Quick Loans
A lengthy loan approval process can be excruciating when you’re in a bind and need money now. And if you have less-than-perfect credit? Not knowing whether you’ll be approved only adds to the stress.
Getting a quick loan from a direct lender like Advance America can be a good solution. Unlike traditional bank loans or home equity loans, which can take weeks to process and fund, quick loans are typically funded the same day you’re approved – or at least by the next business day.
How do quick loans work?
A quick loan is a type of financing that’s funded within one or two business days. There are many types of quick personal loans that offer easy applications and near-instant approval decisions.
Here’s how to get a loan online instantly or in-store:
1. Compare your loan options
There are a variety of quick loans available, such as:
Payday Loans
Also known as Cash Advances, Payday Loans are short-term, small-dollar loans that you’ll pay back when you get your next paycheck, usually within two to four weeks.
Quick loan amount range: Depends on your state.
High credit score required? No.
Collateral required? No.
Average time to complete application: 5 - 10 minutes.
Decision time range: Minutes.
Funding time from submitted application: Anywhere from immediately (if receiving cash in-store) to the next banking day.
Title loans
If you own your vehicle, a title loan can give you fast cash in exchange for your car’s title. Your vehicle’s appraisal value will primarily determine how much money you can get. You keep your car while you pay back the loan, at which point you’ll get your title back.
Quick loan amount range: Depends on your state and your car’s condition and value.
High credit score required? No.
Collateral required? Yes (your car title).
Average time to complete application: 15 - 30 minutes (requires on-site appraisal).
Decision time range: Minutes.
Funding time from submitted application: Immediately following appraisal.
Pawn shop loans
Pawn shop loans are quick loans that allow you to bring valuables like jewelry or power tools into a pawn shop to hold as collateral until you repay the loan.
Quick loan amount range: Depends on the collateral’s value.
High credit score required? No.
Collateral required? Yes.
Average time to complete application: Minutes.
Decision time range: 10 - 15 minutes.
Funding time from submitted application: Immediately.
Installment Loans
Installment Loans are quick loans that make it easy for you to borrow a set amount of money and make fixed monthly payments over time.
Quick loan amount range: Depends on your state.
High credit score required? No.
Collateral required? No.
Average time to complete application: Less than 10 minutes.
Decision time range: Minutes.
Funding time from submitted application: Within one business day.
Lines of Credit
A personal Line of Credit is a flexible loan that allows you to borrow as much or as little as you’d like up to a certain credit limit. You can repay the amount borrowed all at once or in scheduled payments. The amount of interest you pay with this quick loan depends on the amount you withdraw, not your full borrowing limit.
Quick loan amount range: Depends on your state.
High credit score required? No.
Collateral required? No.
Average time to complete application: Minutes.
Decision time range: Minutes.
Funding time from submitted application: Within one business day.
2. Select the quick loan type that meets your eligibility requirements
If you want to get a quick loan right now, choose a loan that’s ideal for your unique situation. Consider your credit score, income, how much you need, and whether you have something of value to put up as collateral. Once you do, you’ll be able to narrow down your options and make a smart decision.
3. Know what you need to apply for a quick loan
After you decide on a quick loan, review the application requirements. You may need to jot down your bank account number and routing number so you can sign up for direct deposit. If you’re applying for a title loan, you’ll need your vehicle title.
No matter which quick loan you choose, you’ll need your driver’s license or other government-issued ID, recent proof of income, and your Social Security number. Whether you’re applying for a quick loan online or in person, having this information on hand can speed up the application and approval process.
4. Apply for your quick loan
To get a quick loan faster, apply in-store rather than online. Also, if you’ve used a certain lender in the past, they’ll likely have your information on file, making the process even faster.
But even if you don’t apply in-store or you’ve never used the lender before, you can still apply online and get fast cash through Advance America. Depending on your state, you may be able to complete an online application for various emergency loans that can get money in your hands when you need it.
5. Review your loan details
Before you sign on the dotted line and move forward with a quick loan, make sure you understand what you’re agreeing to. Look at the interest rates as well as any associated fees or penalties for late or missed payments. In addition, review your budget and confirm that you’re able to comfortably repay the loan.
Advance America quick loans
If you’re ready to get a quick loan now, Advance America can help. We offer several quick loan options, including:
Payday Loans
You can quickly apply for an online Payday Loan now. If approved, you’ll receive money within one business day of submitting your application.
If your application is approved before 10:30 AM EST, you’ll typically receive same-day funding. You can also apply in-store and, if approved, receive cash right away.
Title loans
We’ve partnered with LoanCenter to offer quick title loans. A LoanCenter representative will appraise your car’s value and fund your loan directly.
Installment Loans
Our Installment Loans offer a simple application process and larger loan amounts spread out over a longer repayment term, which can make it easier to budget your loan payments. Depending on your state, you may be able to complete our quick loan application in-store or online from the comfort of your own home.
Lines of Credit
When you apply online for a Line of Credit, we’ll determine your maximum credit line based on a number of factors, including your income. Remember, you only pay interest on the amount of money you withdraw, not on the entire credit line, so only draw what you can afford to repay.
Alternatives to getting a quick loan
While quick loans are a good way to get out of a financial bind, they aren’t for everyone. Here are a few alternatives to consider:
Borrowing from friends and family
If you know someone willing to loan you money, it can be a better option than taking out a loan. Friends and family are less likely to charge interest, and they may be easier to work with in terms of repaying the loan according to your budget.
However, borrowing money from friends and family can put a strain on relationships if you don’t repay the money. As long as you have a solid relationship with your lender and they’re willing to work with you, this shouldn’t be an issue.
Government assistance programs
Depending on your living situation, you may qualify for local, state, or federal assistance programs. These programs can help you pay for things like groceries, gas, utility bills, and other expenses.
Getting a second job or side hustle
If you don’t want to borrow money at all, you also have the option of picking up a side hustle or finding a second job. Going this route will give you the satisfaction of knowing you got out of your financial jam on your own, without anybody’s help. However, performing extra work takes time and energy, and your living situation might not allow for it.
Having a co-signer
If you’re having to seek alternatives to loans because you don’t qualify for any on your own, you can have someone co-sign a loan with you. Lenders are more likely to approve you for loans if you have a co-signer in good financial standing, making this a solid option.
Starting a GoFundMe
Depending on why you need extra money, you can potentially start a GoFundMe. Crowdfunding sites like GoFundMe are designed for people in tough financial situations who need help getting by. This form of fundraising is typically used for things like medical bills, family needs, and similar expenses.
Key benefits
Here are some benefits of getting a quick loan:
Easy application
Quick loans come with easy applications that you can complete in minutes. You’ll just need to fill out several personal and financial details like your name, address, proof of income, and bank account number.
Instant approval
Many lenders offering quick loans have instant or fast approval decisions. This means you may find out whether you’re approved for a quick loan within moments of submitting your application.
Good credit not needed
Many lenders have less strict credit score requirements and will consider factors in addition to your credit score when deciding whether to approve your application. This means you can still get approved for a quick loan with poor or fair credit.
Quick loan FAQs
Which quick loan is right for me?
Consider your financial needs and budget when deciding which quick loan is right for you. For instance, if you need a few hundred dollars to cover essential or emergency expenses before you get your next paycheck, you may want to consider a Payday Loan. But if you want to get a larger sum of money, an Installment Loan or a Line of Credit may be a better option.
Where can I get a quick loan?
You can get a quick loan from Advance America. We offer Payday Loans, Installment Loans, and Lines of Credit that you can apply for in-store or online. If approved, you may receive the money the same day you’re approved – or at least on the following business day.
Do I need good credit?
You don’t need good credit to get a quick loan from Advance America. We approve borrowers with all types of credit scores because we consider factors like your income, employment history, and ability to repay. So, you may still qualify for a quick loan with poor or fair credit.
Get a quick loan today
With the right quick loan, you can get the cash you need to pay for a car repair, medical procedure, or other unexpected expense. Fortunately, there are plenty of quick loan options available.
At Advance America, we can help you get the funds you need to overcome a financial roadblock. Apply online or visit a store location near you today.
