same day loan

What same day loan is right for you?

Some lenders offer same-day loans, meaning that you can get your cash the same day you apply. However, some types of same-day loans can come with a price tag. We have rounded up the best same-day loans that may work for your circumstance. 

Need money fast?

If you need cash fast, a same-day loan may be able to get you the money you need upon approval. Despite this, you may not be able to access the funds on the same business day if you do not apply within the lender’s strict conditions. Because of how expensive these loans can be, ensure you will have the means to repay this type of loan on time. 

Below is our round-up of top picks for the best personal loans:

Best for large loan amounts: LightStream

LightStream offers a large range of loan amounts – anywhere from $5,000 to $100,000, making it a great option if you need a loan for a larger amount. Their repayment terms last anywhere from 24 months to 144 months. 

  • If you have a solid credit history, an installment loan from LightStream may be right for you. Those with the best credit scores will be offered loans with the lowest interest rates.
  • In addition to low rates, LightStream will give you a rate discount if you enroll in their autopay feature. It also promises to beat competitor’s rates if you meet the criteria for the loan offered.
  • On the downside, when you submit your loan application, it will result in a hard credit inquiry, which may negatively affect your score.

Best for small loan amounts: Earnin

Earnin is unique to this list, allowing you to borrow money against your next paycheck, all through the use of an app. For first time borrowers, you can borrow a maximum of $100, which your limit increases to $500 with a good repayment history.

  • To use this service, you must first track your hours at your job and be paid on a consistent schedule. To qualify, more than half of each paycheck must be deposited into a single checking account with direct deposit.
  • In order to qualify for these short-term loans, you must also earn at least $4 per hour after all taxes and deductions are withdrawn from your check. Earnin only uses money linked to this checking account to calculate how much you earn. Earnings may also include state unemployment benefits.
  • Earnin has no origination fees and does not charge interest on its loans. In addition, they do not pull a hard credit check. 
  • Earnin also helps you avoid overdraft fees on your bank account through their Balance Shield feature. Their app will send you alerts when your balance is getting low. 

Best for people with subpar credit: OneMain Financial

If you have bad credit and need money fast, a loan from OneMain Financial may be right for you. More than half of their borrowers have a credit score below 620. Personal loans range from $1,500 to $20,000. Repayment terms range from 24 to 60 months.

  • OneMain Financial specializes in loans for people with a less-than-perfect credit history; they will have higher interest rates than other similar lenders. However, these rates are still lower than what payday loan lenders will offer.
  • They charge an origination fee, as well as late fees and insufficient funds fees depending on where you live. 

Best for checking rates ahead of time: Rocket Loans

Rocket Loans applications start with a soft credit check so you can see your estimated rate and loan terms. Soft credit inquiries do not affect your credit score. It is important to remember that your final terms may differ from those shown during the prequalification process. Rocket Loans offers loans ranging from $2,000 to $45,000.

  • Rocket Loans does charge a one-time origination fee, about 1% to 6% of the loan amount. This will be deducted from your loan once it is issued. 
  • Their repayment options are either 36 months or 60 months. But, you can pay them off early without penalty. Be sure to never miss a payment; they will charge a $15 late fee and a $15 returned check fee. 
  • APR ranges from competitive to high. Your rate is determined by your credit score, income and loan term.

Best credit union lenders: Alliant Credit Union

Although you must be a member to apply for a loan through Alliant Credit Union, it is easy to apply. Alliant Credit Union offers great rates, low fees and debt protection plans.

Loan amounts through the credit union range anywhere from $1,000 to $5,000, with repayment terms anywhere from 12 to 60 months. The shorter the loan term, the lower interest rate you will receive.

  • Alliant Credit Union charges no origination feeds or prepayment penalties.
  • They offer debt protection to help you cancel your monthly payments if you are unable to make a payment due to extenuating circumstances like death, job loss or disability.

Alternatives to same-day loans:

Credit cards

Cash advances or using your credit card for expenses may not seem ideal, but in a pinch, can cost less than a same-day loan. Although you may still face high interest rates and an elevated monthly payment the next month, the lower APR may be worth it.

Family and friends

Asking your family or friends for money may seem scary, but if you are in a sticky situation, this is an option to consider. Be sure to set strict repayment terms for the loan to avoid undermining your relationship.

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