Best Same Day Loans
You can get same day loans from select online lenders, banks, and credit unions. Although most personal loan providers take at least 2 business days to approve and transfer the funds, there are a few exceptions that offer same day service. To find the best same-day personal loans, look for ones with low fees and APRs and quick access to funds.
Some of the top same day loan providers include Oportun, LightStream, and Citibank. Each lender has different requirements for qualification, but most will look at your credit score, monthly income, debt-to-income ratio, employment history, and other factors to determine whether or not you qualify for a loan. It’s important to compare rates and terms before applying for any type of loan.
If you need money fast and don’t have time to wait several days or weeks for approval from traditional lenders, then same day loans may be the best option. Just make sure that you understand all the fees associated with taking out a loan as well as the repayment terms before signing on the dotted line.
What is a Same Day Loan and How Can it Help You
Have you ever been in a situation where you needed money urgently, but couldn’t wait to go through the lengthy process of getting a loan? If so, a same day loan may be just the solution you need. A same day loan is a type of short-term loan designed to give you access to cash quickly, often within just a few hours.
These loans are typically unsecured, meaning you don’t need to provide collateral to secure them. They can be used to cover unexpected expenses, such as car repairs or medical bills, or to help you manage your cash flow until your next paycheck arrives. With a same day loan, you can get the money you need when you need it, without the hassle of a traditional loan application process.
Benefits of Same Day Loans
Same day loans are a convenient and flexible solution for those in need of quick cash. These loans can provide a lifeline for individuals facing unexpected expenses or urgent bills. Unlike traditional loans, same day loans do not require extensive application processes or credit checks. This means that even individuals with less-than-perfect credit scores may be able to secure the funds they need. Same day loans can be used for a variety of purposes, such as paying for car repairs, medical bills, or urgent home repairs. With their fast approval process and quick funding, same day loans are an effective way to address financial emergencies.
Requirements to Qualify for a Same Day Loan
When unexpected expenses arise, a same day loan can provide quick relief. However, it’s important to understand the requirements for qualifying for such a loan. Generally, lenders will require proof of stable income, a valid bank account, and a government-issued ID. Some lenders may also require a credit check or collateral. It’s important to research different lenders and their specific requirements before applying. It’s also crucial to have a solid plan for repayment to avoid further financial strain. With the right qualifications and responsible borrowing, a same day loan can be a helpful solution in times of need.
How to Apply for a Same Day Loan
When unexpected expenses arise, a same day loan can be a lifesaver. Applying for this type of loan is a straightforward process that can be done online or in person. First, gather your personal and financial information, such as your employment and income details. Then, research different lenders to find the best options for your needs.
When you’ve selected a lender, complete the application and provide any necessary documentation. After a quick review, you’ll receive a decision, and if approved, funds can be deposited into your account within hours. It can be a stressful situation to need money urgently, but applying for a same day loan can provide a solution with little hassle.
Potential Pitfalls of Taking Out a Same Day Loan
Taking out a same day loan can be a tempting solution when you need cash fast. However, it’s important to be aware of the potential pitfalls that come with this type of loan. One major consideration is the high interest rates associated with same day loans. These rates can quickly add up and make it difficult to pay off the loan promptly.
Additionally, some same day loan providers may engage in predatory lending practices, leading to a cycle of debt for borrowers. Before taking out a same day loan, it’s important to carefully consider your financial situation and explore alternative options such as borrowing from friends or family, negotiating with creditors, or seeking out a low-interest personal loan.
Best Same-Day Loans of May 2023
Winner:
LightStream
Short-Term Loans:
Oportun
Credit Union:
Alliant Credit Union
Fair Credit:
Rocket Loans
Bank:
Citibank
Please note that even with reputable lenders, instant approval and same-day funding cannot be guaranteed. However, the companies listed above provide the best chance for this. While other instant loan options do exist, many are not recommended. It is especially important to avoid payday loans and auto title loans as they can provide same-day cash but at very high costs considered predatory.
2023’s Personal Loan Offers
This content is not provided or commissioned by any issuer. Opinions expressed here are the author’s alone, not those of an issuer, and have not been reviewed, approved, or otherwise endorsed by an issuer. Please keep in mind that while some offers may come from WalletHub advertising partners, sponsorship status played no role in loan selection.
1. BEST SAME DAY LOANS OVERALL
# LightStream
29 Reviews
Learn More
Editor’s Thoughts
If you have a credit score of 660, LightStream is the ideal choice for same-day loans due to its low APRs, $0 origination fee, generous loan amounts, and extended repayment terms. It’s the complete package.
Key Facts About LightStream Personal Loans:
Approval timeline: As soon as the same day you apply
Funding timeline: Same day – 2 business days after approval
WalletHub Editors’ Rating: 4.4/5
BBB Rating: A+
Range of APRs: 7.99% – 25.99%
Minimum credit score: 660, according to multiple third-party sources
Loan sizes: $5,000 – $100,000
Origination fee: $0
Payoff period: 24 – 84 months
2. BEST CREDIT UNION FOR SAME-DAY LOANS
# Alliant Credit Union
225 Reviews
Learn More
Editor’s Thoughts
If you’re looking for a credit union that offers same-day loans with up to $50,000 in funding and low APRs, Alliant Credit Union is a good choice. The best part is that you can join Alliant Credit Union without any fee by becoming a member of Foster Care to Success (Alliant CU will take care of the $5 membership fee).
Key Facts About Alliant Credit Union Personal Loans:
Approval timeline: As soon as the same day you apply
Funding timeline: As soon as the same day you apply
BBB Rating: A+
Range of APRs: 6.24% – 17.24%
Minimum credit score: Not disclosed
Loan sizes: $1,000 – $50,000
Origination fee: 0%
Payoff period: 12-60 months
3. BEST SAME-DAY LOANS FOR FAIR CREDIT
# Rocket Loans
Learn More
Editor’s Thoughts
Rocket Loans provides same-day loans for fair credit, starting at a minimum credit score of 640. The loan offers a significant amount of funding of $2,000 to $45,000 to borrow for either 36 or 60 months.
Key Facts About Rocket Loans Personal Loans:
Approval/funding timeline: As soon as the same day you apply
Funding timeline: 4 business days after approval
WalletHub Editors’ Rating: 3.9/5
BBB Rating: A+
Range of APRs: 8.416% – 29.99%
Minimum credit score: 640, according to multiple third-party sources
Loan sizes: $2,000 – $45,000
Origination fee: 1% – 7%
Payoff period: 36 or 60 months
4. BEST BANK FOR SAME-DAY LOANS
# Citibank
31,308 Reviews
Learn More
Editor’s Thoughts
Multiple third-party sources state that Citibank is the best option for same-day loans from a bank due to its benefits, which include large loan amounts, low APRs, and minimal fees. Citibank also allows for repayment periods of 12, 24, 36, 48, or 60 months and requires a credit score of 680.
Key Facts About Citibank Personal Loans:
Approval timeline: As soon as the same day you apply
Funding timeline: Same day – 2 business days after approval
WalletHub Editors’ Rating: 3.7/5
Range of APRs: 8.99% – 23.99%
Minimum credit score: 680, according to multiple third-party sources
Loan sizes: $2,000 – $30,000
Origination fee: $0
Payoff period: 12, 24, 36, 48, or 60 months
5. BEST SAME-DAY LOANS WITH SHORT REPAYMENT PERIODS
# Oportun
Learn More
Editor’s Thoughts
At Oportun, you can get same-day loans with short repayment periods. You can choose to repay the loan within 6 months. Oportun offers loans up to $15,400, and there is no credit score requirement.
Key Facts About Oportun Personal Loans:
Approval timeline: As soon as the same day you apply
Funding timeline: As soon as the same day you apply
WalletHub Editors’ Rating: 2.4/5
BBB Rating: A+
Range of APRs: 10.07% – 35.95%
Minimum credit score: None
Loan sizes: $300 – $15,400
Origination fee: Depends on the customer
Payoff period: 6 – 46 months
Best Loans for Instant Approval and Quick Funding
6. BEST LOANS WITH QUICK FUNDING FOR BAD CREDIT
# Avant
3,926 Reviews
Learn More
Editor’s Thoughts
According to reports, Avant provides excellent loan options for individuals with poor credit, as they only require a minimum credit score of 580 for approval. Along with reasonable interest rates, they also provide funding up to $35,000 with fast processing.
Key Facts About Avant Personal Loans:
Approval timeline: As soon as the same day you apply
Funding timeline: As soon as the next business day after approval
WalletHub Editors’ Rating: 3.6/5
BBB Rating: A
Range of APRs: 9.95% – 35.99%
Minimum credit score: 580
Loan sizes: $2,000 – $35,000
Origination fee: Up to 4.75%
Payoff period: 24 – 60 months
7. BEST LARGE LOANS WITH QUICK FUNDING
# Wells Fargo
11,986 Reviews
Learn More
Editor’s Thoughts
Wells Fargo is a great option for large loans that have quick funding. Their loan amounts range from $3,000 to $100,000 and they do not charge an origination fee. You’ll also have a timeframe of 12 to 84 months to pay off the loan.
Key Facts About Wells Fargo Personal Loans:
Approval timeline: As soon as the same day you apply
Funding timeline: 1 – 3 business days after approval
WalletHub Editors’ Rating: 4.2/5
Range of APRs: 7.49% – 23.74%
Minimum credit score: 660, according to multiple third-party sources
Loan sizes: $3,000 – $100,000
Origination fee: $0
Payoff period: 12 – 84 months
Guaranteed Approval Loans for Bad Credit
8. BEST LOANS FOR QUICK FUNDING WITH NO SSN
# Upgrade
644 Reviews
Check My Rate
Editor’s Thoughts
Upgrade is a good option for those who do not have a Social Security Number because you can apply using a passport instead. This option is available for U.S. citizens, permanent residents as well as people with immigration visas. Compared to most lenders, Upgrade has a relatively low credit score requirement and offers quick funding.
Key Facts About Upgrade Personal Loans:
Approval timeline: As soon as 1 – 4 business days after you apply
Funding timeline: 1 business day after approval
WalletHub Editors’ Rating: 3.6/5
BBB Rating: A+
Range of APRs: 8.49% – 35.99%
Minimum credit score: 620, according to multiple third-party sources
Loan sizes: $1,000 – $50,000
Origination fee: 1.85% – 9.99%
Payoff period: 24-84 months
9. BEST LOANS FOR QUICK FUNDING WITH NO CREDIT CHECK
# OppFi
10,431 Reviews
Check My Rate
Editor’s Thoughts
One thing that sets OppLoans apart from other personal loan providers is that they don’t conduct a credit check as part of their application process. This means that even if you have bad credit, it’s relatively easy to get approved. However, the downside is that their loans are very expensive, so while you can get funding quickly without a credit check, you’ll have to pay a high price for it.
Key Facts About OppLoans Personal Loans:
Approval timeline: As soon as 1 business day after you apply
Funding timeline: 1 – 2 business days after approval
WalletHub Editors’ Rating: 2.4/5
BBB Rating: A+
Range of APRs: 59% – 160%
Minimum credit score: No credit check is required
Loan sizes: $500 – $4,000
Origination fee: $0
Payoff period: 9 – 18 months
Where to Get a Same-Day Loan
1. Personal loan provider
If you need a loan and want it quickly, a personal loan is a great option. This type of loan has reasonable APRs (6% to 36%) and doesn’t require collateral. However, to get approved and receive funds on the same day, you should apply online with a suitable lender. While many personal loans provide relatively fast financing (within a week), you’ll have more options if you’re willing to wait a few more days.
2. Credit card company
To get cash from your credit card’s credit line, you can use a cash advance by going to an ATM or bank teller. This option is helpful when you can’t use your credit card. However, cash advances can be very costly with fees ranging from 2% to 5% of the amount you borrow. They also start to accrue interest immediately, as there is no grace period. The average cash advance APR is above 21%.
If you don’t have to use cash for your expense, you can use your credit card to make a regular purchase and benefit from its grace period.
3. Friends and family
If you require instant cash, consider asking someone you know for a loan. This option allows you to avoid a complicated approval process. You can create a straightforward contract and receive the money on the same day. Additionally, depending on the individual, you may be able to obtain low-interest rates and have an extended repayment period.
4. HELOC provider
A home equity line of credit (HELOC) is not a traditional loan, but it allows you to borrow money whenever needed. With a HELOC, you can borrow up to a certain limit whenever you want, either for a specific period or indefinitely. You can borrow multiple times during the draw period, whereas with a loan, you receive a one-time lump sum.
A HELOC is a loan that is secured by your house. The amount you can borrow is based on a portion of your home’s value, minus the amount you still owe on your mortgage. It typically takes a few weeks to qualify for a HELOC, but if you already have one, you can draw from it whenever you need a loan the same day. How to Get a Same-Day Loan
Find a lender
To get funding on the same day, you should consider applying to lending institutions like LightStream and Alliant CU.
Submit your application online
To process your application quickly, use the following output language code: EN-US.
Check your email for an approval message
After your application is approved, you will need to sign some extra documents before getting the money. It is advised to complete this process as soon as possible.
Watch your bank account
Assuming everything proceeds without issue, you will receive a bank deposit on the same day. You can then withdraw funds from this bank account using an ATM. Alternatively, if you apply in person, some lenders may provide you with cash directly.
Drawbacks of Same-Day / Instant Loans
Though instant loans appear to be convenient, they carry various concerns, primarily high rates. Unless you possess outstanding credit and can obtain a favorable rate from the limited personal loan providers that give instant approval and funding, you might have to borrow from a costly lender.
If you only search for instant loans, your choices of lenders will be greatly reduced and the loans you can find are likely to be in the range of a few hundred to a few thousand dollars. Also, the repayment periods for these loans are typically short, lasting only a few weeks to a few months.
No credit check loans guaranteed approval direct lender
Same-Day Loan Providers to Avoid
1. Payday lender
Payday lenders are the primary providers of “instant” loans, offering small amounts of money that you must repay when you receive your next paycheck. While they may be the fastest option in an emergency, it’s important to avoid borrowing from these lenders due to their exorbitant fees, which can result in an APR of 400% or more. Keep in mind that you’ll typically have just 2-4 weeks to repay the loan before it becomes due.
2. Pawnshop
A pawn shop is a place where you can sell your valuable items for cash, usually at a discounted price of 20% to 60%. You receive the cash on the same day and are given a specific time frame to repay the loan, along with a monthly interest rate of 2% to 25%. If you pay back the loan in time, you can retrieve your item. If not, the pawn shop may keep your item and sell it to recover their money.
3. Auto title lender
If you need money quickly, you can use your car’s ownership document as collateral to get a same-day loan from auto title lenders. They can offer you up to 50% of the value of your car for a month. However, if you can’t repay the loan, you risk losing your car. Auto title lenders may allow you to extend the loan for an additional month with extra fees. Keep in mind that these loans are very expensive and could cost you up to 25% of the borrowed amount.
Ask the Experts
WalletHub’s editors asked a group of experts for advice on the Best Same-Day Loans. Below, you can find the questions they were asked and the responses they provided:
- What tips do you have for individuals searching for a same-day loan?
- What do you believe are the most common errors people make when they require fast cash?
FAQs:
- What tips do you have for individuals searching for a same day loan?
Answer: When looking for a same-day loan, make sure to research different lenders and compare their terms and conditions. Read the fine print thoroughly to ensure that the agreement is fair and reasonable. Additionally, consider any risks associated with these types of loans, like high-interest rates or potential repossession of collateral.
- What do you believe are the most common errors people make when they require fast cash?
Answer: One of the biggest mistakes people make when they need fast cash is not considering all their options before going with a loan option. You should investigate non-traditional solutions such as selling items or asking family members or friends for help first. Additionally, you should be aware of the potential risks associated with same-day loans, such as high-interest rates or the repossession of collateral in case of default. Finally, make sure to read all the terms and conditions associated with any loan product before signing anything. This will help protect your financial interests and ensure that you are getting a reasonable deal.
- What should people look out for when taking out a same day loan?
Answer: When taking out a same-day loan, people need to be aware of the potential risks. These loans typically have high-interest rates and short repayment periods, so it is important to make sure that you can afford the repayments before signing for the loan. Additionally, if you are using collateral such as your car or jewelry, make sure you understand what will happen in case of default. Repossession may occur if you don’t keep up with payments, so make sure to review your options carefully before signing any agreement.
- Are there any alternatives to same day loans?
Answer: Yes, there are plenty of other options available that can provide individuals with quick access to cash. Some alternatives include asking family or friends for help, using a credit card, taking out a personal loan or line of credit, selling items online or at a pawn shop, and borrowing against your retirement account. Consider all these options before going with a same-day loan.
In conclusion
Same day loans can be helpful when you need money quickly but they come with certain risks such as high-interest rates and the potential repossession of collateral in case of default. Therefore it is important to research different lenders and compare their terms and conditions carefully before signing any agreement. Additionally, consider non-traditional solutions such as selling items or asking family members for help before resorting to this type of loan product. Ultimately, make sure you understand all the risks associated with these loans before making a decision.
This concludes our overview of same-day loans. We hope that this article has provided you with valuable insight and information about the potential for same-day loan products to help you get access to cash quickly when needed. Remember to consider all your options, read the fine print, and be aware of any potential risks carefully before taking out a loan. Good luck!
All in all, same day loans can be a great option to help you cover a financial emergency, but it’s important to do your research. Make sure you understand both the benefits and requirements of taking out a same day loan before proceeding. Be aware of the potential pitfalls and compare your loan options carefully to select one that works best for you and your situation. Lastly, consider alternative options — such as friends or family lending money, maximizing savings by cutting costs, or applying for personal loans with lower interest rates — when possible. Same day loans should be used judiciously and sparingly since they come with high fees and repayments that should be taken seriously.
