9 Best Same-Day Personal Loans of 2024
Same-day personal loans are an excellent solution for emergencies, offering fast approvals and disbursals to address urgent financial needs like medical expenses, home repairs, or unexpected bills. Here’s a detailed overview of the nine best same-day personal loans available in 2024. These lenders are evaluated based on loan amounts, interest rates, credit score requirements, funding speed, and unique features.
1. SoFi
- Loan Amounts: $5,000 – $100,000
- APR Range: 8.99% – 29.99%
- Funding Time: Same-day for 82% of applicants who sign agreements by 7 PM ET.
- Credit Score Requirement: 680
SoFi is ideal for borrowers with good to excellent credit. It offers competitive interest rates, unemployment protection, and no origination fees. Borrowers can access perks like career coaching and financial planning services, making it an excellent choice for large loan amounts and flexibility in loan terms. However, the higher credit score requirement may exclude some applicants.
2. LightStream
- Loan Amounts: $5,000 – $100,000
- APR Range: 7.99% – 25.49%
- Funding Time: Same business day (if application conditions are met).
- Credit Score Requirement: 660
LightStream is the online lending arm of Truist Bank, offering competitive rates for borrowers with strong credit histories. Its fast funding speed, satisfaction guarantee, and flexible terms (up to 12 years for home improvement loans) make it a standout choice for those with excellent credit.
3. LendingPoint
- Loan Amounts: $2,000 – $36,500
- APR Range: 7.99% – 35.99%
- Funding Time: Next business day.
- Credit Score Requirement: 580
LendingPoint is geared towards borrowers with fair credit. The company’s user-friendly platform simplifies the application process, and it offers loans in all states except Nevada and West Virginia. LendingPoint emphasizes inclusivity for borrowers who might not qualify for traditional loans.
4. Upgrade
- Loan Amounts: $1,000 – $50,000
- APR Range: 8.49% – 35.97%
- Funding Time: Within a day after verification.
- Credit Score Requirement: 560
Upgrade is one of the most accessible lenders for borrowers with lower credit scores. Its transparent terms and streamlined application process make it an excellent option for debt consolidation, home improvements, or significant purchases. With no prepayment fees and flexible repayment terms, Upgrade accommodates a wide range of financial needs.
5. Upstart
- Loan Amounts: $1,000 – $50,000
- APR Range: 7.80% – 35.99%
- Funding Time: Next business day after approval.
- Credit Score Requirement: 580
Upstart uses AI technology to evaluate loan applications, considering factors like education and employment history in addition to credit scores. This makes it an excellent option for borrowers with nontraditional credit profiles or limited credit history. Upstart’s quick funding and flexible loan terms are ideal for small or mid-sized loans.
6. Avant
- Loan Amounts: $2,000 – $35,000
- APR Range: 9.95% – 35.99%
- Funding Time: Next business day after approval.
- Credit Score Requirement: 550
Avant is tailored to borrowers with less-than-perfect credit. While the interest rates can be higher than competitors, Avant provides quick access to funds and flexible repayment terms. It’s a good fit for those rebuilding their credit or facing temporary financial setbacks.
7. Discover
- Loan Amounts: $2,500 – $35,000
- APR Range: 6.99% – 24.99%
- Funding Time: Next business day after loan acceptance.
- Credit Score Requirement: 660
Discover offers personal loans with no origination fees and competitive rates. Borrowers can benefit from flexible repayment terms of up to seven years and the option to consolidate high-interest debts. Additionally, Discover provides free access to FICO credit scores, allowing borrowers to track their credit health.
8. OneMain Financial
- Loan Amounts: $1,500 – $20,000
- APR Range: 18.00% – 35.99%
- Funding Time: Same-day if visiting a branch.
- Credit Score Requirement: None
OneMain Financial is a good option for borrowers with poor or no credit history. The lender offers secured and unsecured loan options, though the interest rates are higher than competitors. Borrowers can receive personalized support by visiting a local branch, ensuring a seamless loan process.
9. Axos Bank
- Loan Amounts: $10,000 – $50,000
- APR Range: Starting at 7.15%
- Funding Time: Next business day.
- Credit Score Requirement: 700
Axos Bank provides competitive rates for borrowers with excellent credit and offers flexible repayment terms of up to six years. The digital application process is straightforward, making Axos Bank an excellent option for tech-savvy borrowers.
Key Comparisons: Features & Benefits
| Lender | Loan Amounts | APR Range | Funding Speed | Minimum Credit Score |
|---|---|---|---|---|
| SoFi | $5,000 – $100,000 | 8.99% – 29.99% | Same-day | 680 |
| LightStream | $5,000 – $100,000 | 7.99% – 25.49% | Same-day | 660 |
| LendingPoint | $2,000 – $36,500 | 7.99% – 35.99% | Next business day | 580 |
| Upgrade | $1,000 – $50,000 | 8.49% – 35.97% | Same-day | 560 |
| Upstart | $1,000 – $50,000 | 7.80% – 35.99% | Next business day | 580 |
| Avant | $2,000 – $35,000 | 9.95% – 35.99% | Next business day | 550 |
| Discover | $2,500 – $35,000 | 6.99% – 24.99% | Next business day | 660 |
| OneMain Financial | $1,500 – $20,000 | 18.00% – 35.99% | Same-day (branch visit) | None |
| Axos Bank | $10,000 – $50,000 | Starting at 7.15% | Next business day | 700 |
How to Choose the Best Same-Day Loan
When selecting a same-day personal loan, consider the following factors:
- Credit Score Requirements: Check if your credit profile meets the lender’s minimum criteria.
- Loan Amounts: Ensure the lender offers the loan amount you need.
- Interest Rates: Compare APR ranges to identify the most affordable option.
- Repayment Terms: Choose terms that align with your budget and repayment ability.
- Funding Speed: If you need cash urgently, prioritize lenders offering same-day or next-day disbursal.
Conclusion
The best same-day personal loans of 2024 cater to diverse financial needs and credit profiles. SoFi and LightStream are excellent for borrowers with excellent credit and larger loan requirements. Upstart, Avant, and LendingPoint provide options for borrowers with lower credit scores. Always compare offers to secure the most favorable terms for your situation. If possible, focus on minimizing fees and interest rates to make your loan more affordable in the long run.