6 Same-Day Cash Loans

Same Day Cash Loans
GUIDE
Adam West
By: Adam West
Posted: December 9, 2019
Advertiser Disclosure

Modern technology makes just about everything faster. But, despite the speed that today’s financial services firms have at their disposal, same-day cash loans still come at a premium.

If you’re in need of quick funds — but your credit score has your bank or credit union in no hurry to lend you money — you can still harness the power of technology to get fast cash. That’s because online lending marketplaces can take your single prequalifying application and distribute it among dozens of lenders across the country who will compete for your business.

These lenders offer quick approval decisions and even faster funding. And you can complete the process without ever having to leave your home.

Same-Day Cash Loans Online

Most online loan marketplaces partner with lenders who offer same-day approvals and electronic funding to a linked bank account within 24 hours. The time it takes to receive your funding may vary if you apply on a bank holiday or weekend, as the lender must abide by your bank’s hours of operation when transferring money.

Here are our top choices for lending marketplaces that offer same-day cash loans to applicants who have bad credit.

  • Short-term loans up to $2,500
  • Online marketplace of lenders
  • Funds available in as few as 24 hours
  • Simple online form takes less than 5 minutes
  • Trusted by more than 2,000,000 customers
  • Not available in NY or CT
  • Click here for official site, terms, and details.
★★★★★

4.8

Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
Up to $2,500 Varies Varies

See representative example

The MoneyMutual lending network specializes in short-term loans of up to $2,500 to applicants who have a verifiable income of at least $800 each month. While the network’s services are not available in New York, the rest of the country can access a brief prequalifying form that takes less than five minutes to complete. If you receive a loan offer, you can close the deal and receive your funds by the next business day.

   
★★★★★

4.7

Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
$500 to $10,000 5.99% - 35.99% 3 to 72 Months

See representative example

With CashUSA.com, you can potentially qualify for a loan of between $500 and $10,000 — and have as long as 72 months to pay off your loan. Interest rates start at 5.99%, but each lender on the network provides different terms for every offer you may receive.

CreditLoan.com features lenders who specifically work with consumers who have bad credit histories. If approved, you could receive a loan of between $250 and $5,000 with same-day approvals and funding by the next business day. Each lender has its own approval process and applicants aren’t guaranteed a loan offer.

The company’s name says it all — this network specializes in loans for applicants with any credit history. After completing a brief prequalifying form, you could receive multiple loan offers that start at $500 and max out at $5,000. If approved, you can get your money within one business day.

PersonalLoans.com is a gateway to lenders who offer loans of $500 up to $35,000. And since the lenders only offer personal loans, you can use the money any way you choose.

You must provide proof of at least $2,000 in monthly income to qualify for a larger loan. Each lender sets different standards for approval and may accept your application for a smaller loan amount if you receive less monthly income.

  • Short-term loan of $100 to $1,000
  • Bad credit is welcomed
  • Large network of lenders
  • Loan decision as fast as a few minutes; funding as soon as next business day
  • Required: Income of $1000+/month and at least 90 days on job
  • Click here for official site, terms, and details.
             
★★★★

3.9

Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
$100 to $1,000 200% - 2,290% Varies

See representative example

CashAdvance.com offers super-fast funding on short-term loans of $100 up to $1,000. But there’s a price that comes with that speed. These cash advance loans often feature one- to two-week repayment periods and interest rates that climb to a soaring 2,290%.

If you can’t pay your loan off on time, you can find yourself stuck in a revolving debt cycle that makes this type of loan incredibly expensive. While a cash advance certainly qualifies as a same-day cash loan, you should only accept these funds if you have no other option.

Where Can I Borrow Money ASAP?

Some emergencies won’t let you wait until the next business day to pay your debt. If you can’t wait for a loan with a 24-hour turnaround, consider one of the options below that could provide near-instant funding — with some extra costs or due diligence.

  • Get a Credit Card Cash Advance: If you have a credit card that provides a cash advance option, you can use the card as you would a debit card at an ATM. Keep in mind that a cash advance starts accruing interest charges the moment you withdraw your money. Plus, some credit cards charge hefty fees for this service — which can make it a pricey option.
  • Sell Something: Online marketplaces like Craigslist or used-item shops that specialize in video games, electronics, furniture, clothes, or other items can offer you quick cash for your valuables. A positive in this option is that you aren’t required to pay the money back. A negative is that you’ll lose the item you’ve sold.
  • Pawn Shop Loans: Pawn shops offer short-term, secured loans that use your valuables as collateral for the deal. These loans often feature high interest charges and repayment windows that stretch no more than 30 to 90 days. And, if you don’t repay your loan, you lose the items used as collateral.
  • Title Loans: If you own your car outright or have equity in your current auto loan, you can access a car title loan to get quick cash. You essentially start your car loan over with a title loan. The new loan will cover the full value of your automobile. You’ll use part of the loan to pay off your current auto debt and can keep the rest as cash to use however you choose.
  • Local Payday Lender: Just about every city or small town features a payday lender. These businesses offer short-term bridge loans that you agree to pay back when you receive your next paycheck. The loans offer incredibly fast payouts — with a heavy cost for the convenience. Most payday lenders feature four-digit interest rates that can turn a $500 loan into a multithousand-dollar debt if you don’t pay your bill on time. That’s why these loans should only be considered as a last resort.
  • Borrow Money from Friends or Family: This is an age-old way of getting fast money. It’s also an option that’s ruined friendships and splintered families. That’s why it’s important that you fulfill your promises and obligations, and only borrow money when you know for certain that you can pay it back in the agreed-upon time frame.

As with any loan type, the options above should be exercised with caution. Be sure to fully read the terms and conditions of any loan agreement before signing.

Do Banks Give Same-Day Loans?

Banks can provide same-day funding on some personal loans, but it’s rare and often requires a sterling credit history for approval.

Banks are notoriously strict when it comes to approving loans. That’s because banks are businesses. The goal of each institution is to make a profit for its investors. A key source of a bank’s income comes from interest earned from loans.

But banks only receive that interest if you make your monthly loan payment. That’s why banks scrutinize every line of an applicant’s credit report before approving a loan. Banks are wary to approve an applicant who may not repay the loan as agreed, as indicated by your credit score.

If you’re in a bind and need money fast, this may not be your best option.

If you want to take the traditional path toward a loan — and only want to work with a proven financial institution — you can consider joining a credit union. These member-owned businesses return their profits to account holders and often have more relaxed standards for approving loans.

Banks vs Credit Unions

That said, you aren’t guaranteed same-day approvals or funding with either a bank or credit union. Before you apply, check with your preferred institution to see how long its approval and funding processes take. You don’t want to spend a lot of time applying, only to find out that you can’t receive your funds as fast as you’d like.

Can I Get a Same-Day Loan if I’m Unemployed?

Every lender needs to make a profit to stay in business. When a borrower defaults on a loan, the lender’s only recourse is to sell the debt to a collection agency for pennies on the dollar. Those types of losses add up quickly and can sink a business.

To avoid this, lenders want some sort of proof that you can repay your debt. That means a steady and reliable income of some kind. Aside from an employment check, if you receive structured settlement payments, retirement income, pension benefits, an annuity, or other monthly income, you can still qualify for a loan.

If you don’t receive these, and you’re unemployed, your best option is to consider a cosigner for your loan. A cosigner is someone who has better credit than you, and potentially more income, who is willing to sign on to your loan to guarantee your ability to repay the debt.

Pros & Cons of Cosigned Loans

Keep in mind that if you miss a payment, or stop making payments altogether, you and your cosigner take the hit to your credit scores. That’s a tremendous responsibility that doesn’t always end well.

Before you officially sign a loan with a cosigner, you should sit down with the person and come up with a mutual plan on how you’ll repay the loan. Be forward and honest when discussing your financial abilities and don’t make any promises you can’t keep. This will help avoid potential problems that can arise from such an agreement.

Lending Networks Provide Fast Approvals and Loan Funding

Technology makes it easier to stay in touch with loved ones, order a pizza, go shopping, and complete all sorts of tasks that used to take more time and effort. But while the money-lending process has benefitted from many technological advances, it still takes time to get the money you need.

That’s why you should consider a dependable online lending marketplace for same-day cash loans. By choosing the right marketplace — and the right lender — you could have access to your borrowed funds within 24 hours.

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