

1. Know your credit score

Before starting any loan process, check your current credit score. While you don’t need good credit to be approved for a loan, it’s helpful to know what score range you fall into before you start shopping for online personal loan offers.

It’s easy to run a free credit report — and, because it’s a soft credit inquiry, doing so won’t lower your credit score.

2. Compare lenders and online personal loan options

Loans can differ depending on the lender and what kind of loan products they offer. Do some research to find online personal loan lenders that service loans for your credit score range. Once you find a few, compare their interest rates, terms, and fees to decide which loan fits your needs.

3. Gather all necessary documents for your loan application

After you choose the best online personal loan for your budget and needs, collect the documents you’ll need to apply. These will likely include a government-issued ID, like a driver’s license or passport, pay stubs or other proof of income, and the routing and account numbers for a valid checking account.

4. Fill out and submit your online personal loan application

Visit your chosen lender’s website and fill out the application online. You’ll be asked to provide personal details like your name and email. You might also have to share your income and employment history.

5. Review the online lender’s approval decision

You’ll need to wait until the lender reviews your application and gets back to you with a decision. Many online lenders have a quick approval process and may get back to you within moments of submitting your application. Once approved, carefully review the loan terms and conditions before electronically signing the loan agreement.

6. Receive your loan funds

If approved, you’ll be able to access and use your funds quickly. Most online lenders will distribute your money via direct deposit. Others may issue a prepaid card or check, although these options are becoming less common with online processing. Depending on the lender, you might receive the funds the same day you apply, within 24 hours, or in a few business days.

Is it really easy to get a personal loan online? Yes, the process for online personal loans is fast and simple. They can be a good solution when you have a financial emergency to deal with quickly. You can use the money to pay for car repairs, medical or vet bills, service calls for appliances, higher-than-expected utility bills, and much more.

Get an online personal loan from Advance America

Advance America offers a variety of online personal loans that can provide borrowers with quick funds to cover expenses. You can apply online for our Payday Loans, Installment Loans, and Lines of Credit. If approved, you may be able to get your money the same day.

Are you ready to apply for a personal loan? Fill out our online application and receive your approval decision in minutes!

About the Author

Bree Ewers has contributed to Advance America since 2023. Writing from her home office in Portland, Oregon, she shares a relatable perspective on the financial triumphs and challenges many readers face.

The Advance America advantage

Since 1997, Advance America has helped millions of hardworking people with a variety of financial solutions including Payday Loans, Online Loans, Installment Loans, Title Loans and Personal Lines of Credit.
157+ million
loans issued
800+ stores
and online loans
25+ years
providing loans