The best ways to borrow money fast are to take out a personal loan, charge your expenses to a credit card, or borrow from a friend or family member. You can also borrow money from a loan app, pawn shop, or payday lender, but keep in mind that these options can be quite expensive.
9 Ways to Borrow Money Fast
- Personal Loan From an Online Lender
- Credit Card Purchase
- Home Equity Line of Credit (HELOC)
- Cash Advance
- Loan From a Friend or Family Member
- Retirement Account
- Loan App
- Pawn Shop Loan
- Payday Loan
Personal Loan From an Online Lender: Funding as soon as the same day
Online lenders have a fully online application and funding process. Many lenders will give an approval decision in just seconds, and some lenders may provide funding as soon as the same day you get approved. Online lenders also tend to have more lenient credit requirements than traditional banks and credit unions.
Credit Card Purchase: Instant funding
For immediate needs, a credit card might be the best choice. If you have a credit card account open already, you can make purchases with it instantly, as long as the charges are less than or equal to your available credit. The best credit cards for financing purchases are ones with introductory0% APRs, but if you don’t have a credit card yet, it could take a few weeks to get approved and receive one in the mail.
Home Equity Line of Credit (HELOC): Funding as soon as the same day
If you don’t already have a HELOC, you can drop this option from consideration, as HELOCs take multiple weeks for approval and funding. But if you have one open, you’ll be able to borrow up to your credit limit whenever you want.
Cash Advance: Instant funding
You may be able use a credit card to withdraw money from an ATM, although the amount is usually capped at a percentage of your credit limit. While cash advances can get you instant money, they charge fees of 3% to 5% of the amount borrowed, and interest starts accruing right away at a high rate.
Loan From a Friend or Family Member: Funding as soon as the same day
You can get money from someone else relatively quickly since they won’t make you fill out an application. The terms for the loan can also be as strict or as lenient as the lender wants. But before you get the money, it’s important to write up an agreement and sign it so there’s no conflict over expectations for repayment.
Retirement Account: Funding as soon as the same day
You can take money out of your retirement account. But unless you repay that money within 5 years (or earlier if you lose your job), you’ll owe a 10% withdrawal penalty as well as income tax on the money. These loans do charge interest, but it goes back into your retirement account. The point of it is to make up for money you lost while your funds weren’t invested.
Loan App: Funding as soon as the same day
If you have a minor financial need, cash advance apps can offer small advances on your paycheck, often with instant availability. Many cash advance apps don’t charge interest but may have a subscription fee, an instant transfer fee or an option for tipping. For example, Earnin, which offers advances up to $750, suggests a tip of up to $14 for each advance and charges a fee if you want the money instantly.
Pawn Shop Loan: Instant funding
A pawnshop loan involves using an item as collateral. When you bring the item to the pawnshop, they assess its value and offer you a certain amount of cash. Pawn shops can be a quick way to borrow money, but keep in mind that they typically charge extremely high interest rates of around 200%. Also, the pawnshop can sell your item if you don’t pay on time.
Payday Loan: Instant funding
Payday loans are short-term, high-interest loans that you typically have to pay back by your next payday. Borrowing amounts usually range from $100 to $1,000, and payday lenders often charge fees and interest that amount to an APR of around 400%. A payday loan should be your last resort because it could land you in a cycle of debt that’s hard to get out of.
Ways to Borrow Money Fast Comparison
| Borrowing Method | Fastest Possible Funding | Typical APRs | Other Considerations |
| Personal loan | Same day (usually a few business days) | 4% - 36% | May charge origination fee of 1% - 8% |
| HELOC | Same day (if open already) | 2% - 7% | Secured by your house |
| Credit card purchase | Instant | 22.9% on average | Not accepted everywhere |
| Credit card cash advance | Instant | 24.81% on average | Requires PIN; high fees & APRs; no grace period |
| Loan from friend/family | Same day | N/A | Risk ruining relationship if you can’t repay |
| Retirement account | Same day | Prime rate +1% | Owe 10% early withdrawal penalty and income tax if not repaid in 5 years |
| Loan app | Same day | None | Fees may be expensive since most apps don’t charge interest |
| Pawn shop loan | Instant | 200% | Pawn shop can keep your item to resell if the loan isn’t paid back |
| Payday loan | Instant | 400% | Payday lenders are often regarded as predatory due to their high costs |
There are several ways to borrow money fast, but you should take your time to shop around and compare options. For example, payday loans and pawn shop loans can offer instant cash, but they come with extremely high fees that could end up doing more harm than good.
This answer was first published on 05/12/23 and it was last updated on 02/08/24. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
