7 best same day personal loans of 2024

Personal loans are a convenient way to borrow small or large amounts of money. Not only can they be used to cover a variety of expenses — like a wedding, a funeral, a vacation, a surprise medical bill and more — but lenders typically disburse funds directly to your bank account so you can start using that money as soon as possible.

Some lenders will even get you funded as early as the same day you’ve been approved.

CNBC Select rounded up some personal loan lenders that offer expedient funding so you can cover large expenses in a pinch. When reviewing the top personal loans with fast funding, we looked at key factors like interest rates, fees, loan amounts and term lengths offered, plus other features including how your funds are distributed, autopay discounts, customer service and how fast you can get your funds. (Read more about our methodology below.)

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With LightStream, you can generally receive your funds on the same day if you apply on a banking business day, your application is approved and you electronically sign your loan agreement and verify your direct deposit banking account information by 2:30 p.m. ET. If you can’t make this deadline, you should be able to receive your funds the next business day.

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SoFi, generally disburses personal funds quickly — 82% of personal loan applicants receive same-day funding if they sign their agreement before 7 p.m. ET on a business day. Otherwise, you’ll receive your money the next day.

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PenFed is a federal credit union that anyone can become a member of. Personal loans can disbursed electronically or via a physical check. If you live near a PenFed location, you can pick up your check at any time directly from the branch. Otherwise, you can receive your funds as early as the next day if you pay for expedited shipping.

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Avant considers applicants with lower credit scores and can typically provide funding as soon as the next business day after you’ve been approved.

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According to OneMain Financial, it generally takes less than 10 minutes to complete your loan application and receive your decision (but that may, of course, vary depending on how many documents you’ll need to provide). Once you sign the loan agreement, you’ll receive your funds as early as the next day.

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Citi allows existing deposit account holders to receive their personal funds as quickly as the same business day. Borrowers who don’t have a Citi deposit account can receive their funds in up to two business days.

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LightStream offers low-interest loans with flexible terms for people with good credit or higher. This lender provides personal loans for just about every purpose except for higher education and small businesses. Another pro to using this lender is that LightStream doesn’t charge any origination, administration or early payoff fees.

Eligible borrowers

Good to excellent credit needed

Loan amounts

$5,000 to $100,000

Loan terms

24 to 144 months

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SoFi Personal Loans are available from $5,000 to as much as $100,000, which makes them a great option for those who need more money to cover bigger expenses. Plus, SoFi personal loans do not require origination fees.

SoFi offers a 0.25% interest rate reduction for signing up for autopay. There’s also some more flexibility when it comes to choosing the type of interest rate you receive. Loan applicants can choose between variable and fixed APR. Fixed APRs give you one rate that you pay for the entirety of your loan, and variable interest rates fluctuate, but SoFi caps them at 29.99%.

Eligible borrowers

Must reside in a state where SoFi is authorized to lend and must be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days.

Loan amounts

$5,000 to $100,000

Loan terms

24 to 84 months

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PenFed is a federal credit union that provides many personal loan options for debt consolidation, home improvement, medical expenses, auto financing and more. You don’t need to be a member to apply, but you will need to sign up for a PenFed membership and keep $5 in a qualifying savings account to receive your funds.

It offers personal loans as small as $600 which makes it a great option for those who don’t need higher amounts of financing.

Eligible borrowers

While it’s not required to be a PenFed member to apply, a membership will be created for you if you decide to accept the loan.

Loan amounts

$600 to $50,000

Loan terms

1 to 5 years

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Avant stands out for considering applicants with credit scores under 600, but keep in mind that the higher your credit score, the more likely you are to receive the lowest rates. Before you decide to apply for this loan, you can see if you pre-qualify for a rate that’s on the lower end of the APR range.

While there are no penalties for early payoff, there is an origination fee of up to 4.75% and a late fee of up to $25 after the 10-day grace period.

Eligible borrowers

Applicants must have a personal checking or savings account on file

Loan amounts

$2,000 to $35,000

Loan terms

12 to 60 months

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OneMain Financial offers personal loan options that are a little more flexible compared to other lenders. Repayment terms run between 24 months and 60 months and OneMain Financial also allows borrowers the option to secure the loan with collateral to potentially receive an interest rate on the lower end of the lender’s range. Plus, borrowers can choose the date their monthly payments are due and have the option to apply with a co-applicant.

OneMain Financial has an origination fee that’s on the higher end: either a fixed fee between $25 and $500 or up to 10% of the loan amount, depending on which state you live in. While there aren’t any penalties for paying off the loan early, there is a late fee that will run you $30 or up to 15% (depending on your state).

Eligible borrowers

Applicants must submit proof of income and proof of residence to be considered

Loan amounts

$1,500 to $20,000

Loan terms

24, 36, 48, 60 Months

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Prosper allows co-borrowers to submit a joint personal loan application, which can be beneficial if the primary borrower has a limited credit history or has a lower credit score. The co-borrower on a personal loan application shares the liability for repaying the loan with the primary borrower which is why lenders may see a borrower as less risky if they have another person applying alongside them.

Origination fees are between 2.41% to 5% and get deducted from the loan proceeds.

Eligible borrowers

Must reside in a state where Prosper is authorized to lend and be at least 18 years of age

Loan amounts

$2,000 to $50,000

Loan terms

24, 36, 48, and 60 months

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Citi is a household name in the banking and lending space. In addition to having in-person branches nationwide, this lender also offers ways for customers to use its services online. Citi stands out as a personal loan lender because it doesn’t charge origination fees, early payoff fees or late fees.

This lender also offers a 0.50% rate reduction for enrolling in autopay, which is very generous considering most other lenders only offer a 0.25% interest rate discount.

Eligible borrowers

Must be at least 18 years old

Loan amounts

$2,000 to $30,000

Loan terms

Up to 60 months

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Loans that can be disbursed as soon as the same business day as approval (or even one business day later) are typically considered quick loans.

Most lenders can provide funding in a few days, usually 3–5 business days after approval. However, some lenders who disburse funds through a mailed check can take longer to get you the loan proceeds — usually closer to a week. That’s why a quick loan is the ideal solution for someone who wants (or needs) their money ASAP.

Pros

• No collateral required: Personal loans generally don’t require you to secure the loan with an asset. This is good news since you won’t be at risk of losing something valuable, like your car, if you default on the loan. However, there will still be implications to your credit score if you fail to repay your loan, as with any other form of credit.
• Lower interest rates: Personal loans generally carry lower interest rates compared to credit cards (unless you have a credit card with a 0% intro APR). This makes them a more affordable alternative. Just keep in mind that applying with a higher credit score makes you eligible for.
• Long loan terms: Terms for a personal loan can be as long as 5–7 years but some lenders offer repayment terms that are even longer. Longer repayment terms generally mean lower monthly payments.
• Lump sum disbursement: Borrowers receive their funding in the form of a lump sum deposited into their bank account. This provides ultimate flexibility in when and how you use the funds.

Cons

• Potentially numerous fees: Unlike credit cards, personal loans often come with origination fees, application fees and sometimes even prepayment penalties. These fees can add onto the cost of borrowing a personal loan. Though, it is possible to find lenders that don’t charge these fees.
• Higher monthly payments: For the most part, credit cards require a low minimum monthly payment (though, experts advise paying off your balance in full each month). With personal loans, though, your monthly payment is often higher than that of credit cards even if you have a long loan term. Granted, you’re able to borrow higher amounts with a personal loan than you would with a credit card.

First, you should compare different quick loans. Many lenders will let you check (for free) on their websites what interest rate you’ll likely receive with them. This lets you eliminate the high-rate options and hone in on your preferred lender.

Once you’ve picked your lender, you then apply for a loan. This will trigger a hard inquiry on your credit history, which lowers your score a little, so don’t apply for more than one loan if you can help it.

The application usually requires you to submit personal information like your address, social security number and the loan purpose.

The best way to receive a loan quickly is to ensure all information is accurate and complete. Errors or failure to submit complete information could delay the approval process.

Credit requirements depend on the lender. Most lenders want to see good-to-excellent credit, but a handful of lenders cater to borrowers with fair or poor credit. Be sure to double-check with the lender before applying.

When you need money in a pinch, many personal loan lenders can get you funded as soon as the same business day. Make sure your application is complete and free from inaccuracies to ensure the process goes smoothly. Any mistakes on your application could delay getting your funds.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every personal loan review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best same day personal loans.

To determine which personal loans are the best, CNBC Select analyzed dozens of U.S. personal loans offered by both online and brick-and-mortar banks, including large credit unions, that come with no origination or signup fees, fixed-rate APRs and flexible loan amounts and terms to suit an array of financing needs.

When narrowing down and ranking the best personal loans for fair or good credit, we focused on the following features:

• Fixed-rate APR: Variable rates can go up and down over the lifetime of your loan. With a fixed rate APR, you lock in an interest rate for the duration of the loan’s term, which means your monthly payment won’t vary, making your budget easier to plan.
• Flexible minimum and maximum loan amounts/terms: Each lender provides a variety of financing options that you can customize based on your monthly budget and how long you need to pay back your loan.
• No early payoff penalties: The lenders on our list do not charge borrowers for paying off loans early.
• Streamlined application process: We considered whether lenders offered same-day approval decisions and a fast online application process. 
• Customer support: Every loan on our list provides customer service available via telephone, email or secure online messaging. We also opted for lenders with an online resource hub or advice center to help you educate yourself about the personal loan process and your finances.
• Fund disbursement: The loans on our list deliver funds promptly through either electronic wire transfer to your checking account or in the form of a paper check. Some lenders (which we noted) offer the ability to pay your creditors directly.
• Autopay discounts: We noted the lenders that reward you for enrolling in autopay by lowering your APR by 0.25% to 0.5%.
• Creditor payment limits and loan sizes: The above lenders provide loans in an array of sizes, from $500 to $100,000. Each lender advertises its respective payment limits and loan sizes, and completing a preapproval process can give you an idea of what your interest rate and monthly payment would be for such an amount.

After reviewing the above features, we sorted our recommendations by best for overall financing needs, quick funding, lower interest rates and flexible terms.

Note that the rates and fee structures advertised for personal loans are subject to fluctuate per the Fed rate. However, once you accept your loan agreement, a fixed-rate APR will guarantee interest rate and monthly payment will remain consistent throughout the entire term of the loan. Your APR, monthly payment and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more. 

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*Your LightStream loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 7.99% APR with a term of 3 years would result in 36 monthly payments of $313.32.