Adam McCann
, WalletHub Financial Writer
Apr 9, 2024
Same-day loans are available from certain online lenders and even some banks and credit unions. Few major personal loan providers offer same-day approval and funding, as most take at least 2 business days, but there are some worthwhile exceptions. The best same-day personal loans offer low APRs and fees, in addition to nearly instant access to money.
5 Best Same-Day Loans of May 2024
Winner:LightStream- Credit Union:Alliant Credit Union
- Fair Credit:Rocket Loans
- Bank:Citibank
- Short-Term Loans:Oportun
Instant approval and same-day funding are not guaranteed with any reputable lenders, but the companies listed above give you the best shot. Other instant loan options exist, too, but most are not worth applying for. In particular, it’s important to stay away from payday loans and auto title loans, which can provide same-day cash but are known for predatory costs.
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Table of Contents
Best Same-Day LoansBest Loans for Instant Approval and Quick FundingWhere to Get a Same-Day LoanHow to Get a Same-Day LoanDrawbacks of Same-Day/Instant LoansSame-Day Loan Providers You Should AvoidAsk The Experts
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Best Same-Day Loans
BEST SAME-DAY LOANS OVERALL
LightStream
Rating, 3 out of 5 49 Reviews (49)
Editor’s Thoughts
The best same-day loans are offered by LightStream because of its combination of low APRs, 0% origination fee, large loan sizes and long payoff periods. It’s the perfect package, if you have the 660 credit score needed to qualify.
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: 7.49% - 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
BEST CREDIT UNION FOR SAME-DAY LOANS
Alliant Credit Union
Rating, 2.5 out of 5 263 Reviews (263)
Editor’s Thoughts
Alliant Credit Union is the best credit union for same-day loans because it has low APRs and offers up to $50,000 in funding. In addition, anyone can join Alliant Credit Union for free by becoming a member of Foster Care to Success (Alliant CU will pay the $5 membership fee for you).
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
BEST SAME-DAY LOANS FOR FAIR CREDIT
Rocket Loans
Rating, 4 out of 5 146 Reviews (146)
Editor’s Thoughts
Rocket Loans offers the best same-day loans for fair credit. It requires a credit score of at least 640 for approval, which is right at the start of the fair credit range, and offers quite a bit of funding. You can borrow $2,000 - $45,000 for 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: 9.12% - 29.99%
- Minimum credit score: 640, according to multiple third-party sources
- Loan sizes: $2,000 - $45,000
- Origination fee: Up to 9%
- Payoff period: 36 or 60 months
BEST BANK FOR SAME-DAY LOANS
Citibank
Rating, 3.5 out of 5 32,265 Reviews (32,265)
Editor’s Thoughts
Citibank offers the best same-day loans from a bank because it has large loan amounts, low APRs and minimal fees. Additionally, the bank offers repayment periods of 12, 24, 36, 48 or 60 months and has a credit score requirement of 680, according to multiple third-party sources.
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:11.49% - 19.49%
- 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
BEST SAME-DAY LOANS WITH SHORT REPAYMENT PERIODS
Oportun
Rating, 4 out of 5 395 Reviews (395)
Editor’s Thoughts
Oportun offers the best same-day loans with short repayment periods because applicants have the option to repay their loan in as little as 6 months. Oportun also offers loans of up to $18,500 and does not have a 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 - $18,500
- Origination fee:Depends on the customer
- Payoff period:24 - 48 months
Best Loans for Instant Approval and Quick Funding
BEST LOANS WITH QUICK FUNDING FOR BAD CREDIT
Avant
Rating, 4 out of 5 4,031 Reviews (4,031)
Editor’s Thoughts
Avant offers the best loans with quick funding for people with bad credit because it reportedly only requires a credit score of 580 for approval. In addition, Avant offers decent interest rates and up to $35,000 in funding.
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 9.99%
- Payoff period: 12 - 60 months
BEST LARGE LOANS WITH QUICK FUNDING
Wells Fargo
Rating, 3.5 out of 5 12,503 Reviews (12,503)
Editor’s Thoughts
Wells Fargo offers the best large loans with quick funding because its loans range from $3,000 - $100,000. In addition, Wells Fargo does not charge an origination fee and allows 12 - 84 months for loan payoff.
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% - 23.24%
- Minimum credit score:660, according to multiple third-party sources
- Loan sizes:$3,000 - $100,000
- Origination fee:0%
- Payoff period:12 - 84 months
BEST LOANS FOR QUICK FUNDING WITH NO SSN
Upgrade
Rating, 3.5 out of 5 942 Reviews (942)
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Editor’s Thoughts
Upgrade offers the best loans with quick funding for people with no SSN because it allows people to apply with a passport instead. U.S. citizens, permanent residents, or people with immigration visas can apply. Upgrade also has a relatively low credit score requirement compared to most lenders.
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
BEST LOANS FOR QUICK FUNDING WITH NO CREDIT CHECK
OppFi
Rating, 5 out of 5 10,443 Reviews (10,443)
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Editor’s Thoughts
OppLoans is unusual among personal loan providers in that it does not require a credit check during the application process, which means it’s relatively easy to get approved even with bad credit. The tradeoff is that while you can get quick funding with no credit check, the loans are very expensive.
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:160% - 179%
- Minimum credit score:No credit check required
- Loan sizes:$500 - $4,000
- Origination fee:0%
- Payoff period:6 - 36 months
Where to Get a Same-Day Loan
Personal loan provider
A personal loan is the best type of same-day loan because the APRs are reasonable (6% to 36%) and borrowers typically don’t need collateral to secure the loan. In order to get same-day approval and funding, you’ll likely need to apply online with the right lender. But plenty of other personal loans offer relatively quick financing (less than one week). So if it’s possible to delay your loan by a few days, your choices will open up a lot more.
Credit card company
You can take out a cash loan from your credit card’s credit line by getting a cash advance. This allows you to get money from an ATM or bank teller on demand. It’s useful in situations where you can’t swipe your credit card. However, cash advances are always extremely expensive. They come with a fee of 2% to 5% of the amount you borrow. In addition, cash advances have no grace period, so interest starts to build up the moment you take them out. The average cash advance APR is above 21%.
Of course, if you don’t need to pay your expense in cash, you can always use your credit card to make a normal purchase. That could allow you to take advantage of your card’s grace period.
Friends and family
If you need to get cash immediately, one of your best options is to ask someone you know to let you borrow it. That way, you won’t have to go through any kind of complex approval process. You can just draw up a simple contract and they can hand you cash that same day. Plus, depending on the person, you might be able to score low APRs and get a long time to pay the loan off.
HELOC provider
A home equity line of credit (HELOC) isn’t a loan exactly, but it can give you access to funds on demand whenever you need to borrow money. A HELOC lets you borrow up to a certain limit at any time, either indefinitely or for a set draw period. You can also borrow multiple times during the HELOC’s draw period – unlike with a loan, which is a one-time lump sum.
A HELOC is secured by your house, and the amount you can borrow is a portion of your home’s value minus the amount left to pay on the mortgage. It usually takes several weeks to qualify for a HELOC, but if you already have one open, you can draw from it whenever you want to get a same-day loan.
How to Get a Same-Day Loan
Find a lender
You’ll need to apply somewhere that offers the chance of same-day funding. LightStream and Alliant CU are good places to start.
Submit your application online
This is the fastest way to get your application processed.
Check your email for an approval message
Once you get a decision, you’ll likely need to sign additional paperwork before receiving your money. Do that as quickly as possible after approval.
Watch your bank account
If all goes smoothly, you’ll get a bank deposit that same day, and then you can make a withdrawal from that bank account at an ATM. Or, some lenders might be able to just give you cash if you apply in person.
Drawbacks of Same-Day / Instant Loans
Instant loans may seem convenient, but they come with a whole host of concerns, with the most important being high rates. Unless you have excellent credit and can qualify for a good rate from one of the few personal loan providers with the possibility of instant approval and funding, you may be forced to borrow from an expensive lender.
Looking only for instant loans also drastically limits your selection of lenders, and most of the available loans will only offer a few hundred to a few thousand dollars. The payoff periods will typically be short, too, ranging from a few weeks to a few months.
Same-Day Loan Providers You Should Avoid
Payday lenders
Most places advertising “instant” loans are payday lenders, which lend small amounts of money against your next paycheck. It’s true that these lenders are often the quickest way to get cash when you’re in a pinch. But borrowing from them is absolutely not worth it. You’ll have just 2 - 4 weeks to pay back the loan (when your next paycheck comes in). And the fees you’ll have to pay are unreasonable – often equal to an APR of 400% or more.
Pawn shops
A pawn shop is a place that will temporarily purchase your valuable items for part of their value in cash, usually 20% to 60%. You’ll be able to go into the store and leave with cash the same day. Then, you’ll have a certain amount of time to repay the money you were given, along with 2% to 25% interest per month. If you pay the shop back, you can reclaim the item you “pawned.” If you don’t, the shop takes ownership of the item and can sell it to get their money back.
Auto title lenders
You can get a same-day loan by using the document that grants ownership of your car as collateral. Auto title lenders will offer you 25% to 50% of your car’s value for up to a month. However, if you default on the loan, you can lose your vehicle. The good news is that auto title lenders will often let you roll over a loan into a new month in exchange for additional fees. But these loans are far too expensive to pursue, and can end up costing you up to 25% of the amount you borrow.
Ask the Experts
To help people learn more about Best Same-Day Loans, WalletHub's editors posed the following questions to a panel of experts. You can meet our panelists and read their responses below.
1. What advice do you have for people looking for a same-day loan?
2. What do you think are the biggest mistakes people make when they need to borrow money quickly?
Ask the Experts
Les R. Dlabay
Professor Emeritus of Economics and Business – Lake Forest College
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Todd J. Altomare
MBA, CFP® – Instructor, Management & Entrepreneurship – W. P. Carey School of Business, Arizona State University
Read More
James DiLellio
Ph.D., MBA – Professor of Decision Sciences – Pepperdine Graziadio Business School
Read More
James R. Lytle
MBA, MS, AFC©, Lecturer of Finance, College of Business –Texas Woman’s University
Read More
Ben Sopranzetti
Ph.D., RBS Dean's Professor of Business – Vice Chair, Department of Finance and Economics – Rutgers Business School
Read More
Wilkie Wong
Lecturer, Finance Department – Lam Family College of Business, San Francisco State University
Read More
More Experts
Best Same-Day Loans FAQ(42 questions)
Editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. Please keep in mind that it is not a financial institution’s responsibility to ensure all posts and questions are answered.
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16
Upvotes
How can I borrow money fast?
Reply
16
Gino Rodriguez, Writer
@gino_rodriguez
If you need to borrow money fast, you can take out a personal loan, charge your expenses to a credit card, or borrow from a friend or family member. You can also borrow money from a loan app, pawn shop, or payday lender, but keep in mind that these options can be quite expensive.
9 Ways to Borrow Money Fast
- Personal Loan From an Online Lender
- Credit Card Purchase
- Home Equity Line of Credit (HELOC)
- Cash Advance
- Loan From a Friend or Family Member
- Retirement Account
- Loan App
- Pawn Shop Loan
- Payday Loan
Personal Loan From an Online Lender: Funding as soon as the same day
Online lenders have a fully online application and funding process. Many lenders will give an approval decision in just seconds, and some lenders may provide funding as soon as the same day you get approved. Online lenders also tend to have more lenient credit requirements than traditional banks and credit unions.
Credit Card Purchase: Instant funding
For immediate needs, a credit card might be the best choice. If you have a credit card account open already, you can make purchases with it instantly, as long as the charges are less than or equal to your available credit. The best credit cards for financing purchases are ones with introductory0% APRs, but if you don't have a credit card yet, it could take a few weeks to get approved and receive one in the mail.
Home Equity Line of Credit (HELOC): Funding as soon as the same day
If you don't already have a HELOC, you can drop this option from consideration, as HELOCs take multiple weeks for approval and funding. But if you have one open, you'll be able to borrow up to your credit limit whenever you want.
Cash Advance: Instant funding
You may be able use a credit card to withdraw money from an ATM, although the amount is usually capped at a percentage of your credit limit. While cash advances can get you instant money, they charge fees of 3% to 5% of the amount borrowed, and interest starts accruing right away at a high rate.
Loan From a Friend or Family Member: Funding as soon as the same day
You can get money from someone else relatively quickly since they won't make you fill out an application. The terms for the loan can also be as strict or as lenient as the lender wants. But before you get the money, it's important to write up an agreement and sign it so there's no conflict over expectations for repayment.
Retirement Account: Funding as soon as the same day
You can take money out of your retirement account. But unless you repay that money within 5 years (or earlier if you lose your job), you'll owe a 10% withdrawal penalty as well as income tax on the money. These loans do charge interest, but it goes back into your retirement account. The point of it is to make up for money you lost while your funds weren't invested.
Loan App: Funding as soon as the same day
If you have a minor financial need, cash advance apps can offer small advances on your paycheck, often with instant availability. Many cash advance apps don't charge interest but may have a subscription fee, an instant transfer fee or an option for tipping. For example, Earnin, which offers advances up to $750, suggests a tip of up to $14 for each advance and charges a fee if you want the money instantly.
Pawn Shop Loan: Instant funding
A pawnshop loan involves using an item as collateral. When you bring the item to the pawnshop, they assess its value and offer you a certain amount of cash. Pawn shops can be a quick way to borrow money, but keep in mind that they typically charge extremely high interest rates of around 200%. Also, the pawnshop can sell your item if you don't pay on time.
Payday Loan: Instant funding
Payday loans are short-term, high-interest loans that you typically have to pay back by your next payday. Borrowing amounts usually range from $100 to $1,000, and payday lenders often charge fees and interest that amount to an APR of around 400%. A payday loan should be your last resort because it could land you in a cycle of debt that's hard to get out of.
Ways to Borrow Money Fast Comparison
Borrowing Method | Fastest Possible Funding | Typical APRs | Other Considerations |
Personal loan | Same day (usually a few business days) | 4% - 36% | May charge origination fee of 1% - 8% |
HELOC | Same day (if open already) | 2% - 7% | Secured by your house |
Credit card purchase | Instant | 22.89% on average | Not accepted everywhere |
Credit card cash advance | Instant | 24.89% on average | Requires PIN; high fees & APRs; no grace period |
Loan from friend/family | Same day | N/A | Risk ruining relationship if you can't repay |
Retirement account | Same day | Prime rate +1% | Owe 10% early withdrawal penalty and income tax if not repaid in 5 years |
Loan app | Same day | None | Fees may be expensive since most apps don't charge interest |
Pawn shop loan | Instant | 200% | Pawn shop can keep your item to resell if the loan isn't paid back |
Payday loan | Instant | 400% | Payday lenders are often regarded as predatory due to their high costs |
There are several ways to borrow money fast, but you should take your time to shop around and compare options. For example, payday loans and pawn shop loans can offer instant cash, but they come with extremely high fees that could end up doing more harm than good.
26
Upvotes
How can I get an instant loan in 5 minutes?
Reply
26
Grace Enfield, Content Writer
@grace_enfield
You can get an instant loan in 5 minutes if you borrow from a friend or family member since they can give you cash or use an electronic transfer service to send you money immediately. No reputable companies will send funds to you within minutes or even 1 hour after you apply. Personal loans are typically funded within 7 business days, and other options – like paycheck advance services – usually take a few business days.
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32
Upvotes
What are the easiest loans to get approved for?
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32
1
Gino Rodriguez, Writer
@gino_rodriguez
The easiest loans to get approved are loans that don't require a credit check such as payday loans, pawnshop loans, car title loans, and personal loans with no credit check. These types of loans offer quick funding and have minimal requirements, so they're easy to get even for people with bad credit.
Below, you can compare some of the easiest personal loans to get approved for right now.
Easy Personal Loans to Get Approved For
- Best...
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28
Upvotes
What are the best places to get a personal loan?
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Adam McCann, Financial Writer
@adam_mcan
The best places to get a personal loan are banks, credit unions and online lenders. The best place for you to get your personal loan is whichever lender will approve you for the best package of key terms: loan amount, interest rate, repayment period and fees. You can get a sense of which lender that will be by comparing personal loan offers and checking for pre-qualification, both of which are free and will not affect your credit.
Best Places to Get a Personal Loan in 2024
| Lender | Pros | Cons |
|---|---|---|
| Bank | Big loans, in-person applications, and likely to have no origination fee | High credit score requirements |
| Credit union | Low maximum APRs, in-person applications, and many work with bad credit | Membership required and most credit unions are regional |
| Online lender | Fastest approval and funding timelines with plenty ofoptions for bad credit | High maximum APRs and many have origination fees |
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26
Upvotes
No Credit Check Loans Guide
26
Adam McCann, Financial Writer
@adam_mcan
What Is a No Credit Check Loan?
A no credit check loan is a type of loan that does not require ahard inquiryinto your credit report during the application process. That means the specifics of your credit history do not factor into approval for the loan. Loans with no credit check do not guarantee approval, though. Whether or not you qualify depends on other things, like income or collateral to secure the loan, instead.
No credit check loans are an expensive option for borrowing money, so you should avoid them when possible. Even the “best” no credit check loans tend to charge high interest rates and fees. Some lenders may also require you to put up something of value, such as your next paycheck or your car's title, in order to get a loan.
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26
Upvotes
How to Get a Loan With No Credit
26
Grace Enfield, Content Writer
@grace_enfield
To get a loan with no credit, start by comparing loan offers to identify the least expensive option that will accept applicants with limited or no credit history. Then, apply for the loan online, by phone or in person, depending on the lender. Your options toget a loan with no creditincludecredit-builder loans, personal loans and more.
1. Choose the Right Type of Loan for Your Needs
People with no credit may be able to get unsecured personal loans, secured personal loans and credit-builder loans, among other types of loans. Each type has different approval requirements, APRs, loan amounts and repayment periods. Keep in mind that if you're approved for one type of borrowing method, you may not get approved for a different type.
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27
Upvotes
Emergency Loans Guide
27
Adam McCann, Financial Writer
@adam_mcan
What is an Emergency Loan?
An emergency loan is any loan that a borrower can get on short notice in order to pay for unexpected expenses such as hospital bills, auto repairs, fixing storm damage on a house or burying a loved one. There are a number of different types of loans that can serve as emergency loans, the best of which is a personal loan.
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28
Upvotes
Types of Personal Loans
28
Adam McCann, Financial Writer
@adam_mcan
There are two main types of personal loans: unsecured personal loans and secured personal loans. Unsecured personal loans do not require collateral, which makes them riskier for lenders, while secured personal loans do require collateral, which makes them easier to get.
Personal loans can also have two types of interest rates, fixed (which can never change) and variable (which change over time). Both unsecured and secured personal loans can have fixed or variable APRs. So that makes four major combinations in all.
Types of Personal Loans
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26
Upvotes
What is the smallest personal loan you can get?
Reply
26
Grace Enfield, Content Writer
@grace_enfield
The smallest personal loan you can get is $250 from Navy Federal Credit Union. The company has an APR range of 8.99% - 18%, repayment periods of Up to 60 months (up to 180 for home improvement) and an origination fee of 0%. You do have to be part of the military community to qualify, though.
The minimum loan amount available from most other major loan providers ranges from $300 to $3,500. You might be able to find loan offers for $250 or less from some smaller companies,...
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26
Upvotes
What is the easiest online loan to get?
Reply
26
Grace Enfield, Content Writer
@grace_enfield
The easiest online loan to get is a personal loan with no credit check because the lender doesn't perform a hard inquiry into your credit history. The best no credit check loans are from 60MonthLoans since the company has loan amounts of $2,600 - $10,000, APRs of 19.09% - 35.83% and payoff periods of 24-60 months.
Easiest Online Loans to Get
- Oportun: Loans of $300 - $18,500
- 60MonthLoans:Loans of $2,600 - $10,000
- NetCredit:Loans of $1,000 - $10,000
- OppLoans by OppFi:Loans of $500 - $4,000
- RISE: Loans...
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