Sometimes, you borrow money after careful planning, say, to finance a vacation or a life event. But there are other times when life suddenly explodes and you need cash now. That’s where same-day loans come in handy. The amount need not necessarily be large (although that’s possible), but it better show up quickly.

Best Same-Day Loans For Bad Credit

The lending services we review below are speedy. You can choose a personal or payday loan depending on your circumstances and needs. If you submit a loan request early in the day, you may receive your money by the close of business or, more likely, the next business day. Beyond fast, these loans are convenient and efficient. 

These companies do not lend money. Instead, they work with networks of direct lenders to quickly find you one or more loan offers. Some offer only personal loans, while others also work with online payday lenders. Some lenders offer expedited deposits for an additional fee.

• planbloan.com – Best for Low Credit Scores
• yourfasterpayday.com - Best Marketplace Runner-Up
• maximusmoney.com - Best personal loans for poor credit scores
• usanewloan.com - Easy payday loans for bad credit

• loansangel.com – Best Online Lenders

  Compare interest rates vs annual percentage rate

It’s important to know the difference between interest rates and APR when comparing loan options.

• Interest Rate is an additional percentage, fixed or variable, that the lender will charge you to borrow the principal, or the amount you agree to borrow from a lender.
• Annual Percentage Rate (APR) is the total annual cost you’ll pay for a loan. It takes into account the loan terms and includes the loan principal, the interest rate, plus all additional fees, such as origination fees, administrative fees and/or discounts.

Look for any additional fees

When applying for a loan, it’s important to read the fine print and look for any additional fees the bank may charge.

Here are some of the most common types:

• Origination fees. Lenders may charge a fee for administrative processes and costs involved in your loan. These fees, also known as administrative or underwriting fees, are included in your APR rate and usually range from 1 to 8% of your loan total.
• Prepayment fees. Some lenders may charge you a fixed fee or percentage of the total loan if you pay your loan early. The time frame for payoff and any applicable prepayment fees will be stated in your loan agreement.

• Late payment fees. Lenders may charge a fixed amount (could be as high as $50) or a percentage of the payment due if you don’t pay on time. Some loan providers might offer a grace period. Note that if you’re more than 30 days late in your payment, the lender could report it to the credit bureaus which may affect your credit score.

  Check the lender’s prequalification and preapproval requirements

When you’re getting ready to apply for a personal loan, you’ll often hear the terms prequalification and preapproval. Both these terms involve an assessment of your current financial situation. Sometimes these terms are used interchangeably; however, often there are important differences to be aware of.

• Prequalification involves a “soft” inquiry, or a “soft credit check,” meaning it won’t leave a mark on your credit report. A prequalification lets you know whether you’d be approved for a loan and can give you a rough estimate as to the amount you could borrow. It does not, however, mean you’re approved for the loan.
• Preapproval involves a “hard” credit inquiry, which can slightly impact your score. Because it’s a more thorough evaluation of your finances, pre-approval can give you a better idea of the final amount and APR you will qualify for.