How to get funds fast and what to consider before you apply.
You can apply for a quick short-term loan, also known as a payday loan, even if you have bad credit or receive government benefits, and you can use your loan for whatever you need.
Our guide below will help you determine if a this is a good option for you.
Our top pick: LendYou Short-term Loans
- Simple application
- Quick decision
- Bad credit OK
Our top pick: LendYou Short-term Loans
- Min. Loan Amount: $100
- Max. Loan Amount: $15,000
- Turnaround Time: 1 business day
- Loan Term: Varies
- Requirements: $1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
How do quickly short-term loans work?
How fast you can receive your money depends on whether you apply online or in-store.
Online applicants will find filling out an application easy to do from the comfort of their own home or anywhere with an Internet connection, but they will generally have to wait at least a day for approved funds to be transferred to their bank account.
In-store applicants will have to bring all the required documentation with them, but lenders are able to disperse funds shortly after approval in the form of cash, check or prepaid debit card.
The maximum amount you can apply for depends on your state’s payday loan regulations. There are also restrictions on APR, whether you can take out multiple payday loans and if you can rollover a loan.
Quick payday loans are known for having high costs, so keep this in mind when applying. A late or missed payment could damage your credit and end up costing you a lot of money in the form of extra charges.
A selection of short-term loans
Here are some loan providers you can apply with. Note that the maximum loan amount is based on the lender and will vary based on your state.
A selection of lender-connection services
These lender-connection services are not direct lenders or brokers for any particular lender. They focus on trying to match you with a lender that might be able to provide you the funds you seek. Note that the maximum loan amount is based on the matching service’s maximum and will vary by state. If you proceed with one of these services, confirm that the lender is reputable by checking with your local government.
When will I receive my loan?
If you apply with any of the lenders listed above, check this table for when you can expect to receive your funds.
| Lender | Turnaround time |
|---|---|
| 100 Day Loans | Depends on the lender, usually 1 business day. |
| Achieve Lending | Depends on the lender, usually 1 business day. |
| Advance America | Online applications received prior to 8 p.m. EST are usually funded the next banking day. In-store loans can be funded within 10-15 minutes. |
| CashAdvance.com | Depends on the lender, usually 1-2 business days. |
| CashNetUSA | If you’re approved by 9 p.m. CST Mon-Thurs, you’ll generally receive your funds the next business day. If you’re approved between 9 p.m. CST Thursday and 7 p.m. CST Sunday, you’ll receive your funds on Monday unless it’s a bank holiday. |
| Cash Central | Loans approved before 7:45 p.m. EST (6:45 p.m. CST, 5:45 p.m. MST, 4:45 p.m. PST) Mon-Thurs are usually deposited the next business day. Applications submitted Fri-Sun before 7:45 p.m. EST will be funded the following banking day and applications submitted Sunday after 7:45 p.m. will be funded on Tuesday. |
| Check City | Online applications take one business day and in-store applications take around 15 minutes. If you apply online and are approved before 7 p.m. MST on weekdays or 8 p.m. MST on Saturdays, the process can be completed quickly so you receive funds the next business day after approval. If you apply after these hours or on Sundays or holidays, your loan application will be processed the next business day and funds deposited into your account one day after that. |
| Check into Cash | Loan applications processed before 7 p.m. during business days are usually funded the next business day. If you apply online, you also have the option of picking up your approved funds in-store. |
| LendUp | If your loan is approved by 5 p.m. PST Mon-Fri (excluding holidays), you will generally receive your funds the next business day. Exact funding time depends on your bank. |
| LoanMart | One business day. |
| NetLoanUSA | Loan processing and transfer times vary between lenders. |
| Personal Money Store | Loan processing and transfer times vary between lenders, but you can receive your approved funds the next business day. |
| Speedy Cash | Online loans take one business day to be processed. If you visit a store you can pick up cash or have it loaded onto a prepaid debit card. |
| TrustedLoanNetwork | Loan processing and transfer times vary between lenders. |
| USPayDayCashFast.com | You can expect approved funds in your account by the next business day. |
What features do quick short-term loans offer?
When you’re comparing loans, here are some features you should look out for.
- Multiple options for borrowing money. If payday loans are legal in your state, you’ll have numerous options to choose from. Bear in mind that not all short-term loan providers are equally quick in processing applications and disbursing funds (see the table above).
- Quick processing of your loan. Some short-term lenders use the latest in technology to verify your credentials online and give you an answer within minutes.
- Lower than normal fees. State regulations tend to govern how much payday lenders can charge in fees, but some lenders charge less than others. You may find lenders who charge lower fees and rates the more you borrow with them, so consider this when looking for a loan.
How to find the best short-term loan provider for you
Three types of quick short-term loans
You have a few different options when you need money quickly, including:
- Payday loans. These are short-term loans that you have to repay by your next payday. The maximum you’re able to borrow and the terms of the loan depend on the your state of residence.
- Installment loans. With a quick installment loan you don’t have to repay the entire loan amount in one go. You make equal payments over a set term, which can extend up to one year or more.
- Auto title loans. If you have a car or a motorcycle that you can use to provide security, you can consider getting an auto title loan. Your vehicle will works as collateral, but you’ll have continued access to your vehicle during the loan term.
What to consider before applying
Here are some things to look for:
- Fees and charges. Make sure you check your loan contract before accepting as there may be extra fees and charges you have missed. Once you accept, you’ll be liable to pay all associated costs.
- Length of your loan. This will vary depending on what state you live in. Ensure the loan you apply for conforms with the laws of your state and the needs of your budget. Longer loans accrue more interest, but shorter loans have higher payments.
- How long until you get your cash. You’ll generally get your cash within in the hour if applying in person. Compare how long each lender can get you the money before applying.
- Interest rates. If you don’t need a loan immediately, be sure to compare interest rates between lenders. These vary, and it can mean spending hundreds of extra dollars if you don’t choose the plan that’s right for you.
Always review a loan’s terms and conditions before accepting the contract so you know what additional fees and charges you should expect.
Lost job
Imagine this scenario: Jessica recently lost one of her jobs as a waitress at the local diner. Her rent is due soon, and she knows she won’t be able to repay a short-term loan on time. Instead, she looks for an installment loan with a low minimum.Comparing lenders, she finds one who has a term of six months. To get it, she proves that she has a steady source of income–her second job as a cashier at the coffee shop–and she is financed the next day for the amount she needs to make her rent.
With six months to pay off her debt, Jessica is sure she’ll be able to find a new job in time.
Are payday loans available in my state?
