Best Same-Day Loans with Low-Interest Rates
Need Emergency Cash for Unexpected Expenses? Get a Personal Loan on the Same Day!
Written By:
Edited By: Janice Myers
Posting Date:
Online loans allow you to borrow money almost instantly, but not all of them suit your financial needs. BadCredify made a list of the best same-day loans in 2024 that will help you compare your opportunities. All you need to do is select a suitable lender, choose the needed loan amount, and complete the loan application form.
Now, same-day loans are more accessible than before! BadCredify is here to help you with all the necessary information about borrowing money and the fastest financial assistance!
5 Best Same-Day Loans in 2024
★★★★★
Est.APR
6.40% – 35.99%
Loan amount
$1,000 – $50,000
Min Score
300
More About
PROS
- Quick access to loan funds;
- No prepayment penalties;
- Flexible monthly payments;
- Beyond credit score verification (soft credit check);
- Flexible loan amounts.
CONS
- Origination fees up to 10%;
- High annual percentage rate;
- Co-signers aren’t allowed;
- Limited repayment loan terms.
OVERVIEW
Upstart is a financial platform that enables borrowers with weak credit to get personal loans with flexible payback options. Its key advantage is same-day funding, and there is simply a light credit check conducted throughout the application procedure.
WHO IT’S FOR
Poor credit borrowers who can’t qualify for traditional personal loans.
WHY WE LIKE IT
Upstart does not do credit checks on its customers. Instead, it examines applicants’ whole financial condition. In addition, customers can apply in the morning and receive their personal loan before the end of the day.
LENDER PERKS
- Quick funding (same-day deposit available)
- No origination fees
- Soft credit checks performed
FEES
- Origination fees up to 10%;
- $15 late fee
- $15 NSF fee
REQUIREMENTS
- Be at least 18 years old;
- Prove your US citizenship or permanent residence;
- Provide your bank account information
- Show your monthly income (at least $2,000 monthly income) by providing pay stubs, tax forms, or bank statements;
- Have fair credit (at least 300);
- Provide an active email address and phone number.
TIME OF RECIEVE FUNDS
One business day (same-day funding available)
★★★★★
Est.APR
58.90% – 299.00%
Loan amount
$300 – $5,000
Min Score
None
More About
PROS
- Quick access to loan funds;
- No prepayment penalties;
- Flexible monthly payments;
- Beyond credit verification (soft credit check).
CONS
- High-interest rates;
- Small loans amounts;
- Not available in all states.
OVERVIEW
Rise is a financial platform that helps borrowers with bad credit get personal loans with flexible repayment terms. Its main advantage is the lack of additional fees, and a minor credit check is performed throughout the application process.
WHO IT’S FOR
Poor credit borrowers who can’t qualify for traditional personal loans.
WHY WE LIKE IT
Rise does not conduct traditional credit checks on its clients. Instead, it looks at applicants’ overall financial situation. Customers can also apply in the morning and obtain their personal loan before the end of the day.
PERKS OFFERED
- Quick funding;
- No origination fees;
- Soft credit checks performed.
FEES
- No fees for late payments or prepayment.
REQUIREMENTS
- Be at least 18 years old;
- Prove your US citizenship or permanent residence;
- Provide your bank account information
- Show your monthly income (at least $2,000 monthly income) by providing pay stubs, tax forms, or bank statements;
- Have fair credit (at least 300);
- Provide an active email address and phone number.
TIME OF RECEIVING FUNDS
One business day (same-day funding not available).
★★★★☆
Est.APR
8.49% – 35.99%
Loan amount
$1,000 – $50,000
Min Score
Doesn’t specified
More About
PROS
- No prepayment penalties;
- Multiple rate discounts;
- Next-day funding;
- The due date may be changed;
- Direct payments for debt consolidation.
CONS
- APRs may be high;
- Origination fees are charged;
- Late fees may be applied.
OVERVIEW
Upgrade is an online financial service that offers up to $50,000 loans to borrowers with good to fair credit. It provides several interest rate reductions and allows you to add a co-applicant or collateral to your application. Choose it if you need money quickly and are not concerned about relatively high interest rates.
WHOM IT SUITS
Fair-credit borrowers who need the money quickly.
WHY WE CHOOSE IT
Upgrade offers convenient maximum and minimum loan amounts along with flexible repayment terms. It also accepts fair credit borrowers and provides several interest rate discounts.
PERKS OFFERED
- Rate discounts for auto pay, direct payment, and reward checking;
- Allows to add a co-applicant;
- Mobile app for managing your loan.
FEES
- Origination fees: 1.85% to 9.99%;
- Late payment fees: $10;
- Non-sufficient funds fees: $10 per payment returned.
ELIGIBILITY REQUIREMENTS
- Be a U.S. citizen, a permanent resident, or living in the U.S. on a valid visa;
- Be at least 18 years old (19 in Alabama and some other states);
- Give a working email address;
- Provide valid bank account details;
- Confirm a sufficient monthly income to cover your loan payments.
FUNDING TIMES
As soon as one business day after clearing verification.
★★★★☆
Est.APR
18% – 35.99%
Loan amount
$1,500 – $20,000
Min Score
None
More About
PROS
- Joint and secured loans are available;
- Wide range of loan options for low credit;
- Pre-qualifying doesn’t affect your credit score;
- Convenient options for debt consolidation.
CONS
- Relatively high interest rates;
- Charges origination fees;
- APRs are not disclosed when pre-qualify.
OVERVIEW
OneMain Financial is a reliable financial service that offers personal loans between $1,500 and $20,000 without minimum credit score requirements. With its joint applications, flexible repayment terms, and soft credit checks for pre-qualifying, it can suit borrowers with bad credit. Interest rates are usually high, though.
WHOM IT SUITS
Borrowers with credit issues who want to avoid predatory lenders.
WHY WE CHOOSE IT
The company offers a wide range of secured, unsecured, and joint loan options with flexible repayment terms. Its personal loans are available to underbanked borrowers.
PERKS OFFERED
- Direct payment to creditors for debt consolidation;
- Loan cancellation within 7 days;
- Fast funding
FEES
- Origination fees: 1% to 10%, or $25 to $500, depending on the state;
- Late payment fees: $5 to $30, or 1.5% to 15% of your loan amount;
- Non-sufficient funds fees: $10 to $50 per payment returned.
ELIGIBILITY REQUIREMENTS
- At least 18 years also;
- Permanent US resident;
- Income confirmation;
- Valid bank account or debit card.
FUNDING TIMES
Within one business day of approval via a direct deposit. Funding within several hours may be offered if you receive the funds on your debit card.
★★★★☆
Est.APR
9.116% – 29.99%
Loan amount
$2,000 – $45,000
Min Score
640
More About
PROS
- Low annual percentage rate;
- Wide range of available loan amounts;
- Same-day funding in some circumstances;
- Accessible for fair credit borrowers.
CONS
- High origination fee (up to 9%);
- No cosigners are allowed for joint loans;
- It is not available in all states.
- Limited term lengths range from 36 to 60 months.
OVERVIEW
Rocket Loans is a financial platform that allows bad credit borrowers to get personal loans with flexible repayment terms. The same-day funding is its main advantage and there is only a soft credit check performed during the application process.
WHO IT’S FOR
Poor credit borrowers who need to make a significant debt consolidation.
WHY WE LIKE IT
Rocket Loans has low APRs and no additional fees. Also, consumers may apply earlier in the morning to receive the personal loan by the end of the same day.
LENDER PERKS
- Easy loan application process
- Fast funding
- Low interest rates
FEES
- Origination fees of up to 9%
- $15 late fee
- $15 NSF fee
REQUIREMENTS
- Be at least 18 years old;
- Prove your US citizenship or permanent residence;
- Provide your bank account information
- Show your monthly income (at least $2,000 monthly income) by providing pay stubs, tax forms, or bank statements;
- Have fair credit (at least 640);
- Provide an active email address and phone number.
TIME OF RECIEVE FUNDS
One business day (same-day funding available)
BadCredify evaluates lenders based on more than 70 rating criteria, including interest rates, repayment terms, eligibility requirements, fees, consumer experience, affordability, and more. Find out more about our full methodology.
What are Same-Day Funding Loans?
A same-day funding loan is a financial product you can get by the end of the day you apply. For example, if you apply earlier in the morning and receive a quick loan approval, the lender might transfer the money in the evening. It’s not a usual practice, but you can find specific lenders that could help you get a fast solution for your financial needs.
How to Get a Loan on the Same Day?
To get a loan on the same day, you must shop around and find loan providers with lenient eligibility criteria and no hard credit checks. These checks usually make it difficult to get an almost instant approval decision.
So, check the lenders who perform only soft credit verification and have few eligibility criteria. Then, apply online or offline and wait for the answer. If you aren’t sure about the funding times, ask the lender about them.
Can I Get a Same-Day Loan with No Credit Check?
Yes, getting a same-day loan with no credit check is possible, but only if you find a lender that performs only soft credit verifications. Some direct lenders perform a hard credit check through major credit bureaus, while others can make only a soft credit verification. It’s challenging to see them, but you can do it by googling available loan providers in your area. Ensure you ask for all the needed information about checking your credit report.
Get a Personal Loan for Your Needs
- Applying does not affect your credit score
- Instant Loan Decisions
- Money right when you need it
- Safe and secure application
Types of Same-Day Loans
Not all same-day loans are the same; that’s why BadCredify presents you the list of the most common types of same-day loans you may get when extra cash is needed:
Payday Loans
A payday loan is a small-dollar loan that you usually return on your next payday. Payday lenders are unlikely to check your credit ratings or capacity to repay the payday loan. It might help you get approved even if your credit is poor. However, getting payday loans online might cost you a lot. According to the Consumer Financial Protection Bureau, these loans have costs that can equate to APRs of almost 400%. With a payday cash loan, you can borrow from $100 to $1,000 with a maximum repayment term of 30 days.
Installment Loans
An installment loan is a medium-term financial product you may get to cover more significant expenses. Unlike cash loans covered with a lump sum, installment loans are repaid with fixed monthly payments. The repayment terms of an installment loan may reach 60 months, and the maximum loan amount is $5,000.
Same-Day Personal Loans
Same-day personal loans are perfect for debt consolidation, home improvements, or other significant expenses you can’t afford with payday loans. A personal loan is similar to an installment loan because it is repaid with fixed monthly payments during a more extended repayment schedule. Their terms may also reach 60 months. Borrowers may get from $5,000 up to $50,000. These personal loans are cheaper than payday loans; their APRs don’t increase by 35.99%.
Title Loans
A title loan is another small-dollar, high-interest loan that may provide you with money the same day you apply. A title loan uses your automobile as collateral to secure the loan. In exchange for a minor loan, the lender gets your automobile title. You receive your title back after you return the debt.
According to the CFPB, the average title loan costs roughly $700 and can have an APR of up to 300%. Over half of those who take out title cash loans become repeat borrowers, and 20% of those who take out title loans lose their cars to the loan provider.
Pawn Shop Loans
Getting a pawn shop loan requires you to bring a valuable object (jewelry, watches, souvenirs, etc.) in exchange for money. You may receive your collateral back if you repay the loan on time. The pawn shop may sell it to recoup the losses if it doesn’t.
Same-Day Loan Alternatives
Here are the most common alternatives to a same-day loan:
- Apply for help from non-profit organizations or community companies.
- Try a repayment plan for repaying medical bills.
- Ask your employer for a paycheck advance.
- Use the “Buy Now, Pay Later” strategy.
- Lend money from your friends or family members.
Methodology
BadCredify looked at several same-day lending possibilities. We chose based on interest rates, eligibility requirements, fee structures, loan amounts, payback lengths, and the opportunity to apply with a bad credit rating.
Frequently Asked Questions
Yes, if you borrow same-day loans from a trustworthy lender and repay them on time to avoid further financial issues.
It all depends on the lender’s workload. But usually, it takes up to one hour or less.
Yes, because the soft credit check won’t affect your credit score.