By being selective, you protect your credit profile and reduce unnecessary rejections, so that when you do apply for a ₹5000–₹20,000 instant personal loan, you actually get an approval. One of the subtler traps with instant personal loans is that the approved amount is often higher than what you originally wanted.

Sometimes, when you need cash, there's no time to wait. You might need a large amount of money quickly to cover a medical bill, repair storm damage to your roof or get your car back on the road so you can get to work. With a standard loan, it could be ...

To determine which personal loans are the best, CNBC Select analyzed dozens of U.S. personal loans offered by both online and brick-and-mortar banks, including large credit unions, that come with no origination or signup fees, fixed-rate APRs and flexible loan amounts and terms to suit an array of financing needs.