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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.)

Best same day personal loans

Compare offers to find the best loan

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Best overall

LightStream Personal Loans

  • Annual Percentage Rate (APR)

    7.99%—25.99%* APR with AutoPay

  • Loan purpose

    Debt consolidation, home improvement, auto financing, medical expenses, and others

  • Loan amounts

  • Terms

    24 to 144 months* dependent on loan purpose

  • Credit needed

  • Origination fee

  • Early payoff penalty

  • Late fee

See our methodology, terms apply. *AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Excellent credit required for lowest rate. Rates vary by loan purpose.

Pros

  • Same-day funding available through ACH or wire transfer (conditions apply)
  • Loan amounts up to $100,000
  • No origination fees, no early payoff fees, no late fees
  • LightStream plants a tree for every loan

Cons

  • Requires several years of credit history
  • No option to pay your creditors directly
  • Not available for student loans or business loans
  • No option for pre-approval on website (but pre-qualification is available on some third-party lending platforms)

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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Best for borrowing higher amounts

SoFi Personal Loans

  • Annual Percentage Rate (APR)

    8.99% to 25.81% when you sign up for autopay

  • Loan purpose

    Debt consolidation/refinancing, home improvement, relocation assistance or medical expenses

  • Loan amounts

  • Terms

  • Credit needed

  • Origination fee

  • Early payoff penalty

  • Late fee

Pros

  • No origination fees required, no early payoff fees, no late fees
  • Unemployment protection if you lose your job
  • DACA recipients can apply with a creditworthy co-borrower who is a U.S. citizen/permanent resident by calling 877-936-2269
  • Can have more than one SoFi loan at a time (state-permitting) 
  • May accept offer of employment (to start within the next 90 days) as proof of income
  • Co-applicants may apply

Cons

  • Applicants who are U.S. visa holders must have more than two years remaining on visa to be eligible
  • No co-signers allowed (co-applicants only)

SoFi, generally disburses personals 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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Best for smaller loans

PenFed Personal Loans

  • Annual Percentage Rate (APR)

  • Loan purpose

    Debt consolidation, home improvement, medical expenses, auto financing and more

  • Loan amounts

  • Terms

  • Credit needed

  • Origination fee

  • Early payoff penalty

  • Late fee

Pros

  • Credit union membership available to anyone
  • Loans as low as $600
  • Can pick up a physical at a branch
  • May apply with a co-borrower

Cons

  • Funds come as a physical check
  • Must be a member to get funds (no membership needed to apply)
  • Must pay for expedited shipping to get your funds next day
  • Maximum loan amount of $50,000
  • Late fee of $29

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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Best for a lower credit score

Avant Personal Loans

  • Annual Percentage Rate (APR)

  • Loan purpose

    Debt consolidation, major expenses, emergency costs, home improvements

  • Loan amounts

  • Terms

  • Credit needed

  • Origination fee

    Administration fee up to 9.99%

  • Early payoff penalty

  • Late fee

    Up to $25 per late payment after 10-day grace period

Pros

  • Lends to applicants with scores lower credit scores
  • No early payoff fees
  • Can pre-qualify with a soft credit check (no hard inquiry)
  • Quick funding (often by the next day)
  • Late payment grace period of 10 days

Cons

  • Origination fee
  • Potentially high interest (caps at 35.99% APR)
  • No autopay APR discount
  • No direct payments to creditors (for debt consolidation)
  • No co-signers

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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Best for flexible terms

OneMain Financial Personal Loans

  • Annual Percentage Rate (APR)

  • Loan purpose

    Debt consolidation, major expenses, emergency costs

  • Loan amounts

  • Terms

  • Credit needed

  • Origination fee

    Origination fee starting at $25 to $500 or percentage ranging from 1% to 10% (depends on your state)

  • Early payoff penalty

  • Late fee

    Up to $30 per late payment or up to 15% (depends on your state)

Pros

  • Approves applicants with bad or fair credit
  • No early payoff fees
  • Reasonable loan minimums ($1,500) for smaller needs
  • Can pre-qualify with a soft credit check (no hard inquiry right away)
  • ACH funding within 1-2 business days (sometimes same day with proper paperwork)
  • Option to apply for secured loan (with collateral) for potentially lower rates
  • Borrowers can choose the date the bill is due each month
  • Applicants may apply with a co-applicant or, if married, may apply for a loan separately from spouse

Cons

  • High origination fee
  • High interest rates
  • No autopay APR discount
  • No co-signers

Information about OneMain Financial’s secured loans:

While not required, applicants who don’t qualify for an unsecured personal loan with OneMain Financial may be offered a secured loan. A secured loan lets borrowers who want to use the equity from their car potentially qualify for lower interest that way. Rates, repayment terms and agreements vary by individual and the state in which apply. Learn more by checking for offers on OneMain Financial’s site.

OneMain Financial link provided by Even Financial.

Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral) and your state of residence. If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees where allowed by law. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Visit omf.com/loanfees for more information. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes.

Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: $3,100. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600.

Borrowers in these states are subject to these maximum loan sizesNorth Carolina: $9,000 for unsecured loans to all customers, $9,000 for secured loans to present customers. Maine: $7,000. Mississippi: $12,000. West Virginia: $14,000. Loans to purchase a motor vehicle or powersports equipment from select Maine, Mississippi, and North Carolina dealerships are not subject to these maximum loan sizes.

Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.

Time to Fund Loans: Funding within one hour after closing through SpeedFunds must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after loan closing.

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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Best for co-borrowers

Prosper Personal Loans

  • Annual Percentage Rate (APR)

  • Loan purpose

    Debt consolidation/refinancing, home improvement, auto/motor, medical or dental, big purchase and more

  • Loan amounts

  • Terms

    24, 36, 48, and 60 months

  • Credit needed

  • Origination fee

     2.41% to 5%, deducted from loan proceeds

  • Early payoff penalty

  • Late fee

    5% of monthly payment amount or $15, whichever is greater (with 15-day grace period)

Pros

  • Co-borrowers are permitted
  • Repeat borrowers may qualify for APR discounts
  • Option to change your payment date according to when works best for you
  • Wide range of loan amounts
  • No prepayment penalty

Cons

  • High late fees
  • Origination fee of 2.41% to 5.99%, deducted from loan proceeds

Best for existing customers

Citi® Personal Loan

  • Annual Percentage Rate (APR)

    10.49%–19.49% APR (0.5% APR discount when you sign up for autopay)

  • Loan purpose

    Debt consolidation, home improvement, relocation and more

  • Loan amounts

  • Terms

  • Credit needed

  • Origination fee

  • Early payoff penalty

  • Late fee

Pros

  • No origination fee, early payoff fee or late fee
  • Fixed rate APR
  • Generous 0.5% interest rate reduction for enrolling in autopay
  • Can receive your funds as soon as the same business day if you have a Citi deposit account

Cons

  • Co-applicants are not allowed

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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More on our picks for best personal lenders for funding in as little as one business day

LightStream

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

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 23.43%.

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

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

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

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

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 Bank

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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See if you’re pre-approved for a personal loan offer.

FAQs

What is a personal loan?

A personal loan is a type of installment credit that allows borrowers to receive a one-time lump sum of cash. Borrowers must then pay back that amount plus interest in regular, monthly installments over the loan’s term.

How do you apply for a personal loan?

When applying for a personal loan, you’ll need to provide some basic pieces of information, which can include your address, social security number and date of birth, among others. You may also be required to submit pay stubs as proof of income. Some lenders may also require your bank account information. An application can typically be submitted online or in person if the lender has physical branches that you can visit.

How do you get a personal loan with bad credit?

Some lenders offer personal loans that cater to borrowers with lower credit scores, and may allow borrowers with bad credit to apply with co-borrowers. It’s always advised to try to improve your credit score before applying for any form of credit since it can be difficult to qualify with lower credit scores. Additionally, lower credit scores tend to be subject to higher interest rates.

What is an unsecured personal loan?

An unsecured loan is a form of credit that doesn’t require you to put up collateral that can be used to settle your balance if you default on the loan. Most personal loans are unsecured loans.

Bottom line

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.

Why trust CNBC Select?

Our methodology

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. 

Catch up on CNBC Select’s in-depth coverage of credit cardsbanking and money, and follow us on TikTokFacebookInstagram and Twitter to stay up to date.

*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.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.



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