6 best next-day loans

Woman sitting at a desk, looking thoughtfulImage: Woman sitting at a desk, looking thoughtful

In a Nutshell

You won’t have to look far to find a next-day loan — but it may come with steep fees. With a little legwork, you may be able to find cheaper options. Learn more about next-day loans and the best alternatives to consider.
Editorial Note: Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse our editorial content. It’s accurate to the best of our knowledge when posted.

If you need money fast, a next-day loan might seem like a quick solution. Although true next-day loans are hard to find, a fast personal loan can provide the cash you need when you’re in a pinch. But be careful. High fees and short terms can make it difficult to repay some types of quick personal loans.

Of course, there are some things like major car repairs or late utility bills that just can’t wait. When a financial emergency arises, you may need cash right away, and loans that offer fast funding are one way to get money quickly. But keep in mind that a number of factors can delay your funding, and depending on your bank, there may be a wait before you can access your cash.

But before you take out one of these loans, it’s important to consider how much it will cost and whether you can afford to repay it on time. We’ve rounded up our top picks for loans that offer funding the day after you apply, and our choices are typically less expensive than other types of fast loans you may find.

Best for no fees: Marcus

Why Marcus stands out: Unlike many fast loans, personal loans from Marcus don’t have high fees. The company doesn’t charge origination, application, late or prepayment fees.

  • Competitive rates — Loans from Marcus have competitive starting APRs, but the lowest rates are only available to applicants with the strongest credit profiles. And longer-term loans typically have higher rates.
  • Ability to apply for prequalification — Marcus uses a soft credit check that allows you to check potential rates and loan terms without affecting your credit scores. But it’s good to note that if you qualify after submitting a formal application, your actual rate and term may be different than what you see during prequalification.
  • Good credit required — You’ll likely need good credit to qualify for a loan with Marcus (check our guide to credit score ranges to get an idea of where you stand). Most borrowers have a FICO® score of 660 or higher.
  • On-time payment reward — After you make 12 consecutive on-time loan payments, you can defer a payment, and your loan won’t rack up additional interest during the deferral period.
  • Loan details — Marcus offers loan amounts ranging from $3,500 to $40,000 with repayment terms of 36 to 72 months.

Read our full review of Marcus personal loans to learn more.

Best for small loan amounts: U.S. Bank

Why U.S. Bank stands out: If you don’t need a large loan, U.S. Bank has personal loans for as little as $1,000 with repayment terms of 12 to 60 months.

  • Good credit required — You must have a credit score of at least 680 to qualify for a personal loan with U.S. Bank.
  • Competitive interest rates — U.S. Bank offers competitive personal loan rates that are in line with what many other banks charge. Plus, you can qualify for an autopay discount of 0.5% if you make your payments from a qualifying U.S. Bank account.
  • Customers only — You must be an existing U.S. Bank customer to apply. If you aren’t a customer and want to apply for a personal loan, you can open a checking account to get started.
  • No ability to prequalify — You can’t check your rates before submitting a formal application. When you apply for a loan with U.S. Bank, it will generate a hard inquiry on your credit report, which may affect your credit scores.

Read our full review of U.S. Bank personal loans to learn more.

Best for large loan amounts: Wells Fargo

Why Wells Fargo stands out: Many lenders cap personal loan amounts at $50,000 or less, but Wells Fargo offers loans of up to $100,000.

  • Competitive interest rates — Wells Fargo’s rates are typical of what you’ll find at other large banks. You may be able to get a 0.25% relationship discount if you have a qualifying checking account with the bank and sign up for autopay from a Wells Fargo deposit account.
  • Repayment terms — Wells Fargo offers flexible repayment options of 12 to 84 months.
  • Ability to apply for prequalification — You can see potential interest rates and loan terms without affecting your credit scores. But keep in mind, the rate and term you see during prequalification may be different than what you receive if you submit a formal loan application and are approved.
  • Fees — Wells Fargo doesn’t charge an origination fee to set up the loan or a prepayment penalty if you want to pay off your loan early. But it charges late and returned payment fees.

Read our full review of Wells Fargo personal loans to learn more.

Best for secured loans: Regions Bank

Why Regions Bank stands out: Many personal loan lenders only offer unsecured loans. At Regions Bank, you can get a secured loan using the money in your savings, money market or certificate of deposit account as collateral. You can borrow a minimum of $250 and up to a maximum of your account balance if you secure the loan with a savings or money market account. Loan amounts for CD-secured loans range from $2,000 up to your account balance.

  • Competitive interest rates — Regions Bank’s starting interest rate is lower than what you’ll typically find with other lenders. And you may be able to qualify for an autopay or relationship discount, depending on the other accounts you have with the bank.
  • Fees — You might be charged a loan processing fee, depending on the size of your loan. The bank also charges a late fee of either 5% of the payment due or $100, whichever is less.
  • Loan terms — Repayment options vary based on the loan amount and amount of money you have in your account.
  • Limited availability — Loans from Regions Bank are available to residents in 15 states in the South and Midwest: Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee and Texas.

Read our full review of Regions Bank personal loans to learn more.

Best for applying with a co-applicant: PNC Bank

Why PNC Bank stands out: Many lenders only accept individual applications for personal loans, but PNC lets you apply with a co-applicant. If your co-applicant has a solid credit history, it may improve your chances of qualifying or help you get a lower rate.

  • Interest rates — Interest rates vary based on the loan amount. The bank’s best rates are only available on loan amounts of $15,000 or more. You can help lower your rate by signing up for autopay to receive a 0.25% discount.
  • Loan details — PNC offers loans ranging from $1,000 to $35,000 with repayment terms of six to 60 months.
  • Ability to prequalify — You can check your estimated rate and loan term before applying with no impact to your credit scores.
  • Fees — There are no origination fees to set up your loan account or prepayment penalties if you want to pay back your loan early.
  • Not available in all states — Loans from PNC are available in Washington, D.C., and 28 states so you’ll want to check that it operates where you live before you apply.

Read our full review of PNC personal loans to learn more.

Best for people with less-than-perfect credit: Avant

Why Avant stands out: Many banks and other personal loan lenders require good credit to qualify for a loan. But Avant works mostly with people who have fair credit. Most of the lender’s customers have credit scores of 600 to 700.

  • Interest rates — Because Avant considers people with less-than-perfect credit histories, the company’s interest rates are higher than what you might find at other lenders.
  • Ability to prequalify — You can check your estimated rate and loan term to get an idea of what your monthly payment would be without impacting your credit scores. Prequalifying doesn’t guarantee approval, and if your loan application is approved, it may be for a different loan amount or interest rate.
  • Fees — Avant charges multiple fees on its loans, including an administration fee of up to 4.75% that’s deducted from the loan amount at funding, along with late fees and insufficient funds fees. But you won’t be charged a prepayment penalty if you decide to repay your loan early.
  • Loan details — Loans are available in amounts ranging from $2,000 to $35,000 with repayment terms of 12 to 60 months.

What to watch out for with next-day loans

Not all fast loans are installment loans like the ones we reviewed here. Other types, such as payday loans and auto title loans, often have short repayment terms and high fees that can equate to APRs of 300% to 400%.

Since fast loans are typically less stringent than loans from traditional lenders, they may seem like a quick fix to cover short-term financial needs. But the combination of a shorter repayment timeline and higher fees may make them difficult for some people to repay on time and can lead to a cycle of debt that’s difficult to escape. That’s why you may want to consider getting a personal loan.

If you don’t want to take out a personal loan or can’t qualify for one, here are some other options you may want to consider.

  • Same-day loans — Same day loans can come with a hefty price tag.  But if you need money on the day you apply, they could be a good option. Just keep in mind that to access your funds right away, you’ll often need to meet specific lender conditions, such as applying by a certain time of day. Or, depending on your bank, you might have to wait longer to get your money.
  • Payday alternative loans — Payday alternative loans, or PALs, are small-dollar, short-term loans you can get from a federal credit union, if you’ve been a member for at least one month. Loan amounts typically range from $200 to $1,000, and terms range from one to six months. You may have to pay an application fee of $20 to apply, but PALs have a maximum interest rate of 28%. 
  • Credit cards — The average interest rate on cards that were charged interest was just under 16% in February 2021.  
  • Family or friends — You may not want to ask your loved ones for money, but it might be worth considering if you have people in your life who may be willing to help you out of a jam. Just be sure to put the loan terms in writing to avoid disagreements later.
  • Local assistance — Some employers and other local organizations may have financial assistance programs that can help you out. Or, you can look for local nonprofits that offer low-cost cash advances or emergency credit.

How we picked these loans

We reviewed about a dozen fast loan options to make our selections. The criteria we explored to come up with our top picks included loan amounts, fees, interest rates, the ability to apply with a co-applicant, eligibility requirements and whether applicants can apply for prequalification.

About the author: Kate Dore is a Nashville-based personal finance writer and Candidate for CERTIFIED FINANCIAL PLANNER™ Certification. She teaches financial literacy with Junior Achievement and writes for Business Insider, Investopedia… Read more.