9 same-day personal loans
Same-day personal loans help you get the money you need fast, often without the added fees or high interest rates that come with payday loans
Written by
Writer, Fox Money
Choncé Rhea is a finance writer with over eight years of experience and bylines featured by Business Insider, Newsweek, and Forbes Advisor.
Updated October 16, 2024, 3:02 AM EDT
If you need quick cash, you have many options without taking out a high-interest payday loan.
Some online personal loan lenders can send your loan funds as soon as the same day or next business day. To get a same-day personal loan, all you need to do is make sure you qualify and submit an application to get funding fast.
9 same-day personal loans
Same-day personal loans are loans that a lender can process and fund as soon as the same day you’re approved. Many banks, online lenders, and credit unions offer same-day personal loans.
Avant
Avant offers debt consolidation, installment, emergency, and home improvement loans with repayment terms of two to five years.
- Loan amounts: $2,000 to $35,000
- Minimum credit score: 550
- Time to fund: Next business day (if approved by 4:30 p.m. Central time on a weekday)
Axos Bank
Axos Bank provides personal loans with repayment terms of three to six years and industry-leading rates for borrowers with excellent credit.
- Loan amount: $10,000 to $50,000
- Minimum credit score: 700
- Time to fund: Next business day
Best Egg
Best Egg is an online lending marketplace that provides quotes from a large network of secured and unsecured lenders. Its loans have repayment terms of two to five years.
- Loan amount: $2,000 to $50,000
- Minimum credit score: 600
- Time to fund: 1-3 business days after successful verification
Discover
Discover has personal loans with terms ranging from three to seven years and no origination fees. You can lock in a competitive interest rate, depending on your credit.
- Loan amount: $2,500 to $35,000
- Minimum credit score: 660
- Time to fund: Next business day after acceptance
LendingPoint
LendingPoint uses technology to enhance the lending experience for people, despite their credit score. Its loans have repayment terms of two to six years and are available in every state except Nevada and West Virginia.
- Loan amount: $2,000 to $36,500
- Minimum credit score: 580
- Time to fund: Next business day
LightStream
LightStream, the online lending division of Truist Bank, provides personal loans of up to $100,000 with repayment terms of two to seven years (12 years for home improvement loans). LightStream also guarantees that you’ll have the best loan experience or they’ll pay you $100 in cash.
- Loan amount: $5,000 to $100,000
- Minimum credit score: 660
- Time to fund: Same business day
OneMain Financial
You can use a OneMain Financial personal loan for many purposes, including debt consolidation. Repayment terms range from two to five years. Its rates are higher than other lenders, but it also accepts lower credit scores.
- Loan amount: $1,500 to $20,000
- Minimum credit score: None
- Time to fund: Same day if you visit a local branch
Upgrade
Upgrade offers personal loans at a fixed rate for refinancing credit card debt, consolidation, home improvements, and other large purchases. Repayment terms range from two to six years.
- Loan amounts: $1,000 to $50,000
- Minimum credit score: 560
- Time to fund: Within a day of clearing necessary verifications
Upstart
Upstart has flexible personal loan amounts with no prepayment fees and terms ranging from three to five years. The lender says that 99% of approved loan applications are funded by the next business day.
- Loan amounts: $1,000 to $50,000
- Minimum credit score: 580
- Time to fund: One business day
Head to Credible to compare personal loan rates from these and other lenders, without affecting your credit score.
How to apply for a same-day loan
Applying for a same-day loan is now easier than ever. Follow these steps to apply for a same-day loan:
- Check your credit score. Start by checking your credit score to see where you stand. Verify that all the information on your credit report is accurate and make sure all your accounts have updated balances. Depending on where you check your credit score, you may even receive tips on how to boost your score.
- Get prequalified. Many lenders allow you to get prequalified online by filling out a short form that takes less than five minutes. This saves time during the application process and also lets you peek at loan offers and rates you may qualify for.
- Select a loan offer. Review your loan offers and terms to see what best fits your needs. Consider factors like the interest rate, repayment term, maximum borrowing limit, as well as any loan use limitations. If you’re looking for a same-day personal loan, you’ll also want to confirm how soon you can get the funds.
- Apply. Once you’ve selected a loan offer, you’ll submit a formal application. Some lenders allow you to apply completely online, while others may require you to come to a local branch to complete your application. You’ll need to include detailed information about your employment, banking details, and other debts. You may need to submit additional documentation to verify your information, such as pay stubs, bank statements, or proof of residency like your state ID. The lender will also check your credit with a hard credit pull, which can temporarily lower your score by a few points.
- Receive loan funds. If you’re approved for a same-day personal loan, the lender will send you a loan agreement to sign. Once you’ve signed, you can receive your loan funds that day or the next business day depending on the lender, typically through direct deposit into your bank account.
Same-day loans vs. payday loans
Though both types of loans offer fast funding, same-day loans are very different from payday loans.
Payday loans
Payday loans are small, short-term loans that you usually must repay by your next payday. These loans tend to have higher fees and interest rates that can equate to an annual percentage rate (APR) as high as 400%, according to the Consumer Financial Protection Bureau. This makes them very expensive to manage, and you should avoid them if at all possible.
Loan amounts for payday loans are small since repayment terms are short. Some states have capped the fees and interest rates for payday loans, while others have banned this type of lending altogether.
When you apply for a payday loan, you may qualify with a lower credit score and get your funds quickly. But you run the risk of not being able to afford to repay the loan given the high fees and interest. Another drawback is that maximum loan amounts are smaller compared to same-day personal loans.
Same-day personal loans
Same-day personal loans have higher loan amounts, lower interest rates, and more flexible repayment schedules.
You can also shop around with different lenders to make sure you’re getting the best loan terms for your situation. Even if you have bad credit, several lenders specialize in bad credit loans. Your rate will be higher than someone with good credit, but it’ll still be much lower than the rate you’d get on a payday loan.
Reputable online lenders can release your funds as quickly as the same day, so you’ll still get the money you need fast with a flexible repayment timeline.