In a Nutshell
You won’t have to look far to find a next-day loan — but it may come with steep fees. With a little legwork, you may be able to find cheaper options. Learn more about next-day loans and the best alternatives to consider.If you need money fast, a next-day loan might seem like a quick solution.
A fast personal loan can provide the cash you need when you’re in a pinch. But be careful. High fees and short terms can make it difficult to repay some types of quick personal loans.
And keep in mind that a number of factors can delay your funding, and depending on your bank, there may be a wait before you can access your cash.
We’ve rounded up our top picks for loans that offer funding the day after you apply, and our choices are typically less expensive than other types of fast loans you may find.
What to watch out for with next-day loans
Not all fast loans are installment loans like the ones we reviewed here. Other types, such as payday loans and auto title loans, often have short repayment terms and high fees that can equate to APRs of 300% to 400%.
Since fast loans are typically less stringent than loans from traditional lenders, they may seem like a quick fix to cover short-term financial needs. But the combination of a shorter repayment timeline and higher fees may make them difficult for some people to repay on time and can lead to a cycle of debt that’s difficult to escape. That’s why you may want to consider getting a personal loan.
If you don’t want to take out a personal loan or can’t qualify for one, here are some other options you may want to consider.
- Same-day loans — Same day loans can come with a hefty price tag. But if you need money on the day you apply, they could be a good option. Just keep in mind that to access your funds right away, you’ll often need to meet specific lender conditions, such as applying by a certain time of day. Or, depending on your bank, you might have to wait longer to get your money.
- Payday alternative loans — Payday alternative loans, or PALs, are small-dollar, short-term loans you can get from a federal credit union. Loan amounts typically are up to $2,000, and terms range from one to 12 months. You may have to pay an application fee to apply, but PALs have a maximum interest rate of 28%.
- Credit cards — The average interest rate on cards that were charged interest was nearly 23% in May 2024.
- Family or friends — You may not want to ask your loved ones for money, but it might be worth considering if you have people in your life who may be willing to help you out of a jam. Just be sure to put the loan terms in writing to avoid disagreements later.
- Local assistance — Some employers and other local organizations may have financial assistance programs that can help you out. Or, you can look for local nonprofits that offer low-cost cash advances or emergency credit.
How we picked these loans
We reviewed about a dozen fast loan options to make our selections. The criteria we explored to come up with our top picks included loan amounts, fees, interest rates, the ability to apply with a co-applicant, eligibility requirements and whether applicants can apply for prequalification.
*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the personal loan, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.