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 and require getting your hands on some quick cash. If this happens, you might be interested in looking for a same-day personal loan, which deposits funds into your bank account the day you apply.

Most same day personal loans are payday loans that charge high interest and have a short repayment term. But this is not the case for all loans that provide timely financing. In fact, there are reputable lenders who will make the money available very soon after you apply, often the next business day.

Credible can show you several personal lenders that offer fast loans. Head over to Credible to compare rates and lenders and find a schedule that’s right for you.

Here are some additional tips on same day personal loans.

How to Get a Same Day Personal Loan

Same day personal loans are usually very expensive because you pay extra to get your money fast. Car title loans, pawn loans, and payday loans are generally marketed as immediately available and can seem tempting when you need cash fast.

But taking out these types of same-day loans can harm your long-term finances, as it can be difficult to repay in the short time available to you. You could be trapped in a cycle of debt and fees because you will have to borrow again when you don’t have the money to pay off your original loan.

As a better alternative, look for personal loans that promise quick funding. Sometimes this may mean receiving your money the same day you request it, but more often it means receiving the money the next day. It’s still fast enough to handle most emergencies, especially since waiting an extra day can mean the difference between getting an affordable loan with a reasonable repayment schedule and a predatory loan that hurts your long-term finances. .

Credible can help you find reputable personal lenders who provide timely financing. Visit Credible today to explore loan rates and terms and find lenders who advertise fast access to borrowed money.


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

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 usually the predatory loans warned above. Payday lenders, pawnbrokers, and car title lenders provide loans to borrowers with poor credit ratings, but at enormous cost.

A loan from a reputable personal lender that provides quick financing may be more difficult to obtain than these other alternatives. However, if you can find someone to co-sign for you, you should still be able to get one, even if your credit score would make that impossible.


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

If you have access to a credit card, it might be a good idea to use one to cover emergencies instead of taking out a payday loan, pawn loan, or car title loan. Credit cards charge high interest compared to other types of debt, such as personal loans, but the rate is usually lower than what you would pay for these types of predatory loans.

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

You may also have more options with credit cards. If you can pay off your balance in full by the time the statement arrives, you’ll avoid interest. And you might have more time to do that than to pay off a payday loan or other short-term loan that gives you a few weeks to pay it off in full.

However, if you’re choosing between a credit card and a personal loan with quick funding that doesn’t come with exorbitant fees and a ridiculously high interest rate, the decision is a little tougher. Personal loans might be a better option as they generally charge less interest than credit cards and have a fixed repayment schedule.


What are the alternatives ?

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

  1. HELOC
  2. Credit card 0% APR


If you have access to a home equity line of credit (HELOC), drawing down your line of credit may be the most affordable way to borrow in an emergency. However, you’re putting your home 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 long time, so it might not be the best approach if you need cash fast.

2. Credit Card 0% APR

A 0% APR credit card, as mentioned above, can also be a great solution. These cards are often approved in a timely manner, or you can charge them instantly if you already have a credit card available.

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

Credit cards may also offer rewards for spending, unlike same-day loans. If you can qualify for a 0% APR credit card, you could have months to pay off your purchases without having to pay additional interest to creditors.



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