Best Same-Day Loans of 2020

There’s a reason why 12 million Americans take out payday loans each year. When you need money fast, there isn’t time to wait. Not all lenders are able to provide the funding you need when you need it, but a same-day loan can get you the money you need quickly and without delay.

To determine the best same day rate loans of 2020, we compared lende minimum and maximum rates, terms, fees and customer support using our proprietary SimpleScore methodology. Based on our research and analysis, these are our picks for the best same-day loans in 2020.

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      Best same-day loans of 2020

      Same-day loans at a glance

      LenderAPRTermsMin. LoanMax LoanFunding Time
      OneMain Financial18.00% – 35.99%24 to 60 Months$1,500$20,0001 day
      TD Bank6.99% – 18.99%12 to 60 months$2,000$25,00048 hours
      Rise Credit50% – 299%4 to 26 months$300$5,0001 day
      Upstart7.35% – 35.99%36 to 60 months$1,000$50,0001 day
      LendingPoint9.99% – 35.99%24 to 48 months$2,000$25,0001 day
      Discover6.99% to 24.99%36 to 84 months$2,500$35,0001 day

      Best for emergencies – OneMain Financial

      OneMain lets you check your options without dinging your credit report, so it’s worth taking it for a spin.

      APR Range
      18%–35.99%
      Loan Amount
      $1,500–$20K
      Term
      2–5 years
      SimpleScore
      3.3 / 5.0
      close
      SimpleScore OneMain Financial 3.3
      Rates 2
      Loan Size 3
      Customer Satisfaction N/A
      Support 5
      Fees 3

      OneMain Financial is one of the more flexible lenders when it comes to your credit score and credit history. It is also one of the most stable, with over 100 years in business. Loan amounts are within the average range, but you will have to worry about loan origination fees as high as 10%. There are several branches nationwide that you can visit for in-person service with a OneMain Financial loan specialist.

      OneMain Financial Disclosure

      Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum APR is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. The lowest APR shown represents the 10% of loans with the most favorable APR. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes.

      Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.

      Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

      Best for unsecured express loans – TD Bank

      You will need a minimum credit score of 700 to receive this loan, so keep moving if your credit score needs some work.

      APR Range
      6.99%–21.99%
      Loan Amount
      $2K–$50K
      Term
      36–60 months
      SimpleScore
      4.6 / 5.0
      close
      SimpleScore TD Bank 4.6
      Rates 5
      Loan Size 5
      Customer Satisfaction 5
      Support 4
      Fees 4

      TD Express Loan is an unsecured personal loan that carries no fees. Interest rates are among the lowest available, with terms as short as 12 months. Funding takes 48 hours or more, but there is no income verification required to make the process that much easier. There is also a 0.25% autopay discount and no application fees for an even more affordable loan.

      Best for rate drop – RISE Credit

      Treat this lender as if it were Anakin Skywalker, by being careful not to get excited right before high fees sneak up behind your back and disappoint you.

      APR Range
      50%–299%
      Max. Loan
      N/A
      Term
      4–26 months
      SimpleScore
      2.5 / 5.0
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      SimpleScore RISE Credit 2.5
      Rates 1
      Loan Size 1
      Customer Satisfaction N/A
      Support 3
      Fees 5

      With Rise Credit, the details of your loan will ultimately depend on where you live, with the terms, loan amounts and APRs all differing greatly based on your state. APRs run up to nearly 300%, so your loan could cost a fortune, especially if you opt for a longer term. Rise does cap loan terms at just 26 months, and you can get a significantly smaller loan at $300 instead of the usual $1,000–$1,5000 loan minimum. Furthermore, after a certain amount of on-time payments, RISE Credit will drop your rate to make it easier to pay back your loan.

      Best for good credit – Upstart

      Upstart is like the cool kid’s cafeteria table. It could save you a date for prom, but only as long as you can qualify.

      APR Range
      8.69%–35.99%
      Loan Amount
      $1K–$50K
      Term
      36–60 months
      SimpleScore
      3.4 / 5.0
      close
      SimpleScore Upstart 3.4
      Rates 2
      Loan Size 5
      Customer Satisfaction 4
      Support 3
      Fees 3

      In as little as 24 hours, Upstart can give you $1,000 or up to $50,00, and there is a pretty big range of APR rates that runs from 8.13% to 36 percent. With these options, Upstart will give you either three or five years to repay the loan in full, so it will definitely help if your credit score earns you a higher rate.

      Upstart Disclosure

      * The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart Platform will have an APR of 19% and 36 monthly payments of $35 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. ** Estimated savings are calculated based on the credit profiles of all loans originated by Upstart-powered lenders using the Upstart Platform as of April 1, 2019 in which the funds were used for credit card refinancing. Estimated savings are calculated by deriving current credit card APR using minimum monthly payment and 1% of the principal balance. The estimated credit card APR is then compared to the accepted loan to determine median savings per borrower. To evaluate savings on a loan you are considering, it is important to compare your actual APR from your existing debt to the APR offered on the Upstart Platform. More than 303,000 loans have been originated on the Upstart platform as of July 1, 2019. Images are not actual customers, but their stories are real. † If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and in accordance with federal law. ‡ While most of our borrowers opt for automated recurring payment for ease of use, we also accept payments by check or one time electronic payments. Borrowers have the flexibility to choose the repayment method that works best for them. 9 out of 10 Upstart users surveyed internally reported that they would recommend Upstart. †† When you check your rate, we check your credit report. This initial (soft) inquiry will not affect your credit score. If you accept your rate and proceed with your application, we do another (hard) credit inquiry that will impact your credit score. If you take out a loan, repayment information will be reported to the credit bureaus. § Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5,100. The minimum loan amount in GA is $3,100.

      Best for bad credit – Lending USA

      Origination fees can run from 0% to 6%, so check the fine print like you would check the butter consistency on your movie popcorn before you commit.

      APR Range
      0%–29.99%
      Loan Amount
      $1K–$35K
      Term
      Not listed
      SimpleScore
      4 / 5.0
      close
      SimpleScore Lending USA 4
      Rates 4
      Loan Size 5
      Customer Satisfaction N/A
      Support 3
      Fees 4

      Lending Point can also get you funding in a single day with up to $25,000 for a personal loan. While the interest rates aren’t the lowest, they are not the highest, either. You will have up to 48 months to pay it all back, even if you take a loan as low as $1,000, and there’s no prepayment penalty if you decide to pay it off early.

      Best for long repayment terms – Discover

      Best for long repayment terms – Discover, Member FDIC

      Discover is like everyone’s favorite slice of leftover pizza. It was excellent when you got it, and it will be as good, as long as you don’t let it expire.

      APR Range
      6.99%–24.99%
      Loan Amount
      $2,500–$35K
      Term
      36–84 months
      SimpleScore
      4.4 / 5.0
      close
      SimpleScore Discover, Member FDIC 4.4
      Rates 5
      Loan Size 5
      Customer Satisfaction 3
      Support 5
      Fees 4

      Discover has the lowest rates and the longest terms for the most prime lending conditions on our list. When you need a little more time to repay your loan, Discover will give you up to $35,000 and 84 months on your same-day loan. With single-day processing, it makes good on its promise, too. There are no origination fees, and customer service is available to help seven days a week.

      What is a same-day loan?

      When you need funds urgently, a same-day loan, also known as cash advance, can get you the money that you need without delay. Processing is generally much faster than conventional loans, with lenders offering varying rates and terms designed for quick funding. You may pay slightly higher interest rates and fees than traditional loans, but it is the price you pay for speed and convenience.

      How same-day loans work

      When you take out a same-day loan, your personal loan works as an installment loan, allowing you to make payments over time until the full balance is repaid. You can borrow a specific amount of money that you will then repay over time via set monthly payments. Most companies offer a lending cap amount that ranges between $300 and $1,000.

      [ Read: Where to Find Financial Relief During the COVID-19 Pandemic ]

      Requirements

      The most basic requirement for a payday loan is your source of income, such as a pay stub. All borrowers of this type of loan must be at least 18 years old and need to show proof of a checking account and a valid identification. Despite the ease of access to same-day loans, you could be rejected for the following reasons:

      • You don’t meet repayment requirements in your State.
      • You already owe money on another loan.
      • You are newly employed.
      • You don’t make enough money.
      • You are on active military duty.

      When not to get a same-day loan

      While convenient, there are both pros and cons to same-day personal loans.

      Pros of a same-day loan Cons of a same-day loan 
      • Quick funding
      • Few requirements to apply
      • No collateral necessary
      • No credit checks
      • Higher interest rates
      • More fees and penalties
      • Won’t help you build credit

      How to get a same-day loan

      1. Calculate what you need. An important part of determining what you need is also determining what you can afford. Be sure to consult your finances and calculate what you can afford to pay each month in repayment for your loan.\
      2. Shop for the right lender. Because of the urgency of a same-day loan, lenders do not have the time to run a hard credit check before giving you a quote. That means that you can shop as many lenders as you want to find the best rate for you.
      3. Check the fine print. Even though an interest rate may be low, fees and penalties can quickly add up. Before you agree to a loan, take the time to read about any fees or extra charges that could be assessed over the life of the loan.
      4. Prepare for funding. Once you accept a loan offer, you will need to submit your payment information for funding. Many lenders can process your loan very quickly once they collect your banking information.

      Check Your Personal Loan Rates

      Answer a few questions to see which personal loans you pre-qualify for. It’s quick and easy, and it will not impact your credit score.

      Get Started

      with our trusted partners at Bankrate.com

      When should I use same-day loans?

      As a personal loan, a same-day loan can be used for any number of purposes like debt consolidation, home improvements, vacations, weddings and anything else pressing in your life. This also includes life events like funerals, moving and medical expenses. Same-day loans are also commonly used when there is an emergency.

      Life gives you no shortage of expenses, and a same-day loan can help you meet them without trouble or delay. However, a crucial thing to remember is that you must pay it back in time to avoid late payment fees, or you’ll find yourself owning more than the original loan amount.

      [Read: Is a Personal Loan My Best Option?]

      Same-day loans FAQ

      Rates will vary depending on state regulations and the maximum amount your state lets you borrow, but a typical payday loan fee can range from $10 to $30 for every $100 borrowed. According to the Consumer Financial Protection Bureau (CFPB) this fee equals an annual percentage rate of 400% for a two-week loan.

      Your same-day loan can be used not only for vacation but also for your boat loan, motorcycle loan or RV loan.

      Yes. Another option you could consider is using an existing credit card when you need money and take advantage of more competitive rates. You could also locate your closest credit union branch if you’re a member, or are eligible to become one. Now, if your credit score is below average, try applying for a bad credit loan.

      No, lenders do not perform a hard inquiry into your credit, so your credit score will remain unaffected by a same-day loan.

      Most lenders make their money through fees, so it’s not uncommon for there to be extra fees associated with your loan. Look out for things like origination fees, prepayment penalties and late fees.

      We welcome your feedback on this article and would love to hear about your experience with the personal loans we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.

      Methodology

      SimpleScore

      The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.

      For every review, our editorial team:

      • Identifies five measurable aspects to compare across each brand
      • Determines the rating criteria for each aspect score
      • Averages the five aspect scores to produce a single SimpleScore

      Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best personal loans of 2020.

      Why do some brands have different SimpleScores on different pages?

      To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.

      However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare NetCredit’s personal loans according to our criteria for the best personal loans, it scores a 2.3 out of 5. But when we compare NetCredit according to the criteria for the best bad credit personal loans, it scores considerably higher, since the criteria for the latter review are more lenient (lenders who serve borrowers with bad credit will always offer higher rates, so we needed to adjust our category methodology to account for different industry standards).

      Questions about our methodology?

      Email Hayley Armstrong at hayley@thesimpledollar.com.

      Rates

      We looked at the maximum APR for each lender — the lower their maximum rate, the higher their score.

      Loan Size

      We awarded higher scores to lenders with more generous loan sizes.

      Customer Satisfaction

      We leveraged the J.D. Power 2019 Personal Loan Satisfaction Study℠ to see how customers rated their experience with each lender. (If a lender wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)

      Support

      We awarded higher scores to lenders with the most channels for customer support.

      Fees

      We looked at the three most common fees — origination, late payment, and pre-payment — and penalized lenders for each fee charged.

      Lena Borrelli

      Contributing Writer

      Lena Borrelli is a Tampa-based freelance writer who has worked with leading industry titans, such as Morgan Stanley, Wells Fargo, and Simon Corporation. Her work has most recently been published on sites like TIME, ADT, Fiscal Tiger, Bankrate and Home Advisor, as well as many other websites and blogs around the world.

      Reviewed by

      • Andrea Perez
        Andrea Perez
        Personal Finance Editor

        Andrea Perez is an editor at The Simple Dollar specializing in personal finance. Prior to that she specialized in digital marketing content for online learning websites. She holds a master’s degree in journalism and media studies from the University of South Florida.