Best Same-Day Instant Approval Personal Loans of March 2024

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ByChristopher Boston
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Reviewed byScott Strandberg
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Updated: March 14, 2024

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If you need funding immediately to handle an emergency expense, you could benefit from an instant loan. Instant approval personal loans give qualified applicants funding within 24 hours of application. However, like other personal loans, lenders will assess your credit score, existing debt, gross income and other rating factors before you can be approved for an instant loan.

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Best Same Day Instant Approval Personal Loans of January 2024

Instant approval for personal loans means that the lender disburses funds on the same day or the next day after receiving a loan application from qualified borrowers. Instant approval loans are convenient when you need emergency funding for unplanned expenses like medical bills. Depending on the lender, you may receive your funds within hours of application, while some lenders will take up to a day.

MoneyGeek analyzed lenders using a variety of data points, including accessibility, rates, flexibility, transparency and customer experience, to help you find the best personal loans for instant approval.


  • LightStream

    • 7.49% to 25.49%APR Range
    • UndisclosedMinimum Credit Score
    • $5,000 to $100,000Loan Amount Range
    • 24 to 144 monthsRepayment Terms
    • Same day funding possibleTime to Receive Funds

    LightStream is the online lending platform of Truist bank, which was formed after the merger of SunTrust and BB&T in 2019. It offers personal loans for many different purposes, including home renovation, debt consolidation, weddings, funerals, vacations and more.

    The company offers loans ranging from $5,000 to $100,000, which can be repaid in 24 to 84 months. You typically need to have at least a 660 credit score to get approval for a loan. Once your loan is approved, LightStream disburses funds in as little as one day, a feature that makes it stand out from its competitors. The company does not charge a penalty on early loan repayment, and it does not have origination or late payment fees.

    LightStream prohibits the use of loan funds for business expenses, funding post-secondary education or any illegal activity.

    Pros

    • A+ BBB rating
    • 0.5% autopay discount
    • No prepayment, late or origination fees
    • Offers same-day funding
    • Has a mobile app

    Cons

    • Performs hard inquiry that affect credit score
    • Won’t allow co-signers
    • Does not offer smaller loans
    • Restrictions on fund usage
    • Won’t accept people with new or no credit
    LightStream
  • Ally

    • 0% to 26.99%APR Range
    • Not DisclosedMinimum Credit Score
    • $500 to $65,000Loan Amount Range
    • Not DisclosedRepayment Terms
    • Same DayTime to Receive Funds

    Ally Lending is the lending division of Ally Financial, who offers personal loans to consumers through certain service providers in the healthcare, home improvement, automotive and retail industries. Their unique business model allows service providers to offer zero-interest financing at their discretion, which can be beneficial for consumers with fair or strong credit scores.

    It’s worth noting that Ally Lending’s services are not available in all 50 states.

    Pros

    • They do not have any application fees
    • Their pre-qualification doesn’t impact your credit
    • They have no prepayment penalties
    • They offer interest-free loans through some providers
    • You can easily set up your account and manage your loans online

    Cons

    • You can only apply through a provider and not directly from Ally Lending
    • Their repayment terms and credit score requirements are undisclosed
    • You do not get a discount for automatic payments
    Ally
  • Upgrade

    • 8.49% to 35.99%APR Range
    • UndisclosedMinimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 24 to 84 monthsRepayment Terms
    • Within a dayTime to Receive Funds

    Upgrade is one of MoneyGeek’s top picks for low-income borrowers looking for a personal loan. This lender does not have minimum income requirements, and they accept applicants with a FICO score of at least 560. They offer loans of up to $50,000, and their repayment terms are flexible at 60 months maximum.

    Upgrade doesn’t charge penalties for individuals who choose to pay off their loans early. They also provide a discount if you sign up for autopay.

    However, since Upgrade caters to borrowers with low and fair credit, their interest rates are relatively high. Their loans also carry an origination fee and late payment penalty. While they only conduct a soft inquiry during pre-qualification, they don’t allow co-signers. Nonetheless, this lender accepts joint applications, giving borrowers with poor credit a better chance of loan approval.

    Pros

    • A+ BBB rating
    • 1% discount for autopay
    • Doesn’t charge prepayment fee
    • Conducts soft credit inquiries
    • Joint loans available

    Cons

    • $10 late fee
    • Has origination fee
    • Doesn’t allow co-signers
    • Won’t accept people with new or no credit
    • Restrictions on fund usage
    Upgrade

Other Instant Approval Personal Loan Lenders

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Where to Start: Choosing the Best Personal Loan With Instant Approval

When shopping for instant personal loans for emergency expenses, it is important to note that rates, loan limits, minimum credit score and gross income requirements can vary widely depending on the lender. This means you should consider your current income, credit score and existing debt if you want to find the best lender for your particular needs.

MoneyGeek’s recommendations can help you find the best personal loans for instant approval based on your profile, but it is also important to follow these steps before applying for a personal loan.

1

Ask yourself the important questions

  • How much funding do you need? Loan limits tend to vary from one lender to another, so knowing how much you need will guide you in choosing a suitable lender.
  • What is your credit score? Most lenders have a stipulated minimum credit score to qualify for a loan. You need to know your credit score to determine which lenders will likely approve you.
  • Can you afford the monthly payment? Personal loans come with monthly repayments, which can be costly due to interest charges. Be sure that you can afford monthly payments to service your loan.
  • How much debt do you already have? Some lenders require a certain debt-to-income ratio to approve you for a loan. It also helps to understand your current debts since a personal loan will increase your debt burden.
2

Do your research

You can use MoneyGeek’s recommendations to find lenders for emergency personal loans. However, because only you understand your unique needs for a loan, it’s also important to do your own research. Lenders have varying interest rates, fees and repayment terms. A thorough understanding of your options will help you find the best lender for your needs.

You may find that some lenders have better interest rates which will help you save on costs, while others offer more flexible payment terms that may suit you better. Do your own research based on factors such as the loan amount you need and the repayment terms that will work best for you.

3

Wait

Personal loans are a long-term commitment; decide on the best lender, amount and repayment period carefully. Waiting a day or two and weighing your options will allow you time to make sure that you are making the right decision and working with the best lender for your situation.

Consider how long it will take to repay the loan and what the loan will mean for your debt-to-income ratio. You will be making monthly repayments on your loan for two years or more, so be sure to assess if you can afford the monthly payments and how they will impact your debt burden.

4

Read the fine print

Apart from interest charges, personal loans may have other costs such as origination, early payment and late fees. Being aware of these fees before applying for a loan can save you costly charges down the line. Always take time to read the fine print.

Some lenders have quite a few fees, which can significantly increase the cost of your personal loan over time. Compare lenders based on rates and fees to find the most affordable options for your profile.

5

Apply

Once you are clear on your needs and the best lender for your situation, you can apply for your instant approval personal loan. You will need to provide the lender with your personal information, including your address, income and financial history.

In most cases, lenders will have an online application form that you can use to apply for an instant approval loan. However, you can also visit or call the lender if you need more clarification on their product.

Calculate Your Monthly Payment

Some lenders have a prequalification option that allows borrowers to check rates and loan limits before applying. This can help you figure out whether you qualify and can afford the monthly payments. You can also use the pre-approved rates to compare different lenders and find the lowest rates for your profile.

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Frequently Asked Questions About Personal Loans With Instant Approval

Your credit score and other income factors are important to consider when looking for the best personal loans for instant approval. You can get more information on instant loans by reviewing our answers to some frequently asked questions below.

Instant approval is when a lender approves and disburses a personal loan to a qualified borrower within a day of receiving a loan application. Instant approval loans are usually funded on the same day or the next day, provided the borrower is approved.

You can get an instant approval loan by applying on the lender’s website. The lender will appraise your credit score, financial history and other personal information to qualify you. If approved, the funds will be disbursed to you within a day.

Some lenders conduct hard credit checks when you apply for a personal loan, which can cause a dip in your credit score. A personal loan can also hurt your credit score if you miss your monthly payments. However, making timely payments on your personal loan can help boost your credit score.

Depending on the lender, the average APR can vary. However, according to the Federal Reserve, the national average interest rate overall was 9.41% as of February 2022.

A fair interest rate is at or lower than the national average; for individuals with good credit, it typically ranges from 6%–9%. However, the actual interest rate you pay will depend on your credit score, debt-to-income ratio and other factors. Interest rates can also vary widely depending on the lender you choose.

Methodology

To find the best personal loans for instant approval, MoneyGeek reviewed more than 30 personal loan lenders using 35+ individual data points across six key categories: loan affordability, accessibility, consumer friendliness, customer service, flexibility and lender transparency.

We considered several individual data points within each ranking criteria category that we feel carry the most weight when choosing a personal loan lender. These factors include disbursement time, APR ranges, available loan amount, minimum credit score, minimum income amount and application fees.

Here at MoneyGeek, we value you, the consumer, so we also factor in each lender’s customer support, business ratings and additional features that could make your experience easier and more accessible, like prequalification and payment options.

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About Christopher Boston


Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.


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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.