When you’re short on cash and need it quickly, your choice of lenders may be slim. That can lead some people to turn to expensive, predatory options such as payday loans. But there are personal loan lenders that can help when you need fast loan funding.
With many lenders, funding your loan can take several business days after you apply and get approved. Even lenders with quick funding options may still take up to three business days. But there are specific lenders that offer same-day funding after you’re approved for your loan, which is useful if you’re using the cash to cover an emergency.
Here’s what to know about same-day emergency loans and our top picks 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 available timelines.
These are our top-rated personal loan lenders that also offer same-day funding:
Our take: SoFi offers personal loans with same-day funding, depending on your timing. If you need quick access to a significant loan amount, this can be a convenient, fee-free option.
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Loan amount: $5,000-$100,000
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Repayment terms: 2-7 years
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Funding speed: Same-day funding possible
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Origination fee: None
SoFi says same-day funding is available if your loan is approved and your loan agreement is signed by 5:30 p.m. ET 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 back this emergency loan. SoFi doesn’t charge any fees or prepayment penalties, which can help you pay back what you borrow more easily.
OneMain Financial: Best for very fast funding
Our take: OneMain Financial’s emergency loan option allows extremely fast funding; you can receive your cash as fast as an hour after you close on the loan. Plus, with terms ranging from 24 months to 60, you’ll have a range of options for repayment.
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Loan amount: $1,500-$30,000
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Repayment terms: 24-60 months
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Funding speed: As fast as one hour after closing
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Origination fee: Flat amount or percentage from 1%-10%
You can get your OneMain Financial emergency loan funds within an hour of closing on the loan if you receive them via a bank-issued debit card. If you want your money through a 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 steep origination fees (though there aren’t any fees or penalties for prepayment).
Our take: Rocket Loans allows for same-day funding on its personal loans, again depending on your timing. You can borrow a minimum of $2,000, but there may be a pricey origination fee.
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Loan amount: $2,000-$45,000
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Repayment terms: 36 or 60 months
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Funding speed: Same-day funding possible
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Origination fee: Up to 9.99%
For same-day funding on a Rocket Loans personal loan, you’ll need to complete the loan process by 4 p.m. ET on a business day. The lender specifies that this means the ACH credit for your funds will be sent to your bank on 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 funding for its personal loans. We like this lender for emergency loans in particular because you can borrow as little as $250 to cover your unexpected expense. Plus, you’ll pay no origination fees or prepayment penalties.
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Loan amount: $250-$50,000
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Repayment terms: 36-60 months
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Funding speed: Same-day funding possible
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Origination fee: None
When you’re approved for a loan with Navy Federal, you can sign for the loan electronically and get the funds deposited in 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 Navy Federal member before you apply for a loan with the credit union. You may be eligible if you’re a veteran, retired servicemember, or active duty member of the armed forces; an eligible Department of Defense worker; or an immediate family member of either.
Read more: 7 surprising benefits of borrowing from a credit union
After you choose a lender for your loan, apply online to ensure a speedy process. Have the necessary application information on hand, including your contact info, employment and income details, and the amount you’d like to borrow.
For any loan application, but especially a loan you need quickly, it’s 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, which results in a hard inquiry on your credit report. If you want to compare different loans without affecting your credit, gather prequalification offers from lenders before submitting a full application.
You’ll receive your loan funds after you’re approved. With some lenders, you may need to accept your loan by a specific time (by 5 p.m. ET on a business day, for example) to get your funds on the same day. Read the details on the application and loan approval terms to ensure you follow the necessary steps to get your loan money as quickly as possible.
When you search for emergency loans, you’re 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 what any traditional personal loan charges — leading to much higher payments and overall cost. Whenever possible, avoid these lending options and the risky debt cycles they can lead to.
If you only need a small amount, a payday alternative loan (PAL) could be a better option if you’re a member of a credit union. You may also want to check with friends and family. If you can borrow the funds you need from a loved one, you may be able to get the money fast and negotiate a repayment schedule that works for both of you.
Related: Best personal loans for bad credit
Here are some things to look for before you apply for a personal loan with same-day funding:
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 into your bank account, those transfers can take longer 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 process and become available in your account. Some lenders offer alternative funding options for faster access, like a debit card.
When possible, prequalify with multiple lenders to see what interest rates you may qualify for before formally applying. Look out for origination fees and late fees that could make your loan repayment more expensive. If you’re taking out a large loan amount, origination fees may be especially costly.
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 often 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’re borrowing a small amount for an emergency and will have the money to repay the loan in a few weeks, you don’t want to get stuck with a fixed monthly payment and accumulating interest for years. Choose a loan with no prepayment penalty to ensure you can pay back the emergency loan as soon as possible without any added fees.
Our picks for the best same-day emergency loans come from our overall list of best personal loans. The list above is made up of top rated lenders from that list that offer same-day loan funding.
To choose the overall best personal loan lenders, we use a weighted rating system to evaluate multiple factors of the loan and lender. Those factors include APR, fees, loan terms, customer satisfaction and lender reputation, application details, and more. We also compare loan funding speed, with higher ratings going to lenders who make personal loan funds available more quickly. That was also a primary factor for this list of best emergency loans.
The loans above may not be labeled specifically as “emergency loans” by the lender, but they are available with same-day financing after approval. Make sure to use prequalification tools to check the rates, terms, and funding options you may qualify for before you apply for a new personal loan.
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