Best Same-Day Loans of 2020

Life can throw unexpected curve balls at you. Sometimes it’s in the form of a major car repair or unexpected medical or vet bills. In these situations, it can mean you need to come up with quick cash that you may not have. This is where fast loans or a same day loan comes in handy. These personal loans offer quick funding that can put cash in your pocket sometimes the same day you apply.

LenderAPRMin. LoanMax. LoanFunding Time
LightStream3.99% – 16.79%$5,000$100,000Same day
Upstart6.14% – 35.99%$1,000$50,0001 business day
Avant9.95% – 35.99%$2,000$35,0001 business day

What is a Same-day Loan?

A same-day loan is just that, a loan that’s funded the same day as application and approval, helping someone who’s in a financial bind. While with standard personal loans, there is typically an underwriting period that can take a few days or even a week to complete, same-day or quick loan lenders will expedite the process. However, a faster approval process can be accompanied by additional fees or regulations.

How to Get a Same-day Loan

Start by researching for lenders or lender programs that offer quick funding time frames. Make sure to read the fine print for any potential fees before you apply so you know exactly how much you’ll have to pay. Keep in mind that while there are options for quick loans if you have bad credit, they may result in a higher interest rate or fee that will cost more in the long run.

Typically same-day loans are available to borrowers by bank direct deposit (ACH). If you have a bank or credit union near you that can cut you a check, that is typically a faster route. Otherwise, ACH can take one to three business days to show up in your bank account if you are having the funds deposited with a different financial institution.

Same-day Loans vs Payday Loans

While same-day loans and payday loans are both financial fixes if you’re in a bind, they are extremely different in nature. Payday loans have very high interest rates and origination fees and are not offered through a bank or credit union; they are offered through a payday loan center. Interest rates can range from 99% to 800% in addition to an origination fee. The concept of a payday loan is that it should only be enough to last you until your next paycheck, but the default rate on payday loans is high due to expensive interest rates.

A quick loan through a bank, credit union, or lending program offers a significantly lower interest rate to borrowers. With quick loans, you can get fast funding, but individuals with extremely poor credit may not qualify or may be paying more on the loan than it’s worth.

When to Use Same-day Loans

Quick loans can be a great option for those unexpected life events. Many costly items that these loans can be used for are vehicle repairs that your insurance or warranty might not cover, medical bills or costly vet bills.

However, before you jump into more debt and authorize a hard pull on your credit report, consider whether or not you can afford the cost in your checking account or on a credit card, whether you charge the amount or take out a cash advance. If you choose to go the credit card route, determine if you’ll be able to pay off the balance before the statement cycle ends or if your interest rate on your credit card is lower than a rate you would qualify for with a quick loan.

The 4 Quickest Personal Loan Providers


LightStream is a division of Truist Bank following the merger of SunTrust Bank and BB&T. LightStream has made its name by providing fast funding for individuals who need it, accompanied by low rates. Additional loans from LightStream include auto loans, home improvement loans, recreation vehicle loans and more. It also offers a Rate Beat Program LightStream offers where it will give a rate at 0.10% lower if you qualified for a lower rate with another lender.


Upstart is not a direct lender; it’s actually a lending marketplace. Upstart connects borrows with a network of lenders that then send the best deals and offers to applicants based on their financial needs. According to its website, 99% of borrowers receive the funds from personal loans the next business day after completing an application. As long as you complete your loan application before 5 p.m. on a weekday, you can expect the funds the next business day, making it a quick solution to quelling any financial woes.


Established in 2012, Avant has become one of the nation’s leaders in fast funding. It specializes in funding loans for individuals who need cash fast as well as individuals who may have lackluster credit. Avant does charge an administration fee of up to 4.75% of the loan amount that will be taken out of the amount funded. To cover this, borrowers will need to do some math to borrow more than they want to counterbalance this admin fee. Funds are available the next business day once the loan is applied for and approved.

The Final Word

Although getting a same-day loan can seem like an easy fix, there is still a lot to consider before you should borrow from a lender. Keep in mind that it will be another pull on your credit and a high interest rate can mean you’re paying hundreds or thousands of dollars more than you borrowed. Consider all options before applying for a quick loan and do plenty of research on potential lenders — and don’t forget to read the fine print before you sign on the dotted line to be sure you know exactly what you’re borrowing.