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Need Money Now But Can’t Get A Loan?

If you’re thinking, “I need money today for free,” consider cash advances or community assistance programs that cover emergency expenses and more.

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Updated July 24, 2024
Written by Rachel Alulis
Here at MoneyFor, our goal is to help you make informed financial decisions. We are committed to accuracy and impartiality in all our content. It’s important to note that articles may reference products from our partners who compensate us. This influences which products we feature and their presentation on our site, not our evaluation.

Key takeaways

  • Credit unions and community banks offer loans with lenient eligibility requirements.
  • Always try to prequalify and compare borrowing options to ensure you get the best terms and conditions available.
  • If you can’t get a loan, look into cash advances, borrowing from friends and family, and community assistance programs.

If you need money now, you can find funds in ways other than traditional loans. A personal loan can be hard to get when you need money asap but have less-than-perfect credit. But that doesn’t mean you’re out of options. There are plenty of ways to get money now for people with poor credit.

That said, a lot of lenders with lenient requirements don’t have the most affordable rates. Many charge a lot in interest and extra fees. Still, you can get approved.  

We’ll go over how you can access money fast whenever you need it.

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I need money now emergency loans

When you need cash immediately, consider emergency personal loans. These loans are designed to provide quick assistance be it for medical bills, an unexpected expense, or even groceries. Many financial institutions offer online loan applications that can be completed in minutes, and if approved, the funds may be deposited into your bank account in one to three business days. Some lenders even provide same day funding.

Whether or not you’re approved and what terms you receive depends on your credit score, income, and debt-to-income ratio. Typically, you’ll need a score of 580 or more to qualify. If your score is below 670, you will likely receive a loan with higher APR (annual percentage rate) and additional fees.

Another possibility when you need financial help immediately are hardship loans. These loans provide funding to cover an emergency expense.

Before taking out any loan, read the terms and conditions to ensure you can afford it. Taking out a loan you can’t afford will only add to your debt burden.

Debt-to-income (DTI) ratio

Lenders are not only interested in your credit; they also consider your debt-to-income (DTI) ratio. Your DTI compares your total monthly debt payments to your monthly income. It helps lenders evaluate your ability to manage a new debt and if you can afford the monthly payments. A lower DTI can help offset a poor credit history by showing that your current debts are well managed relative to your income. If your DTI is high, pay down debts before applying to improve your chances.

Unemployed but need cash?

Learn how to get cash fast, without a job.

How to apply for a loan when I need money right this second?

Securing bad credit loans can be tough, but there are several steps you can take to increase your chances of approval. First, gather the information you’ll need for a smooth application process.

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Most lenders require:

  • Social Security Number
  • Date of birth
  • Address
  • Income
  • Amount you’re requesting
  • Why you need the money

Once you have your information together, follow the steps below.

Get a $2,000 loan instantly!

Shop around and prequalify

It’s a good idea to prequalify before you officially apply. Prequalifying lets you gauge your eligibility for a loan and get an idea of the rates and terms you might receive without impacting your credit. Try to prequalify with at least three lenders. Then, compare potential offers, looking at the interest rates, fees, loan amounts, and repayment terms.

Select your loan and apply

Once you’ve compared offers, select the one you want and submit a formal loan application. You’ll need to provide additional information, including verification of income, employment status, and identity.

Receive your funds

Lenders take anywhere from a few hours to several days to reach a decision. If approved, you will be presented with a loan agreement outlining the terms of your loan (APR, fees, repayment schedule, etc.). Review it thoroughly before signing. After you sign, funds will be deposited in your bank account within one to three business days.

Are you looking for immediate loan options?

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Personal loan possibilities if I need money desperately

When you are in need of money urgently you have three main borrowing options. All three provide quick access to cash but have very different terms and conditions.

Installment loans

An installment loan is when you borrow a lump sum and pay it back in regular installments over two to seven years. They have set repayment schedules and fixed interest rates. Installment loans can be a viable option if you need a lot of money and prefer predictable monthly payments.

Payday loans or paycheck advances

Payday loans are a fast and convenient way to get cash now. They are typically for smaller amounts and are repaid with your next paycheck. The loan process is easy; however, payday lenders often charge fees equivalent to a 400% APR.

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Revolving lines of credit

A revolving line of credit (credit card or personal line of credit) is a more flexible option for fast cash. You can borrow any time you need to, up to a certain limit. Interest is only charged on the amount used. A line of credit can be helpful for an ongoing financial emergency.

Borrow $1,000 instantly!

Avoid high risk loans

Many people struggle with not enough money each month to cover all their bills and expenses. In this situation, it can be tempting to take out a short term loan. The problem is many bad credit short term loans are from predatory lenders who charge exorbitant APRs – think payday loans or auto title loans (a secured loan where your asset is also at risk). An expensive high risk loan can worsen your financial situation. Always explore safer alternatives first.

Require quick cash help?

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How can I get money if I’m struggling?

If you find yourself asking, “Who will give me a loan when no one else will?”, we have options for you. Not all financial institutions have the same strict requirements.

Potential loans include:

  • Personal loans
  • Payday alternative loans
  • Credit card cash advances
  • Cash advance apps
  • Paycheck advances
  • Pawnshop loans

You could also refinance loans or consolidate debt in order to lower payments and save money.

Secure a personal loan

Credit unions, community banks, and online lenders all offer personal loans with potentially lenient criteria. Personal loans have a repayment period of two to seven years and come with a fixed interest rate. The APR ranges from 6% to 36%, and amounts vary from a few hundred to tens of thousands of dollars.

Personal loans are a good choice if you need to borrow a large amount and can get favorable terms.

Pawn valuables

You can take an item of value – jewelry, electronics, or collectibles – to a pawnshop in exchange for quick cash. Pawnshops provide short term loans based on the value of your item, which you can reclaim by repaying the loan with interest. Or you can sell the item outright. Pawnshop loans are convenient, but they often have sky high APRs and short repayment periods.

Pawnshops are a fast way to make money today, but you risk losing your item if you can’t repay.

Click here for short term loan options!

Apply for a payday alternative loan

Certain federal credit unions offer Payday Alternative Loans (PALs) as a safer alternative to payday loans. These loans are for $200 to $2,000 and have repayment terms of one to twelve months. The APRs are capped at 28%, and the application fee cannot exceed $20.

PALs are ideal for credit union members with poor or fair credit who need a small loan.

Take out a credit card cash advance

Another method for how to come up with money fast is to take a cash advance from a credit card. You withdraw money directly from your credit card’s line of credit via an ATM or by going to your bank branch. Most issuers give a separate credit limit for cash advances.

Credit card cash advances give fast cash but they are expensive. There is the 3% to 5% transaction fee, ATM fee, and higher than usual APR. Plus, interest starts accruing immediately.

If you take one out, you need to pay it back fast.

Read more about loans!

Try a cash advance app

These apps will advance you $50 to $500 on your upcoming paycheck without a credit check. They rely on your direct deposit instead.

Fees are often minimal, and interest rates tend to be nonexistent. Many apps will ask for either a subscription fee or an optional tip. If you’re desperate for money, you can also pay a fast funding fee and receive the cash the same business day. Otherwise, you’ll have to wait one to three days.

If you have direct deposit and need extra cash now, this can be a good option. Be sure to budget for a lower paycheck.

Request a paycheck advance from your employer

You can request a payroll advance directly from your employer. Paycheck advances allow you to get money now without going into debt. You access a portion of your future earnings earlier than scheduled. Many employers offer this benefit, with either low fees or none at all.

If you decide to take a paycheck advance, you’ll need to budget accordingly.

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Get better rates on student loans

Consider refinancing student loans to secure better rates and save money. Shop around for lenders offering competitive APRs and favorable terms. Explore federal loan programs that charge less interest or income-driven repayment plans.

Consolidate debt and save

Debt consolidation is when you roll multiple debts into one. The idea is to simplify your monthly payments and secure a lower interest rate, thus saving money. Look for consolidation loans that offer favorable terms to increase your cash flow.

Build credit with a credit builder loan

A credit builder loan can help when you need to build credit. The funds are held in a secured account while you make regular payments. Once you’ve paid off the loan, you get the money. The on-time payments are reported to credit bureaus, helping you establish a positive credit history.

Looking for a payday loan?

Click here for online payday lenders.

How can I borrow money without a loan?

Believe it or not, borrowing money without engaging with lenders is possible.

Visit a local charity or nonprofit

If you have no money for food until payday, local charities, nonprofits, or religious organizations may be able to help. Many communities have resources designed to assist residents with essential expenses such as food, utility bills, and even rent. For instance, food banks can reduce your grocery expenses, while some organizations offer one-time financial assistance to prevent eviction or keep the utilities running. These services are typically reserved for those in dire need. Call 211 to learn more about financial resources in your area.

Look for community loans

Community loans can provide valuable financial support. Local non-profits, credit unions, and community organizations often offer low-interest loans or grants to help with immediate needs. Explore these community-based options for a safer and more affordable solution.

Sell gift cards and used items

If you need to make money quickly, try selling unused gift cards and pre-owned items. Online marketplaces and local buy-and-sell groups make it easy to find buyers for gift cards, electronics, clothing, and household items.

Borrow from your retirement account

Borrowing funds from your 401(k) can provide quick cash today. You to take a loan against your savings with low interest charges and few fees. Be sure to repay the money on time to avoid penalties, excess taxes, and to ensure your retirement savings remain intact.

Leverage your life insurance

If you have a whole or universal life insurance policy, you may be able to take out a loan against the policy’s cash value. This option allows you to borrow money without affecting the death benefit as long as the loan is repaid. The insurance company does charge interest on the loan.

Ask loved ones for a loan

Borrowing from friends or family can be the simplest, fastest, and cheapest solution. Most friends and family will not charge interest or fees. Before you go this route, you need to get a loan agreement in writing. Put down the loan amount and terms, how often payments will be made, and for what amount. Be sure to repay the money as agreed to avoid damaging the relationship.

Is your debt getting out of hand?

Debt management plans can provide the relief you need!

Need help with money? Inquire about payment plans

For those seeking loans to help pay bills, directly approaching your service providers about payment plans or financial assistance programs can be a highly effective alternative. Many utility companies, medical institutions, and even landlords offer structured payment plans that allow you to make smaller, more affordable monthly payments.

Hardship programs are another option. They are designed to assist individuals facing temporary financial difficulties. These programs might reduce your bill, offer interest-free periods, or provide partial forgiveness under certain circumstances.

How to repay your loan when you don’t have a job

Paying for a loan when you don’t have a job can be challenging. Here are several strategies to consider:

Alternative sources of income: Use unemployment benefits, worker’s compensation, court-issued funding like alimony or child support, or Social Security benefits to repay the money.

Side hustle: Consider freelance work, gig jobs, or part-time employment. A lot of side hustles and delivery services offer flexible schedules.

Government and community assistance: Take advantage of welfare programs or emergency grants specifically designed to help those without work.

Sell unnecessary items: One practical tip for what to do when you have no money is to sell items you no longer use for quick cash. Websites like Craig’s List and Facebook Marketplace can be effective platforms for selling goods quickly.

Delay payments: Some lenders will defer payments until you secure employment.

Frequently asked questions

1. Where can I get money fast in an emergency?

For emergency funding, consider payday loans or paycheck advances that provide a lump sum on the same day. Federal credit unions offer payday alternative loans (PALs) that are more affordable. Another way to get cash now is an auto title loan. No matter which loan you choose, make sure you review the terms carefully and can repay it as agreed.

2. What is the minimum credit score for emergency loans for low income families?

The minimum score required varies widely depending on the financial institution and the type of loan. Banks generally require good to excellent credit – scores of 670 or higher. Many credit unions and online lenders have more lenient requirements.

3. How can I get money instantly without a hard inquiry?

To get money now without a credit check, look into a payroll advance or cash advance app. Both give instant money now with few fees, but you need to be employed.

4. Do I need good credit to get a loan without a job?

Having good to excellent credit can help you get approved, but it’s not necessary. No income loans are often based on other factors, such as previous financial relationships or collateral (car title loans). Lenders will likely still consider your credit score to determine risk. Without income, you will likely face higher interest charges or need a cosigner.

5. How can I get some money right now if I can’t get a loan?

Consider borrowing from friends or family, requesting a paycheck advance, or selling valuables. Local community organizations often offer financial assistance or grants to those in need. Crowdfunding platforms can another viable way to raise funds quickly.

6. Who can help me with money urgently?

When you need urgent financial help, consider reaching out to local non-profits, religious organizations, community assistance programs, friends, and family. Government assistance programs and social services can also provide emergency aid when you don’t have money for food.

Bottom line

If you’re in need of money but have bad credit, don’t give up hope. There are plenty of avenues to explore beyond traditional loans, and there are lenders who consider other factors besides credit scores. Visit your local credit union or find online loans with lenient requirements.

Research different types of loans and lenders. Make sure you prequalify with at least three lenders so that you can compare rates, fees, and terms to find the best loan for you.

There are borrowing options when you need fast cash, no matter your credit or income. It may take a little work to find them but you will be able to access the money you need. Visit Moneyfor for even more on loans!

1. Paycheck Advance is For eligible customers only. Your actual available Paycheck Advance amount will be displayed to you in the mobile app and may change from time to time. Conditions and eligibility may vary and are subject to change at any time, at the sole discretion of Finco Advance LLC, which offers this optional feature. Finco Advance LLC is a financial technology company, not a bank. Expedited disbursement of your Paycheck Advance is an optional feature that is subject to an Instant Access Fee and may not be available to all users. Expedited disbursements may take up to an hour. For more information, please refer to Paycheck Advance Terms and Conditions.
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15. Baggage Insurance Plan coverage can be in effect for Covered Persons for eligible lost, damaged, or stolen Baggage during their travel on a Common Carrier Vehicle (e.g. plane, train, ship, or bus) when the Entire Fare for a ticket for the trip (one- way or round-trip) is charged to an Eligible Card. Coverage can be provided for up to $2,000 for checked Baggage and up to a combined maximum of $3,000 for checked and carry-on baggage, in excess of coverage provided by the Common Carrier. The coverage is also subject to a $3,000 aggregate limit per Covered Trip. For New York State residents, there is a $2,000 per bag/suitcase limit for each Covered Person with a $10,000 aggregate maximum for all Covered Persons per Covered Trip. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
16. Car Rental Loss and Damage Insurance can provide coverage up to $75,000 for theft of or damage to most rental vehicles when you use your eligible Card to reserve and pay for the entire eligible vehicle rental and decline the collision damage waiver or similar option offered by the Commercial Car Rental Company. This product provides secondary coverage and does not include liability coverage. Not all vehicle types or rentals are covered. Geographic restrictions apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company. Car Rental Loss or Damage Coverage is offered through American Express Travel Related Services Company, Inc.
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18. When an American Express® Card Member charges a Covered Purchase to an Eligible Card, Extended Warranty§ can provide up to one extra year added to the Original Manufacturer’s Warranty. Applies to warranties of five (5) years or less. Coverage is up to the actual amount charged to your Card for the item up to a maximum of $10,000; not to exceed $50,000 per Card Member account per calendar year. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
19. Purchase Protection is an embedded benefit of your Card Membership and requires no enrollment. It can help protect Covered Purchases made on your Eligible Card when they’re accidentally damaged, stolen, or lost, for up to 90 days from the Covered Purchase date. The coverage is limited to up to $10,000 per occurrence, up to $50,000 per Card Member account per calendar year. Coverage Limits Apply. Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by AMEX Assurance Company.
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30. SpotMe® on Debit is an optional, no fee overdraft service attached to your Chime Checking Account. To qualify for the SpotMe on Debit service, you must receive $200 or more in qualifying direct deposits to your Chime Checking Account each month and have activated your Visa debit card. Qualifying members will be allowed to overdraw their Chime Checking Account for up to $20 on debit card purchases and cash withdrawals initially but may later be eligible for a higher limit of up to $200 or more based on Chime Account history, direct deposit frequency and amount, spending activity and other risk-based factors. The SpotMe on Debit limit will be displayed within the Chime mobile app and is subject to change at any time, at Chime’s sole discretion. Although Chime does not charge any overdraft fees for SpotMe on Debit, there may be out-of-network or third-party fees associated with ATM transactions. SpotMe on Debit will not cover any non-debit card transactions, including ACH transfers, Pay Anyone transfers, or Chime Checkbook transactions. SpotMe on Debit Terms and Conditions.
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About the author

Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor’s credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor’s degree in journalism and an MBA.

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