10 Ways to Borrow Money ASAP
1. Personal Loan
A personal loan is essentially an unsecured loan that you can typically borrow from a bank, credit union, or online lender without necessarily having to put up any collateral to get the money asap. However, the problem with these loans is that your capability of securing one is usually dependent on your having a good or excellent credit score.
Also, since most financial institutions don’t use automated loan pre-approval processes like bad credit lenders, you will often end up waiting as long as a few weeks just to get your money. It is for this reason that they are not typically the best borrowing option for those who need money asap.
2. Payday Loan
If you want to know where can I borrow money asap, then payday loans are worth considering, as they are short-term loans that can easily be applied for online and processed very quickly, with most credit lenders even accepting borrowers with low credit scores. They don't require you to put up any collateral, as all you need is to show proof of income that verifies your ability to repay the loan on time.
The downside is that they come with short repayment periods, as they usually need to be repaid in full by the time your next paycheck arrives. They also come with extremely high-interest rates as well as low loan limits of less than $1,000.
3. Banks
The advantage of borrowing from banks is that they will usually offer a wide variety of borrowing options, such as mortgage loans, personal loans, title loans, and other financial products. They also offer more flexible repayment periods and even offer opportunities to refinance existing loans at a more favorable rate.
However, the problem with most banks is that you need a minimum of good or excellent credit just to be granted approval for any type of loan. Their processing times are often extremely lengthy, and some banks can even end up reselling your loan to another bank or financing company, which means that any fees or interest rates you have can change with little notice.
4. Credit Card
Credit cards are one of the most common ways to borrow money, as they essentially provide you with a way to access funds almost instantly. This is a great option if you would prefer to keep your money issues private, and need the money right away.
Unfortunately, it is one of the most expensive ways to borrow money asap because you will not only need to pay interest on the loan of up to 25% but also pay a transaction fee (which is typically 3% to 5% of the cash advance amount). Plus, they can have a huge impact on your credit score, should you fail to make your repayments on time.
5. Credit Unions
If you are looking for a loan place near me, then you should try heading to the nearest credit union, as it can often be the more practical option to secure a money loan from, than a bank. And this is because, unlike banks, whose main responsibility is to produce a profit for their shareholders, nonprofits are specifically formed to help their members make a profit.
As such, credit unions will usually offer lower interest rates and fees, with the only downside being that you will normally be required to meet the union’s eligibility requirements in order to become a member and qualify for a loan.
6. Cash Advance
There are usually a number of credit lending companies with apps that can offer you cash advances near you to tide you over until your next payday. And the benefit of this type of money loan is that it often comes with more competitive lending terms than most traditional loans.
The problem with cash advances is that most of these lending apps usually come with low loan limits, ask you to pay a membership fee before evaluating your creditworthiness, or in some cases, request optional tips just for you to use their services.
7. TFSA
In the event that you need to borrow funds urgently, you can always take out cash from your Tax-Free Savings Account (TFSA). This is essentially a form of registered savings account that is available to Canadians, where any investment income that one earns and contributes ends up being tax-deferred.
Since TFSA funds are usually available almost instantly and all withdrawals are tax-free, this can often be a great way to borrow money from yourself without worrying about any penalties. However, for those who may be bothered by the idea of taking anything from their TFSA and would rather retain their savings, there are always other money loan options to consider.
8. Family and Friends
Borrowing a money loan from a friend or family member can often seem like a straightforward way to secure money asap when you urgently need it. And the benefit of this option is that you often don’t need to worry about being charged any exorbitant interest rates or fees in the process.
On the flip side, it’s important to consider that taking a loan from friends and family can negatively affect your relationships, especially if a dispute arises over repayment. Also, since friends and family can’t report your loan repayments to credit bureaus, this loan option doesn’t help you much in building up your credit rating.
9. Pawnshop
If you want to know where can I borrow money asap with no credit check, then heading to your nearest pawnshop is worth considering, especially if you have a few valuables that you are willing to part with. However, while it is usually a great way to get money asap, the problem is that it will often end up costing you more in the long run.
And this is because most pawnshops will only be willing to lend you about 25% to 60% of the item’s resale value. They also tend to offer exorbitant interest rates, and should you fail to make your repayment on time, the pawnshop is legally allowed to sell your item.
10. Online Loans Marketplaces
The benefit of borrowing from online payday lenders is that they will usually process your loan application using automated systems. This means that you can get a decision within minutes and, if you are approved, the money loan will usually be deposited into your bank account within 1-2 business days, thereby allowing you to get money asap.
The only problem is that, nowadays, there are so many online lenders to choose from that it can often be difficult to pinpoint the one that can offer you the most favorable money loan terms and rates. Luckily, you can always make use of online loan companies like BadCreditLoans, PersonalLoans, and CashAdvance to narrow down your search and compare different lenders to get the best money loans near me.
 | Why Us | |
|---|---|---|
| How much can I borrow? | $50-$35,000 | No hidden fees or charges |
| I have bad credit. Can I apply? | Yes | Bad credit is considered |
| Over how long can I spread the repayments? | 1-36 months | Fast decisions |
| Are credit checks involved? | Yes | Soft credit checks only |
| Chances of getting approvals | Good | 256-bit encryption protocol |
| How to apply? | Apply online | Easy application |
How to Get a Loan Fast?
The loan request process is simple and straightforward, as all you need to do is fill out your personal and financial details on an online form that will normally take you no more than a few minutes to complete. You will usually be able to apply for a personal loan of up to $35,000 or a payday loan of up to $5,000.
Once you submit your application, our network of online loan companies like BadCreditLoans, PersonalLoans or CashAdvance will quickly review it. Depending on the information that you provide, a lender may respond with an offer within minutes.
If approved, you will be redirected to a loan agreement that will detail all the terms and conditions of the lender, including the amount you need to repay, as well as the repayment period.
It is important that you take your time to fully review all the details of the loan that you are considering, and also keep in mind that you are not obligated to accept any offer. However, should you decide to accept it, you can expect the funds to be deposited electronically into your checking account within 24 hours.