A Step-by-Step Guide and 5 Provider Options for Same Day Loans
When an emergency expense hits, waiting for payday isn’t always an option. That’s where same day loans come in. These short-term, fast-approval loans are designed to help cover urgent needs like medical bills, car repairs or rent. In this article, we’ll walk you through how to get a same day loan, what the application process looks like, what information you’ll need to provide and which lenders in the U.S. offer some of the best options.
What Is a Same Day Loan?
A same day loan is exactly what it sounds like. It is a loan that gets approved and often funded on the same day you apply. These loans are designed for emergencies and are typically:
- Short-term, with repayment due within a few weeks or months.
- Small-dollar, usually ranging from $100 to $5,000.
- Available through online lenders, credit unions or in some cases, payday loan stores.
A Step-by-Step Process on How to Get a Same Day Loan
Getting a same day loan can be quick and painless, as long as you come prepared. Here’s how the process typically works:
Step 1: Determine How Much You Need
Know exactly what you're borrowing for and how much you truly need before you apply for the loan. Borrow exactly what you need because borrowing more than you can repay can lead to financial strain.
Step 2: Gather Your Documents
In order to speed things up, have these information ready:
- Government-issued ID.
- Social Security number.
- Proof of income (recent pay stubs, bank statements).
- Employment details.
- Bank account information (for direct deposit).
Step 3: Compare Lenders
Same day loans from different lenders do not offer the same rates. Online lenders, credit unions and even some traditional banks offer fast personal loans but the interest rates and fees can vary widely. Compare the rates of different lenders you make a choice.
Step 4: Submit Your Application
It often takes less than ten minutes to apply for a same-day loan. In order to apply, you need to provide your employment, financial and personal details.
Step 5: Loan Approval and Funding
When your application is approved, you will usually receive the deposit within hours, or by the next business day.
5 Options for Top Same Day Loan Lenders in the U.S.
We have provided a breakdown of some trusted lenders offering fast personal loans in the U.S., with key info on rates, loan amounts and speed of approvals.
1. Upstart
- Loan amounts. $1,000 – $50,000.
- APR. 7.8% – 35.99%.
- Minimum credit score. 300.
- Funding time. As soon as 1 business day.
- Perks. Uses education and job history to assess risk—not just credit score.
Learn more about Upstart and apply for a loan online.
2. LightStream
- Loan amounts. $5,000 – $100,000.
- APR. 6.49% – 25.29%.
- Minimum credit score. Good credit score.
- Funding time. Same day.
- Perks. No fees, fast funding, high maximum loan amounts.
Learn more about LightStream and apply for a loan online.
3. SoFi
- Loan amounts. $5,000 – $100,000.
- APR. 8.99% – 29.49%.
- Minimum credit score. Above 580.
- Funding time. Usually 1–2 business days.
- Perks. No fees, unemployment protection, member benefits.
Learn more about SoFi and apply for a loan online.
4. Oportun
- Loan amounts. $300 – $10,000.
- APR. 6.70% – 35.99%.
- Minimum credit score. No minimum required.
- Funding time. Same day funding possible.
- Perks. Designed for people with little or no credit history.
Learn more about Oportun and apple for a loan online.
5. LendingPoint
- Loan amounts. $1,000 – $36,500.
- APR. 7.99% – 35.99%.
- Minimum credit score. 660.
- Funding time. Next business day (often within 24 hours).
- Perks. Quick approval process, lower minimum score.
Learn more about LendingPoint and apply for a loan online.
What Are the Requirements for a Same Day Loan?
The requirements needed to access a same day loan vary slightly between lenders, but most lenders will want you to tick the following boxes before they let you apply for a loan:
- Be at least 18 years old.
- Have a steady source of income (employment or government benefits).
- Have a U.S. bank account in your name.
- Have a fair to good credit (some lenders may approve poor credit, but with higher rates).
- Be a U.S. citizen or permanent resident.
How to Borrow Responsibly
A same day loan can solve a short-term problem but it shouldn't create a long-term one. Here are some smart borrowing tips:
- Only borrow what you need.
- Read the fine print, especially around fees and repayment terms.
- Create a plan to pay it back on time.
- Avoid rollovers or renewals.
- Track your loan in your budget.
Emergencies happen, and same day loans can provide a lifeline when you need cash quickly. Now that you know how to get a same day loan, take the time to choose the right lender, understand the terms and borrow responsibly.