Best Same-Day Instant Approval Personal Loans of 2024

Name: Best Same-Day Instant Approval Personal Loans of 2024
Item: Best Same-Day Instant Approval Personal Loans of 2024
Author: Zachary Romeo, CBCA

The best same-day instant approval personal loans are from Truist, with a MoneyGeek score of 96 out of 100. It offers a quick application process, competitive interest rates and flexible terms.

By Zachary Romeo, CBCA

Reviewed by Alvin Yam, CFP

Edited by Casie McCoskey

Updated: October 30, 2024

Advertising & Editorial Disclosure

Truist offers the best overall personal loan with same-day instant approval, receiving a MoneyGeek score of 96 out of 100. Following close behind is Alliant Credit Union, which earned a MoneyGeek score of 94 out of 100.

If you need funding immediately to manage an emergency expense, an instant approval personal loan can be a lifeline, offering funds within 24 hours of application. For this guide, MoneyGeek compared lenders based on application processes, approval speeds, interest rates and loan terms to identify the best options for your urgent financial needs.

MoneyGeek used a scoring system that evaluated each lender’s performance in key areas important to borrowers. We assigned scores based on the inclusion or exclusion of specific features in various categories. We filtered our analysis to only include lenders that provide instant approval and same-day funding.

Our analysis, completed in April 2024, considered banks, credit unions and online lenders that offer personal loans.

34Lenders Analyzed

Best Same-Day Instant Approval Personal Loan

Truist

96MG Score
8.74% to 17.39%APR Range
UndisclosedMinimum Credit Score
From $3,500Loan Amount Range
24 to 60 monthsRepayment Terms

With a MoneyGeek score of 96 out of 100, Truist is the best overall lender for personal loans with same-day instant approval. It offers personal loans starting at $3,500 with interest rates ranging from 8.74% to 17.39% APR. Borrowers can choose repayment terms from 24 to 60 months, with no fees for early repayment. Truist also promises fast loan decisions and may fund loans on the same day of approval if it occurs on a banking business day, which is helpful for those who need quick access to funds.

Pros

Fast decisions on loan applications
Same-day funding available
Doesn’t charge origination fees
Has a loan payment relief program

Cons

No option to prequalify
Doesn’t disclose eligibility requirements
Limited loan specifics available on website

Runner-Up for Best Same-Day Instant Approval Personal Loan

Alliant Credit Union

94MG Score
10.99% to 13.99%APR Range
UndisclosedMinimum Credit Score
$1,000 to $100,000Loan Amount Range
12 to 60 monthsRepayment Terms

Alliant Credit Union is the runner-up lender for the best personal loans with same-day instant approval, earning a MoneyGeek score of 94 out of 100. It offers personal loans from $1,000 to $100,000, with APRs between 11.49% and 14.49% and repayment options from 12 to 60 months. Alliant stands out by charging no origination fees or prepayment penalties. Plus, it provides same-day loan approvals and funding, enhancing convenience for borrowers. However, you must be a member of the credit union for at least 90 days before you can apply for a personal loan.

Pros

Same-day loan approval and funding
Borrow up to $100,000
No origination or prepayment fees
Provides autopay discount

Cons

Membership for at least 90 days is required
No soft credit inquiries
Unclear eligibility requirements

How to Get a Personal Loan With Same-Day Instant Approval

If you need a personal loan fast, consider following these steps to move your application along quickly:

1
Check Your Credit Score
Knowing your credit score is key as it affects your eligibility and the loan terms lenders might offer. A higher score can lead to quicker approvals and better interest rates, which are critical for same-day loan decisions.
2
Calculate Estimated Payments
Use a personal loan calculator to estimate your monthly payments based on various interest rates and loan terms. This preparation ensures you apply for a loan amount that fits your budget, aiding in faster approval processes.
3
Gather Necessary Documents
Before applying, collect all required documents, such as proof of income, bank statements, proof of address and a government-issued ID. Having these at hand can significantly speed up the verification process, leading to quicker loan approvals.
4
Shop Around for Lenders
Research multiple lenders to find those that offer the best rates and terms, as well as those known for fast processing times. Comparing options helps you identify lenders who can provide instant approval and same-day funding.
5
Get Prequalified
Many lenders offer the option to get prequalified, which involves a soft credit check that doesn’t affect your credit score. This step can give you a clear idea of the loan amounts and terms you might qualify for, streamlining the final application process for quick approval. Note that prequalification may involve a soft credit check, which does not impact your credit score, but the final approval process will likely include a hard credit check.

UNDERSTAND YOUR CREDIT SCORE AND ITS IMPACT

"Your credit score plays a big role in determining your eligibility and the terms you'll receive for an instant approval personal loan. For example, if your credit score is in the "excellent" range (800–850), you're more likely to qualify for instant approval and secure lower interest rates on your personal loan.

Review your credit reports from the major credit bureaus (Experian, Equifax and TransUnion) for any errors or inaccuracies that could negatively impact your credit score and correct them before applying." — Alvin Yam, CFP

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Updated: Dec 6, 2024

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Although MoneyGeek partners with some of the companies we recommend, our content is written and reviewed by an independent team of writers, editors and licensed agents. Learn more about our editorial policies and expert editorial team.

FAQ About Personal Loans With Instant Approval

We answered some frequently asked questions about personal loans with instant approval to provide valuable insight and help you make informed decisions.

What is an instant approval personal loan?

An instant approval personal loan is a type of loan in which the approval process is significantly shortened, and the borrower can find out if they qualify almost immediately after applying. This type of loan is ideal for individuals needing urgent financial assistance. However, due to the accelerated process, instant approval loans may have more stringent eligibility criteria or higher interest rates.

Can you get a personal loan with instant approval if you have bad credit?

Yes, it's possible to obtain a personal loan with instant approval, even if you have bad credit. However, lenders might charge higher interest rates or require additional security because they perceive the risk of lending to you as higher.

What are the typical interest rates for instant approval personal loans?

Our analysis found that average APRs for instant approval personal loans range from 9% to 12.5%. According to the Federal Reserve, the average interest rate for a 24-month personal loan is 12.49% as of February 2024.

What documents do you need to apply for an instant approval personal loan?

Typically, you will need to provide proof of identity (such as a driver's license or passport), proof of income (such as pay stubs or bank statements) and proof of address (such as a utility bill or lease agreement).

How fast can you access funds after getting an instant approval?

Many lenders offer funding as soon as the same day or the next business day after approval, especially if you complete the application process early in the day.

Are there any fees associated with instant approval personal loans?

Yes, some lenders may charge origination fees, late payment fees or prepayment penalties. Read the terms and conditions carefully to understand all the applicable fees.

Can you pay off your instant approval personal loan early?

Most lenders allow you to pay off your loan early without penalty, but this is not universal. Check with your specific lender to understand its policy on early repayment.

Where can you apply for an instant approval personal loan?

You can apply for an instant approval personal loan at various financial institutions, including banks, credit unions and online lenders. Online lenders often provide the fastest processing times for instant approvals.

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About Zachary Romeo, CBCA

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

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sources

Federal Reserve. "Consumer Credit." Accessed October 30, 2024.

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.