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Key takeaways

  • There are multiple fast direct loan options from no denial payday loans to cash advances. Carefully consider the cost of the loan and compare options to ensure you get the best deal.
  • Non-traditional loan alternatives like borrowing from friends and family, credit card cash advances, or securing a co-signer can offer more flexible and potentially less costly solutions.
  • Responsible borrowing is crucial. Always make sure you have a repayment plan in place so that short-term solutions do not lead to long-term financial strain. 

Direct same day loans are a quick and convenient way to get cash when unexpected expenses pop up. They can be a saving grace when you don’t have an emergency fund and would rather not max out your credit card.

Same day loans’ appeal lies in how fast they can be secured – typically within 24 hours. A perfect time frame to get fast cash in an emergency. The concern with these types of personal loans is their cost. A lot of same day loans have high fees and short terms, but not all.

Let’s go over how you can get a fast loan directly deposited into your bank account instantly with only a few fees.

How to get money in minutes?

Go online. Most lenders operate online these days and offer personal loans with easy applications and few requirements. You can find personal loans with direct deposit that send funds to your account in minutes. Many online lenders will send funds within 24 hours or the next business day.

Before you choose a loan, compare offers. This ensures that you get the best deal possible. Online lending platforms let you fill out one application and match you with potential loans from their lending partners. A lot of these lenders offer same day funding and specialize in borrowers with bad credit. This way, you can fill out one application, compare lenders, and still get your cash the same day.

Shop around and compare lenders: You can look for lenders on your own or go to an online lending marketplace and get connected with multiple lenders at once. Not all lenders are created equal, and their offerings vary significantly in terms of interest rates, fees, and terms. Invest time in comparing these loan offers and providers to find the one with a high loan amount and low overall costs. Look beyond traditional banks; online lenders and fintech companies often provide quicker, more flexible financial solutions.

Prequalify and choose your loan: Armed with information, select the loan offer that best suits your needs and prequalify. Prequalifying lets you compare fees, annual percentage rate (APR), monthly payments, and the loan amount you’re likely to be offered. Being prequalified for a loan does not guarantee you’ll get it but it shows you at least meet the criteria. Compare offers to find the one with the lowest cost and best repayment terms for you.

Fill out the application: Apply for the loan you want. Most of the time you can fill out an application online in no time. You’ll typically need to provide personal identification, proof of income, and sometimes proof of employment. If you’re approved for the loan and the terms you’re offered will depend on your credit score, income, debt-to-income ratio, and other factors.

Get your funds: Once your application is approved, the lender will deposit funds into your checking account often within the same day.

Comparing lenders and getting funds deposited into your bank account has never been easier. Decide on the type of personal loan you want – payday loan, installment loan, secured loan – and find the best one you can get. Online marketplaces not only save time but also reduce the stress associated with financial emergencies by simplifying the loan application process and allowing you to get the funds you need fast.

5 best same day loans

There are plenty of loan options when you need to borrow money fast, even if your credit isn’t good. You can take out a short term loan, go with an installment loan, or look into a cash advance. Choose an option that will give you the money you need quickly.

Anytime you apply for a loan, there’s never a guarantee you’ll be approved, but there are lenders who specialize in bad credit borrowers and have more lenient requirements making it easier to qualify. A lot of these lenders don’t require a credit check and instead are interested in other financial factors such as your employment status or if you rent or own.

Figure out what type of loan you’re interested in borrowing first, then look for direct lenders who offer loans online with same day deposit. This option lets you enjoy immediate access to funds without the wait. It’s perfect when you need fast cash.

Payday loans

Payday loans are the first option that typically comes to mind. These are short term loans for small amounts – usually less than $500 – that must be paid back in full within two weeks. They are notoriously expensive with fees that equate to interest rates of around 400%. Be careful of their cost and choose payday loans from direct lenders only to ensure transparency and avoid hidden fees.

General loan requirements include:

  • Basic contact information
  • Government-issued ID
  • Social Security Number
  • Proof of income
  • Residence in the state you apply
  • Over 18 years old
  • Have a bank account

Often, there’s no credit check making payday loans easy to qualify for with bad credit. The lack of a credit check though contributes to the high fees because the lender has no way to assess the borrower’s reliability. Lenders charge high fees to hedge their bets in case the borrower defaults. This way the lender does not lose money.

No bank account and need money? No problem!

Check out how you can get a loan without a bank account.

One type of payday loan is a direct deposit loan. The great thing about these is the loan is quickly sent to your checking account usually the same business day. Online loans with same day deposit and no credit check make it easy to secure funds swiftly. You can apply from the comfort of your home and receive funds the same day.

Payday loans online same day deposit’s rapid turnaround is crucial when you’re in urgent need of funds making them a very attractive option. But it is still a payday loan with a short repayment period.

If you can’t repay a payday loan in full by its due date you can usually roll it over or renew it till your next payday for the price of the lending fee. The problem with this is fees add up fast and you can find yourself in a cycle of debt where you’re taking out one loan to pay for another. Be careful that this short term loan solution does not lead to other problems and always have a payment plan in place before you take on debt.

Read more about debt.

Payday alternative loan

Payday alternative loans (PAL) are considered by many to be the best payday loans you can get online the same day. PALs are small loans ranging from $100 to $1,000 offered by certain federal credit unions as an affordable alternative to traditional payday loans.

Unlike conventional payday loans that come with high interest rates and short repayment periods, payday alternative loans are designed with the borrower’s financial well-being in mind. Interest rates are capped at $28 and application fees cannot be more than $20, even for borrowers with poor credit. Borrowers also typically have one to three months to repay the loan, making loan payments more affordable.

To qualify for a PAL, you generally need to be a member of a credit union that offers them. Membership conditions vary, but you may need to live, work, or attend school in a specific area to become a member. Payday alternative loans provide a more affordable borrowing option compared to traditional payday loans. They are an excellent choice if you need quick access to funds, as long as you qualify.

Cash advance

Cash advance apps have emerged in recent years as an easy way to borrow money in minutes. These apps let you borrow a small amount from your next paycheck before you receive it. You then pay them back with your next paycheck. If you need to reschedule your payment, most let you do so with no fees. The qualification process for these apps may vary, but they often require you to have a regular source of income and a linked bank account.

Unlike payday loans, cash advances typically boast low to no fees and no interest, making them an attractive low-cost option for immediate funds. Moreover, most apps do not require a credit check and so are accessible even if you have poor credit.

All you have to do is download the app and connect it to your checking account. Some may require proof of income, but not all. Once approved, you can request an instant advance. Loan amounts vary depending on the app but can go up to $500. The money will be deposited within minutes (or within a few business days). This swift access to funds can be a lifeline for covering unexpected expenses, such as emergency bills or sudden repairs, without waiting for a paycheck or having to deal with interest charges and additional fees.

One word of caution, many of the apps request an optional tip for their services. These tips can add up over time so be careful how you use the app and how much you pay.

Overall, obtaining a cash advance from a direct lender can be a practical option for those in need of quick financial assistance. It’s a reliable way to secure funds directly, without the wait or paperwork associated with other types of personal loans.

Installment loans

online same day loan

An installment loan is a type of loan that provides a lump sum of money upfront, which is then repaid over a fixed period in regular installments. Common examples of installment loans include personal loans, auto loans, mortgages, and student loans. Many installment loans come with fast funding and will approve borrowers with bad credit.

One advantage of installment loans is they have a fixed repayment term, meaning you know in advance when the loan will be paid off. The loan is repaid in equal monthly payments over the agreed-upon period, usually months or years. They also tend to come with fixed interest rates based on your credit score, income, and the loan amount.

The loan amount varies, but installment loans are usually larger in size from several hundred dollars to several thousand or more, depending on the type of loan and the lender. This can be beneficial if you have a large expense that cannot be covered by a few hundred offered by payday loans.

It’s important to carefully consider your financial situation and repayment ability before taking out an installment loan. Comparing lenders, interest rates, fees, repayment terms, and monthly payments can help you make an informed decision.

Unemployed and in a financial pinch?

Learn how you can get cash!

What are some alternatives to same day loans?

If you don’t want to take out a traditional payday loan or find cash advance loans undesirable, there are other lenders that you can consider. A lot of these options require asking for help, but they can offer more flexible terms, lower interest rates, and fewer fees – or no additional costs at all – making them a good solution for financial emergencies.

Family and friends loans

Borrowing money from friends and family is the best alternative option, if it is available to you. Friends and family loans usually come with more flexible repayment terms, no interest, no credit check, and no fees. That said, it’s important to draw up a loan agreement so that everyone is on the same page. If you have any issues repaying the loan, be sure to communicate openly so you can find a solution together and avoid misunderstandings or putting a strain on the relationship. Stick to the repayment terms, be transparent about your financial situation, and this can be the best way to borrow.

Credit cards

Credit cards can be a useful tool to cover unexpected expenses when you don’t have the cash flow. Almost all credit cards offer a grace period of at least 21 days in which you do not accrue interest on your purchases. Pay your credit card bill in full before the grace period ends and you won’t have to pay a dime extra.

Another option is to take out a credit card cash advance where you use your credit card to withdraw cash from an ATM.

  1. Find an ATM within your credit card’s network
  2. Insert your card and enter your PIN
  3. Select ‘cash withdrawal’ or ‘cash advance’
  4. Enter the amount you’d like to withdraw
  5. Review fees and approve the transaction
  6. Collect your cash

Credit card cash advances typically come with higher interest rates than regular purchases, additional fees, and no grace period. As there’s no grace period, you start accruing interest from the moment you take out the cash. Nonetheless, if you’re able to repay the borrowed amount quickly, a credit card cash advance can be more convenient and potentially less costly than a traditional payday loan.

Add a co-signer

If you have difficulty securing a personal loan due to a low credit score or lack of credit history, finding a co-signer can be the solution. A co-signer with good credit can increase your chances of getting approved for a loan with more favorable terms than you might receive on your own. Most lenders allow co-signers because they are held responsible for the loan if you default, making it less risky for the lender.

Ask for an extension

If you’ve recently become unemployed or are facing a personal crisis and cannot pay your bills, reach out to your creditors and explain the situation. Many creditors are willing to work with you to find a solution, especially if you’ve been a reliable customer in the past. They may be able to extend your payment deadline, set up a payment plan, or waive fees.

The best approach is to be polite, honest, and communicate your situation proactively. Getting an extension can alleviate the need for a same day loan, help you avoid additional debt and potentially high interest rates, and give you a little breathing room to get back on your feet.

Bottom Line

There a multiple avenues for obtaining same day loans when you need quick funds. Payday loans, payday alternative loans, and cash advances are the most popular way to get money fast but plenty of online lenders offer same day funding and send money directly to you instantly.

Whatever option you choose, be sure to consider the total cost of the loan and make sure you are able to pay it back on time. Review all terms and conditions before you sign and be sure you can make the monthly payments. Fast cash in an emergency can be a tempting solution but make sure it doesn’t land you in a cycle of debt.

When you’re looking for a loan, check out MoneyFor. We can give you advice on the best loans to take, how to avoid debt, and earn more money.

About the author

Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor’s credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor’s degree in journalism and an MBA.