A same-day loan for bad credit can help you get access to funds quickly if you’re in a financially tough spot. The loan application is usually approved instantly, and you may be able to get funds in your bank account the same day if you’ve applied by the lender’s cut-off time. If not, you’ll get the funds on the next business day.

It’s also important to remember that the cost of borrowing can be much higher when you have bad credit. So, be sure to consider your budget and compare multiple loan offers before you borrow.

Can You Get Same-Day Loans With Bad Credit?

Yes, you can get same-day loans with a bad credit score. However, having a low credit score can often limit your options, and you may have to pay more compared to a borrower with good credit, but if you find yourself in a pinch, there are strategies that can help put the odds back in your favor.

You can improve your chances of securing a loan by:

1) working with a lender with a lower minimum credit score requirement

2) by applying with a co-signer; and/or

3) by offering collateral.

How Same-Day Loans Work

A same-day loan for bad credit is a type of personal loan that provides you a lump sum of money that can be used for emergencies like home repairs, car repairs, and medical bills. You can get these loans from direct lenders, credit unions, and online lenders.

These personal loans for bad credit come with a fixed rate of interest, so your monthly payments will remain the same throughout the term. The interest rate you’ll pay on the loan will depend on a number of factors, such as the lender, your credit score, income, and your existing debt(s).

We recommend shopping around and considering all the costs involved before taking out any unsecured loan for bad credit because they can be significantly more expensive than other lending alternatives.   


  • Convenient online application
  • Same-day approvals
  • Quick funding
  • Lenient qualification requirements
  • On-time payments can help improve credit score


  • Additional fees like origination fees, prepayment penalties, and late fees can make total loan costs higher
  • Higher interest rates compared to traditional personal loans
  • Loan amounts can be smaller
  • Shorter repayment periods of just 2-5 years (on average) can make loan payments unaffordable
  • Not making payments by the due date can hurt your credit

“When choosing a same-day loan, most consumers with less than perfect credit are often in a hurry and need cash fast from any lender who will approve them,” says Brad Reichert, founder and managing director of Reichert Asset Management. "But, given the lofty interest rates and additional fees that come along with these types of same-day loans, they can become unexpectedly unaffordable in a very short period of time,” he adds. 

5 Same-Day Loan Lenders for Bad Credit Borrowers

When borrowing a same-day loan for bad credit, it’s important to work with the right lender. We reviewed 15 same-day loan lenders and picked our top five recommendations based on a number of factors:

  • Interest rates and fees
  • Eligibility requirements
  • Repayment terms
  • Loan amounts
  • Ease of application
  • Customer reviews
Loan AmountsAPRRepayment TermsMinimum Credit Score
Upstart$1,000-$50,0006.40%-35.99%36-60 months300
Best Egg$2,000-$50,0008.99%-35.99%36-60 months600
Oportun$300-$10,00029%-35.95%12-60 monthsNone
Avant$2,000-$35,0009.95%-35.99%12-60 months550
LendingPoint$2,000-$37,0007.99%-35.99%24-72 months600

Why Choose Same-Day Loans Instead of Traditional Loans

While traditional loans and same-day loans are both personal, unsecured loans, there are a few key differences that set them apart. Traditional personal loans typically offer competitive annual percentage rates (APRs), but they’re only accessible to borrowers with “fair” to “good” credit or better (typically, a credit score above 580).

Same-day loans for bad credit are widely accessible because some lenders cater to borrowers with lower FICO scores. Additionally, some same-day lenders may only do a soft credit check instead of a hard inquiry. This makes the entire loan application process much quicker, and you’ll typically receive an instant decision and same-day funding, if your loan is approved early enough in the business day.

Traditional loans take longer to fund because the financial institutions will follow a more rigorous underwriting process, which may take three to four business days.

Improve Your Loan Approval Chances

While you aren’t automatically disqualified from getting a loan with a poor credit score, your options will be limited. Here are a few tips to improve your chances of getting a same-day loan with bad credit:

  • Check your credit reports from all three credit bureaus (Equifax, Experian, and TransUnion) periodically to spot errors and dispute them.
  • Apply for a secured loan for bad credit by offering collateral, such as a vehicle, investment, or savings account. You may be able to get a lower interest rate on a secured loan.
  • Add a co-signer to the loan application to qualify for an emergency loan and access competitive rates. However, the co-signer will also be responsible for loan payments if you can’t make them, so choose wisely when it comes to your co-signer and make sure s/he is fully aware of the responsibilities and requirements for signing on the dotted line.
  • Pay down some debts to improve your debt-to-income ratio if you can.

Get a Same-Day Loan Even With Bad Credit

If you need a quick loan for bad credit to cover an unexpected expense, many lenders offer loan products with same-day approvals and quick funding. While most lenders prefer to work with borrowers with good or excellent credit, you still have options when it comes to bad credit loans.

Consider our top recommendations for same-day loans above, but be sure to consider your overall financial situation, and your budget, before you apply for a loan. Pre-qualify with a few different lenders based on your credit score and financial needs. Keep in mind that a same-day loan is only a short-term solution, and you’ll need a feasible repayment plan to ensure you won’t default.