Table of Contents

    Personal Loans With Same-Day Funding

    Emergency Fund

    Whether a sudden car repair, medical bill, or a trip to the vet, unexpected expenses can arise without warning. These unforeseen costs can be incredibly stressful if you're still a week away from payday and don’t have the funds to cover them.

    Those in this situation often look towards loans with same-day funding as a solution. If you require fast access to cash, explore the solutions available to fulfill your urgent needs.

    Can I Really Receive The Funding On The Same Day?

    In certain situations, it’s possible to obtain personal loans with amounts that reach your account the same day. They grant you fast access to capital that you can use to pay off whatever urgent expense has you in a bind. However, it’s worth noting that not all fast approval lending products are the same.

    For example, payday loans with same-day funding are available but charge extremely high-interest rates. Although you may get the money in as little as an hour, it’s a much better idea to seek out lenders who offer online loans with same-day funding as you’ll likely receive a much more favorable interest rate.

    How Can I Get A Same-Day Funding Loan?

    Like any other lending company, same-day lenders require applicants to meet a minimum standard to qualify. These requirements will vary depending on the institution, as some have higher risk tolerances than others. That being said, all applicants will be expected to fulfill a set of basic requirements.

    • Source of income: Unless an asset can secure the lending product, the borrower must have a stable source of income if they wish to be approved. If they don’t have money coming in every month, there’s little chance they’ll be able to make their monthly debt payments
    • Credit score: Most lenders want to see an applicant have at least an average score, and most will not consider an application if their FICO rating is lower than 600. Although this is generally true, same-day loans for bad credit borrowers exist, but the interest rates are likely to be high
    • Bank account: Some pawn shops and payday loan lenders may give out cash, but all reputable lenders require borrowers to have a bank account into which they can deposit the funds and receive payments. If you don’t have a bank account, you won’t qualify
    • Ability to take on more debt: Even if you have a good credit score and stable income source, a lender might still reject your application if they feel you can't afford to take on more debt. As part of the process, they’ll examine your debt-to-income(DTI) ratio, a metric that tells them how much of your gross monthly income is devoted to making arrear payments. If you have a high DTI ratio, the lender may view you as a risky borrower and reject your application

    How To Apply for A Same-Day Funding Loan?

    Online lenders have streamlined their application process, making it simple and straightforward and, in many cases, allowing you to receive approval on the spot.

    Step 1: Log on to the webpage. One of the great benefits of online lenders is that as a borrower, you can apply to several different lenders at once to see who’ll offer the best rate and terms. The first step in this process would be logging on to the lender's website, finding your desired lending product, and starting an application

    Step 2: Fill out personal information. All lenders will require you to enter basic personal information, such as name, date of birth, Social Security number, and living arrangements

    Step 3: Enter financial details and the desired loan amount. After the required personal information has been provided, lenders will typically want to know your employment status. Beyond this, they’ll also want to know your net monthly income. In some cases, a lending company may also want to know for what purpose you intend to use the lending product

    Step 4: Submit the information. Once all the necessary information has been provided, the application can be submitted. One of the major benefits of online lenders is that their approval process is generally very fast. If you’re approved, you’ll be made an offer that you can choose to accept or decline. This offer includes the lending amount, interest rate, and term

    Types Of Loans With Same-Day Funding Available

    • Payday loans: These lending products provide you instant access to cash, but at a cost; the interest rates are incredibly high. According to the St. Louis Federal Reserve, the average payday loan carries an APR of 391%, much higher than standard personal loans, lines of credit, and credit cards
    • Personal loans: These are unsecured lump-sum lending products extended to borrowers based on their creditworthiness. While some personal loans with same-day funding exist, most require a minimum of two to three business days to complete. This financing is a much better option than payday loans, as the APR will be significantly lower
    • Consolidation loans: Debt consolidation is one of the best financial tools available to minimize your arrear’s overall cost and make it easier to pay down. Most consolidation lending products take up to five business days to process, although some lenders can complete the process in as little as a day. It’s worth keeping in mind that some lending institutions may require you to close any cards or credit lines that you have consolidated as part of the financing agreement
    • Business loans: In the past, a lending company would require several days to review a business’s finances and actuary reports before approving their application. These days, however, several online lenders offer same-day business lending products at competitive interest rates

    The Best Same-Day Funding Loans

    The world of online lenders is large, and not all are created equal. When shopping around for financing with same-day funding, it’s vital to use a reputable and established lender, such as those listed below.


    A division of Truist bank, LightStream is one of the highest-rated online lenders providing fast approval lending products. Along with its low-interest rates and lack of fees, same-day funding is available if your application has been submitted and approved before 2:00 PM EST on a business day. 

    Minimum Credit Score



    3.99% - 16.99%


    $5,000 - $100,000

    Term Length

    2 - 7 years


    No origination or late fees


    -Fast approval times

    -Low APR

    -Rate discount when autopay is set up


    -Requires a higher credit score compared to competitors

    -Applicant requires several years of credit history for approval


    Upstart doesn’t provide financing directly, but rather through their lending marketplace platform by connecting borrowers with suitable lenders. On its website, Upstart claims that 99% of applicants receive their loan the day after completing their applications.

    Minimum Credit Score



    6.16% - 35.99%


    $1,000 - $50,000

    Term Length

    3 - 5 years


    -Origination fee of 0% - 8%

    -Late fee of 5% or $15, whichever is larger


    -Low minimum credit score

    -Fast funding

    -Small loan amounts are available 


    -Higher interest rates for those with bad credit

    -Origination fee can be as high as 8%


    This Chicago-based lender has become known as the go-to option for those with bad credit. Even though interest rates may be higher compared to other companies, it offers fast approval, next day deposit, and flexible payment options. It may be worth noting that although it does accept applicants with FICO scores as low as 580, Avant does require the borrower to make at least $20,000 per year.

    Minimum Credit Score



    9.95% - 35.99%


    $1=2,000 - $35,000

    Term Length

    2 - 5 years


    -Origination fee of 4.47% (referred to as administration fee)

    -Late fee of $25

    -Missed payment fee of $15


    -Low minimum credit score

    -Fast funding

    -Flexible payment options


    -Higher interest rates for those with bad credit

    -An administration fee of 4.47%

    Can I Get A Same-Day Funding Loan With Bad Credit?

    Even if you have bad credit, you may still qualify for a loan with same-day funding. The key here is making sure you apply to a lender that features lower than average FICO score requirements, such as Avant or Upstart.

    Bottom Line

    Same-day loans can provide a great deal of help to those who find themselves in a financial bind. However, it’s crucial to choose the right lender and avoid purveyors of predatory, high-interest lending products such as payday loan lenders. 


    1.   Can I get a consolidation loan on the same day?

    Yes. Although most lenders will require two to three business days, same-day consolidation products are offered by some lending institutions

    2.   Can I get a same-day loan online?

    Yes. In fact, the best place to get a same-day lending product  is online

    3.   Do you need a guarantor for a same-day loan?

    In some cases, it may require a guarantor, although this isn’t standard practice

    4.   Do same-day loans have a higher interest rate?

    Generally speaking, same-day lending products have the same interest rate as any other personal loan and are dependent upon your credit score and financial situation