Best Same-Day Loans in November 2024

If you need quick cash, you have a few options, including payday loans, cash advance apps, and some personal loans. But not all options are created equally. In fact, some options, like payday loans, are likely to drag you into debt and keep you there.

Our top pick for same-day loans, SoFi, offers fast funding, no required fees, a large maximum loan amount and a range of repayment terms. You can get money the same day you apply and will have months to years to pay it back, which makes it easier to budget and cover large expenses.

Compare same-day personal loan rates of November 2024

Why you can trust Credible

The Credible editorial team is independent and unbiased, which means that partners do not influence our editorial content. To help you find the best same-day personal loan for your situation, we analyzed over 1,000 personal loan data points. Using data-driven methodologies, we scored criteria that are important to you. This approach allows us to objectively rank personal loans. To learn more, read our methodology below.

Best same-day loans

It may go without saying, but if you need money now, don’t wait to start the process. All the lenders below can fund your loan the same day you apply, but you need to apply early enough in the day for the lender to approve your application. For example, if your application is approved by 3:30 p.m. ET on a business day with Zable, you could get the money in your account as soon as the same day.

Start by prequalifying with the lenders below to see which are likely to approve your application. Prequalification won’t hurt your credit score. When you apply for a loan, however, the lender will make a hard inquiry, which could ding your score temporarily by a few points.

Navy Federal is another lender that offers same-day funding, but you’ll need to be active duty or retired military, a veteran, or a household member with one to qualify. (Navy Federal is not a Credible partner.)

Methodology

Credible evaluated the best same-day personal loans based on customer experience, interest rates, origination fees, loan amounts, loan terms, discounts, the availability of secured loans, whether cosigners are accepted, and more. All lenders selected may fund loans as quickly as the same day. Credible's team of experts gathered information from each lender's website, customer service department, directly from our partners, and via email support. Each data point was verified by a third party to make sure it was accurate and up to date.

Learn more about how Credible rates lenders by exploring our Personal Loans Lender Rating Methodology.

What are same-day loans?

Same-day loans are loans from lenders that can get you money quickly — many on the same day that you apply. However, sometimes even loans that are advertised as same-day might take a bit longer, depending on factors like the time of day you apply, how quickly you can complete the paperwork, and how your bank processes incoming disbursements.

Here are the most common types of same-day loans:

• Personal loans: Personal loans are a type of installment loan with a set interest rate. They’re usually unsecured — meaning you don’t have to use an asset you own, such as a car or a home, as collateral. When you’re approved for the loan, you receive a fixed sum and then pay it back over time. Repayment periods generally last from 1 to 7 years, but could be more or less, depending on the lender and amount borrowed. Personal loan annual percentage rates (APRs) range from around 5% to 36%, and depend on your credit and financial situation.
• Payday loans: Payday loans are usually small loans, up to $500 or $1,000, that are due on your next payday and have very high APRs — over 400% in some states. Fees on payday loans are very high relative to the amount borrowed and repayment term, which is why APRs are often in the triple digits. You’ll generally leave a check for the entire amount with the lender, and they will take that money out of your account on the due date. The structure of these loans often keeps borrowers trapped in a cycle of expensive debt.
• Payday alternative loans (PALs): As a response to predatory payday loans, many federal credit unions offer payday alternative loans. The fees and interest these credit unions can charge you is capped at 28%, making them a more affordable and financially sound option. These loans are available for amounts between $200 and $2,000, with repayment terms between 1 month and 12 months.
• Cash apps: There are apps that offer same-day cash advances, but the fees charged can put their APRs in the triple digits, like payday loans. For example, if you want cash in minutes instead of days, you could pay $8.99 on a $90 advance from Money Lion, which equates to a 260% APR.

When you need money fast, don’t jump in the first lifeboat you see — it might leak. Take a few minutes to prequalify for a personal loan. If you can’t prequalify, see if you have access to a PAL. Then compare APRs across all your options.

Where to get same-day loans

Personal loans are available from banks, credit unions, and online lenders. Cash advance apps and payday lenders can be found online — you may not have access to in-person payday lenders if they’ve been prohibited in your state. For a PAL, go to a federal credit union.

How to compare same-day personal loans

Prequalification is a great way to narrow down your options so you apply with a lender that’s likely to approve your application. Here are some other things to consider:

• Minimum credit requirements: Is your FICO score higher than the lender’s minimum? Minimum credit score requirements may be available on the lender’s website, and via lender marketplaces (like in the table above). Note that some lenders may have different minimums on their website relative to what they consider via a lending marketplace.
• Minimum income requirements: Make sure you earn more than the lender’s minimum if you want to apply for a loan with it.
• APR: Compare APRs to see which loan is the lowest cost.
• Loan amounts: Select a lender that makes loans in the amount you need to borrow. For example, only a handful of lenders offer loans above $50,000. However, the amount you qualify to borrow will depend on your income, current debt, and credit history.
• Repayment terms: It’s usually best to choose the shortest repayment term with a monthly payment you’re sure you can afford. A shorter repayment period means less interest overall, but a higher monthly payment. A longer repayment term generally means the opposite.
• Fees: Origination fees are often expressed as a percentage of the total amount you’re borrowing and are typically deducted from the amount that’s deposited in your account. So, for example, if you take out a $5,000 personal loan with a 5% origination fee, you’d receive $4,750 from the lender. Origination fees are reflected in the APR.
• Time to fund: With some personal loan lenders, you could get money within a few hours of your application’s approval. However, make sure to start your application on a business day, otherwise it could take longer.

How to apply for a same-day personal loan

If you’ve decided it’s your best option, here’s how to apply for a personal loan:

1. Prequalify: Most lenders offer a fast and easy online prequalification process. You enter basic information and get an estimate of the APR, loan amount, and repayment terms you might qualify for. (Click any “Check Rates” or “Compare Rates” button in this article to see which Credible partners you might get approved with.)
2. Compare lenders: Once you’ve prequalified with multiple lenders, compare APRs, fees, loan amounts, repayment terms, and funding times. 
3. Pick a loan option and complete an application: Choose the loan that looks the best with a lender you’re likely to qualify with. Expect to submit documentation to support your application, such as your ID, income and/or bank statements, and verification of your employment.
4. Review the loan agreement: When you receive the final paperwork, review it closely to make sure it’s what you expect. If agreeable, sign and submit it to expedite funding.
5. Get your funds: Once you’ve submitted the paperwork, the lender should let you know when to expect the money.

Pros and cons of same-day personal loans

Getting money you need quickly has pros and cons. Here are the biggest ones:

Pros:

• Fast and easy access: The best thing about loans like these is getting the money you need when you need it.
• Some loans don’t check credit: Payday loans and cash apps don’t require a credit check, and PALs often have less stringent requirements for credit scores than personal loans.
• Long-term repayment (for personal loans): If you choose a personal loan, you can borrow a much larger amount than you can with payday loans or cash advance apps, and have years to repay it.

Cons:

• Can be expensive: If you go with a payday loan for quick cash or expedite money with a cash advance app, you could end up paying huge fees, relative to the amount borrowed.
• Short repayment periods for some loans: Cash advances and payday loans have very short repayment periods, generally two weeks, which can lead to more fees if you can’t repay when the money is due.
• Debt cycle: Fees and interest rates that don’t seem like a lot for a short-term loan can add up quickly when you find yourself continually relying on them to get through each month.

How to get a loan fast with bad credit

While it can be more difficult to borrow money with bad credit, here are some strategies that can help:

• Use a cosigner: Some lenders allow you to apply for a personal loan with a cosigner. A cosigner is someone with a good credit history and income that cosigns the loan with you, taking on responsibility for its repayment. This can help you qualify for better loan terms. Look for lenders that specifically allow cosigners.
• Consider PALs: These loans were created to give poor-credit borrowers better options than payday loans. By offering better-designed, less expensive alternatives, credit unions can help you avoid paying through the nose for emergency loans, or worse, getting trapped in a cycle of high-cost debt.
• Secure the loan: Some lenders offer secured loans, which means you put up a valuable asset, such as your car or the fixtures in your home. You may be able to get a lower interest rate if you can secure the loan, but remember that your asset is on the line if you can’t make payments.

Related: Secured vs. Unsecured Personal Loans

Read More:

• Best Personal Loans for Fair Credit
• Best Personal Loans for Good Credit
• Best Personal Loans for Excellent Credit
• Best Personal Loans With No Origination Fee
• Best Low-Interest Personal Loans