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How Can I Borrow Money Fast in the USA?


If you are facing a financial emergency and need to cover an unexpected cost or even unexpected bills, you may need to borrow money instantly to get cash fast. For those who don’t have savings and who can’t turn to family and friends to ask for some financial help it can be difficult to know where to turn when you are presented with bills that need paying and expenses you need to cover. 

Always try and prioritize your debts before you look to borrowing money. For example, if you can consolidate a few debts into one, for example by putting them onto a credit card which can then be paid off over time, you may be able to avoid needing to borrow money altogether.

However, sometimes, debt consolidation and managing your debts may not go far enough. When this happens, you may need to consider our options and look towards online loans and borrowing money fast. If you don’t have a bank account however, you may find it harder to find a lender that will be willing to let you borrow money fast as they will need to carry out additional checks.

Luckily, there are various different options available if you need to borrow money instantly.

Personal Loans with Same Day Funding

Personal loans can work out to be an affordable way to borrow money over a long-term period. You will work out a repayment plan with your lender which lays out the details of how much you will repay each month and for how long. 

When it comes to the likes of short term loans and personal loans, your repayments can often be made in equal monthly installments made up of the principal loan amount as well as interest and fees. The exact amount that you will pay back each month will depend on the lender, the loan type and the loan amount. 

Also, your credit rating will determine the rates of interest and how much you will be able to borrow. Working with a bank can sometimes be a slower way of taking out a loan. However, there are some personal loan lenders that can offer same-day funding if you need instant money and many lenders will offer instant decisions to speed up the process, even if you have bad credit.

Taking out a small personal loan from an online lender can be a flexible option. Loans can vary in size and you can even borrow a loan amount as small as $400 or even $1,000. However, it is also possible to borrow $2000 or even as much as $5000 or more, depending on your credit rating and the lender you choose. 

Personal loans can even have competitive APRs, usually below 36% which can be some of the most affordable rates on the market. Although rates and fees may be more favorable for those with good credit, there are also personal loans especially for borrowers who have bad credit.

Same Day Loans

Some lenders can offer same day loans which are designed to help borrowers get the cash they need on the same day as applying. Although credit and affordability checks will still need to be carried out, many lenders, particularly online loan companies, are able to carry out these checks very fast and automatically once they have the information they need from the borrower.

This allows them to wire the funds straight into an approved borrower’s checking account on the same day of applying, helping the borrower utilize the money they need to pay their way through their financial emergency.

If you need to borrow money fast, going online is one of the best ways to find lenders that can help you get same day funding

Fast Payday Loans

Payday loans are a type of short-term loan with a typical loan term of 2-4 weeks. Unlike other types of loans, payday loans do not always require a strict credit check meaning that with just a valid identification, active checking account and proof of income, you can be approved for funds. 

Once approved, the funds can be in your account on the same day, sometimes in a matter of hours. Although payday loans allow you instant cash and can be a good solution for emergency situations, they are known to have some of the highest annual percentage rates (APR) on the market. 

This may however mean that you could end up spending more to borrow the money than the original loan amount if you are not careful.

Payday loans typically allow people to borrow money up to around $1000 loans on an unsecured basis and to be repaid in a fairly short time frame.

Cash Advance Apps

Cash advance apps are a way to borrow a small amount of money from your next paycheck before you receive it. This can be a lifesaver if you are in need of cash before your next payday. Cash advance apps include Dave, Birgit and Earnin but there are plenty to choose from. 

When comparing the different apps, you will need to look at subscription fees or expedited funding fees rather than interest rates; unlike loans or credit cards, cash advance apps do not specify interest rates. 

Friends and Family

It can be embarrassing to admit to friends or relatives that you are having financial troubles; however, they are likely to be more understanding. If you are in a financial bind, friends and family may be a good first port of call, especially if you need to borrow money quickly and it is only a small amount that you know you will be able to pay back soon.

It can be an awkward conversation to have, but borrowing from people who know and love you can be a good alternative to taking out a loan. Loans typically come with interest rates of varying amounts, but if you can avoid these, you can save yourself a lot of money in the long run and could avoid getting yourself into more debt.

What If I Have Bad Credit and Need Money Fast?

Having bad credit will make it harder for you to borrow money on the same terms as if you had good credit. However, there are a number of loan options for people with bad credit and even those with very bad credit in the USA to choose from when you need to get money fast for a financial emergency or unexpected bill. There are specifically designed bad credit loans and other lenders may in fact be able to lend you money on a similar basis to if you had good credit. Getting a loan with bad credit however will often come with increased interest rates and there may be additional fees to consider.

Some lenders, particularly if you have very bad credit, may also require you to have a guarantor for your loan or they may require you to borrow in the form of secured loan options such as title loans or loans secured against a property. Secured loans are often preferable for lenders when dealing with people with bad credit as there is a valuable asset acting as collateral on the loan.