Best Same-Day Loans in December 2024

When you need money right away, you have several choices, including payday loans, cash advance apps, pawnshop loans and "Buy Now, Pay Later" (BNPL) offers. But while those may be the first things that come to mind, a same-day personal loan may be a better option.

Not all personal lenders offer same-day funding, but SoFi, our top pick for same-day loans, can fund your loan the same day you apply with no origination fees and repayment terms up to seven years. 

If you have fair credit, try Zable for a same-day loan. Repaying a personal loan can be easier on your budget than other types of same-day funding, helping you get back on your feet and avoid a cycle of high-cost debt.

Best same-day loans

The lenders below can fund your loan the same day you apply. To have a shot at getting money in your account this quickly, you must be approved before the lender's cutoff time, and it must be a business day.

Get started by prequalifying with the lenders above. Prequalification won't hurt your credit score, but it will show you which lenders are most likely to approve your application. 

Once you select a lender and formally apply, a hard inquiry will show up on your credit report, which could lower your score by one to five points for up to two years.

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.

How to compare same-day personal loans

Prequalification is a great way to narrow down your options and limit hard inquiries on your credit report. Before submitting a full application, review the requirements of each lender who prequalifies you. See how you stack up to reduce your chances of getting rejected.

• Minimum borrower requirements: You may be able to find a lender's minimum credit score and income requirements through its website or through a lending marketplace (such as Credible). If your score or income is below the minimum, you may be rejected.
• Fees: Some personal lenders charge an origination fee that's a percentage of your loan amount. A $3,000 personal loan with a 5% origination fee translates to $150. Depending on the lender, the loan amount could be reduced to $2,850 or the $150 origination fee could be added to the principal.
• APR: Annual percentage rate (APR) shows you the loan's total cost, including interest rate and fees, on an annualized basis. The lower the APR, the less expensive the loan, assuming you take the full term to pay it off.
• Loan amount: Each lender has minimum and maximum amounts you can borrow - if you qualify based on your income, existing debts and credit history. Choose a lender whose range accommodates your needs.
• Repayment terms: You'll have several years to pay off most personal loans. A shorter repayment period can save you money on interest, while a longer term can give you a smaller monthly payment.
• Funding time: Some personal lenders can get your funds to you the same business day if you apply early enough. Others take 24 hours or longer.

Learn More: How To Compare Personal Loans

What are same-day loans and how do they work?

Same-day loans are just what they sound like: A way to get the money you need to borrow the same day you apply.

To actually get your money that day, you'll have to be on top of your loan paperwork, respond promptly to any lender requests, and apply early enough in the day to complete all the loan requirements before the lender's funding cutoff time.

Your bank will also have to process the disbursement promptly, which might not happen even if the lender does everything as promised.

Compare: APR vs. Interest Rate on a Personal Loan

Average interest rates on personal loans

Credit score and loan term play a big part in personal loan interest rates. Three-year personal loans had lower interest rates than five-year personal loans for borrowers with credit scores of 640 or higher as of November 26, 2024. 

The average APR on a three-year loan for a borrower with a score of 780 or higher was 13.64%. For a borrower with a score of 640 to 679 and a five-year loan, the average APR was 29.22%.

Personal loan rates ranged from around 7% to 36% on November 26, 2024. Rates can change with market conditions, and the best rates go to borrowers with excellent credit.

Types of same-day loans

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

• Personal loans: Personal loans have a fixed interest rate and term, which means equal monthly payments called installments. These loans allow you to borrow a lump sum and usually don't require collateral, unlike a home loan or auto loan. If you're approved for the loan, you'll typically have at at least one year to repay it.
• Payday loans: Payday loans, also called cash advance loans, are short-term loans of a few hundred dollars. They're meant to help you cover an urgent expense that you can repay when you get your next paycheck. Cost and availability vary by state. Funds can be available instantly or by the next business day. Payday loans have been widely criticized by lawmakers and consumer advocates because of their costs. However, they are an option for borrowers with no credit or poor credit.
• Cash-advance apps: Cash-advance apps such as Chime MyPay, EarnIn Cash Out and Empower are tech-forward and potentially less costly versions of payday loans. They give you a portion of your next paycheck before payday with no interest, late fees, or credit checks. Funds can be available within minutes. The company will charge you a monthly fee or an instant cash fee; you'll also give them access to your checking account transactions. They use your transaction history to decide how much you can borrow.
• Payday alternative loans (PALs): A PAL, offered by many credit unions, is a short-term installment loan with an APR no higher than 28%. You may be able to borrow $200 to $2,000 at a fixed interest rate, then repay the money over 1 to 12 months. However, a PAL may not be an option for immediate cash if you aren't already a credit union member, don't get paid by direct deposit, or don't meet credit requirements.
• Buy now, pay later offers: BNPL companies such as Affirm, Afterpay and Klarna let you divide a purchase into four equal payments due every two weeks with no interest or fees. If you pay late or choose monthly financing, you may incur fees and interest.
• Pawnshop loans: By handing over a valuable item such as a wedding ring or laptop, you can get a certain percentage, such as 50% of its assessed value, in cash. You'll have to repay the loan in time to get your item back. You'll need a government-issued ID, but you won't have to pass a credit check.

Learn More: Personal Loan Alternatives

Pros and cons of same-day loans

Borrowing from a lender that will give you funds within minutes or hours may be a lifeline in an emergency, but there are costs to this convenience. Here are the biggest pros and cons to be aware of:

Pros:

• Fast and easy access: When you don't have access to cash or credit, same-day loans can allow you to avoid asking a friend, coworker, employer or relative to help you pay for an urgent expense.
• Credit history may not matter: Some types of same-day loans, such as cash advance loans, don't have requirements about your credit history or credit score. They just want to know that you have the cash flow to pay the money back quickly.
• Long-term repayment (for personal loans): If you qualify for a personal loan, you may have several years to repay it.

Cons:

• Short repayment periods for some loans: Cash advances and payday loans are typically due within two weeks. If another urgent expense comes up or you earn less than usual, you might find yourself paying additional fees to extend your loan.
• Can be costly: The flat fees charged by payday loans and cash advance apps can be low dollar amounts. However, the fees translate to very high APRs (in the triple digits). Fees may eat into money you need for other expenses, and you could get trapped in an expensive debt cycle.
• Must have income: With the exception of pawnshop loans, you'll almost always need a regular income to qualify for a same-day loan.

How to apply for a same-day personal loan

If you've never borrowed money or you've only used other forms of short-term borrowing, it might feel uncomfortable applying for a same-day personal loan. Getting familiar with the application process before you go through it may help. Here's what you'll need to do:

• Prequalify: Through a simple online prequalification process, you can find out which lenders may be likely to approve your application. Just enter some basic personal information and you'll 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 might approve you.)
• Pick a loan: From the loans you prequalified for, choose the option that works best for you. That might be the least expensive loan, the one that can provide money the soonest, or the one with the longest repayment period.
• Complete an application: To support your application, lenders may ask for state-issued identification, verification of employment, and recent bank statements.
• Review and sign the loan agreement: Once you're approved, take your time to review the loan paperwork. Make sure you understand the loan requirements and that you're OK with the interest rate, loan term and fees. Even though you're in a hurry to get money, don't rush this step.
• Get your money: After returning your signed loan documents to the lender, they should tell you when to expect the funds in your account.

How to get a loan fast with bad credit

Having bad credit can limit your options when you need to borrow money. If you're not getting any approvals or you don't like the details of those offers, one of these strategies could help:

• Find a cosigner: Some lenders allow you to apply for a personal loan with a cosigner (it's not common to find personal loans that allow cosigners these days). Your cosigner should be someone with good credit and a steady income who can help you get approved, get a better rate, or borrow more. Keep in mind that they'll be on the hook for any balance you don't repay, and their credit score could go down if you don't pay on time.
• Apply with a co-borrower: Some lenders let you apply with a co-borrower, also called a joint applicant. The difference between a co-borrower and cosigner is that a co-borrower will have equal access to the funds. An example of a loan with a co-borrower is a married couple applying for a loan jointly.
• Consider a secured loan: Some lenders allow you to use a material asset such as a car or money in your savings account as collateral for your loan. Remember that failure to pay off a secured loan could mean forfeiting the asset you used as collateral..

Compare: Secured vs. Unsecured Personal Loans

Alternatives to same-day loans

If you don't like the idea of getting a co-borrower or putting up collateral, here are two alternatives to same-day loans:

• Credit card: Some credit card issuers will give you your full card number as soon as you're approved, which may be instantly. Others will allow you to add the card to a digital wallet or PayPal account right away, which could work if you need to cover an expense with a vendor that accepts that form of payment.
• Payday Alternative Loan (PAL): Similar to personal loans, payday alternative loans from banks and credit unions typically have lower interest rates and longer repayment terms than payday loans or cash advances. They're designed to help borrowers with poor credit avoid getting trapped in an expensive debt cycle.

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