Around 12 million Americans take out payday loans each year to pay for monthly expenses like groceries, utilities, credit card payments, or even rent. Unfortunately, many borrowers can’t afford to repay these same-day loans on time and end up in a cycle of debt.
The good news is that some online and storefront lenders offer same-day loans that aren’t payday loans. These can still help cover a financial emergency or bridge the gap between paychecks. However, they usually have much lower interest rates and more reasonable repayment terms, making them a more affordable alternative to payday loans.
Disclaimer: Credit Summit may be affiliated with some of the companies mentioned in this article. Credit Summit may make money from advertisements or when you contact a company through our platform.
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10 Loans You Can Have Funded Within 24 Hours
These ten lenders offer same-day loans and other financing options with immediate or next-day approval.
Alliant Federal Credit Union
Alliant offers various loans, including auto, mortgage, and personal loans, as well as lines of credit. Members can apply quickly and easily online.
- Lender type: Direct lender (credit union)
- Estimated APR: 6.24% to 27.24% (0.4% reduction with autopay)
- Loan terms: 1 to 5 years
- Loan amounts: $1,000 to $50,000
- Minimum credit score: 620 FICO score
- Maximum debt-to-income ratio (DTI): 50%
- Time to approval: Same-day approval is available for current members
- Time to funding: Same-day funding for most applicants
- Fees: No origination or prepayment fees. Credit cards have up to a $27 late payment fee.
- Type of credit check: Hard inquiry since there’s no prequalification option
- Application process: The application is fast, easy, and online. It does require being a current Alliant member, though.
- Alliant customer success story: “Alliant Credit Union absolutely kicks Big Bank a$$ any day of the week, no question about it.”
SoFi
SoFi offers personal loans through SoFi Bank N.A., an FDIC member. Same-day funding is available for amounts lower than $100,000. The application process starts with registering and making an account and can be done online.
- Lender type: Direct lender
- Estimated APR: 7.99% to 23.43% (fixed) with 0.25% autopay discount
- Loan terms: 2 to 7 years
- Loan amounts: $5,000 to $100,000
- Minimum credit score: None, but 680+ recommended
- Time to approval: 2 to 4 business days
- Time to funding: Same-day funding is available for loans under $100,000 after the application is approved
- Fees: No origination or pre-payment fees
- Type of credit check: Soft credit check with prequalification to see the available terms and rates, followed by a hard inquiry when applying.
- Application process: The process starts with a prequalification option that lets the borrower see the loan terms and rate. If the borrower agrees to the terms, they can fill out an application with relevant personal and financial information. Once signed, SoFi will pull their credit and either approve or deny the application.
- SoFi customer success story: “I have had a few loans through Sofi and I find that they make it easy to access, apply for, and be approved for loans.”
Lightstream
Lightstream offers same-day loans and funding with low APR to those with good credit. The application process is online and only takes a few minutes to complete.
- Lender type: Direct lender
- Estimated APR: 3.99% to 19.99% (fixed) with autopay
- Loan terms: 24 to 144 months (depending on loan type)
- Loan amounts:: $5,000 to $100,000 (depending on loan purpose)
- Minimum credit score: 660
- Time to approval: May be immediate
- Time to funding: Same-day funding on applications completed and approved before 2:30 PM EST on a business day
- Fees: No fees or prepayment penalties
- Type of credit check: There’s no prequalification option, so applying requires a hard inquiry
- Application process: The application is online, fast, and straightforward. After applying, review the loan offer, accept the terms, and use the funds as indicated.
- Lightstream customer success story: “Basically the easiest loan, with the best rate, I have ever applied for. It took 23 hours from online application to cash in my bank.”
RadCred
RadCred is a lending platform that connects prospective borrowers with lenders in their network. Some lenders on the platform work with individuals with bad credit. Here’s where to apply.
- Lender type: Lending platform or marketplace
- Estimated APR: Usually 5.99% to 35.99%
- Loan terms: Usually 3 to 72 months
- Loan amounts: $1,000 to $5,000
- Minimum credit score: Depends on the lender. Some lenders accept poor credit.
- Time to approval: Within a few hours
- Time to funding: Within 24 hours of accepting an offer
- Fees: Undisclosed
- Type of credit check: Some lenders perform a soft credit inquiry, followed by a hard inquiry.
- Application process: The process starts with the applicant indicating how much they want to borrow. They must then fill out an online form that asks for things like their name, location, time lived at that location, employment status, and more. It takes between 5 and 15 minutes to complete.
- RadCred customer success story: “I used a small amount of credit for the interior decoration of my house. This process was both fast, friendly and high quality.”
BadCreditLoans
BadCreditLoans is a lending platform that connects individuals looking for financing with a lender from their network. The platform is known for its fast process and funding times. On the main page is the application, making it easy for prospective borrowers to get started.
- Lender type: Lending platform
- Estimated APR: 5.99% to 35.99%
- Loan terms: 3 to 72 months
- Loan amounts: $500 to $10,000
- Minimum credit score: Any, but those with a 500 FICO score or below may only be eligible for $1,000.
- Time to approval: Within a few hours to a couple of business days
- Time to funding: Typically on the next business day after approval
- Fees: This depends on the lender. There is no application or filing fee, though.
- Type of credit check: Lenders may perform a hard credit inquiry with the credit bureaus.
- Application process: The online application has five main steps. It starts by indicating the amount you want to borrow. From there, fill out basic personal details (ex. name, age, phone number, address, zip code) and employment and income information.
- BadCreditLoans customer success story: “I am very satisfied with this experience…. I was confident it was a safe place to put my information and I was able to get approved for a loan right away.”
CashUSA
CashUSA is an online lending platform with an extensive network of lenders offering same-day or next-day personal loans. The application can be found here.
- Lender type: Online marketplace
- Estimated APR: 5.99% to 35.99%
- Loan terms: 3 to 72 months
- Loan amounts: Up to $10,000
- Minimum credit score: None
- Time to approval: Within a few hours
- Time to funding: Same-day or next-day funding available
- Fees: The application process is free, but some loans have an origination fee. Late fees depend on the lender.
- Type of credit check: Hard inquiry with the application
- Application process: The initial application is simple and only takes a few minutes to complete. Individual lenders may have slightly longer applications.
- CashUSA customer success story: “Quick cash when you need it. They are very helpful and understanding, have low interest rates and are quick.”
PersonalLoans
PersonalLoans is an online lending platform that connects borrowers to lenders, including tribal lenders. The application process is fast and free.
- Lender type: Online marketplace
- Estimated APR: 5.99% to 35.99%
- Loan terms: 3 to 72 months for most personal or debt consolidation loans. Terms may range from 2 to 96 months.
- Loan amounts: $1,000 to $35,000
- Minimum credit score: 580
- Time to approval: Depends on the lender
- Time to funding: Usually within 1 to 5 business days
- Fees: Some lenders charge late fees or origination fees. There’s no prepayment penalty.
- Type of credit check: Registering results in a soft credit pull. Applying for a loan requires a hard pull.
- Application process: Start by indicating the amount you want to borrow and setting up an account. Next, fill out some basic information, such as your name, date of birth, the reason for the loan, home address, and other contact information. Be prepared to include your income and employment information, too.
- PersonalLoans customer success story: “SUCH a good experience! Got the loan I needed right away, no hassle at all, got approved and got the money fast.”
MoneyMutual
MoneyMutual is an online marketplace that works with reputable lenders that offer installment loans, personal loans, and other short-term loans. The application process is straightforward and can be found here.
- Lender type: Lending platform
- Estimated APR: 5.99% to 35.99% on most loans
- Loan term: Depends on the loan type
- Loan amounts: Usually $250 to $5,000
- Minimum credit score: Depends on the lender
- Time to approval: Within 24 hours
- Time to funding: Within 24 hours of approval
- Fees: The application is free, but some lenders charge additional fees, such as origination, late payment, or non-payment fees.
- Type of credit check: Hard inquiry
- Application process: It’s standard and online. Once you’ve provided your basic information (contact, employment, military status, income, etc.), you’ll receive a list of potential lenders. Review them and select the loan with the best terms.
- MoneyMutual customer success story: “I appreciate how fast and accurate it was. It was right out there the next day.”
OneMain Financial
OneMain Financial offers personal loans to borrowers with any credit type. It’s headquartered in Indiana and operates in 44 states.
- Lender type: Direct online lender
- Estimated APR: 18.00% to 35.99%
- Loan terms: 24, 36, 48, and 60 months
- Loan amounts: $1,500 to $20,000 (some states have different minimums)
- Minimum credit score: None
- Time to approval: 2 to 5 business days, in most cases
- Time to funding: Within 2 to 5 business days. If you accept Automated Clearing House (ACH) payments, funds can be available on the next business day.
- Fees: 1% to 10% origination fee. $5 to $30 late fee (or 1.5% to 15%). $10 to $50 non-sufficient funds (NSF) fee. No prepayment fees.
- Type of credit check: Checking rates doesn’t require a credit check, but applying results in a hard inquiry.
- Application process: The application takes about 10 minutes to complete. It requires basic contact and identification information, as well as employment status, income, whether you own a vehicle, etc.
- OneMain Financial customer success story: “They took care of me in no time at all. It was a quick process and I received my money before I was able to make it to my car in the parking lot.”
Discover Personal Loans
Discover is a bank that offers checking and savings accounts, personal loans, and lines of credit.
- Lender type: Direct
- Estimated APR: 5.99% to 24.99% (fixed)
- Loan terms: 36 to 84 months
- Loan amounts: $2,500 to $35,000
- Minimum credit score: 660
- Time to approval: Within 1 business day
- Time to funding: 1 to 10 business days
- Fees: No origination fees or closing fees with on-time payments. $39 late fee.
- Type of credit check: Soft inquiry for prequalification, followed by a hard inquiry.
- Application process: The application process is straightforward. It starts with the amount you want to borrow, the loan’s purpose, your preferred terms, and basic contact/income information.
- Discover personal loans customer success story: “This loan option made the most sense for my situation. The entire process was quick, straightforward and easy to navigate. No hidden surprises.”
READ MORE: Step-by-step guide to payday loan consolidation
Other Common Types of Fast Cash Loans
Many people turn to payday loans for fast cash, but other same-day loans are available. Some of these loans have minimal requirements and are more affordable than payday loans.
Personal Installment Loan
Personal installment loans are a type of unsecured personal loan that can be used for nearly anything.
| Pros | Cons |
| Funding is often immediate or next business day | Interest rates could be high if you have less-than-ideal credit |
| Amounts typically range from $1,000 to $50,000 and have longer repayment terms | Some lenders charge additional fees, including origination, prepayment and late fees |
| The loan is unsecured, meaning no collateral is required | Monthly payments are fixed |
| Interest rates are fixed, so monthly payments won’t change | Less flexibility in the amount you pay each month |
| Interest rate could be around 10% of lower if you have good credit | Your credit score matters |
Cash Advance Apps
Cash advance apps are a more affordable alternative to payday loans. With one, you can use some of your upcoming paychecks to cover small bills that can’t wait. This could be anything from a car payment to gas. Albert and Brigit are good examples.
| Pros | Cons |
| Cash advance apps are usually free, you just pay an optional tip | Some charge a monthly membership fee, usually between $1 to $9.99 per month |
| Most don’t charge interest or hidden fees | Borrowing limits are low, usually $500 or less |
| A few report positive payment activity to credit bureaus to boost your credit score | You can only borrow once per pay period |
| Some offer budgeting tools, overdraft protection, credit monitoring and more | Borrowing against your paycheck usually causes financial difficulty during the next pay cycle |
| Funding is often instant | You usually have to sign up a few weeks before you’re eligible for an advance |
Payday Loan
Payday loans are unsecured personal loans that are easy to get but have high fees. Most must be repaid in a lump sum on the borrower’s next paycheck (usually within two weeks).
| Pros | Cons |
| No credit check required | Low loan amounts |
| Same-day funding | Short repayment terms |
| Minimal eligibility requirements | Illegal or heavily restricted in many states |
| Average APRs around 400% | |
| Payday loan lenders aren’t always trustworthy | |
| Lead to a cycle ofdebt |
Title Loans
Title loans are secured loans that use your vehicle title as collateral.
| Pros | Cons |
| Loan amounts are higher than payday loans (based on the car’s value) | Defaulting on the loan means losing your vehicle |
| Very few eligibility requirements | Short repayment terms (often between 10 to 30 days) |
| Credit scores don’t matter | High lender fees |
| Loan amounts are higher than payday loans (based on car’s value) | High interest rates (up to 300% APR) |
Don’t Use Same-Day Payday Loans and Title Loans
No matter how easy they are to get, avoid using same-day payday loans or title loans. There’s a reason why these loans are so convenient and have minimal hassle.
The short repayment terms and high interest rates make them extremely difficult to repay. Around 80% of payday loan borrowers end up rolling over their first payday loan into a new one because they can’t pay it off in time. This new loan comes with its own interest rate and other fees.
Consider this typical payday loan horror story from a recent borrower.
“I took out a loan for $1800. The APR is absurdly higher than what’s legally allowed in my state. I have since paid off this principal plus maximum interest, and I still somehow how twice the amount of the principal,” he said. “This has put me in an extremely difficult financial situation.”
Title loans aren’t much better. According to one report, around 20% of title loan borrowers end up losing their vehicle after failing to repay the loan.
Pro tip: If at all possible, avoid both of these types of loans. You’re almost always better off considering a different type of loan, ideally one with a longer repayment term and lower interest rates.
To learn more about the dangers of title loans, check out this video:
Other Fast Cash Options
Looking for other same-day loans or financing options? Here are a few to consider:
- Ask an employer for a payday advance: If you have a good reputation with your employer, ask for a portion of your paycheck upfront. They might be willing to help or offer overtime hours, especially if you’re struggling with medical bills. Some even offer access to paycheck advance apps that allow you to collect your wages a few days early.
- Credit card cash advance: Most credit cards come with a cash advance option, meaning you don’t need to apply or have a certain credit score to qualify. This does usually come with a fee — usually around 3% or 5% of the amount. It also starts to accrue interest immediately. Even factoring in the fees and interest, it will still cost less than a title loan or payday loan.
- Credit union loan: Offered to credit union members, these usually come with lower fees and interest rates. Some credit unions also have Payday Alternative Loans, which are more regulated and less expensive than payday loans.
- Home equity loan or line of credit: If you’re a homeowner and have equity in the property, consider getting a HELOC or home equity loan. Funding is often fast and interest rates are usually reasonable. Plus, since you’re using the home as collateral, requirements are minimal.
READ MORE: Best payday loan debt consolidation and relief companies
The Bottom Line
Whether you’re facing an unexpected bill or financial emergency, same day loans can help. Not all of these loans are as predatory or expensive as payday loans or title loans. However, they shouldn’t be relied upon as a long-term solution. Only take out a loan if it fits into your budget and you can reliably pay it back on time. In the meantime, try to work out a plan to prevent a similar situation from happening in the future.
FAQs
If you don’t have an active checking account, some lenders will still offer a same-day loan or funds. They may require you to have a prepaid debit card, though, and you’ll need a bank account for the funds to be deposited if you’re applying online.
A credit score of 300 to 629 is considered bad or poor credit. Your credit score doesn’t start at zero. Having a low credit score like this is usually the result of not paying bills or owing a lot of money. When someone has poor credit, it can be difficult to get a loan or credit card, and you won’t qualify for the best interest rates. If you think you need to apply for a same-day loan, check out these options for free credit scores to see where you fall.
Most lenders, as well as some prospective landlords and employers, check your credit history when deciding whether to work with you. They use this information to determine your creditworthiness (how likely you are to make on-time payments and repay what you owe). The better your credit history, the better your chances of getting financing for things like a car or house.
Though payday loans and title loans offer some of the easiest ways to collect money the same day you need it, the terms can be disastrous. Some payday loans have interest rates in excess of 600%, and they’re even illegal in some states. Because of the high rates and fees, the majority of borrowers can’t afford to repay them from their next paycheck and are forced to roll them over into new loans, which creates a cycle of debt.
With title loans, you risk losing your car if you can’t make the payments, and it doesn’t help anyone’s longer-term financial situation if left with no way to get to work.