5 Best Same-Day Loans With Instant Approval

Instant approval loans, as their name implies, help you secure financing fast, often with funds deposited in your bank account the same day. These lenders are a good place to start.

MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms, and fees from different lenders and choose the best offer for you.

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. MoneyLion's sister site 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's one caveat: While SoFi doesn't indicate the credit score required to qualify for a loan, an article on the site says, "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'll 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're 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're 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're 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.

FAQs

How can I borrow money and get it instantly?

You may be able to borrow money instantly through a fintech platform like Varo, which can deposit up to $250 in cash instantly into your Varo online bank account. You can also withdraw money from an ATM as a cash advance against your credit card.

To borrow larger amounts, however, you may want to take out an unsecured personal loan, which you can pay back over a period ranging from six months to five years.

Where can I borrow $100 instantly?

If you need to borrow a small amount of money, like $100, you might consider asking a family member or friend. You should clearly define repayment guidelines to make sure it doesn't put a strain on your relationship.

You may also consider taking out a cash advance against your credit card. The amount you can borrow will be subject to your cash advance credit limit.

What is the easiest quick loan to get immediately?

Upstart provides loans to borrowers with credit scores as low as 300, or even with no credit history. Rated 4.9 out of five on Trustpilot, Upstart delivers funds in as little as one business day after approval.

How do you borrow $500 quickly?

If you need $500 fast, you have several options. You can consider payday or cash advance loans, but many come with high fees and exorbitant interest rates.

You can take out a cash advance on your credit card, but you might pay high interest rates and cash advance fees.

You can also get a cash advance from online financial services companies like Varo or Albert.

If you need to borrow a larger amount of money quickly, consider one of the top-rated loans with instant approval and same-day funds reviewed above.

How do you get $1,500 fast without a loan?

Selling items of value is one way to come up with $1,500 quickly. Other options include taking a second job or side gig and putting earnings toward your $1,500 goal. Cutting expenses to the bare necessities can also help you get there faster

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