Best Same-Day Loans for Bad Credit

Written By Jeff Hindenach
Last updated December 11, 2020

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cash representing same-day loans
May 19, 2020

Simple. Thrifty. Living.

Many people don’t have a nest egg to fall back on and sometimes need quick money in an emergency. That’s where a same-day loan comes in. If you have bad credit and you need a loan quickly, check out our reviews of the best same-day loans for people with bad credit.

Bad Credit Loans

Bad Credit Loans does exactly what the name says; it gives loans to those with bad credit.
Rates: Compared to other lenders, Bad Credit Loans has a lower interest rate, which is good, and has the option of longer time periods to pay back your loan.
Fees: Bad Credit Loans has one of the most reasonable interest rates at 5.99% to 35.99%.
Reputation: Bad Credit Loans has been in business since 1998, creating a long history of lending.
Availability: Loans are available in almost every state.

  • Loan amount: $500 to $5,000
  • Interest rate: 5.99% to 35.99% APR
  • Loan length: 3 to 60 Months
  • STL Rating: ★★★★★

Jora Credit

Jora Credit is one of the most trusted lenders in this quick loans space.
Rates: Jora charges a fairly high interest rate at 185% to 349%.
Fees: The company, however, doesn’t charge fees on its loans, which other lenders tend to do. This is part of the reason its interest rates are so high.
Reputation: The Better Business Bureau gives Jora and “A” rating.
Availability: Jora is also only available in ten states, which makes it a more limited option.

  • Loan amount: $500 to $3,000
  • Interest rate: 185% to 349% APR
  • Loan length: 8 to 30 months
  • STL Rating: ★★★★

Ace Cash Express

Ace Cash Express should be used as an alternative to the two services above. It focuses more on payday loans, which can get expensive and some need to be paid back in a short time. It does give you 72 hours to change your mind about your loan.
Rates: Ace Cash Express charges between 163% to 661%.
Fees: The company’s fees are not public knowledge, which can be a red flag. Make sure you know those numbers before agreeing to a loan.
Reputation: The company has been around since 1968, but since that time, it has had many complaints against it. Know what you are getting into before signing an agreement with Ace.
Availability: Ace Cash Express operates in 23 states.

  • Loan amount: $200 to $2,000
  • Interest rate: 163% to 661% APR
  • Loan length: N/A
  • STL Rating: ★★★


OppLoans is one of the most popular lenders for short-term loans.
Rates: OppLoans charges between 36% and 199%, depending on your credit history.
Fees: All loans are charged an origination fee of $50.
Reputation: The company does well with online reviews: It gets an A+ with the BBB, a 4.9 out of five customer rating on Google, and a 4.8 out of five rating on Facebook
Availability: OppLoans operates in 37 states.

  • Loan amount: $1,000-$10,000
  • Interest rate: 36%-199% APR
  • Loan length: Up to 36 months
  • STL Rating: ★★★★★ aggregates lenders to help match the best one for you. This allows for a wide range of lenders to choose from, making your chances of getting approved higher.
Rates: The company charges between 14% and 1564% APR.
Fees: Since there are a variety of lenders, it will depend on the lender you choose.
Reputation: The company has been operating since 1997 and is a member of the Online Lenders Alliance.
Availability: operates in 37 states.

  • Loan amount: $100-$1,000
  • Interest rate: 14%-1564% APR
  • Loan length: Varies
  • STL Rating: ★★★★★ works as more of a traditional lender, although short-term loans are definitely available. Like, it aggregates lenders so that you have choices when it comes to your loan.
Rates: Since aggregates from a wide variety of lenders, the interest rate also varies widely. It will depend on the lender, the type of loan, and your credit history.
Fees: Again, this varies depending on the lender you choose.
Reputation: The company is a member of the Online Lenders Alliance.
Availability: is available in all 50 states.

  • Loan amount: $1,000-$20,000
  • Interest rate: Varies depending on lender
  • Loan length: 90 days up to 72 months
  • STL Rating: ★★★★★

Those with bad credit often have trouble getting approved for a credit card, but secured credit cards are available for anyone, no matter their credit history.

Capital One Secured MasterCard

  • Best for: People with bad or little credit. Learn more.
  • Features: It works like a regular credit card and is accepted at millions of locations worldwide. Start off with a $200 credit line after you make a security deposit of $49, $99, or $200, determined based on your creditworthiness. This credit card also helps you build credit by regularly reporting to the 3 major credit bureaus. You can also get access to a higher credit limit after making monthly payments on time for the first 5 months.
  • Fees: There is no annual fee for this secured credit card.
  • Learn more about this credit card here.

List of All the Best Credit Cards for Bad Credit

A same-day loan is a loan that can be funded to you the same day. Generally, these loans are pre-qualified, to make the process go faster. Most same-day loans are also short-term loans, although some companies allow up to 30 to 60 months for payback, depending on the size of the loan.

This varies wildly depending on the company and type of loan. Interest rates can be as low as 5.99% or as high as 350%. It depends on the type of loan, the length of the loan and your credit history. For people with bad credit, the interest rate tends to be higher.

Yes. Many same-day loans are actually geared towards people with bad credit. This can cause the interest rates to be on the higher end, but if you are in a crunch, it might be your only option.

Some companies will try to slip in fine-print agreements, so read over your loan agreement carefully. Here are some things that you should know before signing anything:

  • Your interest rate: Know what your interest rate is before signing. For same-day loans, the interest rate can be pretty high, which can cost you a lot of money in interest. Knowing you rate can help you calculate how much the loan will cost in the long run.
  • How much you will have to pay: Many people are surprised with the amount they have to cough up to repay their loan. Make sure to calculate all costs, including interest, fees and any other add-ons that the company may include in your loan agreement. Also take not of how much you are required to pay for each installment.
  • When payments are due: Some companies will allow installment payments, so you can pay the loan off on time. Others require the entire loan be repaid at one time. Know how much and when your loan payments are due.
  • Extra fees: Some companies will try to sneak in extra fees without you knowing. Ask for upfront pricing for all fees, so you know exactly how much you have to pay in the end, and to make sure you aren’t being charged a fee by mistake.
  • Terms: Make sure there are no odd agreement terms that you are not comfortable with before signing. A company might decide that if you miss two installment payments, you are required to pay the entire loan back. Know these terms before you commit to anything.

Yes, but you need to be careful because there can be a lot of scams in the same-day loan space. Here are some red flags to watch out for:

  • Transparency: Is the company upfront about pricing? Or how the loan will be repaid? Make sure that you have all the answers to your questions. If a company is being vague about pricing or terms, it is probably a scam.
  • Live interaction: Try to get a hold of a live person to ask your questions to. With technology these days, it might be enough just to live chat with a service member online, but talking to a live person is always a good way to determine if a company is legit.
  • Online reviews: Always look at the online reviews of a company before you do business with it. The Better Business Bureau has ratings on most companies, which is a good resource to start with.
  • Licensing: Make sure the lender is licensed in your state. The BBB usually has this information about companies, but you can also check with your state’s Secretary of State for more information about a company.

About the Author

Jeff Hindenach

Jeff Hindenach is the co-founder of Simple. Thrifty. Living. He graduated from Bowling Green State University with a Bachelor's Degree in Journalism. He has a long history of financial journalism, with a background writing for newspapers such as the San Jose Mercury News and San Francisco Examiner, as well as writing on personal finance for The Huffington Post, New York Times, Business Insider, CNBC, Newsday and The Street. He believes in giving readers the tools they need to get out of debt.

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