Same-day loans are available from certain online lenders and even some banks and credit unions that offer personal loans. Other same-day 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 and outsized risk. Borrowers could also get a same-day loan at a pawn shop or by taking out a cash advance on their credit card, but both of those choices are too expensive as well.
Few major personal loan providers offer same-day approval and funding – most take at least 2 business days. But there are exceptions. The best places to look for same-day personal loans are LightStream by SunTrust Bank and Alliant Credit Union. Not only do they offer the possibility of same-day funding, but they also have low rates and $0 origination fees. Or, you might have luck getting a same-day loan from someone you know, rather than from a financial company.
Best Same-Day / Same-Week Loan Options:
|Lender||Minimum Time for Approval & Funding||Maximum Time for Approval & Funding||Available Loan Amounts||APR|
|LightStream||Same day||2 business days||$5,000 - $100,000||3.99% - 17.29%|
|Alliant CU||Same day||2 business days||$1,000 - $50,000||6.49% - 20.00%|
|Avant||2 business days||3 business days||$2,000 - $35,000||9.95% - 35.99%|
|Wells Fargo||2 business days||4 business days||$3,000 - $100,000||5.24% - 22.99%|
Below, you’ll find an in-depth explanation of the different types of same-day loans that might be available, along with information on how to get a same-day loan safely.
Where to Get a Same-Day Loan
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.
Payday lender: Tons of payday loan providers offer same-day loan approval and funding. As the name suggests, a payday loan requires repayment with your next paycheck. While that may seem convenient, payday loans are actually incredibly costly compared to personal loans. They can charge fees that are equal to a 400% APR, in many cases. That’s far too much to pay for the convenience of having a same-day loan. Plus, your next paycheck will end up being a lot thinner, which is far from ideal.
Pawn shop: 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.
Auto title lender: 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.
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.
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.
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
- 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.
- Submit your application online. This is the fastest way to get your application processed.
- 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.
- 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.
Good same-day loans are hard to find. Your best options are a personal loan from either LightStream or Alliant Credit Union, assuming you have the 660 or 640 credit score needed to qualify, respectively. But getting a same-day loan is never guaranteed.
If you absolutely need funds the same day, it’s probably best to ask someone you know to lend to you. Don’t fall prey to payday loans, title loans or other lenders that charge outrageously high rates for the privilege of getting a same-day loan.