Ways to borrow money, ranked by cost
You can borrow money quickly from an app, a credit union, a credit card or a short-term lender. The fastest options are often the most expensive, so compare the total you will repay, not only how soon the money arrives.
Key points
- For $50 to $250, a cash advance app with no express fee is usually cheapest.
- Credit union payday alternative loans cost at most 28% APR.
- Payday and title loans are fast but cost many times the 36% APR ceiling.
- Asking for a payment plan can remove the need to borrow at all.
On this page
Start with the amount and the deadline
How much you need and how soon decides which options make sense. Borrowing $100 for a week is a different problem from borrowing $2,000 for six months.
| Option | Amount | Speed | Typical cost |
|---|---|---|---|
| Payment plan with the biller | The bill itself | Same call | Often free |
| Cash advance app | $20 to $500 | 1 to 3 business days, minutes for a fee | $0 to $15 |
| Credit union PAL | $200 to $2,000 | A few days | Up to 28% APR |
| Credit card cash advance | Your cash limit | Minutes at an ATM | 3% to 5% fee plus interest |
| Installment loan | $500 to $5,000 | 1 to 3 business days | Varies widely |
| Payday loan | $100 to $500 | Minutes to 1 business day | About $15 per $100 |
| Title loan | 25% to 50% of car value | Minutes | About 25% a month |
Apps that let you borrow money
Cash advance apps are the quickest way to borrow a small amount without interest. You link your bank account, the app reviews your deposits, and it advances part of your next paycheck. Limits start low. Read how the fees work in our cash advance apps guide.
Borrowing from a credit union or bank
Federal credit unions offer payday alternative loans of $200 to $2,000 with an application fee of no more than $20 and a rate cap of 28% APR. You may need to be a member for a month first, although some credit unions lend right away. Several large banks also offer small-dollar loans to existing customers for a flat fee. Both cost a fraction of a payday loan.
Borrowing against a paycheck or a card
Some employers offer paycheck advances through payroll, sometimes at no cost. A credit card cash advance is expensive for a card but cheap next to a payday loan.
Short-term lenders
Payday loans, installment loans and title loans are available to borrowers with poor credit, and the price reflects it. Check your state’s rules first, confirm the lender’s license, and use the calculator to see the cost in dollars.
Borrowing from people you know
A loan from family or a friend costs nothing in fees. Put the amount and the repayment date in writing so the favor does not damage the relationship.
When not to borrow
A loan moves a bill to next month and adds a price. It helps when the shortfall is a one-off and the repayment fits inside your next paycheck. It hurts when the same gap will be there next month: then a payment plan, an assistance program or a session with a nonprofit credit counselor does more than any loan. If you are borrowing to repay another loan, stop and read about getting out of payday loan debt.
Before you borrow from anyone
- Call the company you owe and ask for more time.
- Check local assistance for rent, utilities and medical bills.
- Compare at least two offers by total repayment.
- Never pay a fee up front to receive a loan.
Common questions
What is the fastest way to borrow money?
A cash advance app with express transfer, a credit card cash advance, or a storefront lender can each put money in your hands within minutes to hours. Speed usually costs extra.
How can I borrow money with bad credit?
Cash advance apps, credit union payday alternative loans and short-term lenders rely more on income than on credit scores. Expect higher prices from lenders, and compare the total repayment.
Where can I borrow $500?
A credit union PAL, an established cash advance app account, a credit card, or a payday or installment lender where your state allows it. See the $500 loan page for prices by state.
Is it safe to borrow money online?
Yes, if the lender is licensed in your state and shows the finance charge and APR before you sign. Never pay an upfront fee, and avoid sites that will not name the lender.
Does Northlight lend money?
No. Northlight is an information site. We explain costs and state rules; we do not make loans or credit decisions.
See the payment before you apply
Pick an amount and a term. The calculator shows the monthly payment, the total and the cost of credit at the highest APR we allow.
Sources
Keep reading
- Cash advance appsCash advance apps lend $20 to $500 against your next paycheck. See how tips, express fees and subscriptions add up, and how to compare apps.
- Bad credit loansBad credit narrows your choices but does not remove them. Compare credit unions, secured loans, apps and high-cost lenders, with typical prices.
- Cash advanceCash advance can mean a payday loan, an app advance or a credit card withdrawal. Compare the cost of each in dollars and APR before you choose.
- Tribal loansTribal lenders are owned by Native American tribes and claim immunity from state rate caps. Learn what that means for cost, rights and risk.
- Emergency loansFacing a car repair, medical bill or rent deadline? See the assistance programs and loan options that work in an emergency, ordered by cost.
- Title loansA car title loan can cost about 25% a month and put your vehicle at risk. See how title loans work, what they cost and what to try first.