7 Ways to Borrow Money and Get It Instantly

When faced with an unexpected financial emergency and you find yourself short on funds, there are several methods available to quickly secure the money you need. Let’s explore how instant money loans work and the various options available for obtaining money promptly to meet your immediate expenses. 

Loans to borrow money instantly 

One of the best ways to get money when you need it fast is to apply for an online loan. Here are some money loan options Advance America offers online and in-store: 

Payday Loans 

Payout: 24 hours 

Also known as a Cash Advance, a Payday Loan is a short-term, small-dollar loan, typically no more than $500 to $1,000. Payday Loans are set up so that you can repay them when you get your next paycheck, which will likely be within two to four weeks. 

A Payday Loan will typically include a fee for every $100 borrowed. This fee varies from state to state and lender to lender. It’s important to know what the fee is before accepting the Payday Loan, so you know whether you can afford to pay it back. 

You can easily apply for an online Payday Loan with Advance America and, if approved, receive your money within 24 hours of submitting your application. For your convenience, you can apply online or in-store at one of our convenient locations. 

Installment Loans 

Payout: 24 hours 

Payday Loans can be a good option when you need a small amount of money, but if you need more, an Installment Loan might be the better option. 

You also have a longer amount of time to repay Installment Loans, ranging from three to 36 months. Installment Loans typically have lower interest rates than Payday Loans given the larger sum of money you’re borrowing and prolonged repayment. 

Best of all, completing our online Installment Loan application takes just minutes. You will typically receive an instant approval decision and same-day funding if your loan is approved before 10:30 AM ET Monday through Friday. 

Line of Credit 

Payout: 24 hours 

For a more flexible financing option, a Line of Credit allows you to borrow as much or as little as you want up to your credit limit — kind of like a credit card. You’ll only pay interest on the amount of money you borrow and not on your entire credit line. 

Your maximum credit line will be determined during the loan approval process and will depend on your credit history and current income. Lines of Credit can be a good option for ongoing expenses, such as home improvement projects or medical issues, because you can withdraw funds from your credit line as needed. 

➢RELATED: How to Get a Home Repair Loan with No Equity

Title loans 

Payout: Immediate 

A title loan allows you to borrow money using your vehicle as collateral. The amount you can borrow is based on the vehicle’s appraised value, and even though the lender will hold your title while you make payments, you can still drive your car during the repayment period. 

However, it's important to note that if you are unable to repay the loan, the lender has the right to take possession of your vehicle. You should only consider applying for a title loan if you are confident you’ll be able to repay it, otherwise you may risk losing your means of transportation. 

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When you need to borrow money quickly 

There are plenty of valid reasons you might need to borrow money with little time to spare: 

• A visit to the emergency room or urgent care. 
• Your AC, water heater, or another essential appliance gives out. 
• Your car breaks down and requires repairs. 
• You don’t have enough money to cover groceries or utilities. 
• A friend or family member is in dire straits and needs money fast. 

3 more ways to borrow money instantly 

If none of the loan options from Advance America work out and you’re still wondering, “Where can I borrow money immediately,” there are other options you might consider. 

Loan from friends and family 

Payout: Immediate 

While asking a friend or family member for money may be uncomfortable, it’s often a safe and affordable move. Friends and family are less likely to charge interest, which makes this the cheapest borrowing option. Loved ones are also more likely to be understanding of your financial situation and not charge extra for any late or delayed payments. 

The downside of borrowing from friends and family is that you risk damaging your relationship if you don’t repay what you owe. If you go this route, be sure to write a formal agreement and create a repayment timeline. This way, everyone is on the same page, and there’s no confusion or uncertainty. 

Pawn shop loans 

Payout: Immediate 

Pawn shop loans are similar to title loans in that you offer something as collateral in exchange for the loan. If you own something valuable like a diamond necklace or power tool, you can typically walk into a pawn shop and walk out with cash or a check. 

Most pawn shops provide cash loans up to a percentage of the full resale value of your item. The pawn shop holds onto your item until you repay your loan by a certain date, usually within 60 days. If you can’t repay the loan by the agreed upon time, they will keep your item and sell it. 

Home equity loans 

Payout: Six to 12 weeks 

Home equity loans can allow you to borrow money against the equity in your home. Your home equity is the difference between what you still owe on your mortgage and your home’s current value. 

The two types of home equity loans are basic home equity loans and home equity lines of credit (HELOCs). However, given the lengthy application and approval process for home equity loans and HELOCs, getting your funds can take up to three months. 

Where to borrow money immediately 

There are a variety of places you can go to if you are looking to borrow money fast, including: 

Banks. Some big-name and community banks offer express loans geared toward borrowers who want to borrow money fast. Banks are a good option because they offer safe and secure loans, and you likely have previous experience working with them. 

However, you may have trouble qualifying if you don’t have a good credit score. The interest rates associated with bank loans will be based on your credit history, which means a borrower with bad credit will be subject to high interest rates if they are approved. 

Banks also tend to take longer to approve loans and disperse funds than other types of lenders. As such, they aren’t the best option if you need money today or tomorrow. 

➢RELATED: What Credit Score Do I Need for a Personal Loan?

Peer-to-peer lenders. Peer-to-peer (P2P) lending is a modern way to borrow money instantly, where you get funds directly from individuals instead of traditional lenders. This process usually happens online through P2P lending platforms that connect borrowers with investors. 

Compared to banks, P2P lending offers a fast online experience and more lenient borrowing requirements. However, because you don't typically know your lender, this option isn’t as safe, so it's crucial to use a reputable and trusted P2P platform like Prosper or LendingClub to avoid potential risks. 

Online lenders. Not to be confused with peer-to-peer lending, which also happens online, online lenders are companies rather than individuals. Online lenders are direct lenders who give you the chance to quickly get the funds you need from the comfort of your home. 

While the process varies from lender to lender, you typically need to fill out an online application, submit it, and wait for approval. Depending on the lender you choose, you may see the money in your account as soon as the next business day. 

➢RELATED: Direct Lenders for Bad Credit

Cash Advance lenders. With a Cash Advance direct lender like Advance America, you can borrow money fast through a variety of loans that are available both online and in person. In addition to Cash Advances or Payday Loans, we also offer Installment Loans and Lines of Credit in select states. 

Cash Advance apps. If you want to make applying for a Payday Loan even easier, consider using a Cash Advance app. Cash Advance apps allow you to borrow money using your mobile device. Simply open the app on your phone or tablet, enter the necessary information, and see if you qualify for a Cash Advance. 

Because Cash Advance apps are becoming increasingly popular, there are several good options available: 

• EarnIn 
• Brigit 
• Empower 
• Klover 

The downside of using a Cash Advance app is that your information may not be as safe as when you work with a direct lender. Your information may be given to third parties who will then use it to contact you with deals and promotions. This doesn’t happen with online direct lenders like Advance America. 

Steps to borrow money instantly 

If you want to borrow money fast, here’s what you need to do: 

1. Compare lenders 

Shop around online and compare multiple lenders to find the right option for you. Make sure you choose a safe and reputable lender with a good Trustpilot rating and positive reviews on Google. 

Remember, do your research, compare rates, and choose a reliable and trustworthy lender — not just the first one that pops up on Google. 

2. Choose an instant money loan 

Once you’ve chosen a lender, it’s time to decide which instant money loan is right for your needs. If you just need a few hundred dollars to tide you over until your next paycheck, then you may want to consider a Payday Loan. But if you need a larger sum of money to cover a car repair or medical bill, then an Installment Loan or Line of Credit may make more sense. 

3. Fill out and submit an online application 

You can fill out an application for an instant money loan online from the comfort of your home. Provide all necessary details and double-check to make sure all information is correct before submitting. Then, you can submit your application and wait for approval to borrow money. 

4. Receive your money instantly 

If approved for an instant money loan, you may receive the money as soon as the same day you apply or on the following banking day. This means you can use the funds you borrowed to meet your financial needs right away. 

Is borrowing money instantly worth it? 

Whether taking out a loan or borrowing money in some other way is worth it depends on your financial situation. If you have an unexpected need or emergency, it can be a valuable option. It's also worthwhile if you need help covering essential expenses like groceries or utilities to support your family. 

You should avoid borrowing money for non-essential expenses like vacations or luxury items, and never borrow money you can’t afford to repay. Keep in mind that most instant money loans come with high interest rates and can lead to financial trouble if not repaid promptly. 

Borrow money with fast, online loans from Advance America 

If you need money fast and decide that an online loan is the way to go, Advance America is here to help. Visit us in-store or apply online now.