3 Same Day Loans That Aren’t Payday Loans

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Need a loan ASAP? These quick loans won’t cost you a fortune.

When you’re short on cash for an unexpected emergency or a bill that needs to be paid immediately, a quick loan could help.

Unfortunately, people in this situation often take out risky and expensive payday loans. These loans are popular because many don’t require a credit check and you can get cash the same day. They also usually have extremely high interest rates – they can exceed 400% per year – and terms of just two weeks.

The combination of high interest rates and short terms makes it difficult to get out of payday loan debt. Borrowers are stuck in a cycle of only paying interest and taking out new loans every two weeks.

If you’re wondering how long it takes to get a loan without such predatory conditions, the good news is that there are quick options with much lower interest rates. You don’t receive the money the same day, but the following lenders can fund loans as quickly as one business day after approval.

1. Discover the personal loan

Discover personal loan is a low cost option for borrowers with the credit to qualify. You need a FICO® score of 660 or higher to meet this lender’s minimum requirements.

Loan amounts start at $2,500 and go up to $35,000. This lender offers some of the longest personal loans – you can get a loan for 36 to 84 months.

The good thing about a Discover personal loan is its affordability. Its low interest rates are competitive with the best personal loans, and it doesn’t charge prepayment fees or origination fees.

2. Reached

Upstart has some of the most flexible credit score requirements of any lender. The minimum FICO® score to qualify for a personal loan with Upstart is 580. It also offers loans to consumers who do not yet have a credit score. In this case, Upstart bases its decision on your education and employment.

There may be high interest rates with Upstart, especially for borrowers with low credit scores or no credit history. Loans can also incur high origination fees.

This lender offers loans from $1,000 to $50,000, and you can choose a three-year or five-year term. There is no prepayment penalty, so if you don’t need a loan for a long time, you can prepay it at no extra cost.

3. Before

Avant specializes in loans for low credit borrowers. The minimum FICO® score to be approved for a personal loan with Avant is 580.

Loan amounts range from $2,000 to $35,000 and terms range from 24 to 60 months. Avant does not charge a prepayment penalty.

The main disadvantage of Avant is its fees. Interest rates are high and there may be administration fees.

How to speed up the loan process

To complete the loan process as quickly as possible, prepare the documentation and watch out for errors on your application.

Most lenders ask for the following documents when you apply for a loan:

  • Identification: You may be asked to provide one or two pieces of identification, such as a valid driver’s license, passport, social security card, or other type of government-issued ID.
  • Proof of income: Bank statements, payslips or tax returns
  • Proof of address: A mortgage agreement, rental agreement, utility bills in your name, or voter registration card

When completing the application, verify the information. Any errors, such as an incorrect number in your bank account, can cause delays.

Payday loans can be quick, but there are other lenders that provide funds almost as quickly. With any of these three lenders, you can get loan approval the day you apply and then receive the funds the next business day. It’s just a little longer to wait for a much better deal on a personal loan.

The Ascent’s Best Personal Loans for 2022

The Ascent team has scoured the market to bring you a shortlist of the best personal loan providers. Whether you’re looking to pay off debt faster by lowering your interest rate or need extra money to make a big purchase, these top picks can help you reach your financial goals. Click here for the full rundown of The Ascent’s top picks.

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