What is the Fastest Way to Borrow Money?

Sometimes, you need money right away to pay for basic living expenses, cover an unexpected medical bill, or pay for a home repair. Luckily, there are many options available to get you the funds you need as soon as the same day you apply. Here are some quick loans that can help you meet your immediate financial needs:

1. Cash advances

Cash advances are short-term, small-dollar loans that can give you a few hundred dollars before your next payday. You’ll typically pay this loan back in two to four weeks when you receive your next paycheck.

Cash advances come with easy applications that you can complete in just a few minutes, in store or online from the comfort of home. If approved, the lender may give you the funds the same day you apply or within 24 hours. Cash advances are a great way to bridge the gap for you while you wait for your paycheck, giving you the bandwidth you need to get by.

2. Title loans

With title loans, you can borrow money using your car title as collateral. With these loans, the lender will appraise your vehicle and offer you a loan amount worth a percentage of its value. If approved, the lender will hold onto your title, and you can keep driving your car as you repay the loan.

Like cash advances, title loans come with a quick approval process, and you may get the money in your bank account that same day. It’s a short-term loan, but the repayment terms can be stretched out over several months if you need more time.

3. Installment loans

Installment loans are short-term loans that let you receive a lump sum of money all at once. You can repay this loan over time in fixed monthly payments, or installments. Repayment terms can last from a few months to a few years, depending on the lender and loan terms.

An installment loan can be a helpful option if you need a larger amount of money to cover an expense, like a car repair or medical bill. Installment loans are also good for making major purchases, like replacing a broken appliance or buying a new automobile.

4. Lines of credit

Lines of credit are flexible loans that let you borrow money as needed, up to your set credit limit. You can pay back these loans all at once or over time, and will only pay interest on the amount you borrow.

Many lines of credit stay in place for several years, so you can borrow and pay back as often as you need to. These are good options for seasonal or contract employees and borrowers who have to cover an expense with an unpredictable cost, like a home repair.

The bottom line

If you need money fast, there are plenty of lenders and loan options out there. Cash advances, title loans, installment loans, and lines of credit are all fast loans that come with easy applications and same-day funding.  Whichever type of loan you choose, make sure to do your research and compare lenders to find an option with rates and terms that work for you.

Notice: Information provided in this article is for information purposes only. Consult your financial advisor about your financial circumstances.