Best Same Day Rate Loans of 2020

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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 lender’s interest 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.

Check Your Personal Loan Rates

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

In this article

Best Same Day Loans of 2020

Same-day loans at a glance

Lender APR Loan range Min. Loan Max Loan Time to Funding
OneMain Financial 18.00% – 35.99% 24 to 60 Months $1,500 $20,000 1 day
TD Bank 6.99% – 18.99% 12 to 60 months $2,000 $25,000 48 hours
Rise Credit 50% – 299% 4 to 26 months $300 $5,000 1 day
Upstart 7.35% – 35.99% 3 & 5 year $1,000 $50,000 1 day
LendingPoint 9.99% – 35.99% 24 to 48 months $2,000 $25,000 1 day
Discover 6.99% to 24.99% 36 to 84 months $2,500 $35,000 1 day
OneMain Financial - Best for emergencies

One Main has made a name for itself by becoming the go-to lender when you have less-than-perfect credit.

APR range
18.00%-35.99%
Loan range
$1,500-$20,000
Term range
24 to 60 months
SimpleScore
4/5 / 5.0
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SimpleScore
OneMain Financial - Best for emergencies
4/5
  • Min APR
    3
  • Max APR
    4
  • Fees
    3
  • Support Channels
    5
  • Terms
    5
One Main 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 percent. There are several branches nationwide that you can visit for in-person service with a One Main Financial loan specialist.
Full review

Our Two Cents — One Main lets you check your options without dinging your credit report, so it’s worth taking it for a spin.

TD Bank - Best for unsecured express loans

Benefit from the lowest APR rates on our list and no fees to boot.

APR range
6.99% – 18.99%
Loan range
$2,000-$25,000
Term range
24 to 60 months
SimpleScore
4.8/5 / 5.0
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SimpleScore
TD Bank - Best for unsecured express loans
4.8/5
  • Min APR
    4
  • Max APR
    5
  • Fees
    5
  • Support Channels
    5
  • Terms
    5
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.
Full review

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

Rise Credit - Best for payday loans

Rise Credit is fantastic for immediate funding, but you may not be able to find it with its limited availability.

APR range
50%-299%
Loan range
$300-$5,000
Term range
4 – 26 months
SimpleScore
3/5 / 5.0
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SimpleScore
Rise Credit - Best for payday loans
3/5
  • Min APR
    1
  • Max APR
    2
  • Fees
    3
  • Support Channels
    5
  • Terms
    4
With Rise Credit, the details of your payday 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.
Full review

Our Two Cents — 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.

Upstart - Best for good-credit borrowers

Upstart falls on the lower end of the scale for interest rates, but you’ll need good credit to qualify.

APR range
7.35% - 35.99%
Loan range
$1,000 - $50,000
Term range
3 or 5 years
SimpleScore
4.2/5 / 5.0
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SimpleScore
Upstart - Best for good-credit borrowers
4.2/5
  • Min APR
    4
  • Max APR
    4
  • Fees
    3
  • Support Channels
    5
  • Terms
    5
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.
Full review

Our Two Cents — 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.

LendingPoint - Best for low credit scores

With its partner FinWise Bank, Lending Point offers reasonable terms with funding in as little as one day.

APR range
9.99%-35.99%
Loan range
$2,000-$25,000
Term range
24 to 48 months
SimpleScore
4.2/5 / 5.0
close
SimpleScore
LendingPoint - Best for low credit scores
4.2/5
  • Min APR
    4
  • Max APR
    4
  • Fees
    3
  • Support Channels
    5
  • Terms
    5
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.
Full review

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

Discover - Best for long repayment periods

You will get longer terms with Discover, giving you more time to pay off those larger loans.

APR range
6.99% - 24.99%
Loan range
$2,500-$35,000
Term range
36 to 84 months
SimpleScore
4/5 / 5.0
close
SimpleScore
Discover - Best for long repayment periods
4/5
  • Min APR
    4
  • Max APR
    5
  • Fees
    1
  • Support Channels
    5
  • Terms
    5
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.
Full review

Our Two Cents — 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.

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

  • 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.

  • 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.

  • 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.

  • 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. The process is quick and easy, and it will not impact your credit score.

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

How much does a same-day loan cost?

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.

Can my same-day loan be used for recreation?

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

Are there alternatives to a same-day 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.

Will my credit report be impacted by a same-day loan?

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

Are there fees for my 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.

Too Long, Didn’t Read?

The best same-day personal loans for 2020 offer interest rates as low as 7%, with terms lasting up to 84 months. You can get up to $50,000 in just one day for funding that is fast and convenient when you need it most. Just be sure to thoroughly review the loan terms  to ensure that you find the best same-day loan for you.

Keep reading

Methodology

The SimpleScore is our proprietary scoring metric to compare products and services at The Simple Dollar in a transparent, evidence-based way. Our editorial team identifies five quantifiable aspects to compare for every brand, determines the rating criteria for each aspect score, then averages the five aspect scores to produce a single SimpleScore. For same day loans, we compared minimum and maximum rates, terms, fees and customer support for every major lender. Our ratings are meant to be a directional tool to help you in the process of choosing a personal loan provider. Be sure to continue your research and shop around for the best personal loan that fits your specific needs. Learn more about our methodology.

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.

Advertiser Disclosure
Lena Borrelli
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

  • Courtney Mihocik is an editor at The Simple Dollar who specializes in insurance, personal finance, and loans. Previously, she wrote and edited for Interest.com, PersonalLoans.org, Ballantyne Magazine, Thread Magazine, The Post, ACRN, The New Political, Columbus Alive and the Institute for International Journalism.