Fast Loans: Best Options for Quick Cash in 2024

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Fast Loans

Fast cash loans can give you extra funds when you need them the most. You can apply for a loan and receive same-day funding in some cases. Some lenders also have generous requirements around credit scores and income. Not all fast loans are the same, and it’s important to find the best one for you before you pull the trigger 

This guide will cover some of the choices for quick financing and which ones may be worth avoiding. The personal loans below can offer a good starting point.

What is a fast cash loan? 

A fast cash loan is a short-term loan that lets you receive funds either instantly or within the next day of applying. Lenders typically process fast cash loans quickly, and borrowers can access funds right when they need them the most. 

This is in contrast to traditional bank loans, which usually take several days to process. Same-day funding makes fast cash loans attractive despite their often higher interest rates. Also, some of these loans are easier to obtain than traditional loans.

How do fast cash loans work?

You can apply for fast cash loans in person or online. With a processing time typically between a few minutes to a couple of hours, fast cash loans are processed quickly. 

Most fast cash loans do not require collateral. These loan providers will still request basic information like your Social Security number, checking account details, proof of income, and your physical address. Almost every lender will request this information. 

Each fast cash loan has different repayment terms and rates. You might end up with a higher interest rate for a fast cash loan than a traditional bank loan. 

How can I find fast cash loans?

Comparing multiple loan offers can help you find the most competitive rates and terms. Getting a few percentage points off your interest rate can help you save a meaningful amount of money, especially if you follow this approach with every loan. 

You can research online lenders and see which ones offer fast cash loans. However, that process takes a lot of time and can leave you with more questions than answers. Online lending marketplaces streamline the process by submitting your loan application to numerous lenders. The MoneyLion marketplace is a great place to start, and you can find lenders like the ones listed below.

How to get fast cash without a loan

It’s possible to get fast cash without a loan. Avoiding a loan means you won’t end up with any interest or fees. These routes are good choices if you need a few hundred dollars to cover an unexpected expense. Here are some options to get cash without getting a loan:

InstacashSM

MoneyLion offers a fast cash alternative called Instacash. Instacash is an interest-free cash advance of up to $500 of your pay, any day. Access funds in minutes* or use
free standard delivery options available. Instacash does not check your credit or impact your credit scores. Tap into your pay whenever you need it. 

Best for: Consumers who need access to funds before they get paid next.

Benefits: No monthly fees, no collateral required, no credit checks, non-impacting, fast.

Earned Wage Access (EWA)

Instacash is one earned wage access option, but there are others. These apps let you access your wages before payday so you can cover urgent expenses. Many employers offer earned wage access to increase retention and employee morale. However, your employer must use an EWA app for you to receive funds from this source.

Best for: Employees working for companies with EWA apps

Benefits: No monthly fees, no collateral required, no credit checks, fast access to cash

Fast cash loans to avoid

When you need cash fast, you might be tempted to use a payday loan, title loan or pawn shop. These loans are notoriously expensive and can be risky.

Payday loans

A payday loan is a quick cash loan where lenders extend high-interest credit based on your upcoming paycheck. Most payday loan lenders charge unusually high interest rates for a short period, so it’s recommended to consider other options if you can.

Best for: Desperate borrowers

Benefits: No collateral required, fast

Risks: Triple-digit APR, pay far more than the balance, high fees

Title loans

A title loan is a secured short-term loan that allows you to use your vehicle as collateral. Title loans are usually fast, and they do not require you to have a good credit score. Plus, there are very few requirements for title loans. The one major downside is that the interest rates are outrageous, which puts you in a position where the lender can repossess your car if you default.

Best for: Desperate borrowers with no to low credit score

Benefits: Few requirements, fast, no credit check required

Risks: Triple-digit APR, pay far more than the balance, lose your vehicle

Pawn shop loans

Similar to a title loan, pawn shop loans allow you to borrow funds quickly against your valuables. The pawn shop lenders typically charge exorbitant fees and rates. They will sell off your pledged property if you do not pay back on the agreed date.

Best for: Desperate borrowers with no to low credit scores

Benefits: Fast, no credit check, no impact on your credit score when you default

Risks: High rates and fees, losing your valuable items if you’re unable to repay to loan per the loan terms

What should I consider? Fast cash loan vs a credit card

Cash loans and credit cards are financial tools that let you have access to funds. Choosing the right option depends fully on your circumstances and requirements. Here are three factors to consider:

Interest rates

This is the most essential factor to consider when taking out any type of loan. States have regulations and laws that seek to set limits on fast cash loan fees and rates. Therefore, the cost of taking out quick cash loans will vary from one state to the next, with some states banning payday loans altogether. 

You may be able to get a lower interest rate if you get a credit card. Consumers who look beyond the predatory fast cash loans like payday and title loans can find rates and terms that align with credit cards.

Credit score

It’s possible to get a fast cash loan or a credit card if you don’t have the best credit score. Borrowers who need money quickly should turn to a loan. The main route for a credit card with bad credit is a secured credit card. This option requires an initial security deposit but can help you qualify for an unsecured card in the future with a high limit. A secured credit card is an investment in yourself that can help you access more capital in the long run.

Your credit score doesn’t matter as much if you already have a good credit card. As long as you make on-time payments and don’t borrow more than your limit, your score could stay at a good level. 

Loan amount

A credit card comes with a set limit that depends on factors like your payment history and income. As a cardholder, you are allowed to use funds within that particular credit limit without restrictions. You can usually get higher credit limits than you would with a fast cash loan.

Fast cash loans give you a fixed amount just like a regular loan. And since your credit score isn’t taken into consideration, the loan amount is usually low. Credit cards are also more convenient since you can borrow against the limit no questions asked. Funds are available immediately. 

Comparing fast loans vs a credit card

Credit cards have higher limits but may be more difficult to get if you have bad credit. Even if you can’t get an unsecured card right now, it’s worth the effort to get a secured credit card that doesn’t involve a hard credit check. Fast cash loans can give you the extra funds sooner if your credit needs some work.

Comparing multiple fast loans and credit cards will help you find the right terms and rates for your financial situation. These are some credit cards that can get you on the right path. 


Explore credit and debit card options tailored to different needs and preferences.


Short on cash?

Even if you are faced with an emergency that requires cash that you do not have, avoid falling into a debt trap by taking on predatory fast cash loans.

MoneyLion has you covered with an easy alternative to help build your credit. Join MoneyLion WOW membership** and apply for up to a $1,000 Credit Builder Loan with a competitive rate and no hard credit check.

FAQ

Where can I borrow money immediately?

You can get access to money immediately from cash advance apps, EWA apps, and fast cash lenders.

Where can I find the best online loans with instant approval?

A resource like the MoneyLion marketplace can help you find lenders to compare rates and terms. 

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