5 Tips for Getting Same-Day Loans for Bad Credit Online

Updated: December 14, 2020

same day loans bad credit

If you have bad credit and need quick access to cash, your options include installment loans, a credit card cash advance, or shopping around through a loan network. Whichever option you choose, it's important to read the fine print so you can be certain you're getting the best deal. 

1. Try to Get An Installment Loan

Most people don't associate installment loans with same-day funding, but some online lenders will deposit money in your account within a day or two. Installment loans also come with better interest rates compared to payday loans or other rapid loans, so it's worth checking them out.  


MoneyMutual gives borrowers access to a number of lenders willing to work with individuals with bad credit. If you've struggled to qualify for a loan in the past, you may be able to find a good match in the MoneyMutual network. 

Borrowers can get up to $2,500, but a first-time borrower with poor credit probably won't qualify for that big of a loan. According to many online reviews, the average loan approval amount seems to fall around $1,000. 

Applicants must be at least 18 years old, have an active bank account, and earn at least $800 in income. It's free to apply, and there is no obligation to accept a loan offer. 


CashUSA.com is a loan marketplace that gives borrowers access to installment loans, short-term loans, and even peer-to-peer lending. Many of the lenders will approve borrowers with bad credit. 

One thing that sets CashUSA.com apart is that many of its lenders are Native American tribes, which means they aren't restricted by laws that limit interest rates. While this can improve your chances of qualifying for a loan, it's important to make sure you understand how much interest you'll pay. 

Loan amounts range from $500 to $10,000. Borrowers must be at least 18 years old, earn at least $1,000 each month, be a U.S. citizen or permanent resident, have steady employment for the last 90 days, and maintain a valid bank account.


BadCreditLoans.com is a loan marketplace that lets borrowers match with lenders. You can request up to $5,000.

Borrowers must be at least 18 years old, be a U.S. citizen or permanent resident, have an active bank account, and provide proof of employment.

Loan terms vary by lender, but the interest rates span 5.99% to 35.99%. You can choose repayment periods ranging from 90 days to 36 months.  

2. Compare Offers With An Online Lending Network

If you need immediate access to cash and can't wait for an installment loan, another option is a short-term loan from an online lending network. Many borrowers like working with an online loan marketplace, as you can submit one application and get offers from numerous lenders all in one place. 


CashAdvance.com is a loan aggregator or marketplace that connects borrowers with multiple lenders that work with people with bad credit. Loan amounts start at $100 and go up to $1,000. 

Many of the lenders in the network are tribal lenders, which means they can offer interest rates higher than other kinds of lenders. This can make loans accessible to more people, but the interest rates can soar into the quadruple digits, so it's important to make sure you understand all the terms.

While CashAdvance.com doesn't have a credit score requirement, borrowers must prove they earn at least $1,000 a month. Loans aren't available in some states, so make sure you check the CashAdvance.com list of locations before applying. 


PersonalLoans.com is an online loan marketplace that connects borrowers with multiple lenders. Depending on your creditworthiness, you may be able to borrow up to $35,000. 

Interest rates vary by lender, but the range is 5.99% to 35.99% depending on the individual lender and the borrower's creditworthiness. Repayment terms range from 90 days to 72 months.  

3. Carefully Review Your Loan Agreement

Once you have settled on a loan, it's important to thoroughly review the entire agreement. Pay particular attention to details like the total amount borrowed, interest rates, repayment period, and due dates. 

For example, if you're taking out an installment loan, make sure you understand how much you need to pay each month, when your payments are due, and how many installments you must make before the loan is paid off. 

In addition, pay attention to important details like the annual percentage rate (APR), as well as any fees you'll need to pay. These fees can include things like loan origination fees, processing fees, and prepayment penalties. 

If, on the other hand, you opt for a short-term loan, you'll need to pay attention to other factors. Because short-term loans are designed to be repaid quickly, it's important to be certain you understand when you're expected to pay the loan in full, as well as how much you're paying for the total cost of the loan. 

Contrary to installment loans, short-term loans don't typically come with an interest rate. Instead, the lender charges fees, which are usually called "finance charges." 

If you're using a short-term loan, review all the finance charges to make sure you understand how much you're paying. For example, if the lender tacks on a $20 finance charge for every $100 you borrow for a $500 loan, you'll pay $100 in finance fees for a total loan amount of $600. 

4. Use A Credit Card Instead

In some cases, it makes good financial sense to skip loans entirely in favor of a credit card or credit card cash advance. If you qualify, using a credit card or getting a credit card cash advance may be more affordable than taking out an installment loan or short-term loan. 

With a credit card, you can also take advantage of the interest-free grace period that gives you at least 21 days after your statement date to pay your balance. This is basically an interest-free short-term loan. 

Surge Mastercard

The Surge Mastercard from Continental Finance comes with an initial credit limit between $300 and $750. Responsible cardholders can also get a credit limit increase after six months.

Surge Mastercard has an APR of 29.99%, which may be lower than some bad credit loans. However, the annual fee can be anywhere from $75 to $99, and there is a monthly service fee that can go as high as $10 a month. 

On the other hand, Continental Finance reports to all three major credit bureaus, so you can use your credit card to build your credit score

Indigo Platinum Mastercard

The Indigo Platinum Mastercard from Celtic Bank reports to all three major credit bureaus, making it a good card for people who need to repair their credit.

The maximum credit limit is $300, and the cash advance interest rate is 29.90%. The Indigo Platinum card comes with an annual fee that is $75 the first year and then between $59 and $99 thereafter.  

Total Visa Card

The Total Visa credit card has a cash advance limit of $300, and the interest rate is 34.99%. However, it's important to be aware of the card's fees.

In addition to the one-time $89 program fee, cardholders must also pay an annual fee that starts out at $75 and then drops to $48 after the first year. The monthly fee is waved the first year and then charged at $6.25 a month starting the second year. 

5. Prepare Ahead Of Time

When you need emergency funds, every minute counts. You can get money in your account faster by being prepared before you apply.

  • Know your credit score - The higher your credit score, the better your chances of getting approved for a loan. Knowing your score will also help you decide which type of loan is worth pursuing and which one might be a waste of time.You can get your credit reports free online. You can also check your credit score for free online in just five minutes.
  • Know what lenders require - Take the time to research what each lender needs to qualify you for a loan. Gather proof of income and other important paperwork ahead of time. 
  • Consider alternatives - Be open to other sources of funds. For example, consider borrowing from a friend or family member, or selling some items you no longer need. 

Same Day Loans Bad Credit FAQs

The following are some of the most frequently asked questions and answers regarding same-day loans for bad credit.

Can I get an emergency loan with bad credit?

Even with bad credit, there is a decent chance you can still qualify for an emergency loan. However, having bad credit means you'll probably end up paying higher fees and interest rates for your loan.

What’s the easiest loan to get with bad credit?

Generally, secured loans are the easiest loans to get when you have bad credit. Unlike an unsecured loan like an installment loan or payday loan, a secured loan requires you to put up collateral, which protects the lender in the event you default on the loan.

The most well-known type of secured loan is probably a title loan. With a title loan, you pledge your vehicle in exchange for a short-term loan. 

This can be a risky arrangement, as defaulting on the loan means losing your vehicle. It's best to look for an alternative source of funding, such as an installment loan, peer-to-peer loan, or personal loan from a friend or relative. 

How can I get a loan the same day?

Fortunately, there are a number of lenders that offer same-day loans online. If you're in a hurry, your best bet is a loan marketplace that lets you apply for loans with multiple lenders with a single application. 


If you're willing to do your research and shop around, you're likely to find a same-day loan that can give you the emergency funds you need. However, it's important to carefully review the repayment terms and fees so you don't end up taking on more debt than you can handle.  

About the Author

Mike Pearson

Mike is a recognized credit expert and founder of Credit Takeoff. His credit advice has been featured in CNBC, Investopedia, CreditCards.com, Bankrate, Huffpost, The Simple Dollar, Reader's Digest, LendingTree, and Quickbooks. Read more.

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