Sometimes, you just can’t wait several days to borrow money. When a bill is due, your bank account is about to be overdrawn, or you have to pay for an unexpected expense right away, you need cash immediately. Thankfully, there are many loan providers that can help if you need cash now.
In this article, we’ll explore your options for getting a same-day loan and explain the advantages and disadvantages of each. We’ll also highlight the five best loan providers for getting cash right away. By the end, you’ll be able to make an informed decision about what type of loan is right for you and which lender to use.
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Summary of the Best Loan Providers If You Need Cash Now
Understanding Your Options for Same-day Lending
When you need cash now, having your lender tell you they can get money in your bank account tomorrow or the day after just won’t cut it. Instead, you need a lender that can give you cash immediately or send money to your bank in just a few hours.
Thankfully, there are a number of lenders that are equipped to approve your loan application in hours or even minutes. But, before you just say yes to the first lender that offers quick cash, it’s important to understand your options.
That’s because different types of loans come with different costs, terms, fees, and more. In addition, depending on your credit, you may need to choose one type of loan over another. But don’t worry, you can get approved for a loan and get cash quickly even if you have bad credit.
Same-day Personal Loans
Personal loans are one of the most favorable loan options for a lot of borrowers. They generally charge reasonable interest rates, in the ballpark of 35% APR or less. They also don’t require any collateral.
Another advantage is that, in most cases, personal loan providers won’t penalize you for paying off your loan early. That allows you to save money if you repay the loan in full when your next paycheck arrives.
The downside to using a personal loan if you need cash now is that not many lenders are able to provide same-day cash. Those that typically require that you enter your application early in the day. If you live on the West Coast, you may need to get your loan application submitted as early as 9am!
Another thing to consider with personal loans is that your credit matters. Many lenders require a minimum credit score to get approved. So, if your credit score is below 600, you may have a hard time finding a lender that will issue you a loan within a few hours.
Same-day Payday Loans
Payday loan providers understand that a huge number of Americans are living paycheck to paycheck. There are a number of these lenders that can approve you for a loan and offer cash quickly. As for personal loans, payday loans don’t require you to put up any of your belongings as collateral.
Borrowers with bad credit will be happy to know that payday lenders are usually willing to work with any credit score. In fact, many providers don’t have a stated minimum credit score, and some won’t even check your credit as long as you have a job. So, you don’t have to worry that you’re going to be turned away when you urgently need money.
The catch is that payday lenders charge extremely high-interest rates for short-term loans. While the interest rate on a 2-week or 30-day loan might not seem that high, equivalent APRs are often well over 1,000%. It’s important to realize that you could end up paying back far more than you borrow with a payday loan.
Title loans require your car as collateral for your loan. You can continue driving your vehicle after borrowing, but the lender holds on to your car title. If you fail to make payments, the lender can repossess your car to make up for their losses.
So, the stakes are quite a bit higher with title loans than with either personal loans or payday loans. This type of loan is typically only a good idea if you have bad credit and can’t get a quick personal loan. While title loans offer lower interest rates than payday loans, it’s essential that you can make your payments since your vehicle is on the line.
One other thing to consider is that title loans are one of the fastest ways to get cash. Many title loan providers can approve you in less than 30 minutes and give you cash on the spot. But, bear in mind that you’ll need to drive to the lender’s office and only 23 states currently allow title loans.
Pawn Shop Loans
Like title loans, pawnshop loans require collateral. But, instead of securing your loan with your car title, you can secure it with jewellery, appliances, electronics, or other small valuables. You have to leave your item at the shop until your loan is repaid, but when you finish payments your item is returned to you.
Pawnshop loans are slightly less expensive than payday loans, although they’re still more expensive than personal loans. Pawnshops won’t check your credit, though, so you don’t have to worry about being denied a loan if you have bad credit. The other advantage to pawn shop loans is that you can get cash in hand immediately.
Other Options If You Need Cash Now
There are a few other options that you can turn to if you need money right away. You may be able to get a loan from a family member or friend with no interest, or at a much lower interest rate than payday lenders charge. Alternatively, most credit cards charge interest rates that are in line with what personal loans providers charge.
Best Loan Providers If You Need Cash Now in 2020
1. OneMain Financial - Best for Poor Credit
OneMain Financial is unusual among same-day personal loan providers in that this lender doesn’t have a required minimum credit score. While most successful borrowers have a credit score of at least 600, that opens up the possibility that you could score a very favorable loan even if your credit is less than stellar.
On top of that, OneMain Financial offers personal loans as small as $1,500. Interest rates start out relatively high, at 18% APR, but there’s no prepayment penalty, so even if you didn’t need $1,500, you could end up paying less with OneMain Financial than with many same-day payday lenders.
The catch here is that in order to get your money on the same day, you have to visit a OneMain Financial branch. They have offices in 45 states, but that doesn’t mean you won’t still need to drive several hours away. OneMain can transfer money to your bank, but that takes up to two business days.
- APR: 18% to 36%
- Loan Type: Personal Loan
- Loan Amounts: $1,500 to $20,000
- Minimum Credit Rating: None
- Length: 2 to 5 years
- Bad Credit Accepted: No minimum credit score for approval
- Small Personal Loans: Loans start at just $1,500
- Reasonable Interest Rates: Capped at 36% APR
- Branch Visit Required: Must visit a branch to get same-day cash
2. RocketLoans - Best for Low Interest Loans
If you have good credit, RocketLoans is likely your best option for getting a fair loan in just a few hours. This lender offers interest rates as low as 7% APR and only requires a credit score of 580 or higher for approval. Just watch out for the minimum income requirement, which is set at $24,000.
RocketLoans’ low interest rates do hide some of the fees that this lender charges. Origination fees can be as high as 6% of your loan value, and there are additional fees for late or failed payments. Thankfully, RocketLoans doesn’t charge a prepayment penalty if you want to pay off your loan early.
The other thing to consider with this lender is that you have to commit to a large sum of money. The minimum loan RocketLoans will make is $2,000.
- APR: 7% to 30%
- Loan Type: Personal Loan
- Loan Amounts: $2,000 to $45,000
- Minimum Credit Rating: 580
- Length: 3 to 5 years
- Low Interest Rates: As low as 7% APR
- No Prepayment Penalty: Pay off your loan early with no fees
- Medium-sized Loans: Borrow from $2,000 and up
- Requires Good Credit: Minimum credit score of 580
- High Fees: Charges origination fee and late fees
3. CashNetUSA - Best for Short-term Loans
CashNetUSA is an online payday lender that promises to get cash in your bank account the same day. You’ll need to be up early, though, since you have to have your application approved, not just submitted, by 11:30am Eastern. Helpfully, the company promises a decision within minutes after you get your application in and you can apply 24/7.
The downside to CashNetUSA is that interest rates can be extremely high. Your rate depends on the length of your loan and the state you live in, but expect to pay APRs at least in the triple digits. With this lender, you’re paying a premium for getting cash in just a few hours.
That said, CashNetUSA does have a good customer service team. If you have questions about the loan application or an existing loan, you can get in touch with the company 7 days a week. You’ll also find a handful of educational resources that can help you better understand the terms of your loan.
- APR: 150% to 650%
- Loan Type: Payday Loan
- Loan Amounts: $100 to $1,000
- Minimum Credit Rating: None
- Length: 7 days to 180 days
- Good Customer Service: Available 7 days a week
- Apply 24/7: Loans must be approved by 11:30am Eastern for same-day cash
- Educational Resources: Understand the terms of your loan
- High Interest Rates: Triple-digit APRs offered in most states
- Only Small Loans Available: $1,000 or less
4. TitleMax - Best for Title Loans
TitleMax is one of the most ubiquitous title loan providers in the US, with operations in 16 states. If you’re comfortable putting your car up as collateral, this lender has a lot to offer. You can borrow up to $10,000, depending on the value of your car, and repayment plans vary from 30 days to 6 years.
One nice thing about TitleMax compared to other title lenders is that you don’t have to walk out with a physical wad of cash. Instead, you can opt to get your loan on a prepaid Visa debit card. That’s easier and safer to use than carrying around cash in a lot of situations. Plus, it allows you to monitor your loan balance and payments with the TitleMax mobile app.
Unfortunately, interest rates at TitleMax are only marginally better than what many payday lenders offer. Interest rates vary widely by the state since title loans are heavily regulated, but plan on paying triple-digit APRs.
- APR: Varies by state
- Loan Type: Title Loan
- Loan Amounts: $2,600 to $10,000
- Minimum Credit Rating: None
- Length: 30 days to 72 months
- Mobile App: Monitor your loan and pay on the go
- Prepaid debit cards available: Safer than cash
- Flexible loans: Up to $10,000 and variable repayment periods
- High Interest Rates: Plan on triple-digit APRs
- Car Value Matters: How much you can borrow depends on your car’s resale value
If you need cash now, you have options. Personal loans, payday loans, and secured title and pawnshop loans can all put money in your pocket or bank account in a few hours or less. That way, you can pay for immediate expenses without having to worry that your money won’t arrive in time.
Glossary of Loans Terms
A credit score shows your creditworthiness. It's primarily based on how much money you owe to loan or credit card companies, if you have ever missed payments or if you have ever defaulted on a loan.
Guaranteed Approval is when, no matter how bad, your credit score its, your loan application will not get declined.
A Cash Advance is a short-term loan that has steep interest rates and fees.
Collateral is when you put up an item against your loan such as your house or car. These can be reposessed if you miss payments.
A Credit Limit is the highest amont of credit a lender will lend to the borrower.
Your Credit Rating is how likely you are to fulfil your loan payments and how risky you are as a borrower.
If you default on your loan it means you are unable to keep up with your payments and no longer pay back your loan.
The Interest is a percentage based on the amount of your loan that you pay back to the lender for using their money.
Fixed Interest Rate is when the interest rate of your loan will not change over the period you are paying off you loan.
If you miss a payment the lender will charge you for being late, this is known as a late fee.
The Principle amount the borrower owes the lender, not including any interest or fees.
This is the Interest Rate used by banks for borrowers with good credit scores.
A Secured Loan is when you put collateral such as your house or car up against the amount you're borrowing.
An Unsecured Personal Loan is when you have a loan based soley on your creditworthliness without using collateral.
A Variable Rate is when the interest rate of you loan will change with inflation. Sometimes this will lower your interest rate, but other times it will increase.
Having an AAA Credit Rating is the highest rating you can have.
A Bridge Loan is a short term loand that can last from 2 weeks up to 3 years dependant on lender.
An Installment Loan is a loan that is paid back bi-weekly or monthly over the period in which the loan is borrowed for.
If you obtain a Federal Student Loan to pay your way through College ten you loan is held with the U.S. Department of Education.
Financial Aid is funding available to post-secondary education students in America.
A Guarantor co-signs on a loan stating the borrower is able to make the payments, but if they miss any or default the Guarantor will have to pay.
Home Equity Loans is where you borrow the equity from your property and pay it back with interest and fees over an agreed time period with the lender.
LIBOR is the London Inter-Bank Offered Rate which is the benchmarker for
Debt Consolidation is when you take out one loans to pay off all others. This leads to one monthyl payment, usually with a lower interest rate.
What fees do I need to watch out for when applying for a loan?
The two big types of fees that accompany same-day loans are origination fees and prepayment fees. Origination fees are typically a percentage of the amount you borrow, and the money is taken out of your loan before it’s paid out. Prepayment fees penalize you for paying back your loan early, which can otherwise save you money by reducing interest charges.
What happens if I can’t pay back my loan on time?
If you can’t make a payment, get in touch with your lender immediately. Many lenders will allow you to roll your loan into a new payment plan. This can hurt your credit score and add fees onto your debt. With a title or pawnshop loan, your lender can legally take possession of your car or collateralized valuables if you stop making payments.
Are there other options if I can wait a few days for money?
If you don’t need a loan right away, you have far more options for finding a favorable loan. There are a number of personal loan providers that are willing to work with borrowers with bad credit. Many of these lenders can get you money by the next business day or within the week.
Do I need a bank account in order to get a same-day loan?
Whether or not you need a bank account depends on your lender. Most personal loan providers and many online payday lenders require a bank account, since they transfer you money rather than give you cash. Title and pawn shop loan providers may not require a bank account, since they typically issue loans in cash.
Types of Loan