The Best Same-Day Loan Providers
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If you’re facing financial emergencies and need the best same-day loan providers, then you need a lender who not only has a quick application process but also understands and can get money to you quickly.
The best quick loan providers understand the urgency and make the process as easy and painless as possible. However, just because you need funds quickly doesn’t mean you need to pay high interest rates and fees. You want to work with reputable personal loan lenders and ensure you get the best terms for your finances while avoiding payday loan lenders and title loans when possible. With this in mind, we’ve put together our list of top picks to help you when you have to meet your financial needs fast.
In this article
Best same-day loan providers
- Best for high borrowing amounts: SoFi
- Best for competitive interest rates: LightStream
- Best for a digital experience: Discover
- Best for fair credit: Rocket Loans
- Best for bad credit: Upstart
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Best same-day loan providers summary
Same-day loan provider | Borrowing limits | Interest rates | Repayment terms | Funding times |
$5,000-$100,000 | 8.99%-29.49% | 2 to 7 years | Possible same day | |
$5,000-$100,000 | 8.99%—25.29% | 24 to 240 months | Possible same day | |
$2,500-$40,000 | 7.99%-24.99% | 36 to 84 months | Next business day | |
$2,000-$45,000 | 8.99%-29.99% | 36 or 60 months | Possible same day | |
$1,000-$50,000 | 7.8%-35.99% | 36 or 60 months | One business day |
Best for high borrowing amounts: SoFi
Pros & cons
Pros
- Instant prequalification.
- No fees.
- Competitive interest rates.
- Easy application process.
Cons
- No option of a secured loan.
- High minimum loan amount.
Loan amount: $5,000 to $100,000
APY: 8.99% - 29.49%
SoFi is well-known in the lending industry and is an online lender providing a vast array of products, from student loans to personal loans to online checking accounts and savings accounts. While SoFi doesn’t have a same-day loan program, it does advertise it’s possible to receive same-day funding once approved.
You can even see if you’re pre-approved for a personal loan from SoFi in 60 seconds via a soft credit check that won’t impact your credit score. Depending upon your credit profile, you can borrow anywhere from $5,000 to $100,000, with repayment terms ranging from two to seven years.
You enjoy a fixed interest rate, too, so once you’re locked in, you don’t have to worry about any rate surprises later down the road. As a bonus, SoFi loans don’t have any fees often associated with personal loans, such as origination fees, late fees, or prepayment penalties.
Visit SoFi
Or read Joywallet's review of SoFi.
Best for competitive interest rates: LightStream
Pros & cons
Pros
- Rate beat program.
- Quick application process.
- No fees.
- Autopay discount.
- High loan amount.
Cons
- Requires a credit score of 660 or higher.
- No co-signers allowed.
- No prequalification option.
Loan amount: $5,000 to $100,000
APY: 8.99% - 25.29%
LightStream is another online lending option that offers competitive loan rates for those with good or excellent credit (typically 660 and above). LightStream offers unsecured loans, which means you don’t have to put up any collateral, and it can be used for various purposes, from medical bills to buying a boat.
If approved, you can expect an interest rate ranging from 8.99% to 25.29% and may have access to discounts such as autopay. Not only is the online loan application process lightning fast, but if you submit your bank account information by 2:30 p.m. the day of approval, you can receive your funds the same business day.
You should note that if you’re using these loans for home improvements, it can take up to 90 days to receive funds. For payment flexibility, you can set up monthly installment payments for 24 to 240 months. Another noteworthy feature of LightStream personal loans is a lack of fees, such as origination or administrative fees.
Visit LightStream
Or read Joywallet's review of LightStream.
Best for digital experience: Discover
Pros & cons
Pros
- Quick application process.
- Flexible repayment terms.
- No prepayment fees.
Cons
- Late fees.
- No secured loan option.
- No co-signers allowed.
Loan amount: $2,500 to $40,000
APY: 7.99%-24.99%
You know Discover as a credit card giant, but it also offers personal loans you can use for many purposes, such as weddings, medical expenses, debt consolidation, and more. Discover loans offer loans from $2,500 to $40,000, with competitive interest rates ranging from 7.99% to24.99%.
While Discover doesn’t typically offer same-day funding, it’s worth mentioning on this list because you can receive funding the next business day and start and finish the entire process either online or through the super-easy mobile app.
If you love convenience, you’ll appreciate how Discover accepts your monthly payments through its mobile app, online portal, automatic payments, over the phone, mail, wire transfer, electronic transfer, or by speaking with a representative. You also don’t have to worry about any pesky fees rolled into your loan, such as application fees, origination, or administrative fees.
Visit Discover
Or read Joywallet's review of Discover.
Use AmONE to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- With personal loan interest rates rising, now could be a great time to find a personal loan. Through our partner AmONE, you could get matched to a lender who could offer as much as a $50k loan with rates as low as 5.99% APR.
- Approval and loan terms vary based on applicant qualifications. Not all applicants will qualify for the full amount or lowest available rates. It takes minutes to see your results. And don't worry- filling out the form won't hurt your credit score and is free, so why not give it a try?
Best for fair credit: Rocket Loans
Pros & cons
Pros
- Online application takes only a few minutes.
- No prepayment penalties.
Cons
- Can only borrow upto $45,000.
- Late fees.
- Only two repayment terms.
Loan amount: $2,000 to $45,000
APY: 8.99%-29.99%
As the name suggests, Rocket Loans can provide fast funding. It starts with a simple online application, and you can receive loan approval within seconds. Once approved, you can choose a borrowing amount ranging from $2,000 to $45,000 and a repayment period of either 36 or 60 months.
You’ll conduct everything online, from the prequalification to the funding, which can be a great option for those who prefer a quick process while on the go. The lender accepts and possibly approves applications from those with fair or poor credit, which typically means a minimum credit score requirement of at least 580.
Rocket Loans offers a quick application and same-day funding, but it charges an origination fee of up to 9 percent, which is quite hefty compared to other loan options. You’ll want to factor in the origination fee cost when you run the numbers for the cost of borrowing. The good news is that Rocket Loans doesn’t charge a prepayment penalty, so you can pay it off before your loan maturation due date and won’t face additional fees.
Visit Rocket Loans
Or read Joywallet's review of Rocket Loans.
Best for bad credit: Upstart
Pros & cons
Pros
- Easy to use platform.
- No pre-payment penalty.
Cons
- Origination fees.
- No co-signers allowed.
- High minimum loan amount in certain states.
Loan amount: $1,000 to $50,000
APY: 7.8%-35.99%
Another online lender worth consideration is Upstart, which provides car-refinancing and personal loans. Upstart stands out among most online lenders because of its approval process. For starters, you can see if you qualify for a loan with a simple prequalification that won’t impact your credit score.
But the good news is that you may still be eligible for a bad credit loan if you have bad credit or a troubled credit history. Upstart considers factors besides your credit score, including your education, employment status, etc. If you have bad credit, your loan may be subject to higher interest rates, but at least it might not be an outright “no” from Upstart.
With approval, you can borrow between $1,000 and $50,000, and repayment terms can be either 36, or 60 months. You can receive funding within 24 hours, so same-day funding is possible, although ideally, you should allow a little more time for the direct deposit.
Visit Upstart
Or read Joywallet's review of Upstart.
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FAQs
What is the easiest loan to get immediately?
You can find loans such as payday loans, car title loans, and pawnshop loans that do not require a credit check and can provide funds almost immediately. However, these types of loans are considered high-risk and predatory because they charge outrageous interest rates and fees. Another quick funding option may be a cash advance from a credit card, but these are also subject to higher interest rates.
How can I get a loan instantly?
It’s possible you can use a same-day loan provider to receive funds as quickly as the same business day. Another option for quick funds is using a quick cash advance feature from a credit card, but may be subject to higher interest rates and low borrowing amounts.
What can I use a same-day loan for?
You can use funding from a same-day loan for almost any purpose, including home improvement projects, debt consolidation, to cover unexpected expenses, medical bills, and more. However, most exclude using the funds for student loans or starting a business, so you will need to verify whether or not this is permitted if you need the funds for these purposes.
The bottom line
Whatever your reasoning for needing same-day funding, such as an emergency expense, a medical situation, or an unplanned home improvement disaster, a same-day loan can offer a much-needed lifeline. Fast funding is typically only found with online lenders, so be sure to look for ones with transparent rates and fees and what the criteria are for getting funds sooner versus later. Fortunately, several options are available for qualified borrowers, which means you can easily access cash.
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Writer
Sara Coleman is a former corporate gal turned creative entrepreneur. She began writing professionally several years ago and now contributes to multiple websites, blogs, and magazines. She’s also an avid reader and can’t resist a great historical fiction novel. Sara holds a BA in journalism from the University of Georgia and can be found supporting her Bulldogs every chance she has. She resides in Charlotte, North Carolina, with her wonderfully supportive husband and three children. When she’s not ushering her kids to sports and dance lessons, she can be found creating content for her own website, TheProperPen.com.
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