If you need money, there are ways you can get it safely and quickly
There are times in life where you need money for a late bill or an emergency expense, but you might not know where to start on an often time-consuming and frustrating process. Our article below outlines the ways you can borrow money fast so you don’t have to spend time worrying about filling the gap between paychecks.
For fast cash: LendUp Payday Loans
Apply for a payday loan conveniently online and borrow between $100 and $250.
- Min. loan amount: $100
- Loan term: 7–30 days
- Total costs: Depends on your state, loan product, loan amount and the term of the loan.
- Must be 18+
- No security deposit needed
- Confidential and secure
- Accepting new applications in the following states only: CA, LA, MS, MO, OH, TN, TX, WI
What do you want to learn about first?Jump to…
Credit card cash advances
A credit card cash advance is a cash loan you take out through your credit card. You can typically get a same day credit cash advance one of three ways: by visiting the bank location, by withdrawing money from an ATM or by having the money deposited into your checking account. The amount you can borrow is usually a percentage of your credit limit.
Fees are either a lump sum or a percentage of the amount being borrowed. Although you can repay the cash advance over a long period of time, interest accrues on the balance immediately.
You need a credit card in good standing to withdraw money from, and it has to have an available credit limit for you to borrow from.
Short term loans
An online short term loan, also known as a payday loan, is a lending option that gives you access to money quickly and typically comes with a brief repayment period.
Online short term loans have less strict requirements than a traditional loan, but they tend to come with much higher interest rates.
One way to minimize how much a short term loan will cost is to only borrow the amount of money you need to cover your expenses and to choose the shortest repayment period you can afford. For example, you may only need $200 to last you until your next payday. Borrowing a smaller amount of money and paying it back quickly will help you afford the repayments.
Compare your short term loan options
A personal loan is a form of credit offered by many lenders and financial institutions. They generally come with lower interest rates and higher maximum amounts than a credit card cash advance or short term loan.
If you’re able to wait a few days to receive your funds, a personal loan could be an affordable option to borrow the money you need.
The eligibility criteria for personal loans is usually a bit more strict, requiring good to excellent credit and a regular income. However, there are options available for personal loans if you have bad credit as well.
Options for borrowing online
You can turn to an online lender for a variety of different loan products, including:
- Online short term loans. Some lenders offer same day or even instant approval online. Your repayment terms will vary depending on the lender and your state, but it could be as short as one week.
- Online auto title loans. If you own a car, you can use its title to get an online loan. You maintain full use of the car while paying the loan off. Because the loan is secured, you’ll usually get a lower interest rate.
- Online personal loans. You can apply online for a personal loan through many lenders. Be sure to check the eligibility criteria to make sure you qualify for the loan.
How do you compare online loans?
You can start your search right here at finder.com and compare your options on our comparison tables. When trying to find the right loan, the following features can help narrow down your search:
- Interest rates and fees. This is one of the primary features you should look for when comparing online loans, especially if they are short term loans. States have different caps for APR rates and fees so ensure the lender is operating within those restrictions.
- Application and turnaround time. How long does it take to apply and how quickly will you receive your loan? If you need funds deposited in your account by the next day, a lender who takes three won’t be the best for you.
- Eligibility. Lenders have different eligibility criteria, and some being more flexible than others. Check to see if you meet the eligibility criteria before applying.
What are the benefits and drawbacks of borrowing money online?
- Compare a range of options. There are many lenders operating online, and they can all be compared in one place. This is easier than driving to separate lender locations and comparing costs in person.
- Easy applications. Once you’ve found the loan you want to apply for, you can complete and submit your application in a few minutes, no faxing required.
- Receive the loan directly into your account. When you apply for a loan online, the money is sent directly to your checking account. Some lenders also give you the option of picking up your loan in-store or having the money deposited onto a prepaid debit card.
- High fees. Expect to see high interest rates. These short term loan options typically end up costing you double or triple the amount you borrow.
- Disreputable lenders. There are predatory lenders who work to capture you in a spiral of debt. Be careful who you borrow from and always check that they are operating legally.
- Short repayment terms. If you decide a payday loan is the best option for you, make sure you have the ability to repay it on the due date. A late or missed payment can end up costing you quite a bit in the form of extra charges.
What you need to borrow money online
When you find a lender to apply with, click “Go to Site” to submit your online application. You’ll need some of the following details on hand:
- Personal. Your name, date of birth, Social Security number, and other contact information.
- Financial. Your income, employment details or government benefits.
- Banking. Details of your checking account and your bank’s routing number may be required.
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 alternatives.
Look into picking up side work, borrowing money from a friend or simply requesting more time to repay your debts. These will help you avoid costly interest rates and the potential spiral of debt some people get into with short term loans.
|Alternative||What you can do|
|Ask for more time||If you have a bill and you know you’re just 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 timeframe 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 could give you an advance on your wages, and some big companies have employee loan assistance programs. If you opened 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.|
|Sell something||What could you sell today that will give you some money? Some examples are: baseball cards, stamps, rare coins, an old cell phone and an old stereo. Look around your house and try and 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 labour, event coordination, creative or design work, database work, pet sitting or even housesitting.Tips: If you want quick cash, avoid listings that say “great experience” or “ideal for exposure”, these jobs are typically unpaid and just for people trying to get their foot in the door in a specific industry. Also try find a few similar gigs and compare compensation so that you can get the most money for your time.|
Online loan vs. other lenders repayment costs?
If you borrowed $1,000, here are the estimated repayments:
|Type of Lender||Estimated repayment cost||Turnaround time|
|Short-term loan without a credit check|
|~$1,450 if paid back within 3 months||Next day|
|Cash advance on your credit card||~$1,150 if paid back within 3 months||Instant (ATM withdrawal)|
|Online bad credit personal loan||~$1,600 if paid back in 12 months||1 to 5 business days|
|Federal credit union loan||~$1,400 if paid back in 36 months||1+ weeks|
You loan repayment cost depends on your loan interest rateYour interest rate will determine how much interest you will get charged from your loan and this will change your repayment figure. Usually lenders will determine your interest rate based on your credit file, the better your credit score usually the lower the interest rate, but this is all dependent on what the lender wants to offer you.
Payday loans are regulated at a state level, so the cost will depend where you are borrowing from. States that regulate short term loans have restrictions on the APR, the cost you can be charged per $100, the loan term and the amount you can borrow.
Payday loans are banned in my state. Can I still apply online?
While every state regulates payday loans to a different degree, some states have banned lenders issuing them altogether. If the state you reside has banned payday loans, then you can’t apply for them online.
You can, however, apply for a loan if it falls outside of the definition of a payday loan, such as an installment loan or auto title loan. Installment loans are similar to payday loans except you pay the loan off over a longer period, while auto title loans are secured against your car.