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A User Guide to Fast Loans

How quickly can you access money from a loan if you were to find the fastest loan in the world? Well, in today’s digital marketplace, it’s possible to borrow thousands of dollars and have the funds hit your account in a matter of minutes, but it all depends on what kind of loan you apply for and which lender you’re using.

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While most banks and other conventional lenders won’t be in a rush to lend anyone money and will generally take their sweet time with the approval process, there are plenty of alternative lenders that are just as anxious to let you borrow money as you are to ask for it – it’s just a matter of knowing where to look.

At the same time, looking for a loan in the wrong places will only lead to a further damaged credit report because the big banks will have no problem running multiple hard inquiries against you and then denying you anyway.

If you can’t afford to sit around and wait for weeks while a lender gradually gets around to your application, you might be wondering what kind of loans you should apply for when you need fast loans today. If that’s the case, you’ve found the right guide because this is a list of the fastest loan types you’ll find both online and offline:

1. Payday Loans

When it comes to getting the money in your hand on the same day, few loan types can compete with the reliability and ease of approval that payday lenders provide. As long as you can show that you have a decent job with long-standing proof of income, you should be able to have funds loaded into your bank account on the same day, after obtaining approval within minutes of submitting your application.

Even if you live in an area where there aren’t many payday loan offices nearby, you can get the best payday loans and the funds can still be debited to your account or a prepaid card on the same day. Payday lenders understand that the vast majority of the people who need their services also require very fast access to their cash, which is why payday loans are the top option for anyone who is looking for fast loans.

So, what do you need to be approved for a day loan? Most payday lenders will approve you with ease as long as you can show that:

  • you have ID showing that you’re over the age of 18
  • you have a valid checking account with an account and routing number that accepts direct deposits
  • you can show that you have been receiving direct deposit payments from your employer to that same checking account for a period longer than 2-3 consecutive months

If you can meet those three simple prerequisites, you could have the worst credit score in the world and still wind up being approved by many payday lenders. Ultimately, this type of loan offers the highest rate of approval and the fastest funding for people with less-than-perfect credit.

2. Borrowing From Local Credit Unions

Credit unions are typically more lenient than conventional banks because they need all the business they can get. As a result, many credit unions offer payday alternative loans, also known as PALs. Credit unions usually have a range of financial services that are easier to gain approval for than those offered by national banks and larger institutions.

In fact, many unions will have financial programs designed specifically to help you plan your way out of having bad credit. Joining a local credit union is a step that everyone with bad credit should consider because they’ll work with you to help you repair your credit over time. If you’ve already been denied by a bank, applying at a local credit union could be the last-ditch effort that winds up paying off.

However, it’s important to confirm whether they’ll be performing any hard checks on your credit before you submit an application, as being turned down could hurt your credit score even more. Credit unions also have great cashback and rewards programs because they’re always in heavy competition with the banks, so you’ll see a number of other benefits by signing up and banking with one in the long-term.

3. Peer to Peer Lending Networks

Peer to peer lending networks offer a secure and speedy interface for finding other individuals who might be willing to let you borrow money. In today’s world, you don’t need to settle for the big banks and give up when they don’t approve your application, as there are thousands of private lenders out there who might just give you a chance.

Peer to peer platforms utilize responsive payment integration platforms, so as soon as you’re approved for a loan, you’ll see the funds pending in your account. From there, you’ll need to withdraw the money to your bank account, but even on the long end of things, you’re not looking at more than 1-3 days before you can actually hold the money in your hand.

However, many peer to peer transactions are motivated by the lure of an investment pitch, so you may need to have a good business idea or at least a good personal cause to convince a P2P investor to take notice of your funding request. Having a good angle will definitely help on P2P platforms because there are so many other people trying to borrow money from the same lenders, and everyone has a story to tell.

If fast funding is your primary goal, you might have better luck expressing an urgent personal need, as business investments are usually slow-rolled in comparison to the issuance of funds for a personal emergency.

4. Business Crowdfunding

Personal crowdfunding is a lot like asking for donations, so it’s hard to quantify it as a loan because you’re not really required to pay the money back to those who have donated it. However, business crowdfunding is a bit different because it opens up the doors to investors, some of whom might be expecting a return, or at least the follow-through of your company becoming successful in the long-term.

Thus, in many ways raising funds through a business crowdfunding site is like taking out a loan because you’re raising the money on the grounds that you’ll be doing something with the company in return. This is really only an ideal option for someone who already has a business plan that they’re trying to put into motion, as trying to come up with one on-the-fly when you have an urgent need of funding could be perceived as spammy. Nonetheless, if you do have a business venture that you’ve been trying to get off the ground for a while, you could piggyback on that innovation to get a fast loan.

5. Secured Personal Loans

A secured personal loan lets you use some of your assets or existing savings as collateral to obtain approval for a loan. This is a good option for someone who has decent credit but not good enough to obtain approval for an unsecured loan. Short term loans online can be funded very quickly because you’re giving the lender some assurance by making your initial deposit or signing over the rights to the assets that you’re using as collateral.

That extra blanket of security gives them the confidence needed to fund your account without delay, as they know that even if you don’t repay the loan they will still be able to recoup their losses based on the arrangement you’ve made with them. A secured personal loan is also preferable over actually having to sell your belongings or take them to the pawnshop, so it’s still in the realm of taking out a loan and not quite in the area of literally downsizing or all-out liquidation.

Why Use Us?
How much do you offer?
$100 - $5,000
No charges
Approval Chance?
High approvals!
Is poor / bad credit accepted?
All can apply
How do I get a loan?
Apply Online
2 min Application
Do I pay it all back at once?
Easy repayments

6. Making a Family or Friend Loan Official

Finally, one extra type of fast loan that’s worth mentioning is the good ol’ fashioned family or friend loan. Simply asking someone to borrow money informally might not be the best idea if you’re having a serious financial crisis, as you might need to borrow a little more than a petty amount. If that’s the case, drawing up an official loan agreement and presenting it to your closest family member or friend who is well off could help you be taken seriously.

You could offer to have the agreement notarized so that they would have some assurance that you’ll be paying them back, or you could even make it a secured loan. The point is if you’ve already been denied for the other types of fast loans on this list, asking family and friends for a personal loan as a last resort could definitely still work and is, therefore, worth a try. Most people have at least one person they can think of who might be willing to do that for them, so it’s an option that should be left on the table in case all else has failed.

Hopefully, at least one type of fast loan on this list is suitable for you!