With the right option you may be able to borrow funds right away, while in most cases, even the fastest loans will take at least 24 hours to process and get the funds out to you.
The fastest way to borrow money is through revolving credit accounts you already have. If you haven’t used up your credit limit then you should be able to use these accounts. And in some cases, that includes getting cash from them. This is usually the fastest way to get money because you won’t need to go through an application process.
If you don’t have that option, your second fastest option will likely be a payday loan. Most of the time, these loans have no credit checks, which takes away a good chunk of wait time when compared to other loan applications. Although these loans are incredibly fast, they come with many downsides. For one, payday loans come with extremely high interest rates and are only available for a small loan amount. They are short-term, and when coupled with the high interest they can quickly lead to a cycle of debt.
Instead of payday loans you can turn to personal loan options, which do come with a little more of a wait time, but way more positives. And with the right lender, your wait time could be as little as five business days. Online lenders are usually the fastest option when looking for a quick personal loan.
A personal loan comes with steady monthly payments and loan amounts can range from a few hundred dollars up to a few thousand dollars. With bad credit, you may still be able to borrow money from one of these loans (with the right lender).
A few other options you can consider is borrowing money from friends and family, using a savings fund, or you can get a side hustle to make money quickly. If you are struggling financially, there are assistance programs available that can help you make ends meet until your financial situation is stable again.
And so, as you can see there are plenty of options available if you need to borrow money quickly. Just ensure that you choose a low cost option that doesn’t throw your financial situation upside down.