Same-Day Personal Loans

Some personal loans offer same-day approval and funding, meaning you can receive your money the same day you apply. These loans can be very helpful, especially if you need to cover emergency expenses, such as medical bills, home or car repairs, or even groceries.

Here’s a closer look at how quick same-day personal loans work, the types of loans that may be available to you, and how to apply.

How do same-day personal loans work?

Quick same-day personal loans are designed for people in a financial pinch who don’t have time to wait for their money. Usually, you can apply for these types of personal loans online within minutes from the comfort of your own home. Once you do, you may get approved that same day and receive your funds shortly after.

Advance America offers same-day funding for quick personal loans if you’re approved before 10:30 AM EST. If you apply after that time, you will typically receive your funds on the next business day. When you apply online, the money is deposited directly to your bank account, and it’s then yours to spend accordingly.

Are same-day personal loans safe?

Whether or not a quick personal loan is safe depends on who your lender is. If you apply for an instant personal loan from a reputable and trustworthy lender, it’s as safe as taking out a loan at your bank or credit union.

The fact that same-day personal loans are processed and paid out so quickly shouldn’t deter you. These loans go through the same scrutiny as any other type of loan; they’re just much faster because they’re designed for borrowers who need money fast.

The main thing to watch out for with quick personal loans is untrustworthy companies looking to take advantage of your emergency. Scammers understand that you need money fast, which means you may not put the same amount of care and planning into applying for the loan. Therefore, as long as you do your research and borrow from a reputable lender, you have nothing to worry about with a same-day personal loan.

Types of quick loans

There are various types of same-day personal loans that you can choose from, including:

Payday loans

Known as short-term, small dollar loans, Payday Loans can be useful if you need money before payday. You’ll pay these same-day personal laons back when you receive your next paycheck, typically within two to four weeks.

Installment loans

With Installment Loans, you’ll receive a lump sum of money at once. You’ll then repay this same-day personal loan through fixed monthly payments or installments. Many installment loans come with terms that range from a few months to a few years.

Title loans

Car title loans use your car as collateral. Once you get approved, you’ll give the lender your title in exchange for cash, which will be based on your car’s value. You can continue to drive your car as you pay back the loan. If you are unable to repay the loan, the lender will keep your car in exchange. 

Line of credit

A Line of credit is like a digital credit card. With this flexible same-day personal loan, you’ll be able to withdraw funds whenever you’d like to up to your set credit limit. When you repay your loan, you’ll only pay interest on the amount you borrowed.

Pros and cons of same-day personal loans

Just like many financial products, quick personal loans have benefits and drawbacks.


  • Easy application: You can apply quickly online from your phone, tablet, laptop, or computer. You don’t need to go to a physical store to apply for your loan unless that’s your preference. 
  • Fast funding: Depending on the lender,  you may get instant or quick approval. If approved, you may receive your funds the same day you apply, typically via direct deposit.
  • Perfect for emergencies: If you are in a financial jam where you need fast cash, same-day personal loans can be ideal.
  • Good credit not required: Even if you don’t have great credit, you could still get approved for a same-day personal loan. Traditional lenders, such as banks and credit unions, perform hard credit checks, but lenders like Advance America consider other factors, including your income and employment. 


  • Interest rates and fees: Sometimes, the interest rates and fees of same-day personal loans can add up, making it important to shop around and compare your options.
  • Not all lenders are equal: Less-than-savory lenders may try to take advantage of your financial bind by charging outlandish fees or offering phony loans. It’s essential to do your research and choose a reputable lender with positive Google and Trustpilot reviews. 
  • Not a long-term solution: Same-day personal loans should be used to cover financial emergencies and essential expenses when you’re in a financial bind. These loans may not be a solution for long-term financial needs.

What you need to apply for a quick loan

Before applying for a quick same-day personal loan from Advance America, make sure you have the following information and documents:

  • Passport, driver’s license, or another form of government-issued ID.
  • Source of income, such as a job or government benefits.
  • Financial information, such as pay stubs and a list of outstanding debts.
  • Active and working checking account.
  • Social Security number.
  • Email address for confirmation, application, and communication purposes.

How to apply

To apply for a quick same-day personal loan, follow these steps.

  1. Research lenders and compare your loans: Do your research and find lenders that offer same-day personal loans. Then, compare the borrowing amounts, interest rates, terms, and fees of all your options.
  2. Collect necessary documents: Ensure you have all the documents and information necessary to apply for a same-day personal loan.
  3. Fill out and submit your application: Be prepared to provide information like your name, email, income, and employment history. Once you’ve filled out your same-day personal loan application, double-check to ensure all details are correct. Then, submit your application.
  4. Wait for approval: In many cases, the lender will decide whether to approve you for a quick personal loan that same day or within 24 hours. Advance America provides an instant approval decision.

Can I get a same-day loan with bad credit?

You don’t need good credit to get a same-day personal loan. Many lenders have less strict credit score requirements and approve borrowers with all types of credit scores.

Rather than your credit history, they’ll consider factors like your income, employment history, and current debts during the approval process. So, you can still qualify for a quick same-day personal loan with poor or fair credit.

Can I get a same-day personal loan with no credit check?

It may be difficult to find traditional lenders that offer same-day personal loans without a credit check. Luckily, there are other lenders, such as Advance America, offering personal loans you can get approved for without a credit check. Shop around and compare lenders and loans to find an option you can qualify for with rates and terms that work for you.

Does Advance America offer instant approval?

With Advance America’s same-day personal loans, borrowers can enjoy an instant approval decision. Whether you’re applying for a Payday Loan, title loan, Installment Loan, or Line of Credit, you may find out whether you’re approved within minutes after submitting your application.

If you’re approved before 10:30 AM EST, you will typically have the money deposited to your bank account the same day. Otherwise, you will receive your funds on the next business day.

Do quick personal loans have guaranteed approval?

Lenders typically don’t offer guaranteed approval, although some have less strict requirements that make it easier for borrowers with poor or fair credit to get approved.

At Advance America, we consider factors other than your credit score when deciding whether to approve you. In fact, we approve borrowers with all credit scores, so you don’t need a good credit to qualify for one of our same-day personal loans.

Should I get a same-day loan?

Consider your financial situation and needs to decide whether a same-day personal loan is right for you. These types of loans can work well for borrowers who have to pay an unexpected expense, such as a car repair, home repair, or medical bill.

They can also help you out if you need some extra funds to cover day-to-day essentials like groceries and gas but you’re low on cash. With easy applications and quick approvals, same-day personal loans can get you funds as soon as that same day so you can meet your immediate financial needs.

Where to get a same-day personal loan

Advance America offers quick same-day personal loans that can get you the funds you need as soon as the same day you apply, including Payday Loans, Installment Loans, and Lines of Credit. You can fill out an application in just a few minutes, either in-store or online, from the comfort of your home. Best of all, you don’t need good credit to get approved for an instant personal loan. Visit your nearest Advance America to learn more about the loans we offer – or apply online now!

About the Author

Jalin Coblentz has contributed to Advance America since 2023. His experiences as a parent, full-time traveler, and skilled tradesman give him fresh insight into every personal finance topic he explores.

The Advance America advantage

Since 1997, Advance America has helped millions of hardworking people with a variety of financial solutions including Payday Loans, Online Loans, Installment Loans, Title Loans and Personal Lines of Credit.
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