If you need cash quickly, fast personal loans can provide same-day or next-day funding for qualified borrowers. These same-day loans are ideal for emergencies - including car repairs, unexpected medical expenses, moving bills, and other short-term borrowing needs.
There are various online lenders and federal credit unions that are reputable, convenient, and fast. Depending on lender conditions, you may not be able to access your funds right away. Some require you to apply by a particular time for same-day funding. If you don’t make the cut-off, you will have to wait until the next business to receive your money.
It’s essential to fully understand the total cost of the personal loan and ensure the monthly payments fit within your budget. Here are our top picks for online lenders that offer to fund the same day you apply.
Best Same Day Loans Online
Site Best For
Best same day loan company overall
Best for bad credit borrowers
Best rates, terms, and conditions
Best for same-day funding
Best for soft credit checks
Cashusa.com works with a network of lenders and advertisers that can provide same-day loans, payday loans, and other types of personal loans. This company makes applying and acquiring a loan fast and easy.
They aim to get the money into your bank account as quickly as possible. After filling out a short form with your personal and financial information, you will receive a decision for approval within minutes, and the funds may be available in your bank account within the next business day or shortly after that.
Cashusa.com Same Day Loan Overview
● Loan term: short term
● Loan amount: up to $2,500
● Estimated APR range: 169% - 1,825%
● An easy application form that should only take a few minutes to finish
● Implements industry-standard encryption and security measures to protect consumer personal information
● Loan approvals for borrowers with a poor credit history
● High APRs
● Smaller loan amounts
● Rapid1K does not include all lenders available in the marketplace.
● Some credit checks are required.
Bad Credit Loans was created to assist individuals with bad credit. The company offers various solutions and resources - including same-day loans, payday loans, debt relief help, credit monitoring, and other lender services.
It enables clients to obtain a same-day loan with no credit check, making it ideal for those with lower-than-average credit scores that may find it difficult to secure funding from other lenders.
This company maintains high standards for its customers’ privacy rights, especially when collecting extremely personal and financial information throughout the application process.
Additionally, Bad Credit Loans does not charge a fee when submitting a loan request. That part of the lending process is completely free.
Bad Credit Loans Same Day Loan Overview
● Loan term: 3-72 months
● Loan amount: $500 – $10,000
● Estimated APR range: 5.99% – 35.99%
● Loans available for people with low credit scores
● Quick money transfers
● User-friendly online system
● A responsive customer service team
● Loan requests up to $10,000
● Borrower’s credit history will influence rates and fees
LightStream claims to approve personal loans and provide the funding on the same day that you apply. However, this lender is looking for borrowers with a good to excellent credit score and little existing debt which might cause disappointment for some people during the approval process.
Still, LightStream offers lower APR ranges, $0 origination fees, more extended payoff periods, and large loan sizes. It’s one of the best same-day loan packages available online.
LightStream Same Day Loan Overview
● Loan term: 24 - 144 months
● Loan amount: $5,000 - $100,000
● Estimated APR range: 2.49% - 19.99%
● Hardly any fees
● Competitive interest rates compared to multiple lenders.
● Offers .5% rate discount when you set up autopay
● Satisfaction guarantee
● Rate beat program and other special features available
● No pre-qualification process offered
● Requires a minimum credit score of 660 and several years of credit history to qualify
Now10K offers private loan funding for up to $10,000. The company has accelerated the online lending process, making it faster and more convenient for borrowers to access cash.
They work with a network of online lenders and advertisers across the country, thus helping customers connect with a reputable lender within minutes.
The loan request process through Now10k is done entirely online - including form submission, lender approval, and finalized funding. If you are approved, the money could be in your bank account in as little as the next business day.
Now10k.com Same Day Loan Overview
● Loan term: 12-60 months
● Loan amount: up to $10,000
● Estimated APR range: 169% - 1,825.00%
● Competitive personal loans fast
● Secure online submission form that encrypts all data provided
● You can review the terms and conditions of the loan before accepting.
● Funds are deposited as soon as the next business day
● Extremely high APR and strict loan terms on personal loans and small-dollar loans
● Additional fees associated with loan renewals
● Loan underwriting may take up to 24 hours.
● Adjustments made to the loan will incur additional charges
Upstart offers quick online personal loans for home improvements, medical expenses, debt consolidation, credit card consolidation, wedding loans, moving loans, and more. With 10% lower rates and better loan terms than traditional models, this is a great option to consider.
Most applicants will receive their money within one business day after the loan has been accepted.
Additionally, Upstart does not have a prepayment penalty. You may pay off the loan partially or all of it at any time you want.
Upstart Same Day Loan Overview
● Loan term: 3-5 years
● Loan amount: $1,000 - $50,000
● Estimated APR range: 5.38-35.99%
● Ability to fund loans within one business day
● Accepts people that are new to credit
● Offers some debt consolidation loans
● Offers direct payments to creditors
● Borrowers can choose and change payment dates
● Origination fee
● No mobile app is available.
● Only two repayment options to choose from
Things to Know About Same Day Loans
When looking for a same-day loan, several options will be available to you. It’s advisable to fully understand the type of loan you are getting and the fees and interest rates involved. These details will have a lasting impact on your financial health.
Here are the most common types of same-day loans.
A payday loan is a short-term loan meant to be repaid by your next payday. It is typically for a small amount of money.
Payday lenders generally do not consider your credit score or credit history when evaluating your ability to repay what was borrowed, making payday loans an excellent option for individuals with poor credit.
Because there is no credit check conducted, this type of personal loan will come at a higher price. The Consumer Financial Protection Bureau reports that payday loans online can have APRs of nearly 400% if the payment is missed.
Therefore, if you cannot repay the original loan amount when it’s due, you may end up paying off some steep fees.
Pawn Shop Loans
Another way to get fast money is to take a valuable item to a pawn shop and exchange it for an agreed-upon amount of cash.
You will need to repay the loan amount (plus any fees and interest) by the due date, at which point you can get your valuables back.
If you do not repay these cash advance loans, the pawnshop will sell the valuables and recover the fronted costs.
A title loan is another high-interest loan that gives you funding on the same day of the application. It’s typically for a small-dollar amount (similar to an online payday loan).
However, you can use owned items as collateral to back the borrowed funds with a title loan. For example, you can use your vehicle’s title in exchange for a personal loan. Once you repay everything owed, you will get the title back.
Title loans also have high APRs, and borrowers risk losing their items to the lender if not repaid.
FAQs: Best Same Day Loans Online
What are payday alternative loans?
Payday loans can give you cash right when you need it. But if the loan is not repaid at the agreed-upon due date, the loan will likely benefit the lender more than the borrower.
Thankfully, you may qualify for an alternative payday loan. This option generally comes with lower fees and interest rates than a more traditional payday loan.
When applying for this type of payday loan, you will likely need to meet certain requirements and financial qualifications such as credit score and credit history, disclose recent bankruptcies, and describe why you need to apply for a loan.
What are some common uses for personal loans?
There are various reasons why someone might apply for a loan - including debt consolidation, home improvements, unexpected costs, significant purchases, no credit history or score, same-day funding, bad credit - and the list goes on.
Can I get a loan on the same day that I apply?
Yes, it is entirely possible to get funding for a loan on the same day that you apply. Many online lenders offer same-day loans that provide fast and convenient cash. You may even get the chance to check interest rates and other fees without affecting your credit score by applying for a loan request and undergoing the pre-qualification process.
If you are pre-qualified under the set circumstances, you will be able to review the estimated loan rate, as well as the related terms and conditions. Just keep in mind - pre-qualification does not guarantee loan approval. Plus, once you officially apply for the same-day loan, your rate and terms may change.
How long does loan approval take?
With same-day loans, you may be able to get approved for the personal loan and secure funding on the same day you apply. In some cases, you may even be able to access the money right away with a direct deposit.
The timeline will largely depend on the lender and your bank or credit union. Typically, an online lender will require you to apply for same-day funding by a certain time of day. Your bank account may not allow you to access the funds until the next business day, and sometimes it’s even longer.
How do same-day loans work?
A same-day loan is a personal loan that enables people to access the money provided quickly.
As with all personal loans, same-day loans will have specific fees, and interest rates attached, like an origination fee. You should expect to pay interest on the amount borrowed through your monthly payments.
When getting a same-day loan online, it’s important to compare options from various lenders and consider all details involved - including interest rates, fees, loan amounts, and repayment terms.
Are same-day loan requests safe?
Yes. Same-day loans are safe, secure, and entirely legitimate.
When looking to borrow money, you may want to watch out for certain types of quick loans. For example, payday and title loans often come with extremely high-interest rates and/or associated fees that can make repayment very difficult. Still, it’s essential to understand the risks and terms of same-day loans, ensuring they would be a good fit for your situation.
You can always consider other alternatives - such as borrowing money from family or close friends, putting it on a credit card, or using a cash advance service.
Key Takeaways: Same Day Loans
To better understand the various same-day loan options, we reviewed top contenders in the marketplace. We looked at the lender’s eligibility requirements, fee structures, interest rates, repayment terms and conditions, loan amounts offered, and pre-qualification options.
Based on this analysis, our conclusion determined that rapid1k.com, Bad Credit Loans, LightStream, now10k.com, and Upstart.com are the best same-day loan options available online.