Major lenders do not offer same-day loans to people with no credit, but you can get a personal loan from OppLoans as soon as the next business day. OppLoans offers personal loans of $500 to $4,000 that have an APR range of 59% - 160%, no origination fee and no credit check. There are a few other options for near-same-day loans for people who have no credit, as well.
In the end, there are no truly same-day loans for people with no credit from reputable lenders. You may be able to get a same-day loan with no credit from a payday lender, an auto-title lender, or friends and family. Payday and auto-title lenders are far too expensive, though, and borrowing from loved ones can present complications of its own.
If you’re not in a hurry to get a loan, WalletHub’s free pre-qualification tool will make the search for a loan much more efficient. This tool helps you get an idea of your rates ahead of time, and it doesn’t hurt your credit score.
The best ways to borrow money fast are to get a personal loan known for quick approval and funding or to charge your expenses to a credit card. Other ways to borrow money fast include drawing from an existing home equity line of credit, borrowing from a friend, or getting a credit card cash advance. It’s also possible, though far from ideal, to borrow money from a retirement account for fast cash.… read full answer
Ways to Borrow Money Fast
Personal Loan: Funding within 7 business days
It usually takes less than seven business days to get approval and funding for a personal loan. But that might not be fast enough for you, depending on how soon you need the funds. The fastest personal loans come from LightStream, which gives the chance of same-day funding. However, this isn’t guaranteed, and LightStream reportedly requires a credit score of 660+.
Credit Card: 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 introductory 0% 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 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 can use a credit card to withdraw money from an ATM, up to a certain cash advance limit set by your issuer. In order to do this, you’ll need a PIN. 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.
Borrowing From a Friend: Funding as soon as 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 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.
Ways to Borrow Money Fast Compared
Fastest Possible Funding
Same day (usually a few business days)
4% - 36%
May charge origination fee of 1% - 8%
Same day (if open already)
2% - 7%
Secured by your house
Credit card purchase
18.32% on average
Not accepted everywhere
Credit card cash advance
20.7% on average
Requires PIN; high fees & APRs; no grace period
Borrowing from friend
Risk ruining relationship if you can’t repay
Prime rate +1%
Owe 10% early withdrawal penalty and income tax if not repaid in 5 years
Places to Avoid for Borrowing Money Fast
There are also a few less reliable ways to borrow money fast, like taking out a payday loan or auto title loan, or going to a pawn shop. These places offer same-day funds but have far too high of a cost to be worthwhile.
To get a loan quickly, apply online with a personal loan provider that is known for fast approval and funding times, such as LightStream. Applying online will ensure the fastest possible application processing time, assuming that all information on the application is accurate and entered correctly. You could get your loan funded within 2-3 business days, if not the same day.… read full answer
Secured personal loans also tend to provide quick decisions, as the collateral they require greatly reduces the lender’s risk. Even people with bad credit can get approved relatively easily. Other ways to get a quick loan include borrowing from a family member or friend, using a credit card or tapping into home equity. There are also some non-ideal options, such as payday lenders, auto title lenders and pawnshops.
How to get a quick loan
1. Apply for one of the quickest personal loans. The quickest personal loan provider, LightStream, can fund and approve loans as soon as the same day you apply. Many other lenders offer funding within 2 - 3 business days. For the fastest timeline, pre-qualify first, apply online, and fill out the application accurately.
2. Apply for a secured personal loan.Secured personal loans require collateral for approval. This ensures that the lender can still recoup its money even if the borrower is unable to repay what they owe. This makes the approval decision easier for the lender.
3. Borrow from family/friends. If you ask a family member or friend to borrow money, it’s possible you could get it pretty much instantly, since they won’t be performing a credit check or making you fill out an application. You should still take time to write down and sign a loan agreement, though.
4. Use a credit card. If you have a credit card, you may be able to charge your expenses if they add up to less than the card’s credit limit. But credit card APRs are expensive, around 19% on average for new offers and around 15% for all existing accounts.
You could also withdraw cash against the card’s credit limit at an ATM, as long as you have a PIN. However, cash advances come with high fees and start accruing interest immediately, so they’re not ideal.
5. Use a HELOC. It takes weeks to get approved for a home equity line of credit, so normally they’re not a quick way to get money. However, if you already have one open, you can use it to get a quick loan any time during its draw period. Keep in mind that a HELOC is secured by your house, so if you can’t pay, the lender can foreclose.
There are a few things you should definitely avoid when trying to get a loan quickly. Don’t go to payday lenders, which lend a small amount of money until your next paycheck comes in. They charge sky-high fees (often a 400%+ APR). Auto title lenders are bad, too, as they charge high fees (up to a quarter of what you borrow) and use your car as collateral. Similarly, avoid pawnshops, as they charge up to 25% interest per month and can keep your items if you’re unable to buy the loan back.
There are many ways to get emergency money, including taking out a quick personal loan, borrowing from a friend, or getting an advance on your paycheck. Many people also keep a credit card account open just for emergencies. You could use a credit card to make a purchase directly or to get a cash advance.… read full answer
How to Get Emergency Money
Get a quick personal loan
The fastest you can get a personal loan is the same day you apply, with LightStream, though same-day funding is not guaranteed. You’ll also need a credit score of 660+ to qualify, reportedly. Other fast (but not same-day) personal loan options include Avant (600 credit score), LendingPoint (585) and Wells Fargo (660).
Borrow from friends/relatives
If you have a good enough relationship with someone, chances are they’ll try to help you out in an emergency. They might not even charge you much or any interest when you pay them back.
Get an advance on a paycheck
If you explain your emergency situation to your employer, they may be willing to give you money you’ve already earned before payday comes around. Depending on your employer, you might even be able get an advance on pay for hours you haven’t worked yet. You could also try to work extra hours to make additional money.
Charge the expense to your credit card
If the emergency expense is something you can charge to your credit card, that’s an easy way to temporarily take care of it, assuming it costs less than your credit limit. Keep in mind that you only pay interest on credit card purchases if you carry a balance from month to month.
Get a cash advance
If you’re not able to swipe your card to pay for what you need, you can use your credit card to withdraw money at an ATM. Cash advances come with high fees and interest that starts accruing immediately, so only use this as a last resort.
Take money out of a retirement account
If you have money saved for retirement, you can borrow from those savings in an emergency situation. However, you’ll need to replace the money within a few years or you’ll incur an early withdrawal penalty.
Offloading items of value that you own but no longer want or need is an easy way to quickly get some extra cash. Plus, there are lots of apps and websites dedicated to helping people do just that.
Make medical donations
You may be able to get a few hundred dollars by donating blood or plasma, though you’ll need to undergo some tests and make appointments first. You’ll also need to confirm that it’s legal to be paid for donating bodily fluids in your state.
There are a few ways to go about getting emergency money that you should absolutely avoid. They include getting a loan from a payday lender or auto title lender. Such lenders simply cost too much and provide too little in return.
For the future, the best way to get emergency money is to build an emergency fund by putting some of your pay aside each month. That way, you won’t have to resort to borrowing (or won’t have to borrow as much) when an emergency situation arises. Until you have such a fund built up, try to minimize luxury expenses so you can maximize your savings. Various experts recommend saving from 3 to 12 months’ worth of expenses – the more the better.
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