How to get a same-day personal loan

Same day personal loans are available on the same business day. Here's what you need to know about them. (iStock)

Sometimes, financial emergencies arise that necessitate getting your hands on money quickly. If that happens, you may be interested in finding a same-day personal loan, which deposits funding in your bank account on the day you apply for it.

Most same-day personal loans are payday loans that charge high interest and have a short repayment timeline. But that's not the case for all loans that provide timely funding. In fact, there are reputable lenders that will make money available very soon after you apply for it — often within the very next business day.

Credible can show you several personal loan lenders that offer quick loans. Head to Credible to compare rates and lenders and find a timeline that works for you.

Here are some more tips about same-day personal loans.

How to get a same-day personal loan

Same day personal loans are usually very expensive since you pay extra for the convenience of getting your money quickly. Car title loans, pawnshop loans, and payday loans are usually marketed as being available right away and may seem tempting when you need quick cash.

But taking out these types of same-day loans can do long-term damage to your finances because it may be difficult to repay on the short timeline you're allotted. You could get trapped in a cycle of debt and fees as you have to borrow again when you don't have the money to pay back your initial loan.

As a better alternative, look for personal loans that promise fast funding. Sometimes, this could mean getting your money the very day you apply but more often it means you receive the cash the next day. This is still quick enough to handle most emergencies — especially since waiting an extra day could make the difference between getting an affordable loan with a reasonable repayment schedule and a predatory loan that damages your finances for the long-term.

Credible can help you to find reputable personal loan lenders that provide timely funding. Visit Credible today to explore rates and loan terms and find lenders that advertise fast access to borrowed cash.


Credible has a handful of partners that offer quick loans. If you qualify for a personal loan — have a strong financial standing and good credit score — then you could get approved for a fast personal loan in as little as one business after signing your loan agreement, according to Credible. Click here to see which personal loan lenders have this offering.

Can you get a same-day loan with bad credit?

Some same-day loans are available even with bad or no credit. Unfortunately, these are typically the predatory loans warned about above. Payday lenders, pawnshop lenders, and car title lenders make loans to borrowers with poor credit scores, but at a huge cost.

A loan from a reputable personal loan lender that provides fast funding may be more difficult to qualify for than these other alternatives. However, if you can find someone to cosign for you, then you should still be able to qualify for one even if your credit score would make that impossible.


Should you use a credit card or take out a same-day loan?

If you have access to a credit card, using one can make sense to cover emergencies instead of taking out a payday loan, pawnshop loan or car title loan. Credit cards charge high interest relative to other types of debt, such as personal loans, but the rate is usually below what you'd pay for these predatory loan types.

If you're looking to find a new credit card, Credible also has you covered. You can compare credit cards and see which can help you cover your financial needs quickly.

You may also have more options with credit cards. If you can pay back your balance in full by the time the statement comes, you'll avoid interest. And you may have more time to do that than you would have to repay a payday loan or other short-term loan that gives you a few weeks to make full repayment.

However, if you're choosing between a credit card and a personal loan with fast funding that doesn't come with exorbitant fees and a ridiculously high-interest rate, the decision is a little more difficult. Personal loans could be a better option because they typically charge less interest than credit cards and have a fixed repayment schedule.


What are some alternatives?

There are many alternatives to same-day personal loans, although your options will depend upon your unique financial situation. Here are two options to consider.

  1. HELOC
  2. 0% APR credit card


If you have access to a home equity line of credit (HELOC), drawing from your credit line could be the most affordable way to borrow for emergencies. However, you are putting your house on the line when you take this approach so be careful not to borrow more than you can afford. If you don't already have a HELOC, applying for one can take a lot of time so this may not be the best approach if you need money quickly.

2. 0% APR credit card

A 0% APR credit card, as mentioned above, can also be a great solution. These cards often come with timely approval, or you can charge on them instantly if you already have a card with credit available.

Visit an online marketplace such as Credible to compare multiple zero interest cards at one time and ideally find one before your next emergency, so you can use it to cover your costs without having to turn to a same-day personal loan that could potentially be very costly.

Credit cards can also offer rewards for spending, which same-day loans won't. If you can qualify for a 0% APR credit card, you could have months to repay your purchases without owing extra interest to creditors.