If you need extra money for a financial emergency, same-day loans are a quick option. A same-day loan is a short-term loan that you can access the same day you apply for it through a loan provider. People use this type of loan for many types of expenses such as:
- Debt consolidation;
- Home remodeling;
- Moving costs;
- Medical expenses;
- Appliance purchases;
- Wedding expenses;
- Car expenses;
- Utility expenses.
Many lenders offer online applications for convenience and fast approval; most of them will deposit funds into your bank account the same day or the following day. We’ve compiled a list of the best online lenders that provide same-day loans so you can compare rates, terms, and other loan features.
Table of Contents
Our Picks for Best Same-Day Loans
Best Online Personal Loan: CashUSA.com
Best Bank to Get a Same-Day Loan: OneMain Financial
Best Loan for Bad Credit: BadCreditLoans
Best Loans to Pay Off Credit Cards: Payoff
Best Unsecured Loans: Avant
Best Loan Service Website: PersonalLoans.com
Best Online Personal Loan: CashUSA.com
- APR: 5.99% to 35.99%;
- Loan amount: $500 to $10,000;
- Minimum credit score: None;
- Loan term: Three to 72 months;
- Approval and funding time: One business day.
Why We Like It
CashUSA.com claims it is one of the nation’s most trusted resources for cash loans. They provide a fast and convenient loan approval process and work with state and Tribal lenders.
If you decide to use a Tribal lender, know that their fees and rates may be higher than state-licensed lenders and are subject to federal and tribal laws, not state laws. To apply for a personal loan, you must:
- Be at least 18 years of age;
- Be a U.S. citizen or permanent resident;
- Earn at least $1,000 per month after taxes;
- Have a checking account in your name;
- Have a valid email address and valid phone number.
All credit types are accepted, and people typically receive a loan decision in minutes. You can also take advantage of CashUSA’s educational resources about personal loans.
Best Bank to Get a Same-Day Loan: OneMain Financial
- APR: 18% to 35.99%;
- Loan amount: $1,500 to $20,000;
- Minimum credit score: None;
- Loan term: 24 to 60 months;
- Approval and funding time: One to two business days.
Why We Like It
OneMain Financial gives people the option to receive their funds in person at one of their 1,500 branches in 44 states. This way, you can receive your funds quicker than if you were to direct deposit them. Additionally, you can choose your payment date to easily match your budget. Benefits to using OneMain Financial include:
- No minimum credit score;
- Soft credit inquiries;
- Rewards program;
- Considers income, expenses, and loan purpose when reviewing clients.
However, their interest rates are typically higher because they lend to people with low credit scores. It’s also important to note that OneMain charges an origination fee, a late fee, and an insufficient funds fee.
Best Loan for Bad Credit: BadCreditLoans
- APR: 5.99% to 35.99%;
- Loan amount: $500 to $5,000;
- Minimum credit score: None;
- Loan term: Three to 60 months;
- Approval and funding time: One to two business days.
Why We Like It
BadCreditLoans is specifically targeted toward borrowers with bad credit. Their requirements are simple:
- You must be at least 18 years of age;
- You must have an active checking account;
- You must have a regular income;
- Provide proof of citizenship, such as a Social Security number, or legal residency;
- Provide work and home telephone numbers;
- Provide a valid email address.
Some benefits of BadCreditLoans are that it is free to use and you don’t need collateral to take out a loan. Additionally, the website offers resources including how to spot scams, tips to take out a loan, and how to budget to pay off your loan.
Best Loans to Pay Off Credit Cards: Payoff
- APR: 5.99% to 24.99%;
- Loan amount: $5,000 to $40,000;
- Minimum credit score: 640;
- Loan term: 24 to 60 months;
- Approval and funding time: Up to five business days.
Why We Like It
Payoff is a financial company that focuses on eliminating your credit card debt. They apply science, psychology, and technology to help people develop smart financial habits.
Payoff also provides each member with Member Advocates who work one-on-one with you to support your finance journey. Requirements for a Payoff loan include:
- A minimum credit score of 640;
- Zero current delinquencies;
- A low debt-to-income ratio;
- A healthy credit history;
- Open and satisfactory trades;
- A low credit utilization ratio.
Lastly, Payoff requires no application fees or commitments, and they make soft credit inquiries so it won’t impact your score. You can also use their app to conveniently check your loan progress.
Best Unsecured Loan: Avant
- APR: 9.95% to 35.99%;
- Loan amount: $2,000 to $35,000;
- Minimum credit score: 550;
- Loan term: 24 to 60 months;
- Approval and funding time: Two to three business days.
Why We Like It
Avant boasts that it is one of the nation’s leaders in fast funding. They pride themselves on using customer analytics to improve their products and prioritize changes. Some benefits to using Avant include:
- Funds are secured the next business day;
- You can change your payment date;
- They use a soft credit check for pre-approval.
Additionally, Avant only requires a minimum credit score of 550. However, you may want to note that there are additional fees such as:
- Administrative fee;
- Late fee;
- Unsuccessful payment fee.
However, Avant offers fixed payments on their secured loans, which can help people budget for the life of their loan.
Best Loan Service Website: PersonalLoans.com
- APR: 5.99% to 35.99%;
- Loan amount: $500 to $35,000;
- Minimum credit score: 580;
- Loan term: Three to 72 months;
- Approval and funding time: One to five business days.
Why We Like It
PersonalLoans.com is an online service that connects you to a same-day loan lender. You can apply for three types of loans including:
- Peer-to-peer loans;
- Personal installment loans;
- Bank personal loans.
They also provide tips and tools to spot scams, practice responsible lending, and what to look for when searching for a loan. The minimum required credit score depends on the type of loan you get. For instance, a personal installment loan through Avant requires a credit score of 580 or above, while a peer-to-peer loan requires a credit score of at least 600.
How to Get a Same-Day Loan
Applying for a same-day loan is a similar process among multiple lenders. Generally, you will need:
- A bank account;
- Your Social Security number;
- Proof of income;
- State-issued identification.
Additionally, you will need to be at least 18 years of age. After collecting the necessary paperwork, you can begin looking for a lender. When choosing a lender, consider the following:
- What is the annual percentage rate (APR) of the loan?
- How long does the loan last?
- How will the loan affect my credit score?
- How fast can I get the funds?
- Are there any additional fees?
By considering these questions, you can better determine which lender is right for you. Then, submit your application online and check your email for approval. You will likely need to sign more paperwork before you obtain the funds. If you are approved, the funds should be deposited into your bank account the same day or the following day.
How to Avoid Same-Day Loan Scams
Same-day loans can be highly vulnerable to scams because they often target desperate people. Additionally, people expect same-day loans to have high interest rates, which scammers use to their advantage so they can raise the rates even more.
It’s important to understand what these scams look like and avoid them because they can put you deeper into debt. You can judge if a same-day loan is a scam or not by watching out for these tricks:
- The lender is overly pushy before signing the loan;
- The lender becomes abusive or aggressive;
- There are new fees introduced after the loan is signed or has been paid;
- The loan terms are adjusted after the loan is signed.
Nefarious same-day lenders may also harass their borrowers or threaten them if they cannot pay back the loan on time. This could include impersonating collections agencies to scare people into paying. If you think you’ve been scammed, you should contact the Consumer Financial Protection Bureau. They help regulate financial products and enforce financial laws.
Same-Day Loan Alternatives
While same-day loans can be helpful at the moment, they can also cause more debt if you are unable to pay the loan back in the required timeframe. Luckily, there are some alternatives you can utilize if you are wary of same day loans:
- Lines of credit: You can borrow funds up to a specified limit during a certain period of time, and you only pay interest on the amount you draw.
- Credit cards: Many cards offer lower APRs than same-day loans, which can help you in the long run. However, using credit cards to pay down debt is not ideal, and you should avoid maxing out your credit card account.
- Arranged overdraft: Borrowing through an overdraft facility allows you to access cash the same day. Your bank might be able to set up access to an arranged overdraft on your current account, and you must pay it back within a certain timeframe.
- Payday alternative loan(PAL): A PAL is offered by credit unions, which have lower fees and restrictions on how much a borrower can take out.
- Home equity line of credit (HELOC): If you’re a homeowner, a HELOC gives you access to funds based on the value of your house.
- Borrow from friends and family: Your peers may be able to loan you some money if you have a good relationship with them. However, you should ensure that you can pay them back so as not to strain the relationship.
- Sell your stuff: If you have old or unused items around your house, you could sell them to make more money. There are many online sites where you can sell multiple household items like:
- Jewelry;
- Clothing;
- Electronics.
- Get a side gig: Side gigs allow people to make extra money while still working a full-time job. Determining the best side hustle to make extra money will depend on your skills and needs.
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