Quick loans: personal loans with same day financing

Emergencies happen, and they can be costly. If you need to access cash fast, you’re in luck – some personal loans come with same-day or next-day financing after loan approval.

Read on to see where you can get a personal loan with quick funding when you need the cash quickly.

In this guide …

Where to find same day personal loans
How to get a quick loan
Can You Get Fast Loans With Bad Credit?

Where to find same day personal loans

If you need quick cash, a personal loan can be a good option. Personal loans are lump sum loans that are repaid in fixed monthly installments over a set period of time, usually a few years. Funding can be deposited into your account the same day you get approved or the next business day, depending on the lender and when you apply.

The table below shows where to find a personal loan with same day financing.

4 quick loans with same-day financing

Lending platform Interest rate Amount of the loan term of the loan
Caisse populaire d’Alliant 6.24% – 10.24% APR $ 1,000 – $ 50,000 12 to 60 months
LightStream 3.99% – 19.99% APR $ 5,000 – $ 100,000 24 to 144 month
Rocket loans 7.16% – 29.99% APR $ 2,000 – $ 45,000 36 or 60 month
Wells fargo 5.74% – 24.24% APR $ 3,000 – $ 100,000 12 to 84 month
* The Annual Percentage Rate (APR) is a measure of your cost of borrowing and includes the interest rate plus other fees. Available APRs may differ depending on your location. The APR may include an automatic payment discount.

1. Caisse populaire d’Alliant

What they offer: Cash loans with fast financing

Alliant Credit Union offers fast personal loans with same day financing to its members. Loans can be used for virtually everything from debt consolidation to emergency spending. No collateral is required and APRs are relatively low starting at 6.24%. Loan eligibility and interest rates are based on creditworthiness, so borrowers with good credit will have the best chance of qualifying for a loan at a fair price.

To borrow a quick loan from Alliant, you must first become a member of the credit union. Alliant bases its eligibility on the following criteria:

  • You live or work in an eligible community near Alliant’s corporate headquarters in Chicago.
  • You are currently employed or retired from a company or organization in partnership with Alliant.
  • You are the immediate family of a current Alliant member.

If you don’t meet any of these criteria, you can become a member of Foster Care to Success (FC2S), a non-profit organization serving foster teens. Alliant will donate $ 5 to FC2S on your behalf and you will become a member of a credit union.

2. LightStream

What they offer: Same day loans for great credit

LightStream is an online personal loan lender for borrowers with good and excellent credit. Estimated APRs are as low as 3.99%, making LightStream one of the most competitive lenders in the market. The application process is fast and borrowers can have funds deposited into their bank accounts the same day they are approved.

LightStream does not charge a origination fees, which can be assessed when taking out the loan and can represent up to 8% of the loan amount.

Keep in mind that LightStream is for people with good credit, defined by the FICO scoring model as 670 or higher. Not all borrowers will be eligible for a personal loan through LightStream, and the lender will not allow you to verify your eligibility with a soft credit check like many others do.

3. Rocket loans

What they offer: Quick loans online

As the name suggests, Rocket Loans specializes in providing loans with super-fast financing. The application process is completely online, including income and identity verification. Eligible borrowers can be pre-approved “in seconds,” according to the Rocket Loans website.

Rocket Loans May Be A Better Personal Loan Option for fair credit borrowers than other lenders and loan markets on this list. The maximum APRs are on the upper side of 29.99%, and Rocket Loans charges an assembly fee of 1.00% – 6.00% of the loan amount. Loan terms are limited, with 36 or 60 month loan options. However, Rocket Loans does not charge a prepayment fee, so there is no penalty for prepaying your loan.

4. Wells Fargo

What they offer: Bank loans with same day financing

Not all banks offer personal loans, but Wells Fargo does. The bank provides quick access to funds, advertising loans that are often funded the same day or the next business day. Wells Fargo does not charge origination fees or prepayment penalty; and terms are flexible with high loan amounts and long loan terms.

Current Wells Fargo customers can benefit from the lowest possible APR because the bank offers a 0.25% APR rebate when you set up automatic payments from your Wells Fargo consumer checking account.

How to get a quick loan

Quick personal loans are available from a number of financial institutions, including banks, credit unions, and online lenders. Do your research to determine which personal lenders offer same-day or next-day financing, like the ones in the table above. Then follow these steps to apply for a quick loan:

  1. Check your credit score. Personal loans are made based on the creditworthiness of the borrower, so it is easier to qualify for them if you have good credit. If your credit is bad or fair, look for lenders in your credit strip or look for alternatives.
  2. Get prequalified without a credit check. Many lenders allow prequalification, which allows you to check your loan eligibility and potential terms, such as APR, with soft credit. It does not affect your credit score.
  3. Compare personal loan offers. If you prequalify with more than one lender, you can look for the lowest possible APR for your financial situation. Make sure you factor in the interest rate, origination fees, loan amount and length of the loan in your decision.
  4. Formally apply for the loan. At this point, you will need to present documents proving your income and identity. The lender will also conduct a serious credit investigation, which will temporarily affect your credit score.
  5. Receive your money. If you go through a lender that offers quick personal loan financing, your money can be deposited into your account the same day you are approved.

Can You Get Fast Loans With Bad Credit?

Since personal loans are unsecured and secured by your promise to repay the lender, eligibility is heavily based on your credit score. This makes it difficult for borrowers with bad credit to qualify even for a small personal loan.

It may be possible to find a quick personal loan with bad credit from some lenders like OneMain Financial or Upstart, both of which have less stringent eligibility requirements and advertise next day financing.

Still, personal loans can have high interest rates for borrowers with bad credit, so it’s good to consider your alternatives before signing the dotted line. Here are some other ways to get fast cash with bad credit:

  • Borrow from a friend or family member: If you need a quick loan without a credit check, you can seek help from a family member or friend. Keep in mind that you risk putting your relationship at risk if you don’t pay off the loan on time.
  • Cash credits: Joining your local credit union is another option when you need a quick loan. Some credit unions offer alternative payday loans, which are worth up to $ 2,000 and have repayment terms of up to one year. APRs are capped at 28% and the maximum application fee is $ 20.
  • Payday advance : If you need a little extra cash to keep you going until your next payday, you can ask your employer if they can offer you an advance on your paycheck. You can also check out paycheck advance apps like Earnin, which let you borrow money on your next paycheck based on the hours you’ve already worked, all without a credit check.

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