Best Same-Day Loans

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 April 2024

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.

This content is not provided or commissioned by any issuer. Opinions expressed here are the author’s alone, not those of an issuer, and have not been reviewed, approved or otherwise endorsed by an issuer. Please keep in mind that while some offers may come from WalletHub advertising partners, sponsorship status played no role in loan selection.

Best Same-Day Loans

BEST SAME-DAY LOANS OVERALL

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 - 144 months

BEST CREDIT UNION FOR SAME-DAY LOANS

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

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

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

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: 6 - 46 months

Best Loans for Instant Approval and Quick Funding

BEST LOANS WITH QUICK FUNDING FOR BAD CREDIT

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 4.75%
• Payoff period: 24 - 60 months

BEST LARGE LOANS WITH QUICK FUNDING

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

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

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: 9 - 18 months

Where to Get a Same-Day Loan

1. 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.

2. 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.

3. 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.

4. 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

1. 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.

2. Submit your application online

   This is the fastest way to get your application processed.

3. 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.

4. 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

1. 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.

2. 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.

3. 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?