It's possible to borrow money for an emergency as soon as the same day you apply — even if you have bad or no credit. But you generally need to be over 18 and have a regular source of income to qualify with a reputable lender. Unfortunately, fast loans are often more expensive than those with a long turnaround time. But you might be able to find a good deal by quickly comparing the options available to you.
Compare 12 fast loans
These 12 personal loan, payday loan and installment loan providers allow you to borrow money fast — as soon as the same day in some cases.
- Fast loans for fair to excellent credit scores — 580 and up
- Fast loans for bad credit scores — 579 and below
Fast loans for good and fair credit
These personal loan providers can get your loan funded within one business day if you apply online. These lenders can be a good option if you have a credit score of 580 or higher.
Good to excellent credit
As soon as the same day
7.16% to 29.99%
As soon as the next business day
9.95% to 35.99%
1 to 3 business days
580 or 600 depending on state of residence
7.68% to 35.99%
1 to 4 business days
5.94% to 35.97%
As soon as 1 business day
Fair to excellent credit
2.49% to 35.99%
Fast loans for bad credit
These providers can get money in your hand within one business day, even if you don't have a strong credit history. Many are payday lenders, so costs vary depending on where you live. Visit the lender's website to find out more about how much you might pay.
As soon as the same day
$1,500 to $20,000
Ace Cash Express
Payday loan, installment loan, title loan
As fast as same business day
Varies by loan type
Payday loan, installment loan
Same business day to 1 business day
1 business day
$500 to $5,000
Check Into Cash
1 to 2 business days
Varies by state
Payday loan, installment loan and line of credit
$50 to $26,000 (varies by state)
Where to borrow money fast
Here's where to look when you need money for an emergency.
Credit card cash advance — instant funding
If you already have a credit card, you can withdraw a cash advance from any ATM. But this can be one of the most expensive options out there — even more expensive than payday loans for smaller amounts.
Pawn shops — instant funding
If you have valuables like jewelry or electronics, you can often pawn them for up to 60% of their value. You'll get your money instantly — and your item back after you repay the money plus interest, at rates sometimes as high as 200%.
Your bank — same-day funding
Some banks offer fast, low-cost personal loans to current customers in good standing. If approved, you won't have to wait for an ACH transfer — and you'll usually get your funds that day.
Your credit union — same-day funding
Credit unions work similarly, and often offer lower rates to people with fair credit. They also often have options for borrowers who need smaller loan amounts. But for a fast loan, you need to already be a member in good standing.
Payday lenders — same-day funding
Payday lenders often offer between $100 and $500 in same-day loans if you apply at a location, or the next business day if you apply online. But these often come with rates as high as 700% APR and risk getting caught in a cycle of debt. Consider other options first.
Pay advance apps — same-day funding to three business days
Sign up for an app like Earnin if you're an hourly worker, and you can get an advance on wages you've already earned this pay cycle. Instead of interest, you'll pay an optional tip or monthly subscription. Many offer same-day funding, though sometimes for a fee.
Online lenders — next business day funding
Online lenders use algorithms instead of bankers to underwrite their loans, meaning you can get approved within minutes. But it usually takes a day to transfer the funds to your bank account. Online loans are easier to qualify for than a traditional bank loan, though rates are often higher. And your options are limited with bad credit.
How to borrow money quickly
Follow these steps to borrow money as fast as possible online — without paying big later.
- Check your bank or credit union. Look on the website to see if they offer fast personal loans that you can qualify for. You may need to log into your account. If available, this could be your fastest and least-expensive option.
- Check your credit score. Get an estimate of your credit rating before you compare lenders so you don't waste time with providers you can't qualify with.
- Compare all options available to you. Look into all options available to people with your credit score, income and state of residence. One easy way to do this is to use a connection service like Monevo to prequalify with multiple lenders. Make sure the repayments fit into your monthly budget before you choose a lender.
- Get your documents ready. Have PDFs ready for documents like your last three bank statements and a copy of your most recent pay stubs ready before you apply. Having this ready ahead of time speeds up the process.
- Apply. If you're applying online, you typically need to fill out a form with information about your income, debts and personal finances. If your lender offers an in-person application, you might have to head out over to a location to get the form.
- Review and sign the contract. Make sure you understand the cost, terms when your payments are due. Also look out for any information about late or prepayment penalties.
Emergency COVID-19 loans and grants
Some banks and online lenders have started offering low-cost loans and grants to people struggling during the coronavirus outbreak. For example, Bank of America is offering current customers loans up to $500 that instantly appear in your bank account at a flat $5 fee.
Others might be offering hardship loans to noncustomers who have lost income, usually with repayments deferred for around 90 days. These often come with low or no interest, though can take a few days to receive your funds. Read about all of your financial assistance options before you apply.
What to watch out for with fast loans
Fast loans can help you out of an emergency. But they can come with some major drawbacks.
- High interest rates and fees. The fastest loans often cost more than loans that take a longer time to approve — with the exception of financing from your current bank or credit union. Payday loan APRs can often top 700%.
- Expensive repayments. Payday loans can require repayment within a few weeks or a month. This can be difficult to afford if you don't have the income to cover the cost. And if you roll over your repayment, you're often charged an additional fee.
- Cycle of debt. If you roll over your loan more than once, you could end up racking up fees at a rate that makes it difficult to repay. This is a debt cycle, which can lead to default. In the worst cases, your lender could even sue you for nonpayment.
Alternatives to borrowing from a lender
If you're worried you won't qualify for a loan or just want to find a way to get cash without it affecting your credit, there are some alternatives.
Ask for more time
If you have a bill and you know you’re not going to be able to pay on time, give the company a call and ask for an extension. You’ll be surprised that many companies will work with you to come up with a repayment time frame that works for both parties.If you can’t pay the bill at all, you may have less negotiating power. You can try asking to speak with a repayment representative and see if they can waive the late fees, give you more time or even work out a more flexible repayment schedule.
Ask your family or a friend
Ask your family or a good friend to lend you some money. They may be willing to offer you a cash loan with no interest. But make sure you agree to repayment terms. Nothing can kill a great relationship like never repaying borrowed money.
Ask your employer
Some employers may give you an advance on your wages, and some big companies have employee loan assistance programs. If you open up a discussion with your manager around this, you might even be able to discuss ways in which you can earn some more money with the company.Have you been doing such a good job you could get a bonus? Take a moment and think about any ways you could quickly earn some more money with your employer because they already trust you and they can pay you quickly.
What could you sell today that will give you some money? Some examples are: baseball cards, stamps, rare coins, an old cell phone or an old stereo.Look around your house and try to find something you don’t use but has value. You could quickly put it on Craigslist or a local reselling app and get some quick cash.
Do some side gigs
Check the “gigs” category on Craigslist for some quick cash jobs. This could include: writing, manual labor, event coordination, creative or design work, database work, pet sitting or even housesitting.
It's possible to get a fast loan as soon as the same day or the next day, even if you have bad credit or no credit score at all. But if that's the case, visit our guide to payday loans to make sure you're working with a legitimate lender.
Frequently asked questions
Answers to common questions about borrowing money fast.
Can I get an online loan funded on the weekend?
There are some lenders that offer online weekend loan funding, but this usually requires you to pay a fee or pick up your cash in-store.
Is it safe to apply for a loan online?
It's safe to apply for a loan online with a reputable company. However, there are some illegitimate companies that operate online and prey on people looking to borrow money fast.
You should check that the lender has a secure and legitimate website before submitting your application. You can check whether it's a direct lender or lead generation company and whether they're transparent about the fees and other loan details. If you can't find enough information on the loan you're applying for online, call the customer service phone number to reach a representative.
Where can I borrow $600?
Most personal loan providers don't offer $600 loans, so your best options may be payday lenders and installment loan providers if you need money fast. Quickly compare lenders with our guide to $600 loans.
How can I borrow $50 fast?
When you need a $50 loan, payday lenders, pawn shops and credit card cash advances are some of fastest options. Visit our guide to getting a $50 loan to compare lenders.
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