3 same day loans that aren’t payday loans

When you’re strapped for cash for an unforeseen emergency or a bill that needs to be paid right away, a quick loan can set you back.

Unfortunately, people in this situation often take out risky and expensive payday loans. These loans are popular because many of them do not require a credit check and you can get the money on the same day. They also typically have extremely high interest rates – they can exceed 400% per year – and terms of only two weeks.

The combination of high interest rates and short-term conditions makes it difficult get out of payday loan debt. Borrowers find themselves stuck in a cycle of paying only interest and taking new loans every two weeks.

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

1. Discover the personal loan

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

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 from 36 to 84 months.

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

2. Arrived

Reached 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 can be high interest rates with Upstart, especially for borrowers with low credit scores or no credit history. Loans can also have high origination costs.

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

3. Before

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

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

The main downside to Avant is its fees. Interest rates are high and there may be administration costs.

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 identification.
  • Proof of income: bank statements, pay stubs or tax returns
  • Proof of address: mortgage contract, rental contract, utility bills in your name or voter card

As you complete 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 who provide funds almost as quickly. With any of these three lenders, you can get approved for a loan on the day you apply, and then receive the funds the next business day. It’s only a little longer to wait for a much better deal on a personal loan.

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Read our full review for free and apply in just two minutes. We strongly believe in the Golden Rule, which is why the editorial opinions are our own and have not been previously reviewed, endorsed or endorsed by the advertisers included. The Ascent does not cover all the offers on the market. The editorial content of The Ascent is separate from the editorial content of The Motley Fool and is created by a different team of analysts. Ally is an advertising partner of The Ascent, a Motley Fool company. Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. Lyle daly has no position in any of the stocks mentioned. The Motley Fool owns stock and recommends Upstart Holdings, Inc. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.

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