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You’ve probably seen ads about getting cash soon. But before you dial one of those sketchy 800 numbers or approach a high-interest lender, it’s important to carefully decide if same-day loans are right for you.
While it might be easy to get approved for a same-day loan through a payday lender or pawn shop, it probably won’t be simple to pay off. However, there are other, better options available if you need a quick loan.
Here’s what you need to know about same-day loans:
- 9 personal lenders for quick loans
- How to apply for a same-day loan
- Same-day loan frequently asked questions
9 personal lenders for quick loans
Instead of going to a predatory payday lender or dropping off your grandma’s ring at a pawn shop, you might be able to quickly access cash by taking out a personal loan.
The lenders in the table below are Credible’s partners that offer fast loans. You can compare your rates from each of them in two minutes.
Plus, depending on the lender and whether you’re approved, the time to fund for a loan from one of these lenders could be as little as one business day after you’ve accepted and signed your final loan agreement.
| Lender | Fixed rates | Loan amounts | Min. credit score | Time to fund |
|---|---|---|---|---|
 View details | 9.95% - 35.99% APR | $2,000 to $35,000** | 550 | As soon as the next business day (if approved by 4:30 p.m. CT on a weekday) |
*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state. **Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33. |
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 View details | 6.49% - 29.99% APR | $5,000 to $35,000 | 740 | Next business day |
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 View details | 5.99% - 29.99% APR | $5,000 to $35,000 | 600 | As soon as 1 - 3 business days after successful verification |
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 View details | 6.99% - 24.99% APR | $2,500 to $35,000 | 660 | Funds can be sent as soon as the next business day after acceptance |
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 View details | 15.49% - 35.99% APR | $2,000 to $25,000 | 580 | As soon as the next business day |
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 View details | 3.99% - 19.99% APR | $5,000 to $100,000 | 660 | As soon as the same business day |
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 View details | 18.00% - 35.99% APR | $1,500 to $20,000 | None | As soon as the same day, but usually requires a visit to a branch office |
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 View details | 10.97% - 35.93% APR7 | $1,000 to $20,000 | 580 | Within one day, once approved9 |
7Personal loans made through Universal Credit feature APRs of 10.97%-35.93%. All personal loans have a 4.25% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Information on Universal Credit’s lending partners can be found at https://www.universal-.credit.com/landing/lendingpartners 8Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. You may be required to have some of your funds sent directly to pay off your credit cards. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from your bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. Personal loans made by Universal Credit's lending partners. Information on Universal Credit's lending partners can be found at https://www.universal-credit.com/landing/lendingpartners. Please refer to Universal Credit's Terms of Use and Borrower Agreement for all terms, conditions and requirements. 9Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds sent directly to you should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to two (2) weeks to clear, depending on the creditor. |
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 View details | 5.94% - 35.97% APR | $1,000 to $50,000 | 580 | Within a day of clearing necessary verifications |
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 View details | 8.27% - 35.99% APR4 | $1,000 to $50,0005 | 580 | As soon as 1 - 3 business days6 |
4The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 25.79% and 36 monthly payments of $37 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. 5This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website. Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100. 6If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law. |
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Find Out: Emergency Loans: How to Get a Personal Loan Fast
How to apply for a same-day loan
If you decide to get a personal loan, follow these four steps to apply:
- Shop around and compare lenders: Don’t just go with the first lender you find. Be sure to consider as many lenders as possible to find the right loan for your needs. Remember to compare rates as well as any fees charged by the lender. With Credible, you can easily compare your prequalified rates from multiple lenders in two minutes after filling out a single form.
- Complete the application: If you qualify for a personal loan, you’ll need to complete a full application and submit any required documentation. Make sure to thoroughly and accurately fill out the application and turn in documents quickly to avoid any delays.
- Accept your loan: Review your loan offer in detail to make sure there are no surprises down the road. If you agree with the terms, sign to accept your loan and start the funding process.
- Get your funds: If receiving your funds by direct deposit, you’ll have to enter your bank’s routing number and your account number. This way, the lender can send the funds directly to your account.
Before you borrow, estimate how much you’ll pay for a loan using our personal loan calculator below.
Enter your loan information to calculate how much you could pay
With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan.
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Same-day loan frequently asked questions
Where can you get a same-day loan?
Several types of lenders offer same-day loans. These include payday lenders, car title lenders, and pawn shops — but keep in mind that these types of lenders often charge high rates and fees. You could also lose your car if you use it as collateral for a car title loan.
There are also reputable lenders and credit unions that offer fast loan approval with better terms. For example:
- Alliant Credit Union offers same-day funding for many applicants.
- Earnin could also be a good payday loan alternative for smaller loans of up to $100 per day interest-free.
Learn More: Where to Get a Personal Loan
What should you know before taking out a same-day loan?
Before taking out a loan, be sure to research the lender and carefully read the associated terms and conditions. If you can’t keep up with the required payments, the loan is likely not a good choice for your financial needs. Keep in mind that you can get a small loan with some lenders, which could be easier to pay off in the long run.
You’ll also typically need some documentation with your application, such as paystubs or your most recent tax return to verify your income.
Check Out: How to Get a $5,000 Personal Loan
Are same-day loans and payday loans the same?
No. You might be able to get a fast payday loan, but there are other types of same-day loans available.
If you take out a payday loan, your next paycheck will generally be used as collateral. Payday loans could be available to borrowers with poor credit, but they also come with exorbitant charges and interest rates — sometimes as high as 500%. This could be especially detrimental if you can’t afford to repay a payday loan.
As a general rule, avoid payday loans at all costs — not only because of the astronomical interest rates but also the potentially predatory nature of payday lenders.
Check Out: Cash-Advance Loan
Are same-day loans better than using a credit card?
It depends. If you only need to borrow a small amount and can afford to pay off a credit card by the due date, a credit card might be a good idea. You’ll also be able to repeatedly borrow with your credit card as long as you continue to pay it off on time. If you don’t pay off your credit card by the due date, you might be stuck with interest charges.
With a same-day loan, you’ll receive a specific amount with a fixed repayment term — you won’t have revolving credit like with a credit card. However, depending on your credit, you might be able to qualify for a lower interest rate than you’d get with a credit card.
See: Personal Loan vs. Credit Card
Can you get a same-day loan without a credit check?
Typically no. Most reputable lenders will generally want to review your credit before approving you for a loan. Your credit score will also help determine the interest rate you qualify for. If you have less-than-excellent credit, some lenders offer personal loans for fair credit as well as bad credit options.
Check Out: Short-Term Loans
Can you get a same-day loan for bad credit?
If you have poor credit, your same-day loan options might be limited. Some lenders offer same-day loan options for bad credit, but you might end up with a higher interest rate or have to pay higher fees. Be sure to consider the overall costs of taking out a personal loan before you borrow.
Learn More: Bad Credit Loans
What are some alternatives to same-day loans?
If a same-day loan doesn’t sound right for you, there are other options available. Here are a few alternatives that might be better for your needs:
- Peer-to-peer loan: This is a type of personal loan that’s funded by a group of investors. The peer-to-peer lending platform acts as a middleman and takes banks out of the equation.
- 0% APR credit card: Some credit cards offer introductory periods with 0% APR. If you pay off your balance by the end of this period, you won’t pay any interest. Keep in mind that if you can’t pay off the card in full by this time, you could be faced with hefty interest charges.
- Home equity loan: With this kind of loan, you can use the value of your home as collateral. Home equity loans generally offer lower interest rates, but if you can’t make your payments, you might risk losing your home.
- Home equity line of credit (HELOC): A HELOC is another type of home equity loan that gives you access to a revolving line of credit — similar to a credit card. You can borrow and repay the line of credit multiple times. Like a standard home equity loan, your house is used as collateral — meaning you could lose it if you stop making payments.
If you decide to take out a same-day loan, be sure to consider as many lenders as possible to find the right loan for you. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.
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About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.
