Same Day Loans - Need Cash Fast

A same-day loan is essentially the same as a payday loan. Both offer fast payouts with no credit check required but come with triple-digit APRs. And both prey on borrowers in desperate situations.

If you’re in debt, have a poor or bad credit score, and need money now, you might feel tempted to take out a same-day loan. But before you do, consider all your options:

Effective payday loan alternatives include:

  • Payday Alternative Loan (PAL) with a credit union or bank
  • Personal loans
  • Borrowing from family and friends

If none of those work, and you still need a quick loan, try one of our same-day loan solutions.

Related: The Best Payday Loan Alternatives of 2018

TSD Best Same-Day Loan Solutions for 2018

We normally create best-of lists by analyzing competitors within a single space. Best Unsecured Personal Loans, for example, or Best Secured Credit Cards. Because same-day loans can be predatory, we’ve used a different strategy.

We’ve selected alternatives based on how effective and financially stable they are. You’re here because you need money quick, but you don’t want to throw your financial life away.

Our best-of list includes loans, but there are also many free solutions available. More on those below.

LendUp: Best short-term solution

  • Pros:
    • Flexible payment scheduling
    • Innovative practices
    • Longest payment extension
  • Cons:
    • Rates restricted by state
    • Shorter repayment periods
    • Smaller loan amounts

LendUp offers small same-day loans from $100 to $500 for first-time borrowers. Borrowers can set a repayment schedule for anywhere between 8 and 35 days. Like other same-day lenders, LendUp doesn’t rely on a borrower’s credit score or history for approval.

All you’ll need is:

  • Address
  • Social Security number
  • Proof of income
  • Checking account that can accept electronic transfers

Unlike other payday lenders, LendUp allows borrowers to change their repayment date without a penalty fee. If you’re a returning borrower, you can access lower APRs and even installment loans.

However, LendUp is still a same-day lender. APRs begin in the triple digits, and borrowers are expected to repay their loans in full by the repayment date. Since LendUp’s mission is to help people rebuild credit, first-time borrowers can’t take out more than $500.

If you need money now but don’t need much, and you’re able to repay your loan plus fees fully within a month, LendUp may be right for you.

BadCreditLoans.com: Best medium-term solution

  • Pros:
    • Competitive network of creditors
    • Installment loans available
    • Bad credit welcome
  • Cons:
    • Double-digit APRs
    • Not accredited by the Better Business Bureaus
    • Bad credit loans restricted to $1,000

Instead of loaning money directly to customers, BadCreditLoans.com acts as an aggregate. Borrowers submit their information to a network of potential lenders to find their ideal loan.

It’s in the name – bad credit scores are welcome at BadCreditLoans.com. Lenders in their network offer monthly installment plans instead of lump-sums. And if your credit score is closer to average, lenders may compete to get your business.

According to their website, BadCreditLoans.com caps their APRs at 35.99%, but that’s still a lot to pay in the long run. And, despite being in business for over 20 years, they are not accredited by the Better Business Bureau.

If you need money today and you’re looking for an alternative to payday lenders, BadCreditLoans.com might be your best option.

National Debt Relief: Best long-term solution

  • Pros:
    • A+ Better Business Bureau accreditation
    • Extremely transparent
    • No fees until your debt is settled
  • Cons:
    • Does not act as lender
    • Not all types of debt qualify
    • Settlement can take 1 to 4 years

National Debt Relief does not lend money. They’re a debt settlement company. That means they’ll negotiate with creditors on your behalf to reduce the amount of money you owe.

If you can’t meet emergency costs because you’re bogged down by existing debt, National Debt Relief might be your best option.

Debt settlement isn’t easy, but National Debt Relief is very transparent about their process. Negotiations can take up to four years, depending on the severity of your debt.

Unfortunately, that does not include (among others):

  • Auto loans
  • Mortgages
  • Back taxes
  • Existing debts with payday / same-day lenders

And, to qualify, debtors must:

  • Owe more than $7,500
  • Be able to make monthly payments into a settlement fund
  • Have a “financial crisis with no quick end in sight”

But if you’re in desperate need of debt relief, you might see your debts reduced by 50%. There are no upfront costs, and National Debt Relief won’t charge a penny until they reduce your debt.

Only consider debt settlement if you can’t meet emergency costs because of existing debts. But if you’re desperate, National Debt Relief is a good organization to call.

How did I pick the best same-day loan solutions?

We ranked loan solutions according to three categories:

  • Reputation
  • Flexibility
  • Safety

Reputation:

Same-day, or payday, lenders have some of the worst reputations in the financial world. Quick payment terms and high fees make payday lenders appear predatory.

We wanted to be sure that our selections each had solid reputations. We looked at any awards, good press, and customer testimonials that were available.

Flexibility:

Borrowers take out same-day loans to meet emergency needs, including medical or auto costs. During these decisions, it’s tough to think about how these loans might affect you in the future. And you don’t want to get caught in a debt cycle because of an emergency.

Borrowers take out same day loans to meet emergency needs. When you’re facing a sudden medical or auto cost, it’s tough to think about how a loan might affect you in the future. And you don’t want to get caught in a debt cycle because of an emergency.

Each of our same-day loan solutions shows flexibility when it comes to payment term. Borrowers should be able to extend the payment term without penalty if they can’t repay. Or, borrowers should be able to find a flexible repayment schedule when taking out the loan.

Safety:

Same-day loans can be dangerous for your financial future. Most same-day lenders won’t report successful payments to credit agencies, but they may report missed payments. So if you can’t repay an emergency loan, it might hurt your chances of getting a loan in the future.

Our selections offered some of the safest options available. Each is designed for borrowers with poor to bad credit. So if you’re unable to make a payment, they may be more open to working with you than same-day lenders.

State regulations for same-day loans

Same-day lenders often adopt predatory practices (such as high origination fees, harassing phone calls, etc.). Many states have banned same-day lenders outright, and others have heavily regulated how they do business.

We’ve listed by state where same-day lenders:

  • Are still legal
  • Are completely illegal
  • Are still legal, but heavily regulated

For more information, check out the Consumer Federation of America’s site on payday lending.

States where same-day loans are legal

Alabama Kentucky Oklahoma
Alaska Louisiana Rhode Island
California Michigan South Carolina
Delaware Minnesota Tennessee
Florida Mississippi Texas
Hawaii Missouri Utah
Idaho Nebraska Virginia
Illinois Nevada Washington
Indiana New Mexico Wisconsin
Iowa North Dakota Wyoming
Kansas Ohio

States where same-day loans are illegal

Arizona Massachusetts
Connecticut North Carolina
District of Columbia Pennsylvania
Georgia Vermont
Maryland West Virginia

States where same-day loan APRs are capped:

State APR%
New York 25%
New Jersey 30%
New Hampshire 36%
Montana 36%
South Dakota 36%
Maine 36%, allows 261% APR for a two week, $250 loan
Oregon 36%, plus $10 per $100 borrowed
Colorado 45%, maintenance fee of 7.5% per month after the first month. 20% finance charges for loans up to $300, additional 7.5% for loans between $301 – $500

Why would I need a same-day loan?

These are the most common debts in the United States:

  • Credit card debt
  • Medical debt
  • Student loan debt

And here’s what debtors owe on average:

Type of Debt Average Amount Owed (as of 2018)
Credit card debt $6,354
Medical debt $15,734
Student loan debt $26,700

Other ways to start making money today

If you’re in need of immediate funding, there are other ways to start making money than same-day lending.

At The Simple Dollar, we love finding new and easy ways for our readers to spend, save, and earn. In our archive, you’ll find dozens of articles on how to make money quickly, and without a headache.

Here are a few of the options we’ve recommended in the past. Some will get you paid the same day, while others may take a week or so:

Driving for Uber

The amount you’ll make varies by location, as well as the time of the week that you’re driving. But last year Uber drivers made anywhere from $19 to $30 an hour.

Becoming an Uber driver is, for the most part, an easy and quick process. According to their website, registering your vehicle can take less than four minutes. Uber does require that all drivers undergo a background check, which can take anywhere between a few weeks.

Once you’re past that step, you can begin driving the same day. And Uber’s not just for driving passengers. You can make more money by making deliveries and driving passengers.

Pawnbrokers

Selling personal items can be a painful experience, but if you need money today, it may be your only option. Of course, family heirlooms with some history will fetch a higher price. That includes jewelry and other valuables. But you might be surprised to find the value of items just sitting around your house.

As anyone who’s seen “Pawn Stars” can tell you, pawnbrokers may try to undersell you. Before taking this step, do your research — both on nearby pawnbrokers and the value of items you want to sell.

Have everything prepared so that, during the sale, you can negotiate from a place of strength. Don’t let a desperate financial situation keep you from getting a fair price.

Getting a loan from friends and family

If you can reach out to any friends or family members for a short-term loan, do so. It may be awkward, but it also may be the only way out of a desperate financial situation.

Asking for money is a very personal act, and failure to repay may cause a strain on your relationship. So, when you ask:

  • Be completely honest about why you need the loan
  • Make sure the terms of the loan are explicit:
    • How much you’re borrowing
    • When you’ll repay
    • If there’s any interest
    • Repay as soon as you are able

The Bottom Line

Same-day loans are almost never your best option. Disreputable lenders make their money from your inability to repay. But, there’s a wide variety of alternatives available. Taking out a same-day loan should only be a last resort. If you must take out a same-day loan, proceed with the utmost caution, and only take what you know you can repay.