5 Best Same-Day Loans With Instant Approval

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Dozens of situations may require an infusion of cash quickly. If you don’t have a low interest or 0% financing credit card, looking into same-day loans could be one solution. Instant approval loans, as their name implies, help you secure financing fast, often with funds deposited in your bank account the same day. Keep reading to learn more.

5 Best Lenders Offering Same-Day Loans With Instant Approval

Here’s a look at five of the best same-day loans with instant approval:

1. Best for borrowers with good credit: SoFi Personal Loans
2. Best for poor credit or no credit history: Upstart
3. Best bank loan: Citi®
4. Best credit union loan: Alliant
5. Best overall: Lightstream

1. SoFi Personal Loans

• Best for borrowers with good credit

With a rating of 4.5 out of five on Trustpilot, SoFi® is a trusted brand in online financial services. GOBankingRates has rated SoFi a Best Neobank, giving it 4.9 stars. It offers a full range of services, including savings accounts and top-rated personal loans, which can deliver funds the same day you sign the loan agreement.

You can use SoFi loans for a variety of purposes, ranging from debt consolidation to home improvements, vacations, family planning or weddings. Loans range from $5,000 up to $100,000, with terms of two to seven years.

SoFi loan interest rates range from 8.99% up to 29.49% after a 0.25% discount for using autopay. There’s also a rate reduction available for having direct deposit in a linked SoFi bank account for autopay. SoFi advertises the average median interest rate at 14.90% for a five-year loan.

There is one caveat: While SoFi doesn’t indicate the credit score required to qualify for a loan, an article on the site points out, “Many lenders consider a score of 670 or above to indicate solid creditworthiness.” Multiple sources and review sites indicate that you need good-to-excellent credit to qualify for a SoFi loan.  

Pros

• Interest rate reductions for direct deposit and autopay
• Get money the same day you are approved
• No origination fee, no late fees

Cons

• Requires good-to-excellent credit to qualify

2. Rocket Loans

• Best for 100% online loan process

Rocket is a well-known mortgage lender, but it also offers personal loans of $2,000 to $45,000 ($5,001 to $45,000 in Ohio) through Cross River Bank. The entire lending process, from identification and income verification to validating the account that’ll receive the funds, happens online. To receive same-day funding, sign your promissory note by 1 p.m. on a business day.

Rocket Loan rates range from a low of 8.99% with an autopay discount to a high of 29.99% without the autopay discount. You’ll need excellent credit and will need to meet other conditions to earn the lowest rate.

While the rates are highly competitive overall, Rocket Loans charges an origination fee of up to 9%, which is drawn from your loan balance before Rocket deposits the funds into your bank account. That means you’ll need to borrow more than you need to net your intended loan amount, and pay interest on that additional amount. But you can pay the loan off early without penalty.

Pros

• Seamless online process
• Competitive rates with discount for autopay
• No prepayment penalty

Cons

• High origination fee
• Only two loan terms to choose from

3. Citi®

• Best bank loan

Citi is one of the largest banks in the U.S. If you are a Citi banking customer–or willing to open a Citi bank account–and looking for a personal loan with fair interest rates, it’s worth considering Citi.

Citi offers loan amounts between $2,000 and $30,000. You can use your Citi personal loan for home improvements, emergency purchases, a vacation, a wedding or to pay off high interest credit card debt. You cannot use your Citi loan to pay off a Citi credit card, student loan or business expense.

Citi loan interest rates range from 11.49% to 20.49%, depending on your creditworthiness. Autopay earns borrowers a 05% discount, and current Citigold and City Priority customers save an additional 0.25%.

You can receive funds into your Citi account as quickly as the same day your loan is approved, and within two business days if you have funds deposited directly into a non-Citi account.

Pros

• Apply online or in a branch
• Receive funds in your Citi deposit account the same day you are approved
• No origination fee
• Interest rate discounts available for qualifying applicants

Cons

• No co-applicants
• Best rates and fast funding available only to Citi customers

4. Alliant

• Best credit union loan

Alliant Credit Union is known for high interest rates on checking and savings accounts. It also offers a wide range of other products and services. One of its best products is its unsecured personal loan, offering same-day approval and same-day funding into your Alliant account in most circumstances.

Standing head and shoulders above many other options, Alliant offers flexible terms of 12 to 60 months and loan amounts ranging from $1,000 to $100,000. Minimum interest rates range from 8.49% for 12-month loans to 11.49% for 60-month loans. Twenty-four-month and 48-month terms are also available. For all terms, your final APR is based on your creditworthiness.

Alliant offers a debt protection plan for an additional monthly fee added to your loan payment.

Most credit unions restrict membership to narrow groups of people. Alliant provides a membership path for anyone who isn’t otherwise eligible: Become an advocate for the Alliant Credit Union Foundation. Alliant will donate $5 to the foundation on your behalf.

Pros

• No prepayment penalties
• No origination fees
• Flexible terms and loan amounts
• Discounts for automatic payments

Cons

• Only available to established members of 90 days or more
• High interest rates compared to some competitors

5. Lightstream

• Best overall

Lightstream is super-transparent about loan rates and terms. Rather than having to comb through fine print, borrowers can find the low fixed rates in bold type on its home page.

Interest rates range from 6.99% to 25.29% after the 0.50% discount for signing up for autopay before the loans is funded. You’ll need good credit to qualify for financing, and borrowers with excellent credit can qualify for the lowest rate, which is significantly lower than most credit card rates. If you find a lender that approves your loan at a lower rate and the same terms, LightStream will offer a rate lower than theirs by .10 percentage points.

Loan terms range from 24 to 240 months. Depending on the purpose and size of the loan, you can borrow between $5,000 to $100,000.

Lightstream also offers super-fast approval. You will receive a response the same day you apply. Once you e-sign your loan agreement and set up funding, you can receive your funds the same business day. Qualified borrowers can have their loan funded the same day they apply, making Lightstream the top choice for fast funding.  

Pros

• No prepayment penalties
• Low interest rates for qualified borrowers
• No origination fees
• Rate Beat program ensures the lowest rate you can get
• Same-day funding available

Cons

• Only borrowers with excellent credit receive the lowest rates

What To Look Out for When Choosing Quick Loans Online

When you’re choosing from the wide variety of quick loans online, you want to make sure to choose a reputable lender. Be sure you do the following:

• Read consumer reviews.
• Check Better Business Bureau Ratings and read complaints.
• Read the fine print so you are aware of any fees or prepayment penalties.

Improve Your Odds of Loan Acceptance

Applying for a loan and being rejected can lower your credit score and reduce the chances of being approved by other lenders. To improve your chances of qualifying for a loan, understand the credit score needed and other approval requirements.

It’s a good idea to obtain copies of your credit reports from all three credit bureaus: Experian, TransUnion and Equifax. Take the time to fix any errors on your credit reports before you apply to improve your chances.

Also, gather all your paperwork in advance, including pay stubs and tax returns that you may need to show as proof of income. If you are a gig worker or self-employed business owner, it may be harder to qualify for a loan, as additional proof of employment may be required. Being prepared to show proof of income can help speed up the loan process.

Risks of Instant Loans

Applying for an instant loan carries several risks. Some of these risks are also common with other types of loans. For instance, you might pay:  

• Loan origination fees
• Prepayment penalties
• High interest rates
• Late fees if you don’t make your payments on time

You can avoid these additional fees by reading the fine print and choosing your lender carefully. Of course, make your payments on time to avoid late fees. Some lenders even offer a lower interest rate if you set up autopay when you first take out the loan, so be sure to ask about it.

Be aware that your credit score may drop slightly following your loan application and opening a new credit account. Look for lenders that offer pre-approval before they run a hard credit check.

If you are taking out an instant loan to pay off higher interest credit card debt, you run the risk of charging up your credit cards again, which would lead to even more debt.

Pros and Cons of Same-Day Loans

As with any financial decision, the choice to take out a same-day loan comes with pros and cons. Here’s a look at some of the benefits and drawbacks.

Pros

• May secure a lower interest rate than with credit cards
• Get funds quickly
• Improve your credit profile diversity to boost your credit score

Cons

• May not receive immediate approval
• High interest rates
• High monthly payments
• Fees
• Credit score may drop temporarily

Instant Approval Loans To Avoid

Before you apply for an instant approval loan, read consumer reviews and check their standings with the Better Business Bureau.

In general, you want to avoid companies that are identified as “payday loans,” which may have interest rates as high as 400%.

It’s also smart to avoid title loans since you are using your vehicle as collateral. If you don’t make your loan payments, your car could be repossessed, which means the loan company takes it. Since many people use their vehicle to get to work, losing your car could worsen your financial condition, along with the negative impact a repo can have on your credit.

Bottom Line

Same-day loans can help you pay off high interest credit card debt or pay for an emergency, such as car repairs or necessary home renovations. If a credit card with 0% financing for one year or more is not an option, consider applying for one of these top-rated same-day loans.

Daria Uhlig contributed to the reporting for this article.

Data is accurate as of Oct. 2, 2024, and is subject to change.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.

To be eligible to receive an additional (0.25%) interest rate reduction on your Personal Loan (your “Loan”), you must set up Direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plus by paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid for the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.

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