If you are short on cash and need it quickly, your choice of lenders may be limited. That can lead some people to turn to expensive, risky options like payday loans. But there are personal loan lenders who can help when you need fast loan funding.
With most lenders, funding your loan can take several business days after you apply and are approved. Even lenders with quick financing options may take up to three business days. But there are some lenders that offer same-day cash after you’re approved for a loan, which is helpful if you’re using cash to cover an emergency.
Here’s what you need to know about same day emergency loans and our top picks available today.
Some same day loans may be marketed as emergency loans, but most have the same terms and education requirements as any regular personal loan. In any case, check exactly how your lender funds your loan after approval and the terms available.
These are our top rated payday loan lenders who also offer same day financing:
Our take: SoFi offers personal loans with same-day financing, depending on your schedule. If you need quick access to an important loan amount, this can be a great, no-fee option.
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Loan amount: $5,000-$100,000
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Payment terms: Ages 2-7
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Support speed: Same day financing is possible
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Basic payment: Nothing
SoFi says same-day cash is available if your loan is approved and your loan agreement is signed by 5:30 pm ET on a business day. You can borrow a minimum of $5,000 with a SoFi personal loan, which is a maximum – so make sure you understand how much you’ll owe in monthly payments and interest charges to pay off this emergency loan. SoFi does not charge any prepayment penalties or fees, which can help you repay your loan more easily.
OneMain Financial: Best in fast financing
Our take: OneMain Financial’s emergency loan option allows for the fastest funding; you can get cash as fast as an hour after closing the loan. And, with terms ranging from 24 to 60 months, you’ll have many payment options.
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Loan amount: $1,500-$30,000
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Payment terms: 24-60 months
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Support speed: As soon as one hour after closing
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Basic payment: Low amount or percentage from 1%-10%
You can get your OneMain Financial emergency loan funds within an hour of closing the loan if you receive it with a bank-issued debit card. If you want your money by regular check or ACH transfer, you will need to wait one to two business days after closing. This is still a solid option, mainly because of its low minimum loan amount – but be prepared to pay a potentially steep fee (although there are no prepayment fees or penalties).
Our take: Rocket Loans allows same-day financing on its personal loans, and it depends on your schedule. You can borrow a minimum of $2,000, but there may be an expensive down payment.
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Loan amount: $2,000-$45,000
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Payment terms: 36 or 60 months
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Support speed: Same day financing is possible
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Basic payment: Up to 9.99%
With Rocket Loans same day personal loan financing, you will need to complete the loan process by 4pm ET on a business day. The lender specifies that this means an ACH credit for your funds will be sent to your bank the same day. But depending on your banking institution, you may have to wait a long time for the direct deposit to appear in your account.
Our take: Navy Federal Credit Union offers same-day financing for its personal loans. We love this lender for emergency loans especially because you can borrow as little as $250 to cover your unexpected expenses. Plus, you won’t have to pay upfront fees or prepayment penalties.
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Loan amount: $250-$50,000
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Terms of payment: 36-60 months
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Support speed: Same day financing is possible
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Basic payment: Nothing
If you’re approved for a loan with Navy Federal, you can sign for the loan electronically and get the money deposited into your account within 24 hours (same-day deposit is available in most cases, according to Navy Federal).
But don’t forget: You’ll need to be a member of Navy Federal before you can apply for a loan with the credit union. You may be eligible if you are a veteran, retired service member, or active duty member of the military; an eligible employee of the Department of Defense; or a family member close to you.
Read more: 7 amazing benefits of borrowing from a credit union
After choosing your loan lender, apply online to ensure a quick process. Have the necessary application information to hand, including your contact information, job and salary details, and the amount you would like to borrow.
In any loan application, but especially a loan that you need quickly, it is important that all the information you provide is accurate. If your application contains incorrect or incomplete information, it may delay the approval process.
Once you’ve applied, the lender will review your application and check your credit, leading to a hard check on your credit report. If you want to compare different loans without affecting your credit, collect eligibility offers from lenders before applying fully.
You will receive your loan funds after your approval. With some lenders, you may have to accept your loan at a certain time (5pm ET on a business day, for example) to get your money the same day. Read the application details and loan approval criteria to ensure you follow the necessary steps to get your loan as quickly as possible.
When you search for emergency loans, you may find offers for no-credit-check loans, payday loans, or pawn loans. These options can carry much higher interest rates and fees – on top of any personal loan penalties – resulting in much higher fees and overall costs. Whenever possible, avoid these borrowing options and the dangerous debt cycles they can lead to.
If you only need a small amount of money, an alternative payday loan (PAL) may be a better option if you are a member of a credit union. You may also want to check with friends and family. If you can borrow the funds you need from a loved one, you may be able to get the money quickly and negotiate a payment plan that works for both of you.
Related: Best personal loans for bad credit
Here are some things to look for before applying for a personal loan with same day financing:
Same day funding is not entirely common with personal loan lenders, so you may need to be somewhat flexible in the way you receive the money if you need it within 24 hours. While most loans are disbursed by direct deposit into your bank account, that transfer can take longer than a few hours. Even if the lender sends the funds to your bank on the same day, it may take longer for the transaction to be processed and available in your account. Some lenders offer other quick access financing options, such as a debit card.
If possible, qualify first with multiple lenders to see what interest rates you qualify for before officially applying. Watch out for early fees and late fees that can make repaying your loan more expensive. If you take out a large loan amount, the start-up costs can be very expensive.
If you are looking for a loan to help deal with an emergency, you may not need a large amount of money that can carry high interest and fees. Lenders often have minimum loan amounts of $1,500, $2,000, or more. If you only need a small amount of money right now, choose a loan with a small minimum amount to avoid unnecessary debt.
Personal loans can have long repayment periods. If you’re taking out a small loan for an emergency and you’ll have the money to repay the loan in a few weeks, you don’t want to be stuck with a fixed monthly payment and accruing interest for years. Choose a loan with no prepayment penalty to ensure that you can pay off the emergency loan as quickly as possible without additional costs.
Our picks for the best same day loans come from our entire list of the best personal loans. The list above is made up of top rated lenders from that list that offer same day loan financing.
In order to choose the best personal loan lenders, we use a weighted rating system to evaluate many aspects of the loan and lender. Those factors include APR, fees, loan terms, customer satisfaction and borrower reputation, application details, and more. We also compare the speed of loan funding, with the highest ratings going to lenders who make personal loans available the fastest. That is also the main feature of this list of the best emergency loans.
The above loans may not be specifically labeled as “emergency loans” by the lender, but they are available for same day financing after approval. Be sure to use the eligibility tools to check the rates, terms, and financing options you may qualify for before applying for a new personal loan.
