Getting a payday or personal loan with a FICO score above 660 is easy. The problem is that almost all people with good or excellent credit are not those who usually need instant cash to cover emergencies. On the contrary, same day loans are typically required by applicants with poor credit without savings.
These are not the best times for those dealing with debt. After the Corona crisis left many people without jobs, we are now facing inflation that has jumped 9.1% over the last 12 months. Expenses fastly go up, including medical care, rent, vehicles, and almost every other product needed daily.
Therefore, customers' purchasing power is reduced to the point where necessary grocery shopping has become a luxury. Logically, the situation makes excellent conditions for many companies that start operating as lenders or loan marketplaces.
As with any business, the loan marketplace includes untrustworthy and fraudulent companies, so we decided to research and find the most trustworthy platforms where you can find credible lenders and get loan approval on the same day.
Best Platforms for Same day Loans & Instant Loans 2022
- MoneyMutual - Overall best same day loans guaranteed approval, editor’s pick
- BadCreditLoans - Reputed direct lenders for same day loans bad credit
- RadCred - Instant approval online loans same day deposit no credit check
- CashUSA - Top short term loans platform offering same day cash advance
- PersonalLoans - Flexible online personal loans provider for fast funding
#1. MoneyMutual - Overall best same day loans guaranteed approval, editor’s pick
MoneyMutual is the first place we recommend you visit if you’re looking for a same-day loan. This lending platform has more than 20 years of experience, and it’s an excellent bridge between you and a potential lender that may offer you an instant loan.
This company has a network of more than 100 reliable and experienced lenders. Most importantly, the lenders are willing to work with borrowers with bad credit, poor credit history, or no credit.
MoneyMutual is a superb lending platform that collaborates with numerous credible lenders. Since its network is quite large, borrowers can find lenders that offer payday loans, bad credit loans, personal loans, and other loan types.
Borrowers use this loan portal to get money for covering emergency expenses, medical bills, vacations, weddings, debt relief, or other reasons. They can apply for a loan from $100 up to $5,000.
The company's website does not disclose the loan terms, lender’s fees, APRs, and other expenses. That’s because MoneyMutual is not a lender, broker, or creditor, and it’s not involved in the offer you may receive.
MoneyMutual is a No.1 lending platform because it collaborates with lenders with reasonable eligibility criteria. Even those borrowers with abysmal credit can apply and may get the funds.
To qualify for a loan through this portal, you must be at least 18 years of age and submit evidence that you’re a US citizen. Further, the loan form contains questions such as how much money you need and why you need it.
You’ll have to provide evidence of your monthly income, whether you’re employed, self-employed, or on a fixed income.
Other requirements include having an active checking account in your name, a valid email address, and a phone number.
MoneyMutual has a straightforward 3-step application process. If the platform finds you a suitable lender (which may happen within minutes), you’ll be able to see the conditions and loan terms.
If you think the offer suits you, you’ll sign an agreement, and the lender can send the money to your checking account via direct transfer. If you don’t agree, you can send another loan form, as MoneyMutual doesn’t charge its services.
- Highly experienced company
- Credible and trustworthy
- Bank-grade encryption
- Fast approvals and funding
- Straightforward application process
- Suitable for bad credit applicants
- Due to interest rate limits, MoneyMutual is unavailable for New York borrowers
#2. BadCreditLoans - Reputed direct lenders for same day loans bad credit
As the company’s name suggests, BadCreditLoans may be the most suitable lending platform for borrowers with good, bad, or poor credit scores. This company has an excellent and convenient website connecting you to various lenders and lending companies.
Since BadCreditLoans has operated as a matchmaker for more than 20 years, the company has spread its network, which now contains state-licensed and Tribal lenders, third-party lenders, and lending companies. The marketplace can make a match within a few minutes after the borrower sends their request.
The lenders found through this loan marketplace offer loans from $500 up to $10,000.
Since it’s a company with more than 20 years of experience, it’s not surprising that BadCreditLoans collaborates with lenders that offer various loan types. Applicants can request loans for numerous reasons, including car repairs, mortgage installments, medical bills, weddings, holidays, business boosts, and debt relief. They can apply for personal loans, credit cards, business loans, student loans, auto loans, home loans, and mortgage loans.
This company is not a direct lender, and it’s not involved in the offers borrowers may get. Therefore, BadCreditLoans can’t guarantee whether you’ll receive money or how much you’ll repay.
However, the platform says that most personal loan lenders offer loans with APRs from 5.99% to 35.99%. Those loans usually have terms from 90 days to 72 months. Of course, the conditions vary depending on the lender.
All US citizens and permanent residents 18 years old or more can apply for a loan through BadCreditLoans. To qualify, the borrowers must meet certain criteria, including the lender’s minimum monthly income requirements.
Furthermore, borrowers have to provide evidence to verify their income source. They also must have an active checking account in their names and provide a valid phone number and email address.
BadCreditLoans is a customer-centric company; as such, it tries to save as much of its clients’ time as possible. The representatives will immediately review your application and try to find you a lender. Therefore, you may be connected with a lender within minutes.
If you and the lender agree on the terms, you’ll e-sign a deal, and the lender will be able to send you the loan. In most cases, borrowers receive the funds in as little as the next working day.
- Reliable lending platforms
- Loan up to $10,000
- Secured and encrypted
- Easy-to-complete loan forms
- Numerous loan types
- Not BBB accredited
#3. RadCred - Instant approval online loans same day deposit no credit check
Even though it’s considered a youngster among the other companies we reviewed, RadCred is a reputable, credible, and trustworthy lending platform with many years of experience. As a proud member of the Online Lenders Alliance, RadCred is one of the best loan marketplaces, where borrowers find suitable lenders and favorable daily offers.
The company has a great network with numerous highly reputable lenders that practice and follow industry standards for responsible and fair lending. Hundreds of clients use RadCred as a safe bridge to fast money each day, and the company has thousands of verified customer reviews that testify to its quality.
Whether it’s about celebrating a one-time special occasion or paying an unexpected bill, you can use RadCred for help, and you may get the funds. The company managed to build links to numerous loan providers using the platform to offer their services.
Clients use RadCred for handling various situations. Since the platform collaborates with lenders that offer loans of up to $5,000, most borrowers apply for a loan to cover their monthly expenses, buy a vehicle or repair a car, repair homes, go to a wedding, pay for holidays, pay medical bills, vacations, and other unexpected events.
RadCred doesn’t include the application criteria required for the borrowers to qualify for a loan. We assume that’s because the company wants to make clear that it isn’t involved in the process and the loan offer. Still, it would be better if the basic requirements were posted on the website.
The basic requirements include providing an ID, SNN, email address, phone number, and monthly income source. You’ll have to include evidence for the monthly income source, as the monthly income usually is the most critical factor for getting same-day loans.
Applying for a loan through this loan marketplace is very easy. All you need to do is complete and send your loan request with accurate information. If RadCred finds you a suitable lender, it will redirect you to the lender’s website, where you’ll find the loan conditions.
If you find the deal suitable, you and the loan provider will sign it, and you can expect the funds to arrive as soon as the next business day. Of course, the period needed for the funds to arrive may be longer, depending on the lender.
If you disagree with the terms, you can always return to RadCred and reapply as often as needed. The platform offers services completely free of charge.
- Fast and efficient
- Safe and secure lending platform
- Numerous credible lenders are available 24/7
- Numerous positive reviews
- Eligibility requirements not included
#4. CashUSA - Top short term loans platform offering same day cash advance
Here we have one of the most trusted sources for instant personal loans in the US. CashUSA is a convenient lending platform with a hassle-free loan form, and a speedy application process appreciated and respected by millions across the country.
This lending marketplace provides safe and secured access to credible lenders willing to work with borrowers and give them personal loans of up to $10,000 regardless of the borrowers’ credit scores. CashUSA.com collaborates with state-licensed and Tribal lenders that are all included in the platform’s vast network and ready to review your loan request anytime.
Even though CashUSA.com specializes in creating connections between borrowers and personal loan providers, offering one loan type is hardly a disadvantage.
That’s because this lending platform has a speedy service, and borrowers may get the money in as little as 24 hours. Moreover, personal loans are very versatile, meaning the applicants can use the money on whatever they need or want, including but not limited to college expenses, medical bills, house bills, home repairs, car repairs, weddings, celebrations, debt relief, to cover another loan or loan installments, etc.
Loan providers found on CashUSA’s network give loans from $500 up to $10,000. Although CashUSA isn’t included in the loan offer and it’s not a direct lender, the company says that most lenders give personal loans with APRs from 5.99% to 35.99% and loan terms from 90 days to 72 months.
To apply through this website, you must be at least 18 years old and show proof of citizenship, such as ID, driver’s license, SSN, and zip code, since only US citizens and permanent residents can apply.
Additionally, you must be employed for at least 90 days and have a steady monthly income of at least $1,000. You’ll have to provide valid emails, active checking accounts, and work and home phone numbers.
Of course, just like the application processes provided by the other companies we reviewed, CashUSA also has a straightforward 3-step procedure that starts with you completing the loan form.
After you send your request, the platform quickly reviews it and tries to find you a lender that matches your requirements. If a lender company wants to work with you, you may receive an offer within minutes of applying. If you agree to the terms, the lender may send you the funds within 24 hours on business days.
- Highly protected
- Personal loans up to $10,000
- Fast and efficient
- Applicants with bad credit may get loan offers with higher rates
#5. PersonalLoans - Flexible online personal loans provider for fast funding
Last but not least, if you’re looking for same-day loans, you should visit PersonalLoans, a lending platform with many years of experience in the industry. PersonalLoans is a widely-known and popular company. Like the previous marketplaces we reviewed, PerosnalLoans specializes in connecting potential borrowers with potential lenders.
Even though PersonalLoans is not a lender, through the company’s platform, you may obtain loans of up to $35,000. PersonalLoans has vast experience in the market, which is why it collaborates only with the most credible loan providers that follow strict industry standards and fair-lending protocols.
As the name suggests, PersonalLoans is an online matchmaker suitable for borrowers who need personal loans from $1,000 up to $35,000. As we said, offering only one loan type is not considered a disadvantage when the provided products are personal loans. They can be useful in various situations, especially since you may request up to $35,000.
PersonalLoans is not a direct lender, broker, or creditor. Thus, the company can only make assumptions about the potential offer you may receive. The platform says (based on its experience) that most lenders give loans with APRs from 5.99% to 35.99% and a repayment time frame from 3 to 72 months.
PersonalLoans has the highest application criteria among the platforms we reviewed in this article. Besides being at least 18 years old US citizen, you must also meet other requirements to qualify for a loan.
You’ll have to meet the lender’s minimum monthly income requirements and provide proof of your income source. Further, you mustn’t have any recent or active bankruptcies and developed habits or late payments. That’s why borrowers with bad credit or poor credit history may not get the best rates.
PersonalLoans has a hassle-free loan form you have to complete to request money. The lenders in the company’s network will review your request, and if a lender decides to work with you, you’ll read the lender’s conditions.
Next, if you and your lender agree and e-sign a contract, the lender will send you the loan as soon as possible. According to the reviews, most clients received the funds in as little as 24 hours.
If you don’t think the offer is right for you, you can return to the lending platform and send a loan request as many times as needed to find a suitable offer.
- Reliable company
- Excellent loans of up to $35,000
- Easy to use website
- $2,000 minimum monthly income
How Did We Make the List For Selecting The Best Online Lenders For Same Day Loans?
Our readers need to understand why we believe the lending platforms we selected are the best in this industry.
You should know that the commercial lending market has been valued at around eight billion in the last year, and it’s expected to reach around $29 billion by 2030. Of course, such a value attracts more and more companies to invest in the business. Therefore, we see new loan marketplaces and new lenders being born daily.
The question remains: How can a borrower who needs money today recognize which company is reliable and works fast? This question has motivated us to start this journey and thoroughly research the offers on the loan market.
After considering borrowers’ experiences with fraudulent lending platforms, witnessing their services, comparing offers, testing customer support, and juxtapositioning every little detail that can be valuable for future applicants, we finally created this list. In this section, we will discuss and share some of the criteria we set while researching.
Bank-grade encryption and security
Before going any further into testing and analyzing these platforms, we initially checked the security level and the safety protocols they employ. We believe that providing a worry-free platform is the first standard every online loan marketplace should follow.
We are sorry to report that during our research, we found many good-looking websites that promise fast approvals but fail to provide security. Moreover, they share clients’ data with third-party marketing agencies without giving a detailed description of their data-sharing protocols.
On the other hand, the five platforms found in our article successfully met our first criterion. They employ various security protocols, computer safeguards, and bank-grade encryption technology on the pages where applicants should enter their personal, contact, and financial information.
Additionally, the companies constantly monitor their websites for unauthorized access, misuse, fraudulent and malicious links, phishing, and scams. They happen to be more protected than the websites of some well-established banks, which says a lot.
The ease of use
Since we assume most of our readers already need loans with instant approvals, the user’s convenience was one of the standards we set while looking for the best online lending platforms.
Many companies took advantage of the internet, launched websites, and even moved most of their work online. Some even offer mobile apps so borrowers can install them on their phones and apply for a loan while on the go.
However, the problem with them is that their websites are catastrophic. The websites glitch and load slowly. Many customers complained that the pages reloaded in the middle of the application process. Thus, the clients had to start the application all over again.
On the other hand, the platforms we reviewed have organized and optimized websites. They don’t need mobile apps because the pages load easily, don’t glitch, and are responsive, meaning they’re designed to fit every device.
The loan forms presented on the sites we reviewed greatly increase the user’s convenience. They are easy to complete. They don’t contain unnecessary questions and include simple guides that may help the client answer the questions accurately and thus, increase their chances of obtaining the loan faster.
Given that most people who apply for a payday loan have low credit scores, we are confused about why many lending platforms collaborate with lenders with extremely high eligibility criteria. Therefore, one of the standards we set while looking for the best lending platforms was finding a marketplace with reasonable eligibility requirements.
While most online lenders ask for the last blood analysis report to give you a loan of around $500, some lenders consider other factors in determining your repayment ability. Therefore, these lenders may offer you a deal even if you have bad credit.
You may find potential lenders with reasonable criteria on the platforms we’ll review later. That’s because these lending platforms have massive lender networks. They additionally collaborate with third-party lenders and other lending companies.
As we said, these platforms have massive lender networks. Unlike many other companies that will abandon you if they don’t find you a suitable lender, these companies will try to find another solution.
If no lender is willing to work with you, the platforms we reviewed have additional protocols and will try their best to help you handle the situation. Therefore, you may be contacted by a third-party company that offers products such as debt relief, credit monitoring, credit improvement, or other credit-related services.
Free of charge
Again, we must compare these lending platforms with most other marketplaces. It’s important to mention that there are marketplaces that charge their services. Some charge per application, meaning you’ll pay once you send a loan request.
Others have membership fees, meaning you’ll have to pay to create an account. The problem with this option is that you don’t know if you will need the website again. Therefore, if you don’t pay the membership fee regularly, you’ll lose your account and have to create another one the next time you need a loan.
Nothing of the said above applies to the lending platforms we reviewed. Each service, including the loan form, application process, additional services, and the education centers, is free for every customer. Moreover, borrowers can apply for a loan as often as needed.
Efficient customer service
Not all people know how to manage online forms. Many of us get confused about some questions while worrying about our data safety at the same time. In this case, having assistance it’s crucial for the applicants since the faster they send the request, the quicker they may receive a response.
Besides offering convenient and straightforward loan forms and vast lender networks, these lending platforms have excellent support teams. The representatives are friendly, kind, helpful, and responsive. According to the customer reviews, the representatives were very helpful and helped them complete the form faster.
Lastly, these lender marketplaces have high ratings on many review platforms, forums, and social media platforms. Many notable magazines and websites appreciate, review, and respect them.
Concerning customer reviews, these companies have millions of satisfied clients. According to the reviews, almost all borrowers praise the companies’ services and gladly recommend them to other borrowers who need fast funding.
How to Find the Best Loan Providers for People With Bad Credit ?
Even though we understand you’re eager to create an account on that platform and send the loan request as soon as possible, we strongly advise you to research it first. Applying on a mediocre marketplace will only bring you frustration, and you’ll be as far from the needed money as you’re at this money. Moreover, you should never forget the risks of applying on an unsecured and unchecked platform.
We created this section to help our readers protect themselves from fraudulent lending platforms and loan providers. We included multiple factors that need to be considered because they have saved many people who have already gone through the same process, and they were only a step away from becoming victims of misuse, fraud, scam, and phishing.
The first and most obvious thing you should check is the company’s reputation. Some lending platforms are empowered by corporations or other companies that stay anonymous. If that’s the case, we recommend you stay away from them.
If you can find accurate information about the brand, then that signifies the company’s transparency. Since the company is open about its background and services, it can be trusted, meaning you can use the services without worrying about your safety.
Furthermore, several other factors influence the company’s reputation. For instance, you should check whether the platform’s work is recognized and respected in the industry. Some marketplaces even have BBB ratings that can tell much about their reputation.
However, remember that having a low BBB score and not being evaluated by the bureau are not the same. This is important as many people think that the companies are fraudulent if they have not been BBB evaluated.
Did you know that there are lending platforms that collaborate only with a dozen lenders? Many small businesses try to clear their road and earn money. However, you need money, and you’re not in a situation to allow small businesses to practice their work on you. You need a well-established company that can offer you a lot of options.
Therefore, considering the lender’s network of the lending platform is crucial while looking for a suitable website. The more lenders are included in the network, the faster you’ll get a response since the platform will have available lenders to show them your request 24/7.
If the lending platform collaborates with mortgage lenders, there’s no chance of getting a payday loan. The problem is that the platform will allow you to complete and send a loan form. Then, the company will have your information and will be able to share your data with marketing agencies.
In that case, you’ll be left without money. That’s why you have to consider the offered loan types. If you need same-day payday loans, search for a platform that collaborates with lenders that work fast, and offer payday, emergency, and personal loans. That way, you’ll increase your chances of getting approval within the same day.
Lenders offering payday or emergency loans with instant approvals consider multiple factors to determine your repayment ability. Usually, even if they consider your credit score and history, they don’t decide based solely on your creditworthiness because most payday borrowers have low scores.
However, they still have to determine whether to work with you or not. The crucial factor considered is your monthly income. While there are exceptions, most lenders offer loans to applicants who have a steady monthly income and have been employed for at least three months.
Additionally, lenders work with American citizens who have at least 18 years of age. Although there are companies from other countries, we recommend US-based and established platforms because US state-licensed lenders must comply with state laws for responsible lending.
Avoid direct lenders
While there’s nothing wrong with direct lenders, we don’t recommend going directly to their websites. We also don’t recommend choosing a lending platform that acts as a direct lender.
Lending marketplaces that have their lenders will logically push their offers on you. Therefore, you can’t be sure whether you’ll receive the most suitable offer with the most favorable rates.
Furthermore, if you visit a direct lender's website, you’ll only see its conditions and offers. This means you’ll have to go from one website to another and complete a loan request on each of them. Since this is time-consuming, we recommend you use a lending platform that collaborates with numerous lenders through its network.
Simple loan form
When looking for a loan provider online, you should ensure that the loan application is simple and easy to complete. Otherwise, you’ll waste time completing the form and answering unnecessary questions.
Credible, experienced, and customer-centric companies understand that time is fundamental to the borrowers. Therefore, they try to simplify the loan form and the entire application process.
Straightforward application process
Suppose the platform has a complicated application that includes a never-ending loan form, slow evaluation, insufficient available lenders, slow approvals, and even slower money transfer. In that case, you’ll get your money next month.
Providing a straightforward application process is a factor that is closely related to the previous one we mentioned. However, the straightforwardness of the procedure depends on multiple other elements.
That’s why you have to ensure that the process will go fast. For instance, the platforms we reviewed have 3-stage procedures. If you choose an efficient and reliable lending platform, you may find a lender minutes after applying and get the funds as soon as the next business day.
Reading other people’s experiences may give you an idea of the company’s working principles. You can learn more about each factor we discussed above simply by reading customer testimonials.
However, you should always remember that each borrower is in a different situation. You shouldn’t base your entire opinion on their experiences as the conditions vary depending on the lender and the borrowers’ worthiness and repayment abilities.
Therefore, the conditions will be different for you. Since the loan terms vary, it’s crucial to ask everything that confuses you before signing a contract. On the other hand, if most customers say that the platform’s service is slow and inefficient, that’s enough evidence to start looking for another company.
Same Day Loans FAQs
Q1. Can I get a same-day loan with bad credit?
Of course, you can! The loan types are typically requested by borrowers with not-so-shiny credit scores and those with no credit history.
However, remember that your creditworthiness is not the only factor the lenders consider. You’ll have to provide an ID, driver’s license, and SSN to prove your age and citizenship.
You’ll also have to give monthly income information, as the monthly income is the most critical factor your lender will consider. If you meet all lender’s criteria, you may qualify for a same-day loan and get the money within 24 hours.
Q2. How quickly can I get a payday loan?
The fastest period to get a payday loan is the next business day after submitting the loan request. If you choose a reliable and efficient lending platform, like the ones we reviewed above, you may find a potential lender within minutes after applying.
In that case, the platform will redirect you to the lender’s website, where you’ll read the loan terms and the lender’s conditions. If you and the lender agree, you may receive the funds in as little as 24 hours (on business days).
Q3. What are the benefits of getting a same-day loan?
These loan types come with multiple benefits, especially for borrowers in the middle of an emergency who need money as soon as possible. These loans are usually approved on the same day, and borrowers don’t have to wait too long for the money transfer.
Furthermore, these loans for bad credit are unsecured. There’s no need for collateral, meaning borrowers don’t risk losing valuables. Additionally, most lenders are willing to work with borrowers with bad credit, as their creditworthiness is not the most crucial factor they consider to determine whether to send an offer.
Q4. What is an online application process?
An online application process is the entire procedure clients go through when they apply for a loan through an online lending platform. The process starts with the loan form and ends with the borrower receiving the money.
The best and most efficient lending platforms have a simple and fast application process. For starters, they provide easy-to-complete loan forms. Borrowers must complete the loan request by answering questions and providing the information requested in the loan application.
After the clients complete and send the form, the lending platforms quickly review it. They may conduct a soft credit pull to verify that the information on the loan request is accurate. After that, they start looking for lenders in their networks.
In the second stage, the lending platform has to find suitable lenders willing to work with the applicant. The platform will redirect the applicant to the lender’s website if that's the case. From this point on, the marketplace is no longer involved in the process.
In the third stage, the lender sends the funds to the applicant via direct transfer after the deal is signed. The client may take the money in one or two business days.
Conclusion: Best Same Day Loans With Guaranteed Approval for Bad Credit
As much as we prepare ourselves for unexpected events, emergencies occur daily. In those cases, it’s helpful to know where you can find same-day loans, especially for those of us with bad credit, low monthly income, or poor credit history.
The loan companies we reviewed in this article are the best lending platforms in this industry. They offer simple and easy-to-complete loan forms and massive networks of credible lenders. Moreover, their support teams will take good care of you and gladly answer your questions.