Do You Need a Loan ASAP?

Emergencies can happen in many aspects of life, including your finances. If you’ve found yourself facing an unexpected expense, you don’t need to panic because there are ways for you to come up with quick cash when you need it.

Your options in a financial emergency can vary depending on your financial situation and how much you need to borrow. No matter how urgent your situation, you should take a few minutes to explore your options for getting the funds that you need.

Read on to find out everything you need to know about getting a loan ASAP.

Ways to Borrow Money Fast When You Urgently Need a Loan

If you’re short on cash and need money fast, here are a few of your options:

Credit Cards

If you have credit cards, you may have the ability to take a cash advance from those cards. The terms on most credit cards will have a pre-set limit on the amount of cash advances. Note also, however, that cash advance APRs are usually much higher than the APR for purchases.

Even so, if you’re in a bind and need money ASAP, a cash advance from your credit card might be the best (or only) option. Most credit cards can be used at any ATM to withdraw the money that you need through a cash advance.

If you need more money than the cash-advance limit on your credit card allows, you may need to visit a bank for an in-person cash advance.

Banks/Credit Unions

Applying for a line of credit or loan from your personal bank or credit union is another option, but the process of obtaining funds can often take longer than other options.

Those who need money urgently often find that waiting for approval or funding of a traditional loan or line of credit can take up to a week or more, which isn’t conducive to situations where people need money now.

Peer-to-Peer Lenders

A newer option, thanks to the Internet, is to borrow money from P2P, or peer-to-peer, lending networks. These networks are set up to loan money to people, among others, who might not qualify for loans from banks, credit unions, or other sources.

Peer-to-peer lenders do offer quicker approval than loans from other more traditional loans, but peer-to-peer loans still, in most cases, require applicants to have a decent credit score in order to be approved for funds. These credit score requirements can be prohibitive for many borrowers.

Payday Lenders

Payday loans are commonly a preferred choice for those who need a loan desperately, urgently, or with bad credit.

These loans offer short-term funding with higher interest rates than other options and generally require full repayment at the borrower’s next payday. While this does provide instant cash, it can also be difficult to repay these loans in such a short period of time.

Getting a LendUp Loan When You Desperately Need It

LendUp offers a different kind of cash advance, making it easy for you to get money fast when you need it most. Good credit is not required to apply and we may be able to approve applications and fund loans within 24 hours for most borrowers.

Plus, LendUp’s application process doesn’t involve a hard credit check and applying won’t hurt your FICO score.

Borrowers can repay their loans from LendUp and potentially improve their credit situation with the LendUp Ladder (in areas where the LendUp Ladder is available) by making on-time payments for loans and taking free financial education courses. Plus, LendUp offers:

  • 24/7 online applications and instant loan decisions in most cases
  • NO rollovers, hidden fees, or debt traps
  • Mobile-friendly application process
  • Access to lower rates, higher loans, and other credit products may be available as part of the LendUp ladder program (where available) for borrowers who make on-time payments or complete free financial education courses.

If you need a loan urgently, but want a better option, apply with LendUp today!

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