Best Same-Day Instant Approval Personal Loans of 2024

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Updated: May 9, 2024

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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.

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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
    Truist

    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
    Alliant Credit Union

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.

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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

Calculate Your Monthly Payment

To effectively plan your finances, use our personal loan calculator to see how much you'll need to pay each month by entering your desired loan amount, repayment terms and interest rate.

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Updated: Jul 26, 2024

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Why You Can Trust MoneyGeek

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?
Can you get a personal loan with instant approval if you have bad credit?
What are the typical interest rates for instant approval personal loans?
What documents do you need to apply for an instant approval personal loan?
How fast can you access funds after getting an instant approval?
Are there any fees associated with instant approval personal loans?
Can you pay off your instant approval personal loan early?
Where can you apply for an instant approval personal loan?
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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.

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