Best Same-Day Loans For Bad Credit

SoFi has become one of the most recognizable names in online lending and banking. It’s become a popular choice for many borrowers thanks to high loan balances and generous repayment terms of up to seven years for personal loans. If you’re in need of fast cash, SoFi offers safe, reliable funding with reasonable rates within one to two business days.

Pros

• Funding as soon as the next day
• Joint applications allowed
• Ideal for small or large financial needs

Cons

• Stricter credit requirements
• No co-signers
• Higher income requirements may exclude some borrowers

• Loan amounts range from $5,000 to $100,000
• Get a rate discount for signing up for autopay
• Some restrictions apply to how you use the funds

Borrowers may be familiar with the Rocket name through Rocket Homes and Rocket Mortgage. Their sister company offers personal loans through Cross River Bank, featuring low credit and income requirements. Same-day funding is possible for eligible borrowers, and funds can be used for a variety of needs. Beware of various fees that could add up, however.

Pros

• Same-day funding possible
• Good option for borrowers with poor credit or minimal history
• Flexible fund usage

Cons

• Fees apply for loan origination, late payments, and insufficient funds
• No co-signers or joint applicants
• Shorter loan repayment terms (maximum five years)

• Prequalify with only a soft credit check
• To get possible same-day funding, you must complete your application, get approved, and sign your promissory note before 1 p.m. ET on a business day
• Origination fees range between 1% and 6%
• Sign up for autopay and get a rate discount
• Typically requires two years of credit history and a minimum income of $24,000
• Funds can be used for a variety of expenses, excluding education

It’s easy to get next-day funding with a personal loan from LendingPoint. Borrowers only need a 600 credit score to qualify, and these loans are available everywhere in the U.S. outside of West Virginia and Nevada. Watch out for high APRs and origination fees, though.

Pros

• Fast funding available
• Lenient credit score requirements
• No prepayment penalty

Cons

• Origination fees may apply
• No co-signers or joint applicants
• Limited loan balances and repayment terms

• Available in 48 states and Washington, D.C. (not available to borrowers in Nevada or West Virginia)
• APR can get quite high, up to 35.99%
• Origination fees range from 0% to 6%, depending on your state
• Maximum loan amount of $36,500 and term length of five years may be limiting for some borrowers

Like SoFi, LightStream is a great option for borrowers with average credit and a need for significant funding and generous repayment terms. You can borrow up to $100,000 and repay over seven years, and funds are available as early as the same day. Interest rates are quite competitive — LighStream will even beat your best offer — but borrowers with poor or fair credit may need a joint applicant.

Pros

• Same-day funding possible
• No fees for origination, prepayment, or late payments
• Flexible use of funds

Cons

• Higher credit score requirements than other lenders
• Not ideal for smaller loans
• No process for prequalification

• For same-day funding, the loan must be approved by 2:30 p.m. ET on a business day
• LightStream doesn’t offer a prequalification process
• Higher credit scores increase your chances of qualifying
• Joint applicants are allowed
• Lender claims it will beat any qualifying rate

Borrowers with limited qualifications may find that Avant offers the best personal loan options to suit their needs. A smaller loan range of $2,000 to $35,000 and tighter repayment terms of two to five years may help keep funding limited and payments manageable. Beware, though, the APR can get quite high if you have a low credit score, and you’ll have to pay an upfront administrative fee.

Pros

• Available to borrowers with low income and poor or limited credit
• Next-day funding available
• Flexible fund use

Cons

• Upfront administrative fees apply
• High rates for low-credit borrowers
• No co-signers or joint applicants

• With a minimum credit score of 580 and a minimum income of $20,000, this may be the best option for borrowers with limited qualifications
• Non-employment income and other household income count toward qualifications
• Fund use is flexible, but business expenses do not qualify
• Despite a settlement with the FTC for unfair and deceptive loan servicing practices, Avant maintains a 4.6 rating on Trustpilot
• Not available in Hawaii, Iowa, Maine, New York, West Virginia, and Vermont

With an approval process based on artificial intelligence and machine learning, Upstart is able to offer loans to a wide range of borrowers who may not qualify for other options. Funding for most loans occurs by the next business day and can range from $1,000 to $50,000. These features make Upstart a great option for fair-credit borrowers in need of fast cash for a variety of expenses. Watch out for high APRs, though.

Pros

• Next-day funding for 99% of applicants
• Choose a custom payment date
• Funds can be used for educational expenses in most states

Cons

• Hefty origination fee
• No co-signers
• High APR range

• AI-based model allows Upstart to approve more borrowers with fair credit scores or no credit history
• Origination fees can be as high as 8%
• Loan terms of three or five years
• For next-day funding, your loan must be accepted before 5 p.m. ET Monday through Friday
• Loans for education expenses may take longer to fund, and these only apply outside of California, Connecticut, Illinois, Washington and the District of Columbia
• Borrowers must have a minimum income of $12,000
• Available in every state except for Iowa and West Virginia