An emergency comes up and you need money fast. But the amount you need exceeds your savings — by a bit. Is it possible to get quick personal loans to make up the difference?
There are lenders that offer fast turn around for when you need a loan now. But others will try to take advantage of your desperate situation to rope you into a loan with sky-high fees, interest rates, and costs.

To protect yourself and your finances, you’ll need to know how to safely get quick personal loans.

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5 ways to borrow when you need money fast


Get multiple custom offers at once

LendingTree allows you to compare custom rates, all without affecting your credit.

If you’re in desperate need of cash, you might not feel like you can afford to take your time finding a loan and comparing costs. But you still need to think through the decision and ensure you aren’t signing on for a predatory loan.

Luckily, there are some types of lenders and quick personal loans that are better bets than others. Which you choose will affect how fast you can get cash — and the costs you’ll face.

1. Start with LendingTree

There are dozens of lenders that participate in LendingTree’s personal loan shopping tool. (LendingTree is the parent company of Student Loan Hero.) When you go through LendingTree’s online form experience, there will be a soft pull performed, which means there will be no impact on your credit score. From there, you will be able to compare multiple personal loan offers from up to 5 lenders. It is important to shop around when looking for a personal loan so that you can make sure you are getting the best rate, and LendingTree makes this process easy and quick. LendingTree also has several lenders in their network that can provide turnaround times of less than 24 hours for some applicants..

2. Look for personal lenders with fast approval

A personal lender will be your best bet to get the best interest rates and fees. However, lenders will usually take one to three days to process an application, approve you for a loan, and fund the money. You’ll also need good credit to qualify for quick personal loans.

If you’re interested in going this route, Avant and Pave are both lenders that offer personal loans with a faster turnaround. RocketLoans also promises funds in one to three business days. Before applying, be ready to like identification and proof of income so you can quickly complete and submit an application.

These personal loan rates will depend on your credit but typically run between 10 and 15 percent. Most lenders that offer quick personal loans will also charge an origination fee — usually 1 to 5 percent of your loan balance.

3. Ask for a loan from a friend or family member

If you have a support network, you can ask those close to you for help. Ask a family member or friend who you think can spare the cash for a quick loan.

Take the time to discuss and agree on terms, like how often you’ll give them payments on the loan and whether you’ll be expected to pay interest. It’s often worth the effort to sign a promissory note for the loan, as well. Going into the situation with clear expectations will help protect finances — and the relationship.

Another option when you need money fast would be to get it from a friend or family member and then apply for a personal loan. You get the cash you need, then when the loan is funded, you can repay the friend or family member right away.

4. Get a cash advance or use a credit card

If you have a credit card, you can also tap into this line of credit. There are two ways to do so. The first is by putting an emergency expense on your credit card.

The other is to take out a cash advance. Getting a cash advance is pretty simple: take your credit card to an ATM or bank and they will charge your credit card and give you cash in return. Some credit card issuers like Discover even allow you to make an online transfer to your checking account.

Keep in mind you’ll usually face a credit card cash advance fee, between 3 and 5 percent. On top of that, you’ll also face your credit card interest that averages 24% APR, according to The balance will accrue interest every month until you can repay that balance.

Because of these high costs, you might consider getting money fast through a cash advance. Then you can consolidate the credit card debt with a personal loan to get a lower interest rate.

5. Try a secured loan

Some people will need quick personal loans but won’t be able to qualify for most personal loans or even a credit card. If this is the case, a secured personal loan could be the best option.

A secured loan is guaranteed by something you own that you use as collateral. Some examples include a car equity loan, a 401k loan, or a pawn shop loan.

Applying for a secured personal loan might not be the fastest way to get cash. Secured loans also require that you own a valuable to use as collateral, and you run the risk of losing that asset if you default on the loan. But if you have bad credit, it will be easier to qualify for these types of quick personal loans.

Published by Kimberly Smith