Grace Enfield, Content Writer
The best way to get a loan immediately is to apply online for a personal loan from a lender known for quick approval and funding. The best lender for fast personal loans is LightStream because it funds loans as soon as the same day and has low APRs, large loan amounts, long payoff periods and no origination fee.
In general, there are several types of places where you can get a loan quickly. They include personal loan providers, payday lenders, pawn shops, auto title lenders, friends or family, and more. Each option has its own strengths and weaknesses.
Places To Get a Loan Immediately
Personal loan providers
Some personal loan providers can fund your loan as soon as the same day, but this is unusual. It typically takes around a week to get a personal loan, with a few business days for approval and a few more for delivery of the funds.
Most places advertising "instant" loans are payday lenders, which lend small amounts of money against your next paycheck. Borrowing from payday lenders is absolutely not worth it. You'll have just 2 - 4 weeks to pay back the loan (when your next paycheck comes in), and the fees are often equal to an APR of 400% or more.
Auto title lenders
You can get instant cash from these lenders by securing a loan with the rights to your car, but if you can't pay the loan back, the lender can repossess your car. Typically, auto title loans only last for up to a month and can cost you up to a quarter of what you borrow.
If you bring valuables into a pawn shop, they will offer you a fraction of the value in return, around 20% - 60%. The good news is that you can get your item back if you repay that money, along with interest, in a set number of months. The bad news is that interest is 2% to 25% per month, and the shop can sell your item if you don't pay in full.
Friends or family
People with whom you have a trusting relationship may lend you cash on short notice. However, while you may be able to get money from them instantly, it's smart to take the time to write up and sign a contract before any cash changes hands.
Other Ways to Borrow Instantly
- Credit cards
Credit cards offer funds quickly, and may have an introductory 0% APR period. If you're looking to finance a large purchase, you should take advantage of this period.
- Home equity lines of credit
Home equity lines of credit let you borrow up to a certain amount on-demand. That amount is based on your home's equity, and you will have to use your home as collateral.
Ultimately, there is a limited selection of instant and same-day loans. The most common "instant" loans may not be worth it due to the small loan amounts, large fees and short payoff periods. Additionally, there is no guarantee that you'll get a loan instantly. You may have to wait a day or two to receive your funds.
If you're interested in applying for a personal loan, it's smart to pre-qualify first to see which lenders may approve you and what rates may be available to you. You can pre-qualify for free on WalletHub.
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