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How to get a $300 loan by tomorrow
Compare options to find the fastest, most affordable one for you.
You don’t necessarily have to turn to a payday loan if you need to borrow $300 fast. There are several cheaper options out there — though some might take a little more time. If you do go with a short-term lender, make sure you’re working with a company you trust.
Compare $300 loans
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Where to get a $300 loan
Consider these options before you decide on a lender:
- Pay advance apps. Pay advance apps like Earnin offer access to wages you’ve already earned if you’re an hourly worker, though not all offer up to $300. You can sometimes get your funds as fast as the same day in exchange for an optional tip or small fee.
- Your employer. Some employers also offer pay advances, either themselves or through an app like Payactiv or FlexWage.
- Payday alternative loans (PALs). A handful of federal credit unions offer $300 loans with APRs capped at 28% and a six-month term, though you have to be a member for at least a month to qualify.
- Payday loans. If you live in a state where payday loans are legal, this last-resort option can get you $300 as fast as the same day, typically for a fee of around $30 to $45.
How to get a $300 loan
Follow these steps to find the right provider:
- Compare types of advances. Read up on your different borrowing options before deciding what type of lender you want to work with.
- Compare providers. Rule out any providers you can’t qualify with before comparing factors like cost, turnaround time and how repayment works.
- Prequalify. If possible, fill out a quick prequalification form to make sure you’re eligible and find out what rates, fees and terms you might get with that provider.
- Apply. After deciding on a lender, complete the application and submit it along with any required documents, such as pay stubs and bank statements.
- Get your funds. You might get your money deposited directly into your bank account. Some payday lenders also offer cash, checks, money orders or prepaid debit cards.
5 questions to ask yourself before choosing a loan
Before taking out a $300 loan or advance, ask yourself a few questions first:
- Can I ask friends or family instead? Borrowing from a relative or friend is almost always a cheaper option. Learn more about best practices and how to ask by reading about family lending.
- Is it available near me? Payday loans and some pay advance apps aren’t available in all states, and not all federal credit unions offer PALs.
- Can I qualify? Make sure you meet the lender’s other eligibility criteria, such as employment and bank account requirements.
- How much does it cost? Most $300 loans come with a flat fee. Consider that, as well as additional costs that you might have to pay like late fees.
- Is this lender legit? Check out customer reviews on sites like Trustpilot and the Better Business Bureau to make sure you’re working with a reputable company.
- Multiple options available
- Potentially get funds the same day
- Same fixed fee for most borrowers
- Not all options are available in all states
- Pay the equivalent of a 120% to 390% APR on payday loans
- Risk getting caught in a cycle of debt
Find out if you can get a payday loan in your state
You have several options when you need $300 by tomorrow, from pay advance apps to short-term loans from credit unions. Payday loans are generally the most expensive, but they might be your only option if you don’t have a bank account or aren’t employed.
You can learn more about your short-term loan options by reading our guide to payday loans.
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