In a Pinch? These Are the Four Loans You Can Get the Quickest

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  • You can use your credit card to pay, as well as get a cash advance.
  • Payday loans are a quick way to get cash, but have APRs as high as 400%.
  • If you have valuable items, you can get cash through a pawn shop, or you can use your car as collateral for a title loan.

Here are a few speedy ways to get money ASAP.

When you're in a bind and need money fast, it's important to know what your options are. There are a few different types of loans that you can get relatively quickly, depending on your needs. Before getting a personal loan, it is important to understand the different types of personal loans and find the right one for you. Here are four of the most common.

1. Credit cards

If you have good credit, you may be able to get a cash advance from your credit card. This is typically a quick and easy process, but it will come with high interest rates. So, if you're able to repay the loan quickly, this could be a good option. Cash advances can be very helpful in an emergency situation when you need cash right away.

Another benefit of using a credit card for a cash advance is that you may already have money available on your credit line that you can use. This can be helpful if you don't want to take out a new loan or use other assets as collateral. However, there are also some drawbacks to using a credit card for a cash advance. First, as mentioned before, the interest rates on cash advances are typically very high. This means that if you don't repay the loan quickly, you could end up paying a lot in interest. Additionally, most credit cards have limits on how much you can borrow as an advance. So, if you need a large amount of cash, this may not be the best option.

2. Payday loans

Payday loans are one of the quickest ways to get cash in hand, but they come with high interest rates and fees. They're typically only for small amounts of money, so if you need a lot of cash quickly, this likely isn't the best option. However, if you just need a little bit of extra cash to tide you over until your next paycheck, a payday loan could work. Payday loans are not ideal, however. They are short-term, high-interest loans typically due by your next payday in a single amount. Currently, 37 states regulate payday loans due to their high costs.

Payday loans are generally for amounts of $500 or less, and due on your next payday. Depending on state laws, people can get payday loans online or through a storefront lender. A typical two-week payday loan can have annual percentage rates (APR) as high as 400%. In comparison, credit card APRs can range from 12% to 30%. Payday loans should be seen as an option of last resort.

3. Pawn shop loan

Pawn shop loans are short-term loans secured by an item of value people take to a pawn shop. Since they are backed by the value of the item, they are cheaper than payday loans but are more expensive than a conventional loan. Pawn shop loans are regulated by the government. This type of loan is best for people who need cash fast with no credit check.

The loan terms vary depending on the pawn shop. People can use items of value, such as jewelry or electronics, to get a loan based on the item's value. There is no credit check required. Those who may not qualify for a traditional loan may want to consider a pawn shop loan. Once the loan amount is paid back, you will receive your items back. If you do not pay it off, then the pawn shop can seize the collateralized items.

4. Title loans

Title loans are another quick way to get cash. They are short-term secured personal loans backed by your car. Financial institutions put a lien on your car. If you are unable to pay off the loan, then they can seize your car, since it is being used as collateral. Title loans generally do not take your credit into account, and can be approved quickly. However, a title loan is very expensive, coming with an APR of about 300%.

These are four of the most common types of loans that you can get relatively quickly. Think about which one would be best for your needs and compare interest rates and fees before you apply. Understanding how these personal loans work can help you make a smarter decision.

Our picks for the best personal loans

Our team of independent experts pored over the fine print to find the select personal loans that offer competitive rates and low fees. Get started by reviewing our picks for the best personal loans.

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