A same-day loan is easy to find when you know where to look, but the key is knowing what makes a good loan stand out from the rest. Good same-day loans have a few things in common that set them apart like competitive APRs, leniency with credit history, reasonable loan limits and easy online applications.
Check Your Personal Loan Rates
Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.
The 3 best same-day loans of 2020
- : Best for emergency funding
- TD Bank: Best for unsecured express loans
- Rise Credit: Best for bad credit loans
| Lender | APR | Loan Terms | Min. Loan | Max Loan | Time to Funding |
|---|---|---|---|---|---|
| OneMain Financial | 18.00% – 35.99% | 24–60 months | $1,500 | $20,000 | Same-day if approved by noon |
| TD Bank | 6.99% – 18.99% | 24–60 months | $2,000 | $25,000 | 48 hours |
| Rise Credit | Up to 299% | Up to 26 months | Varies by state | $5,000 | Next business day |
The 4 Best same-day loans of 2020
OneMain Financial — Best for emergencies
Financial has streamlined not only its application process but also its funding process, creating a true same-day loan product for customers in dire straits. One of the best things about OneMain is its rates and products. Not only does it provide emergency funding to its customers, but there are products for weddings, travel, debt consolidation and more available at attractive rates considering its fast funding and flexible credit score requirements.
With an APR between 18% and 35.99%, OneMain Financial’s personal loans sit a little bit higher than other lenders, but the lender takes into account multiple factors when considering loans. Collateral, expenses, credit history and bankruptcies are all taken into consideration when approving or rejecting loans.
TD Bank — Best for unsecured express loans
TD Bank was established over 150 years ago. Today, it has over 1,250 different locations that span the Northeast, mid-Atlantic, Metro D.C., Carolinas, and Florida. It’s also considered to be one of the top 10 banks in the U.S.
We like the unsecured express loans offered by TD Bank. While not exactly same-day loans, express loans are a fast way to get the cash you need when you need it most. In fact, the bank’s express loans can be approved in as little as 48 hours. You can borrow amounts between $2,000 and $25,000 for terms between 24 and 60 months. APRs are fixed but vary according to the market, your credit history, and other factors. Currently, APRs range between 6.99% and 18.99%. You’ll need a FICO score of at least 660 to get started.
Rise Credit — Best for payday loans
Rise Credit offers payday loans from $500 to $5,000, based on your location. Rates depend on the state you live in. With Illinois as an example, available loan limits are between $2,000 to $4,000 for terms of 15 to 25 months and with APRs vary by state and your credit and financial situation. Yes, these rates are still extremely high, but for payday loans, they are significantly lower than much of the competition. Traditionally, payday loans are associated with APRs as high as 300% and sometimes higher. For this reason, it’s best to consider payday loan alternatives and only use payday loans as a last resort.
The application takes minutes to complete and, if approved, you can access funds as early as the next business day. Moreover, rather than providing you with the requested financing and moving on while you get stuck in a never-ending cycle of borrowing, Rise offers sound advice to help you improve your credit and financial health. It provides access to your TransUnion credit report, personal finance tools, and a “Money Matters” blog to point you in the right direction for improving your overall financial health.
What is a same-day loan?
A same-day loan is a loan that is pre-certified and sometimes approved within the first 24 hours. Sometimes the funds for these loans are also released within the initial 24-hour period, but that’s not always the case. Regardless of how quickly funds are released, though, the point of a same-day loan is to streamline the application process to get you pre-certified and approved faster than with conventional loans. Generally, these same-day loans offer a way to get fast cash, but depending on the type of loan, the funds might be directed to a third party — the intended recipient of the funds.
How should I choose the right same-day loans?
Choosing the right same-day loan begins with determining your need. What do you need the funds for? Same-day loans are often specific to the purpose and when they aren’t, a more generalized personal loan can be used. Once you know what you need the funds for, then it’s time to shop around for the best rate and provider.
Not all same-day loan providers service all areas — especially online lenders. So, make sure to read the fine print before beginning the application process. It’s also a good idea to check your credit history in advance. If you find anything that seems off, you can challenge it and sometimes have it removed or corrected, which could give your FICO score a bump and improve your chances of securing conventional financing.
Check Your Personal Loan Rates
Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.
The bottom line
When you need cash fast, a same-day loan offers a tempting solution that’s hard to beat. Depending on your specific needs, your income, credit history, the lender and other factors, APRs can be higher than conventional loans. In some cases, they can be significantly higher. So, sometimes it’s better to avoid taking out certain types of same-day loans if possible. If you have poor credit, for instance, a bad credit loan may be the best option for you.
To avoid having to borrow for small emergencies, build your emergency savings. You can also improve your FICO score by paying off debt and paying bills on time. A higher FICO score can help you qualify for better rates for bigger emergencies. That’s not always an option for everyone or every situation. Sometimes problems occur when you least expect them to and you have to go with the flow. In those cases, be sure to do your homework and shop around for the best rates.
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