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How to get a $600 loan by tomorrow
PALs from a credit union, employer cash advances and more options available.
Your options are limited if you need to borrow $600. Payday loans are off the table in most states, and some installment loan providers don’t offer loans this low. But there are cheaper alternatives to consider, like short-term loans from a credit union or cash advances from your your employer.
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Where can I get a $600 loan?
You might want to consider the following options when looking for a $600 loan:
- Your employer. Some companies offer paycheck advances as an employee benefit. Typically, you can get up to around 50% of the wages you earned for the current pay period, usually at a rate close to a credit card.
- Payday alternative loan (PAL). Federal credit unions sometimes offer a cheaper alternative to short-term loans with APRs capped at 28% and terms from one to six months. But you’ll need to be a member for at least a month to qualify.
- Bank account overdraft. Overdraft fees are typically fixed at around $35, making it a relatively inexpensive option. But you might have to pay an additional $25 per week you take to recover your balance.
- Credit card cash advance. If you already have a credit card, you can take out a cash advance from an ATM. You’ll pay a fee of around $20 to $30 and a rate of around 19% to 24% APR.
- Installment loan. As a last resort, installment loan providers sometimes offer $600 loans you can apply for online and get your funds the next day. You generally need a source of income to qualify, but watch out for 300% APRs or higher.
How to get a $600 loan
Follow these steps to find the right type of loan and decide on a lender:
- Compare all options. Consider the general costs, turnaround time and repayment terms of all options available to you before deciding how to borrow.
- Research lenders. Check to make sure the lender offers $600 loans and that you meet eligibility requirements before looking into factors like rates, fees, terms and customer reviews.
- Prequalify. After you’ve narrowed down your choices, fill out an online form to find out what rates and terms you would get with a few lenders to compare personalized offers.
- Complete the application. Follow your top pick’s instructions to provide additional information and documents before you apply.
- Get your funds. Most lenders transfer the money to your bank account the day after you’re approved. But you might be able to get cash, a debit card, check or money order from a physical installment loan location.
5 questions to ask before choosing a loan
Consider these questions before deciding which lender to go with:
- Can I borrow from friends or family instead? This might put your relationship on the line, but it’s typically cheaper and more forgiving than any other option. You can learn more about how to ask, what to potentially expect and more by reading our guide to family lending.
- How much will it cost? The easiest way to compare costs on a loan of this size is to compare the total dollar amount, since many options come with a flat fee. Use a calculator to find out how much interest might cost you based on your loan term.
- How long do I need to repay? Breaking your loan into installments can give you more forgiving repayments, but it often costs more.
- When do I need the money? Faster options tend to be more expensive. If you have some time, a PAL might offer the best deal.
- What do customers say? Read customer reviews on sites like the Better Business Bureau and Trustpilot to learn what you might expect from the lender.
Pros
- Multiple same-day options
- Employer advances might be available
- Good credit not required
Cons
- More expensive to repay over time
- APRs over 300% on installment loans
- Most options require a bank account
Bottom line
Since most states cap payday loans at $500 or less, you’ll need to consider other options when you need $600 fast. Not all installment loan providers offer loans of this size, so your best bet might be asking your boss for a paycheck advance, withdrawing the funds from an ATM or borrowing from your local federal credit union.
You can learn more about how it all works by reading our guide to short-term loans.
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