When you’re short on cash and need it quickly, your lender options may be slim. That can lead some people to turn to expensive and predatory options, like payday loans. But there are personal loan lenders who can help you when you need quick financing.
With many lenders, funding your loan can take several business days after you apply and get approved. Even lenders with fast financing options can take up to three business days. But there are specific lenders that offer same-day financing after you’re approved for your loan, which is helpful if you’re using the cash to cover an emergency.
Here’s what you need to know about same-day emergency loans and our best options available today.
Some same-day loans may be marketed as emergency loans, but many have the same terms and qualification requirements as any standard personal loan. Either way, look specifically at how your lender funds your loan after approval and the terms available.
These are our top-rated personal loan lenders that also offer same-day financing:
Our Take: SoFi offers personal loans with same-day financing, depending on your timing. If you need quick access to a large loan amount, this may be a convenient and free option.
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Loan amount: $5,000-$100,000
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Terms of payment: 2-7 years
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Funding speed: Same day financing possible
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Origination fee: None
SoFi says same-day financing is available if your loan is approved and your loan agreement is signed before 5:30 p.m. Eastern Time on a business day. You can borrow a minimum of $5,000 with a SoFi personal loan, which is a high amount, so make sure you understand how much you’ll owe in monthly payments and interest charges to pay off this emergency loan. SoFi doesn’t charge any prepayment fees or penalties, which can help you pay off what you borrow more easily.
OneMain Financial: the best for very fast financing
Our Take: OneMain Financial’s emergency loan option allows for extremely fast funding; You can receive your cash as soon as one hour after closing the loan. Plus, with terms ranging from 24 months to 60, you’ll have a variety of payment options.
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Loan amount: $1,500-$30,000
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Terms of payment: 24-60 months
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Funding speed: Just one hour after closing
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Origination fee: Fixed amount or percentage from 1% to 10%
You can get your emergency loan funds from OneMain Financial within one hour of the loan closing if you receive them via a bank-issued debit card. If you want to receive your money via standard check or ACH transfer, you’ll need to wait one to two business days after closing. This is still a solid option, especially thanks to its low minimum loan amount, but be prepared to pay potentially high upfront fees (although there are no prepayment fees or penalties).
Our Take: Rocket Loans allows for same-day funding of your personal loans, again depending on your timing. You can borrow a minimum of $2,000, but there may be a costly upfront fee.
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Loan amount: $2,000-$45,000
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Terms of payment: 36 or 60 months
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Funding speed: Same day financing possible
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Origination fee: Up to 9.99%
To get same-day financing on a personal loan from Rocket Loans, you will need to complete the loan process by 4 pm Eastern Time on a business day. The lender specifies that this means the ACH credit for your funds will be sent to your bank the same day. But depending on your banking institution, you could wait longer for the direct deposit to appear in your account.
Our Take: Navy Federal Credit Union offers same-day financing for your personal loans. We like this emergency loan lender in particular because you can borrow as little as $250 to cover your unexpected expenses. Plus, you won’t pay origination fees or prepayment penalties.
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Loan amount: $250-$50,000
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Terms of payment: 36-60 months
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Funding speed: Same day financing possible
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Origination fee: None
When you’re approved for a loan with Navy Federal, you can electronically sign the loan and have the funds deposited into your account in as little as 24 hours (same-day deposit is available in most cases, according to Navy Federal).
But don’t forget: You’ll need to be a member of Navy Federal before you apply for a loan from the credit union. You may be eligible if you are a veteran, retired service member, or active duty member of the armed forces; an eligible Department of Defense worker; or a direct relative of any of them.
Read more: 7 Surprising Benefits of Borrowing from a Credit Union
After choosing a lender for your loan, apply online to ensure a quick process. Have the information needed to apply ready, including your contact information, employment and income details, and the amount you want to borrow.
For any loan application, but especially for a loan that you need quickly, it is important that all the information you provide is accurate. If your application contains incorrect details or is incomplete, it could delay the approval process.
Once you apply, the lender will review your application and check your credit, resulting in a thorough investigation of your credit report. If you want to compare different loans without affecting your credit, collect prequalification offers from lenders before submitting a full application.
You will receive your loan funds after approval. With some lenders, you may need to accept your loan by a specific time (before 5 pm Eastern Time on a business day, for example) to receive your funds the same day. Read the details about the loan application and approval terms to make sure you take the necessary steps to get your loan money as quickly as possible.
When you search for emergency loans, you are likely to come across offers for no credit check loans, payday loans, or pawn loans. These options can carry very high interest rates and fees, beyond the charges of any traditional personal loan, resulting in much higher payments and overall costs. Whenever possible, avoid these loan options and the risky debt cycles they can lead to.
If you only need a small amount, a payday alternative loan (PAL) might be a better option if you are a credit union member. You may also want to check in with friends and family. If you can borrow the funds you need from a loved one, you may be able to get the money quickly and negotiate a payment schedule that works for both of you.
Related: The best personal loans for bad credit
Here are some things to look for before applying for a personal loan with same-day financing:
Same-day funding isn’t completely standard among personal loan lenders, so you may need to have some flexibility in how you receive the money if you need it within 24 hours. While many loans are distributed via direct deposit to your bank account, those transfers can take more than a few hours. Even if the lender sends the funds to your bank the same day, it could take longer for the transaction to be processed and available in your account. Some lenders offer alternative financing options for faster access, such as a debit card.
When possible, prequalify with several lenders to see what interest rates you may qualify for before you formally apply. Be on the lookout for origination fees and late fees that could make repaying your loan more expensive. If you are applying for a large loan, origination fees can be especially expensive.
If you’re looking for a loan to help cover an emergency, you may not need a large amount of cash that can carry high interest rates and fees. Lenders typically have minimum loan amounts of $1,500, $2,000, or more. If you only need a small amount right now, choose a loan with a lower minimum to avoid unnecessary debt.
Personal loans can have long repayment periods. If you are borrowing a small amount for an emergency and will have the money to pay off the loan in a few weeks, you don’t want to be stuck with a fixed monthly payment and accruing interest for years. Choose a loan with no prepayment penalty to ensure you can pay off the emergency loan as soon as possible without additional fees.
Our picks for the best same-day emergency loans come from our overall list of the best personal loans. The list above is comprised of the highest-rated lenders on that list that offer same-day loan financing.
To choose the best personal loan lenders overall, we use a weighted scoring system to evaluate multiple loan and lender factors. Those factors include APR, fees, loan terms, customer satisfaction and lender reputation, application details, and more. We also compared the speed of loan funding, with higher ratings for lenders that make personal loan funds available more quickly. That was also a major factor for this list of the best emergency loans.
The above loans may not be specifically labeled by the lender as “emergency loans,” but they are available with same-day financing after approval. Be sure to use prequalification tools to check the rates, terms, and financing options you may qualify for before applying for a new personal loan.