Same Day Personal Loans
Find out which lenders can fund your loan today
People associate same-day personal loans with shady cash lenders or pawn shops, but there are plenty of reputable lenders to choose from – including some of the most prominent banks. Find out which lenders you can get a same-day loan from and what you need to consider before you apply.
Types of same-day personal loans
Same-day funding for new and existing customers
This type of personal loan is offers by lenders that are able to process the application quickly for all customers.
Lenders that offer this type of loan: UOB
Same-day loans for existing customers
This type of personal loan is offered by some lenders to their existing customers. As banks hold more data on their existing customers, it’s easier for them to make a decision about them rather than new customers.
Lenders that offer this type of loan: UOB and DBS.
Alternative types of same-day loans to consider
Line of credit or overdraft
A personal overdraft or line of credit is a small funding option that is usually offered by banks to their existing customers. Overdrafts are attached to your transaction account and allow you to overdraw up to a limit, which you then repay at a variable rate, whereas a line of credit works in the same way but sits in a separate account. Both can usually be organised by your bank within the hour.
Lenders that offer this type of loan: Maybank, HSBC, DBS.
Some lenders offer automatic approval and provide same-day funding to customers who apply in a branch. You will generally need to bring a form of identification, bank statements and details of your finances including your income, assets, credit accounts and debts. The bank can then verify your documents in person.
Lenders that offer this type of loan: UOB, DBS, OCBC
Things to consider about same-day loans
Same-day personal loans can seem like a quick and convenient option to access money, but their fast turnaround time does not mean that you should give these loans any less consideration than you would other loans. You need to think about your personal financial situation and your ability to pay back the same-day loan before you apply. You should also consider the features of the loan, such as if it has a fixed or variable rate and your repayment options, to see if the loan meets your borrowing needs.
It may also be worthwhile to consider other forms of credit as possible options. For example, would it be cheaper to put this expense on your credit card or to take out a personal loan?