If you’re in a financial pinch and can’t wait for cash, a same day loan might come in handy. It can provide you with the funds you need on the same day you apply and get approved. With a same day loan, you’ll be able to cover the cost of a car repair, medical bill, or any other sudden expense that comes your way.
Since there are many lenders who offer same day loans, you may be wondering which ones are the best. We did the heavy lifting for you to compile this list of our top 10 picks for same day loans. Remember, the ideal option for you depends on your unique needs and budget.
WeLoans: Best for Overall
LightStream: Best for Home Improvement Loans
OneMain Financial: Best for an In-Person Loan Process
Earnin: Best for Traditional Workers Who Need Fast Cash
Prosper: Best for Small Loans
Upgrade: Best for Direct Payments for Debt Consolidation
LendingPoint: Best for a Variety of Purposes
Rocket Loans: Best for Early Payoff
BadCreditLoans: Best for Bad Credit
OppLoans: Best for No Credit Check Loans
1. WeLoans: Best for Overall
WeLoans was founded to help consumers borrow money with minimal hassle. It assists you in getting same-day payday loans that you can repay when you get your next paycheck. Depending on your situation, you might be able to borrow the best online no credit check loans with guaranteed approval for bad credit borrowers.
Since WeLoans is a loan marketplace instead of a direct lender, it will connect you to multiple offers from its lending partners. Then, you can choose the lender that meets your needs and wait for the funds to be deposited into your bank account as soon as the same day.
Key Specs
Loan Amount: $50 to $35,000
APR Range: Depends on the lender
Minimum Credit Score: Depends on the lender
Loan Terms: Depends on the lender
Pros
- Affordable Interest Rates: WeLoans works hard to save you as much as possible on same-day loans. Its lenders’ rates are competitive for the industry.
- Reliable Lenders: Thanks to its extensive network of online lenders, WeLoans can easily match you to ethical direct lenders who offer great deals. WeLoans screens and vets all of their partner lenders so you don’t have to.
- Bad Credit Allowed: Even if you have bad credit, you can still get approved for a same day loan through WeLoans. WeLoans will focus on your income rather than your credit history.
- Easy Application: The only way to determine which payday loan offers you’re eligible for is to fill out the online application form. You’ll need to state how much you’d like to borrow, the purpose of your loan, and basic personal details like your name and email address.
Cons
- Late Payment Fees: You may be charged late payment fees if you make a late payment on your payday loan. These fees can increase your overall cost of borrowing.
- Income Requirements: While you don’t need good credit, WeLoans does require that you have a stable and consistent source of income. This can be problematic if you’re unemployed or in between jobs.
- No In-Person Option: WeLoans operates exclusively online. If you prefer an in-person process, you’ll have to look elsewhere to find a same day loan.
2. LightStream: Best for Home Improvement Loans
LightStream is an online lender with same day home improvement loans and unsecured personal loans for other purposes. It prides itself on no origination, late payment, or prepayment fees as well as rate discounts for borrowers who enroll in autopay.
With LightStream, you may be able to borrow anywhere from $5,000 and $100,000 with flexible terms between two and seven years. If you opt for a home improvement loan, you can enjoy special perks like terms of up to 12 years and more affordable monthly payments.
Key Specs
Loan Amount: $5,000 to $100,000
APR Range: 6.99 to 22.49%
Minimum Credit Score: 660
Loan Terms: 2 to 7 years (12 years for home improvement loans)
Pros
- Perks on Home Improvement Loans: If you have an emergency home improvement, like a new roof or basement waterproofing, you can take out a home improvement loan with terms of up to 12 years. Plus you can delay funding for up to 90 days to figure out the logistics of your project.
- No Fees: LightStream doesn’t charge origination, late payment, or prepayment fees. This can make your same day loan more affordable.
- Rate Beat Program: If you can show LightStream that you’re approved for an unsecured loan with the same terms and a better rate, it will beat the competitor’s interest rate by 0.10 percentage points.
Cons
- No Prequalification: Unlike other lenders, LightStream doesn’t let you prequalify on its website. You’ll have to formally apply to find out your loan offer.
- No Direct Payments for Debt Consolidation Loans: If your loan is intended for debt consolidation, you’ll have to make payments to your creditors on your own. Direct payments are not an option.
- Limitations on Loan Uses: LightStream imposes some restrictions on how you can use your home improvement or other types of loan funds. You won’t be able to put them toward college and post-secondary expenses, business ventures, stocks, and bonds.
3. OneMain Financial: Best for an In-Person Loan Process
OneMain Financial is a personal loan lender that operates online and in-person with branches in 44 states. Its same day loans range from $1,500 and $20,000 and are available to all types of borrowers, including those with bad credit.
When it comes to repayment terms, OneMain is flexible as you can choose from terms between 2 and 5 years. While the online application process is the fastest, you may apply in person at the local branch if you prefer.
Key Specs
Loan Amount: $1,500 to $20,000
APR Range: 18.00% to 35.99%
Minimum Credit Score: Not disclosed
Loan Terms: 2 to 5 years
Pros
- Branch Locations: OneMain Financial has a network of physical branch locations across the country. This is a huge plus if you’re looking for a more traditional lending experience.
- Mobile App: If you like the idea of managing your same day loan on the go, you’ll find OneMain’s mobile app convenient. You can use it to make payments and even check your VantageScore.
- Check Your Rate Tool: There’s a feature on OneMain’s website that lets you check your interest rate in a few seconds. Since it doesn’t perform a hard credit check, there’s no risk involved.
Cons
- Higher Rates: Compared to other lenders, OneMain Financial offers higher rates. This can make your overall loan cost more expensive.
- Origination Fees: With a OneMain loan, you’ll be on the hook for an origination fee. It might be a flat rate or a percentage of your overall loan amount, depending on where you live.
- No Rate Discounts: While some lenders offer rate discounts for things like enrolling in autopay, OneMain does not. You’ll have to go elsewhere if you’d like a discount.
4. Earnin: Best for Traditional Workers Who Need Fast Cash
Earnin is a financial app you can use to access your earned wages before they make their way into your bank account. It connects to your bank account, tracks your work hours through a GPS or timesheet, and sends you a cash advance within three days.
Sometimes, you can get your funds the same day you apply for them, just like you would with other same day loans. You may be able to borrow up to $100 per day or up to $500 per pay period. Earnin works on all iOS and Android devices.
Key Specs
Loan Amount: $100 to $500
APR Range: None
Minimum Credit Score: None
Loan Terms: None
Pros
- No Required Fees: Since Earnin is an app, rather than a traditional personal loan lender, you won’t have to pay interest or typical fees, like origination fees and origination fees.
- No Credit Check: While you do need to prove that you receive a regular paycheck from your employer, Earnin will not check your credit. This is great news if you don’t have the best credit score.
- Balance Threshold Feature: Earnin lets you set up a balance threshold. If your balance drops below this amount, it will notify you.
Cons
- Low Borrowing Limits: If you need to borrow a large sum of cash, Earnin won’t meet your needs. It only lends $100 per day or $500 per pay period.
- Must-Have a Regular Payday: To take advantage of Earnin, you need to be employed with a regular payday. It’s not an option if you’re a freelancer, gig worker, remote worker, or unemployed.
- Requires Personal Banking Information: Earnin will ask you to connect to your bank account. This may cause privacy concerns.
5. Prosper: Best for Small Loans
Prosper is a peer-to-peer lending platform with personal loans ranging from $2,000 to $40,000. Once you apply, it will use a proprietary rating system that considers factors like your credit history and debt-to-income ratio to determine if you qualify.
Most Prosper borrowers have fair or good credit and are assigned to investors who are willing to lend them money. If at least 70% of your loan request isn’t funded within 14 days, your application will expire.
Key Specs
Loan Amount: $2,000 to $50,000
APR Range: 6.99 to 35.99%
Minimum Credit Score: 560
Loan Terms: 2 to 5 years
Pros
- Small Loan Amounts: If you’re looking for a same day loan but only want to borrow a bit of money, Prosper might be worth exploring. Its loans start at $2,000, which is a lower minimum than you’ll find at many other lenders.
- Joint Loans Accepted: Prosper lets you apply with a joint applicant. If you know someone who has strong credit, making them a co-borrower can help you lock in a more competitive interest rate.
- Repayment Flexibility: As a Prosper borrower, you can change your repayment date once every 365 days. All you have to do is reach out to customer support via phone.
Cons
- Fees: Prosper charges an origination fee that may be anywhere between 1% to 5% of your total loan amount. Plus you may be on the hook for a late fee of $15 or 5% of your monthly payment amount if you’re late on a payment.
- No Direct Payments for Debt Consolidation: You can use a Prosper same day loan to consolidate high-interest debt. But you’ll need to pay your creditors yourself because direct payments are not available.
- No Autopay Discount: Many lenders offer a rate discount between 0.25 to 0.5 percentage points if you set up autopay. Prosper does not.
6. Upgrade: Best for Direct Payments for Debt Consolidation
Upgrade offers personal loans between $1,000 and $50,000 for borrowers in every state except for Iowa, West Virginia, and Washington D.C. It has flexible requirements so you may be able to get approved with less-than-perfect credit. Plus you can enjoy perks like rate discounts, long repayment terms on home improvement loans, and direct payments to creditors for debt consolidation loans.
Key Specs
Loan Amounts: $1,000 to $50,000
APR Range: 7.96% to 35.97%
Minimum Credit Score: 560
Loan Terms: 2 to 7 years
Pros
- Direct Payments for Debt Consolidation: If you opt for a debt consolidation loan, Upgrade can pay your creditors on your behalf. This can save you a lot of time and hassle.
- Multiple Rate Discounts: Upgrade offers a few rate discounts you might qualify for. These include the autopay discount, direct pay discount, and rewards checking discount.
- Secured and Joint Loans: You may be able to get a joint loan or secured loan with your car as collateral. Both options may lower your interest rate.
Cons
- Origination Fee: Upgrade’s origination fee ranges from 1.85% to 8% of your total loan amount. It will be taken from your loan before you receive the funds.
- No Repayment Flexibility: You’ll receive an assigned repayment date once you commit to an Upgrade loan. This means you can’t choose a date that works well with your pay schedule.
- Higher APRs: Compared to similar lenders, Upgrade’s APRs are high. As a result, your loan may cost you hundreds or even thousands of dollars.
7. LendingPoint: Best for a Variety of Purposes
LendingPoint is an online financial technology lending platform. Its personal loans range from $2,000 to $36,500 and are available to people with lower credit scores. When reviewing applications, LendingPoint considers factors other than credit histories, such as income and employment. Its loans can be used for a variety of legal personal expenses.
Key Specs
Loan Amounts: $2,000 to $36,500
APR Range: 7.99% to 35.99%
Minimum Credit Score: 600
Loan Terms: 24 to 72 months
Pros
- Flexible: You can use a LendingPoint loan to cover virtually any expense. It may come in handy for home improvement projects, debt consolidation, medical bills, vacations, and more.
- Prequalification: LendingPoint lets you check your loan rates instantly on its website without any impact on your credit score. This can help you make an informed decision.
- Low Credit Scores Accepted: Compared to other lenders, LendingPoint has a low credit score requirement. You may get approved for a same day loan with a minimum score of 600.
Cons
- Origination Fee: You’ll have to pay an origination fee of 7% of your total loan amount. You may be able to find a same day loan without an origination fee elsewhere.
- No Co-Applicants Accepted: Some lenders let you apply with a co-applicant to strengthen your application. Unfortunately, LendingPoint does not.
- Not Available Everywhere: LendingPoint isn’t an option if you live in Nevada or West Virginia as the lender doesn’t service these states.
8. Rocket Loans: Best for Early Payoff
Based in Detroit, Michigan, Rocket Loans is a sister company of Quicken Loans, which owns Rocket Mortgage, a key player in the mortgage space. Its personal loans range from $2,000 to $45,000 with repayment terms of three years or five years.
If you’d like to save some money on interest and repay your loan before your term is over, you’ll be pleased to know that Rocket Loans doesn’t charge a prepayment penalty.
Key Specs
Loan Amounts: $2,000 to $45,000
APR Range: 8.416% to 29.99%
Minimum Credit Score: 580
Loan Terms: 3 years or 5 years
Pros
- No Prepayment Penalty: Rocket Loans won’t penalize you if you pay off your loan early. There is no prepayment penalty like you’ll find with some lenders.
- Autopay Discount: If you arrange automatic loan payments from your bank account, you can lock in a rate discount of 0.3 percentage points. Plus you won’t have to worry about late or missed payments.
- Chance to Prequalify: You can check your loan offer on the Rocket Loans website. Doing so won’t hurt your credit because this process involves a soft credit pull rather than a hard credit inquiry.
Cons
- Origination Fee: You’ll be on the hook for an origination fee between 1% to 6% of your total loan amount. This will be deducted from your loan proceeds.
- Only Two Repayment Terms: The only repayment terms available with Rocket Loans are three years or five years. Other lenders offer shorter and longer options.
- Set Repayment Due Date: Rocket Loans doesn’t give you the chance to choose your repayment due date when you sign your loan agreement. You might find it difficult to match your assigned due date with your pay cycle.
9. BadCreditLoans: Best for Bad Credit
BadCreditLoans is a loan marketplace for borrowers with bad credit. If you’re in search of a same day loan of up to $10,000 and are having trouble qualifying with other lenders, it’s certainly worth considering.
It partners with traditional lenders, peer-to-peer lending networks, and tribal lenders to match you to loans that meet your needs. You can easily check your rates and compare your options online on the BadCreditLoans website. Once you make a decision, you’ll work with the lender directly to receive funding as soon as the same or the next business day.
Key Specs
Loan Amount: $500 to $10,000
APR Range: Depends on the lender
Minimum Credit Score: Under 500 accepted
Loan Terms: 3 months to 72 months
Pros
- Bad Credit Accepted: BadCreditLoans was specifically created for those with bad credit. You’re likely to get approved with a lower-than-average credit score.
- Easy to Compare Options: As long as you fill out the short online form, you’ll receive same day loan offers from multiple lenders. This makes it easy to hone in on the ideal one for your unique situation.
- Online Resources: There is no shortage of resources on the BadCreditLoans website. You’ll find plenty of tips and tricks on how to improve your credit and finances.
Cons
- Fees: You can expect to pay a variety of fees that vary by lender. These include but are not limited to origination fees, late payment fees, and non sufficient funds fees.
- Small Loans for Some Borrowers: If your credit score is under 500, you may only be able to borrow up to $1,000. This might be an issue if you have a large expense.
- Not BBB Accredited: BadCreditLoans is not accredited by the Better Business Bureau (BBB). You might find this concerning despite the lender’s strong reputation.
10. OppLoans: Best for No Credit Check Loans
OppLoans are offered by Opportunity Financial or OppFi. These short-term same day loans go up to $4,000 with repayment terms of up to 18 months. You might explore them if you’re looking for a fast alternative to payday loans and don’t want to undergo a credit check because you have no credit or bad credit. OppLoans are funded by FinWise, First Electronic, and Capital Community banks in some states.
Key Specs
Loan Amount: $500 to $4,000
APR Range: 59% -to160%
Minimum Credit Score: Not disclosed
Loan Terms: 9 to 18 months
Pros
- No Credit Check: Unlike most lenders, OppLoans doesn’t perform a hard inquiry on your credit. This means your credit score won’t go down temporarily.
- High Ratings: OppLoans earned an A rating with the Better Business Bureau (BBB). It also has 4.6 out of 5 stars on TrustPilot.
- No Prepayment Penalty: You can repay your loan early without paying a fee. OppLoans doesn’t charge a prepayment penalty.
Cons
- High-Interest Rates: OppLoans come with high-interest rates. The interest you pay might account for more than 50% of the loan amount.
- Low Loan Maximum: Since OppLoans cap out at $4,000, you might not be able to use them for larger expenses. Many lenders offer maximum loan amounts of $50,000 or even more.
- Not Available in All States: OppLoans are not offered in Colorado, Connecticut, Illinois, Iowa, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, South Dakota, Vermont, and West Virginia.
Methodology (How We Chose These Lenders)
To find which same day loans are ideal for consumers, our experts analyzed dozens of lenders offered by online and brick-and-mortar institutions. We prioritized lenders who are open to borrowers with all credit types and charge minimal to no fees.
In addition, we focused on fixed-rate interest rates, flexible loan terms and amounts, a streamlined application process, discount opportunities, and excellent customer support.
Frequently Asked Questions
1. What Are Common Types of Same-Day Loans?
There are many types of same-day loans, including:
- Payday Loans: Payday loans are small dollar, short term loans that you repay when you get your next paycheck, usually in two to four weeks.
- Bad Credit Loans: Bad credit loans are intended for borrowers with bad credit who may have trouble qualifying for other loans.
- Online title Loans: Title loans are backed by your car title and allow you to continue to drive your vehicle as you repay your loan.
2. How Does a Same-Day Loan Impact Your Credit?
A same-day loan can help or hurt your credit. If you make timely payments, your credit score will slowly but surely improve. On the flipside, late or missed payments may damage your credit.
3. How to Qualify for a Same-Day Loan?
While eligibility criteria vary by lender, most lenders require borrowers to be at least 18 years old with a Social Security number and a valid checking account. Stable income and employment are usually important as well.
4. How Do I Apply for a Same-Day Loan?
If you need a same-day loan, you can look for a bank or credit union in your area, but these institutions tend to take some time to process your application and deposit money into your account. A better option if you need funds as quickly as possible is to search online for a lender. Online lenders will typically approve your application within one business day.
5. Are There Any Alternatives To Same-Day Loans?
There are many alternatives to same-day loans. If you don’t want to go this route, consider payday alternative loans, lines of credit, no credit check loans, or loans from friends and family.