How to Get an Emergency Loan When You Need Cash Immediately

How to Get an Emergency Loan When You Need Cash Immediately

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Better Preparation for Future Emergencies

Unpredicted costs and emergencies can put a serious dent in almost anyone’s budget. If you’ve found yourself in this type of predicament, don’t worry – you’re not alone. Around 60% of American households deal with at least one cash emergency per year. According to FEMA, one-third of Americans don’t have any savings to fall back on, either. That’s a large group of people looking for answers on how to get quick cash and similar questions.

Knowing that you are not alone may be helpful for your morale but won’t actually solve the problem. So, if you are panicking about the current situation, hopefully, our tips from this article can help you out. Still, to avoid getting yourself into the same position again, here are some things that you should consider doing.

Consolidate Your Existing Debt

To reduce the chances of cash emergencies ever happening again, you should consider paying off your debts as soon as possible. Consolidating all your loans under one roof is very much advisable, as it will undoubtedly lower your loan payments. There is no easy way to make money, but getting out of your debt faster and saving all those greens typically spent on paying back interest is a great start.

Reach Out To Your Financial Advisor

If you’re struggling with finances, reaching out to a financial advisor might be a good idea. It is also a good solution if you managed to put some money on the side and are now looking to grow it further. Whether you’ll benefit from hiring a financial advisor usually depends on the amount of money you would like them to invest for you. Mostly, it’s about your investment goals – and yes, it is one of the safest ways to make money, but in the long run.

Invest in Your Future

With so many automated investing advisors and investment apps available online these days, there is almost no excuse for not investing in your future. Even beginners can effortlessly sail in the world of investing and turn those $2 into something you can rely on for future emergencies. 

Balance Transfer Options

For those that have good credit, researching your balance transfer options is also advisable. Even the simple act of getting a refinancing loan at half of your current interest rate can help out immensely, leaving several hundreds or even thousands of dollars you would have spent on interest in your pockets instead.

It would take you much longer to earn that money online. Once you’re confident you can repay the loan within a specific time frame, look for balance transfer cards with a 0% introductory interest rate. It will allow you to repay your debt without worrying about interest rates during the grace period.

Budget Wisely

Balance transfers and investments aside, the best way to avoid getting into a similar situation again is to budget wisely and not spend more than you have. Take your time to re-evaluate your spending habits, outstanding bills, and expenses. Try to find the extra funds you could put away for rainy days. 

Try some of the get money fast recommendations we’ve covered here. Also, try having a designated spot for saving pennies your couch would otherwise eat, and pay off your student or other outstanding debts as soon as possible to save on interest. There are many ways to find extra funds you can put towards your savings account. 

6. MoneyLion Best for those who receive direct deposits

MoneyLion is another option that comes with interest-free cash loans and expedited direct deposits to help users cover expenses in between paychecks.

Its Instacash service provides interest-free cash advances to help cover unexpected expenses to users with recurring direct deposits. Up to $25 in cash advances is available at first, but eligible users may qualify for up to $250.

There are no required fees attached to a MoneyLion account. Users may pay an optional fee for expediting transfers from Instacash.

MoneyLion also offers an online account called RoarMoney, which is required to receive faster direct deposits and unlock the highest amounts for cash advances.  There’s a $1 monthly fee for a RoarMoney account.

  • Costs: $1 a month to unlock the highest cash advance amounts
  • Max advance: $25 to $250

Fast cash advance alternatives

While instant decision cash loans are a good option for some people, they aren’t for everyone. If you don’t believe they’re a good fit, consider these cash advance alternatives. 

Installment Loans

An installment loan may make sense if you wish to borrow more than your paycheck can cover. You’ll repay it in installments over a longer time period, ranging from 3 to 36 months, which can allow for lower monthly payments when compared to cash advances. You can apply for Advance America installment loans online in minutes and receive a decision within 24 hours. 

Title Loans

If you own the title to your car, you can get quick cash with a title loan. You’ll exchange your vehicle’s title for a certain amount of cash. The value of your car will determine how much you can get. Check out our online title loan calculator to get a loan estimate today. 

Lines of Credit

A line of credit offers a flexible financing option because you can borrow as much or as little as you’d like up to your approved credit limit. You’ll only pay interest on the amount you borrow, rather than your entire credit limit. After you apply for an Advance America line of credit online, you’ll find out your maximum credit line. 

Earnin: Good for small cash advances

Why an Earnin loan stands out: If you only need a small amount of money, Earnin might be a good fit since it lets you advance small amounts from an upcoming paycheck (starting at $100 a pay period for new members and increasing up to $500). According to Earnin, you could get your money nearly instantly if you’re a past customer and meet certain eligibility requirements. (But keep in mind that depending your bank, you could have to wait longer to access your cash.) And the company says it can take 48 to 72 hours to verify your account during initial setup. If you don’t have its “Lightning Speed” feature, Earnin says it usually takes one to two business days for your money to be funded.

  • Not all types of jobs qualify — You’ll have to meet some basic requirements to use the app: At least half of your paycheck must be sent as direct deposit to a checking account, you have to be on a regular pay cycle, and you need to have a fixed work location or electronic time-keeping system.
  • Optional tips — Earnin doesn’t charge interest or fees — instead it asks customers to tip what they think is fair to support the service.
  • Balance shield alerts — If you’re worried about overdrafting your bank account, Earnin also offers a feature that notifies you when your balance falls below a level you specify.

Read our full review of Earnin to learn more.

How to get an instant cash advance

It’s easy to get fast cash advance loans. Here’s what the process entails: 

1. Know Your Cash Advance Lenders

There are plenty of cash advance lenders on the market. Do you research and find a reputable lender with positive online reviews. Advance America features a 5-star rating on TrustPilot and an A+ rating from the Better Business Bureau to ensure a transparent and reliable cash advance process.

2. Figure Out Your Maximum Cash Advance Amount

Before you take out a cash advance loan quick, find out how much money a lender can offer you. This way you’ll know whether or not it’s enough cash to cover your expense. Depending on the state you live in, Advance America’s cash advances can typically range up to $1000.

3. Calculate Your Fees, Interest, and Penalties

You’ll want to know how much your easy cash advance will cost you upfront. To avoid unwanted financial surprises, calculate your fees, interest, and penalties. 

4. Complete Your Application

Fortunately, most lenders will allow you to complete your application online, within a few minutes. You’ll have to provide personal details like your name, email address, and Social Security number. The application process for Advance America’s online cash advances can take less than 5 minutes.

5. Receive Your Funds

Upon approval, you’ll receive your funds. The fastest way to do so is direct deposit so make sure you have your account number and routing number handy when you apply. But if you are able to visit one of Advance America’s 1,500+ locations, you can stop by the store to receive cash or check.

6. Build Your Repayment Plan

Lastly, you’ll need to repay your loan on time. Follow your repayment plan to a tee to avoid late fees and a tarnished credit score. 

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Marcus by Goldman Sachs: Good for people with strong credit

Why a Marcus personal loan stands out: Marcus says it usually takes between one and four business days for you to receive approved funds after verification of your bank account. But you’ll likely need fairly strong credit to qualify, and Marcus says only people with “excellent credit” may qualify for its lowest rates.

If you only need a little bit of money, Marcus might not be right for you since its loan amounts range from $3,500 to $40,000.

  • No-fee promise — Marcus says it won’t charge you any common fees such as late fees, origination fees or a prepayment penalty. That can be attractive if you don’t want to feel like you’re being nickel and dimed to take out a loan. Just keep in mind that if you miss a payment, you’ll accrue more interest — and the information may appear on your credit reports.
  • On-time payment rewards — If you’ve made 12 consecutive monthly payments on time and in full, Marcus will let you defer one payment (and extend your loan term by one month).
  • Autopay discount — Marcus offers a small rate discount on its personal loans if you enroll in automatic monthly payments.

Check out our full review of Marcus personal loans to learn more.

Check your Approval Odds for a loan Get Started

Major requirements to be eligible to apply for same day loans

To qualify for the loan and quickly get money deposited to bank account you need to

  • Be over 18 (19 and 21 for some states)
  • Be permanent resident or a citizen of the United States
  • Not be a military now
  • Have verifiable steady income
  • Have personal bank account

Make a well-informed decision. If you are desperate of money and meet requirements we are here to help you!

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What credit score do I need to get an emergency loan

If you’re looking for a quick cash loans with a credit score of 550, you likely have tried to get a loan in the past and may have been turned town for credit reasons. Unfortunately, you may have considered yourself having bad credit. Some of the alternatives listed above provide financing for scores at 550 and below. It often depends on the lender and their requirements.

A FICO credit score under 580 is considered to be poor credit. According to MyFICO.com over 60 percent of consumers with poor credit scores become delinquent on an account. To lenders, that percentage is seen through your credit score and become an indicator of whether you’ll repay your loan.

Most personal lenders won’t even consider an applicant with a credit score under 600. But other types of personal loans or lenders might still be an option, even with a 550 credit score. One options is fill out our short form to find a lender Cash may show up as soon as the next business day.

When I desperately need a loan, but I have bad Credit

Here are 6 key ways to get emergency cash loans fast from the right lenders who won’t take a huge chunk out of your next paycheck. These range from small, fast payday loans to cash loans online and everything in between. After reading this guide you’ll be able to tell which personal loan or installment loan will suit your needs, even if your credit is less than stellar, you don’t have a bank account or you recently lost a job. But don’t worry about the details yet.

Keep in mind you aren’t alone and who actually has a great credit score nowadays? Cash loans with bad credit are all over the place waiting for you to take advantage in your time of need. Let’s look at the 6 best ways to get an emergency loan when you need funds now with short term loans direct lenders who are more than happy to assist you.

Bottom line

The days between paychecks can seem like a major obstacle, especially for low-income populations. Cash advance apps can help to provide some extra assistance to cover emergency costs, but it’s best to pair them with building an emergency fund savings. That way, you’ll have short-term coverage from the app if needed, while also practicing better saving habits.

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