Life can throw us curve balls and we often need cash fast to cover unexpected expenses or emergencies. From medical bills to car repairs, we’ve all been there when a small amount of cash can make a big difference.

In this guide we’ll look at practical ways and clever tricks to get you that cash fast so you can get through tough financial moments and work towards a more stable future. We’ll cover options like a credit card cash advance where you can borrow money instantly and payroll advance services. And for those who want to borrow money online instantly there are several safe online platforms that offer online loans with flexible repayment terms.

What Are My Options to Borrow Money Instantly?

1. Payday Loan. These short term loans give you fast cash for emergency needs but come with high interest rates and fees. Suitable for those who need extra cash until their next paycheck.

2. Credit Card Cash Advance. You can borrow money instantly from your credit card. This is a fast and convenient way to get emergency cash now but usually has higher interest rates than regular credit card purchases.

3. Personal Loan. Personal loans from federally chartered credit unions or online lenders offer flexible repayment terms and competitive interest rates. Good option to borrow money online instantly and cover unexpected expenses.

Pros and Cons

Pros

1. Money Fast. Fast loans give you fast access to funds so you can cover unexpected expenses now.

2. Bad Credit. Many fast loan options like payday alternative loans and auto title loans are available even if you have bad credit or poor credit.

3. Flexible Repayment Terms. Some fast loans like installment loans and personal loans from a full service financial provider offer flexible repayment terms so you can manage your payments better.

Cons

1. High-Interest Rates. Fast loans charge higher interest rates especially cash advances and payday loans which can be expensive in the long run.

2. Risky Loans. Options like auto title loans and some installment loans are risky loans with the risk of losing collateral or falling into debt trap.

3. Credit Check. Some fast loans may require credit check which can affect your credit scores and make it harder to get money if you have bad credit history.

How to Apply for a Fast Loan?

1. Choose A Payday Lender. Select a reputable online lender that is state licensed and federally regulated.

2. Prepare Required Documents. Gather necessary documents such as pay stub, social security number, bank account information and proof of income.

3. Complete The Application. Fill out the loan application form with personal details, employment information and loan amount you need. Submit the application online or in person.

4. Review The Payday Loan Agreement. Review the loan agreement carefully and read interest rates, fees, repayment terms and due date.

5. Get Loan Proceeds. Once approved get the loan proceeds deposited into your bank account or prepaid card account, usually on the same business day.

Requirements

According to the U.S. government’s Consumer Financial Protection Bureau (CFPB), to qualify for a loan most payday lenders only require that borrowers:

1. Age. Applicants must be at least the age of majority which is 18 in most states but some states require borrowers to be 19 or 21 years old.

2. Have An Active Checking Account. A valid and active bank account for deposit of loan proceeds and for the lender to withdraw repayments.

3. Proof Of Income. Borrowers need to show proof of regular income like pay stubs to show they can repay the loan.

4. Valid ID. Borrowers must present valid ID which usually includes social security number to verify their identity.

How to Get the Money

1. Direct Deposit. The most common way is direct deposit into your bank account. Once your payday loan application is approved, the payday lender will deposit the loan proceeds into your active checking account, usually on the same business day.

2. Prepaid Debit Card. Some payday lenders offer the option to load the borrowed amount into a prepaid card account. Good for those who don’t want to use their bank account.

3. Cash. In some cases especially with in-person payday lenders you may get the borrowed amount in cash. But this is less common than direct deposit or prepaid card options.

4. Check. A few payday lenders may give you a check for the loan amount which you can then cash or deposit into your bank account.

Payday Loan Rates

Payday loan rates typically involve fees ranging from $10 to $30 per $100 borrowed depending on state laws and borrowing limits. A typical fee is $15 per $100 borrowed which translates to an annual percentage rate (APR) of around 400% for a 2 week loan. For example if you borrow $300 you will need to repay around $345 by next payday. These rates are much higher than other types of loans like personal loans or secured personal loans.

Payday lending is allowed in 37 states while 11 states including Connecticut, Maryland and New York have strict regulations or interest rate caps that limit or prohibit payday lending. Some states like Arkansas and North Carolina have repealed their payday lending laws and others like the District of Columbia have banned it altogether.

18 states and the District of Columbia have usury rate caps, often at 36% APR, to curb high cost payday lending. States like Nebraska, Hawaii, Illinois and New Mexico have recently enacted such caps, it’s a growing trend to regulate payday loan rates.

The highest payday loan rates are in states like Texas (662%), Missouri (652%) and Delaware (639%). On the other hand states like Oregon (140%), Maine (228%) and Iowa (247%) have lower rates. Some states like Washington and Virginia have additional rules to limit the number of payday loans or extend the repayment term to reduce debt trap.

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