School related question, urgent

Random but I’m in uni and I have an essay (2500 words, worth 25%) due tomorrow just before midnight. I underestimated how long it would take me and managed my time badly. Not much I can do about it now other than try my best.

I have about 300 words in and I’m not even done my outline. Also keep in mind we only get deducted 3% per day if we submit it late. I’m in a dilemma rn.

Should I:

1. stay up later tonight, spend morning till night tomorrow rushing to finish this essay and submit on time (possible submitting an essay that just isn’t that great bc it’s rushed).

OR do I:

2: just submit it a day later, take the 3% deduction, but possibly write a much better essay anyways since I have more time?? I’m leaning towards handing it in late but what would u do?