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Cautions to be aware of with “same day” short term loans
Money that can be in your account today? Find out if it's too good to be true.
It’s not uncommon for people to need money for unexpected bills or emergencies, but promises of getting money in a rush can lead to scams.
Same day payday loans don’t exist. If you apply online, the soonest you can get your money is the next business day.
Our top pick: LendYou Short-term Loans
- Simple application
- Quick decision
- Bad credit OK
Our top pick: LendYou Short-term Loans
- Min. Loan Amount: $100
- Max. Loan Amount: $15,000
- Turnaround Time: 1 business day
- Loan Term: Varies
- Requirements: $1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
What do you want to learn about first?
Jump to…Do same day short term loans exist?
The short answer is no, but you may be able to expedite the process and get your approved funds quickly if you apply in-store. However, if you apply online, you must wait until the next business day to receive your loan.
You will have to qualify for the loan in order to apply, and you should remember that state laws can have a bearing on how much you can borrow.
What’s the difference between in-store and online loans?
Compare quick short term loans
A selection of payday loans you can apply for
Check the websites of any providers you’re interested in to confirm they operate in your state.
Updated March 30th, 2020
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A selection of lender-matching services you can apply with
These lender-matching services are not lenders, loan brokers or agents for any lender or loan broker, and they don’t make credit decisions. Instead, they focus on matching you with a lender who might be able to provide you the funds you seek. Note that the maximum loan amount is based on the matching service’s maximum and will vary based on your state. If you proceed with one of these services, confirm that the lender is reputable by checking with your local government.
Updated March 30th, 2020
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How to ensure a short term loan will benefit you
An easy way to establish which quick short term loan will work best for you is to compare some features these loans come with. Here’s what you should know:
- Know what fees you’ll be paying. Most short term loans have fees based on every $100 you borrow and is counted when considering the APR. These fees vary from state to state and from lender to lender.
- Make sure you can repay the full amount within the term of the loan. If you can’t make the payment in full on the due date, it can lead to having to refinance or rollover the remaining amount. Doing so will incur extra charges and may damage your credit.
- Variable loan amount. State laws cap the maximum amount you can borrow, and lenders will limit the amount of money you can take out based on your income and financial situation.
- Ensure the application process is legal. For a one-hour payday loan, there’s a good chance you’ll have to apply in-store. In most cases when you apply online, you get access to funds the following business day.
- Ensure you have the required repayment methods. You will likely have to provide a post-dated check or your bank account details. If you’ve given a post-dated check, the lender will cash it on the due date. Otherwise, they will debit the money from your bank account.
Cut-off times to get a short term loan the next business day
| Provider | Can you receive next business day funding? | When do you have to apply by? |
|---|---|---|
| 100 Day Loans |  | Varies between lenders. |
| Achieve Lending | | Varies between lenders. |
| Advance America |  | In-store loans are funded within 10-15 minutes. Online loan applications received prior to 8 p.m. EST are funded the following banking day. |
| CashAdvance.com |  | Funding in 1-2 business days. |
| CashNetUSA | | Loans approved before 9 p.m. CST Mon-Thurs are funded the next banking day. Loans approved outside these hours are funded on Monday. |
| Cash Central | | Loans approved before 7:45 p.m. EST Mon-Thurs or anytime on Friday and Saturday are deposited the next banking day. Loans approved after 7:45 p.m. on Sunday will be deposited on Tuesday. |
| Check City | | In-store applications can be funded within 15 minutes. Online applications will be funded the business day if submitted before 7 p.m. MST on weekdays or 8 p.m. MST on Saturdays. Sundays and holidays will take an additional business day for approval and will be funded the business day after that. |
| Check into Cash | | In-store funding available on weekends (some stores closed on Sundays) and online applicants can pick up their approved loans in-store. |
| LendUp | | If your loan is approved by 5 p.m. PST Monday-Friday (excluding holidays), you will generally receive your funds the next business day. Exact funding time depends on your bank. |
| LoanMart | | Same-day funding. |
| Net Credit | | Next banking day. |
| NetLoanUSA | | Varies between lenders. |
| Personal Money Network | | Varies between lenders. |
| Speedy Cash | | If you visit a store, you can pick up cash or have it loaded onto a prepaid debit card. |
| TrustedLoanNetwork | | Varies between lenders. |
| USA Payday Cash | | Next banking day. |
Benefits and drawbacks
What’s the good?
- You’ll get quick access to funds. Hardly any other types of financing can give you access to funds on the day you apply.
- Bad credit is OK. Lenders make their decisions on your current financial situation and income, rather than looking at your credit score.
What’s the bad?
- They can come with high fees. The interest rates of payday loans are much higher than a traditional loan from a bank or credit union.
- You could be hit with high default fees. If you can’t pay back the loan, you may get charged with default fees. These vary depending on what state you live in, but they are generally very high and add to the cost of your loan.
Things to avoid
- Avoid skimming loan offer documents. Read them carefully before signing. This gives you a clear picture of the loan’s terms and conditions as well as the fees you’ll have to pay.
- Avoid making late payments. A late payment will incur extra charges. Importantly, avoid taking a loan that you feel you might have difficulty repaying.
- Avoid refinancing your loan. Refinancing will incur additional costs because it will lengthen the time interest has to accumulate.
Lenders with 24/7 application processing
Are payday loans available in my state?
Compare payday loans in your state
Questions you’ll need answered before applying
Ask an Expert
Is there anywhere that I can get an overnight loan to be paid back the next day. Big emergency.
Hello Peggy,
Thank you for your comment.
I understand that you need a quick loan to be approved overnight and be paid the next day. Please be advised that lenders have cut-off to give way for the processing. This usually varies per lender. You can check the list of the lenders above and their corresponding cut-off time.
Moreover, kindly check our guide on how to borrow money fast here. It will give you tips on how to be approved and also it will provide you alternative options on how to have a money that fast.
To compare lenders that you can apply loan for online, please choose your state found on the comparison table and click show me my options button. The lenders available in your state will show for you to compare. Kindly review and compare your options on the table displaying the available lenders. Once you have chosen a particular lender, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you. Hope this helps.
Regards,
Jhezelyn