Best Same-Day Loans for Borrowers With Bad Credit

Andrew Reyes
A loan officer offering money to a person behind the camera.
Reading Time: 6 minutes

Same-day loans for those with bad credit can come with high rates and hefty fees. Some lenders won’t offer a loan without a 200% APR. This article will help borrowers find same-day loans for bad credit with low annual percentage rates (APRs) and no excessive fees.  

Same-Day Personal Loans for Borrowers With Bad Credit

The best same-day loans have APRs under 35.99%, making it manageable for the borrower to pay back the loan in a reasonable amount of time. Here are our top lenders and lending services that offer fair, borrower-friendly same-day loans.

CashUSA.com

CashUSA.com is one of the leading lending portals that connects borrowers and lenders. Borrowers will fill out a short application, and then the site connects the borrower with a list of lenders likely to approve their same-day loan.  

CashUSA.com has fair rates and aims to put the borrower’s interests first. The site reports monthly payments to credit bureaus to actively increase the borrower’s credit score. During the loan’s term, the borrower will see an improvement in their credit score.

  • Loan amounts: $500 to $10,000;
  • APR: 5.99% to 35.99%;
  • Loan terms: 90 days to 72 months.

Learn more about CashUSA today.

BadCreditLoans.com

BadCreditLoans.com is another online lending portal that offers various same-day loans available specifically to those with poor credit. BadCreditLoans.com deals with small loans ranging from personal loans, mortgages, auto loans, and debt consolidation loans.  

With BadCreditLoans.com, the maximum loan is $5,000 with a loan term length of three years. Borrowers can choose the type and length of their loan, which also affects their APR.

  • Loan amounts: $500 to $10,000;
  • APR: 5.99% to 35.99%;
  • Loan terms: 90 days to 72 months.

Learn more about BadCreditLoans today.

Payoff

Payoff has a lower APR range but has a higher minimum credit score; however, it’s an affordable option if you can qualify for Payoff. Payoff’s minimum credit score is 640 and offers loans between $5,000 and $40,000.

Payoff conducts a soft credit check before connecting you with lenders that are likely to approve your loan request. After choosing your lender, Payoff will fund your account within one week. Payoff also has no late fees and no prepayment fees.

  • Loan amounts: $5,000 to $40,000;
  • APR: 5.99% to 24.99%;
  • Loan terms: Two to five years.

Learn more about Payoff today.

Prosper

Prosper has a wide loan range for those with a minimum credit score of 640. They also offer flexibility to the borrower by allowing the borrower to change their payment date. Borrowers can lower their APR by applying for a joint loan.

Prosper is a good option for those with Fair credit scores willing to agree to a soft credit check. The site also reports monthly payments to the three credit bureaus to help the borrower improve their credit score.

  • Loan amounts: $2,000 to $40,000;
  • APR: 7.95% to 35.99%;
  • Loan terms: Three to five years.

OppLoans

OppLoans is a last-resort option for those who need same-day payments as quickly as possible. They offer small loans with short payback periods. OppLoans works with all borrowers, regardless of credit score.  

OppLoans has high APRs on their loans, which can be difficult for some borrowers to pay back. Their average APR is between 59% and 99%, though their rates can increase to 160%. When signing a loan with OppLoans, make sure you’ve exhausted other options first.

  • Loan amounts:  $500 to $4,000;
  • APR: 59% to 160%;
  • Loan terms: Up to two years.

Learn more about OppLoans today.

OneMain Financial

OneMain Financial is a great option for those with low credit scores because they don’t have a minimum credit score requirement. They also offer a wide loan range, with loans ranging from $1,500 to $20,000.  

OneMain Financial will fund the borrower’s account within the same business day and offers a variety of loan types, from personal loans to student loans. They have higher-than-average APRs but also offer financial education to their borrowers.

  • Loan amounts: $1,500 to $20,000;
  • APR: 18% to 35.99%;
  • Loan terms: Two to five years.

Avant

Avant is a trusted lending service that connects borrowers with lenders. They have a wide range of loan options and amounts. Borrowers will receive their deposits within one day of choosing their lender.  

Avant is a flexible service that allows the borrower to have full control of their loan. Throughout the loan’s payback period, borrowers can change their payment due date as many times as needed.

  • Loan amounts: $2,000 to $35,000;
  • APR: 9.95% to 35.99%;
  • Loan terms: Two to five years.

Upstart

Upstart works with borrowers whose credit scores are higher than 600. They have the widest loan range, offering loans from $1,000 to $50,000 and offer an equally wide range with their loan term.

Upstart is a good option for those with new credit or those looking to rebuild their credit. They emphasize improving their borrowers’ credit to ensure that the borrower can qualify for better rates next time they apply for a loan.  

  • Loan amounts: $1,000 to $50,000;
  • APR: 7.86% to 35.99%;
  • Loan terms: Three to five years.

PersonalLoans.com 

PersonalLoans.com is an online lending portal that connects borrowers with minimum credit scores of 600 to lenders willing to work with them.

Although a person with any credit score can apply to loans through PersonalLoans.com, the site recommends that borrowers have credit scores of at least 600 to be approved for the best rates.

Within moments of applying, borrowers are connected with lenders who will approve their offer. From there, borrowers simply need to choose the lender that offers the best rates and then wait for the money to be deposited in their account.

  • Loan amounts: $500 to $35,000;
  • APR: 5.99% to 35.99%;
  • Loan terms: 90 days to 72 months.

Learn more about PersonalLoans today.

What Are Same Day Loans for Borrowers With Bad Credit?

A same-day loan for bad credit is a last-minute loan someone may need for any number of reasons. The loan could be used to pay rent, student fees, fund a personal vacation, or any other number of last-minute items.

Same-day loans for borrowers with bad credit are risky for lenders and often have higher APRs than traditional loans. Borrowers with bad credit should expect APRs as high as 35% when signing for a last-minute loan.

How Do I Get Same-Day Loans With Bad Credit?

Borrowers can get a same-day loan quickly by going through online lenders. Online lenders offer the same security and safety that a borrower would receive by calling their local bank. Here are your steps to getting a same-day loan with bad credit:  

  1. Find an online portal that fits your needs. Different sites will offer different perks, so it’s important to consider all of your options.
  2. Fill out the application. The application will need information such as your address, Social Security number, driver’s license, and income.
  3. Connect with a lender. Within seconds of sending in your application, you will be connected to a lender who is likely to approve your loan.
  4. Read the fine print on the application to make sure you’re getting the best deal. If it’s a variable loan, make sure the APR range is under 36%.
  5. Receive your money in your bank account by the end of the day.

Borrowers with low credit scores won’t be able to access the same low rates as a borrower with a high credit score. To access better rates, actively work on improving your credit score.

Many lenders offer options that help improve your score, such as a secured loan. If possible, consider taking out a secured loan and using a service that reports to credit bureaus so that next time you need a loan, you can get the best rates.

How to Find the Best Provider of Same-Day Loans for Borrowers With Bad Credit

Same-day loans don’t have to be complicated, and borrowers don’t have to pay incredibly high fees as long as borrowers know to look in the right place. Here are three things to look for in a same-day loan provider.

Low APR

Desperate borrowers may turn to lenders who demand exorbitant fees in exchange for a same-day loan. These offers can reach as high as 400%. If a borrower agrees to a $3,000 loan with an APR of 400%, the borrower will end up paying $12,000 by the end of the loan’s turn.

Borrowers should avoid agreeing to loans with APRs higher than 36%. Luckily, our list of the best same-day lenders includes a variety of options with APRs lower than 36%.  

Accepts Borrowers With Bad Credit

If you’re applying for low APR loans, but the minimum credit score is higher than your credit score, you’re likely to be rejected. Before applying for a loan, check to make sure the loans are targeted towards those with low credit scores.  

By avoiding sites that market towards high credit scores, you’ll steer around hard credit inquiries and find loans specifically tailored for your needs.

Flexible Payment Schedule

Look for a provider that allows the borrowers to stay in charge of the loan. Some providers penalize the buyer with late fees and other consequences when they’re unable to pay on time, often dropping their credit score even further.  

When deciding which provider works best for you, look for providers that offer a flexible payment schedule. These providers let the borrower choose when payments are due and allow them to charge the payment dates multiple times throughout the loan term.


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