2024 Borrow Money Loan Option Rankings

Borrow Money Loan Options

We all get in a bind sometimes and need extra money. Usually at this point our first step is to find a way to borrow money. Before borrowing money sometimes it might make sense to first make sure you need the money, i.e. can you cut down on your expenses. If you definitely need the money then the next step is finding the cheapest available source.

Below we've ranked short-term money lenders. These lender are usually not the cheapest source but are often the most available. All credit types are eligible and loans can sometimes be directly deposited into your account over night. These loans are very expensive so if other options are available it may make sense to consider them. See more ideas below this table for ways to save money or other borrowing ideas.

The lenders below are rated based on their reputation, cost, and features. Reputation considers state licensing and Better Business Bureau scores. Cost is based on terms, fees, and rates. Features include things like credit reporting or fee transparency.

OppLoans See full review Apply $500 - $4,000 Loan amounts 99% - 199% APRs All Credit type ⓘ Visit OppLoans for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

Check Into Cash See full review Apply $100 - $25,000 Loan amounts 195% - 521% APRs All Credit type ⓘ Visit Check Into Cash for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

Ace Cash Express See full review Apply $100 - $2,000 Loan amounts 175% - 1,029% APRs All Credit type ⓘ Visit Ace Cash Express for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

CashNetUSA See full review Apply $100 - $2,000 Loan amounts 299% - 456% APRs All Credit type ⓘ Visit CashNetUSA for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

LendUp See full review Apply $100 - $500 Loan amounts 155% - 164% APRs All Credit type ⓘ Visit LendUp for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

Cash 1 See full review Apply $100 - $50,000 Loan amounts 168% - 390% APRs All Credit type ⓘ Visit Cash 1 for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

Advance America See full review Apply $50 - $25,000 Loan amounts 36% - 664% APRs All Credit type ⓘ Visit Advance America for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

Cash Central See full review Apply $100 - $5,000 Loan amounts 180% - 740% APRs All Credit type ⓘ Visit Cash Central for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

RISE See full review Apply $300 - $5,000 Loan amounts 60% - 299% APRs All Credit type ⓘ Visit RISE for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

Jora See full review Apply $500 - $2,600 Loan amounts 170% - 349% APRs All Credit type ⓘ Visit Jora for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

Quik Check See full review Apply $100 - $500 Loan amounts 146% - 548% APRs All Credit type ⓘ Visit Quik Check for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

Stilt See full review Apply $1,000 - $35,000* Loan amounts 7.99% - ? APRs All Credit type ⓘ Visit Stilt for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

Check 'n Go See full review Apply $250 - $5,000 Loan amounts 314% - 662% APRs All Credit type ⓘ Visit Check 'n Go for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

Speedy Cash See full review Apply $100 - $2,000 Loan amounts 178% - 680% APRs All Credit type ⓘ Visit Speedy Cash for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

Cash Store See full review Apply $100 - $1000 Loan amounts 313% - 780% APRs All Credit type ⓘ Visit Cash Store for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] State Licensed Lender Lender status Apply

Big Picture Loans See full review Apply $200 - $3,500 Loan amounts 35% - 699%* APRs All Credit type ⓘ Visit Big Picture Loans for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] Tribe Based Lender Lender status Apply

Blue Trust Loans See full review Apply $100 - $2,500 Loan amounts 782% APRs All Credit type ⓘ Visit Blue Trust Loans for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] Tribe Based Lender Lender status Apply

Plain Green Loans See full review Apply $1,000 Loan amounts 300% APRs All Credit type ⓘ Visit Plain Green Loans for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] Tribe Based Lender Lender status Apply

Mobiloans See full review Apply $10 - $2,500 Loan amounts 206.14% - 442.31% APRs All Credit type ⓘ Visit Mobiloans for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] Tribe Based Lender Lender status Apply

Cash Advance Now See full review Apply $300 - $1,500 Loan amounts 725% APRs All Credit type ⓘ Visit Cash Advance Now for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] Tribe Based Lender Lender status Apply

MaxLend See full review Apply $100 to $2,500 Loan amounts 782% APRs All Credit type ⓘ Visit MaxLend for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] Tribe Based Lender Lender status Apply

American Web Loan See full review Apply $300 to $2,500 Loan amounts None Listed APRs All Credit type ⓘ Visit American Web Loan for product eligibility. Our eligible credit type estimate is a general guide based on FICO® Scores: Credit Type FICO® Score All All Scores Fair 620+ Good 680+ Great 720+ [close] Tribe Based Lender Lender status Apply

• Rates and fees vary by state. Not all lenders operate in all states. Check each lender's website for up-to-date information.

Smart Tips for Borrowing Money

Borrow Money Like the Rich

We all get in a bind sometimes and need extra money. Usually at this point our first step is to find a way to borrow money. The smart way to borrow money is to break the process down into two tasks instead of one. The first task is to determine if it's possible to reduce the need for additional money. If this is not possible, then the next step is to find the best source of additional money. Using this two step approach will keep borrowing costs down while still meeting the need for additional money when it's necessary.

Reduce the Need for Money

The first task when borrowing money is to consider if there are other options to actually borrowing. This section has ideas on reducing the need for the money.

1. Contact Your Creditors

   Contact the companies to whom you owe money as soon as you believe you will have troubles with your payments. Explain to them your situation, when you believe you will be able to pay them, and ask them for more time. Many companies will work with consumers who are sincere in their desire to pay them but have run into troubles. Sometimes they may offer an extension or even reduce the debt. Make sure to confirm if there are any additional fees or penalties for delaying payment.

2. Contact Local Consumer Credit Counseling Service

   If you need help figuring out how to create a debt repayment plan with your creditors there are many non-profit groups that provide assistance in every state. These groups offer assistance at low to no costs. There are also groups that charge fees and can try to take advantage of your situation so be cautious when evaluating one of these services. The FTC provides additional guidance on Choosing a Credit Counselor

3. Make a Budget

   This is a more long term approach but will help at the next emergency. Making a budget can be tedious but spending one month analyzing your expenses can be very insightful. Eating lunch out or getting a coffee every day quickly adds up to $200-$300 a month. When you see it all added up it can help you visualize what a difference cooking at home and making coffee at home can make. The challenge is to stick to the plan. Once monthly expenses are under control, if possible, set up an emergency fund.

4. Take a Part Time Job

   For many this is not an option as they are already working 2-3 jobs but if this is an option for you this is a great alternative to borrowing money.

The above options can help reduce the need to borrow money. If after evaluating the above options you still need to borrow money the next step is evaluating what sources of money are available to you.

Sources for Borrowing Money

If reducing the need for money is not an option, then the next step is to find sources to borrow money. The availability and costs associated with this step depends on credit history and ability to repay. Generally, the worse your credit history and the less reliable your ability to repay, the higher your costs. As your options decrease and your cost to borrow increases it becomes even more important to find ways to reduce your need to borrow as continued borrowing with high fees can make it even more difficult to cover your expenses bringing you even deeper into debt.

1. Personal Loan from Banks or Credit Unions

   The safest option is a bank or credit union. This is also the rarest option as many banks no longer make personal loans. Banks and credit unions are highly regulated by numerous federal and state agencies. Personal loans are unsecured loans. They generally require strong credit history so will not be available to everyone. In general, these loans will have lower interest rates than other unsecured options. Make sure to shop around and compare rates.

2. Credit Card Cash Advance

   This is also a relative safe option. It is faster than a personal loan as the bank or credit union that has issued you your card has already evaluated your credit history. These loans are often more expensive than a personal loan and they may also impact the rates you owe on purchases for your cards so make sure to evaluate the fees. Similar to bank loans, this not an option available to individuals with poor or bad credit

3. Bank Overdraft Protection

   This is another option offered by banks. It is a small line of credit generally less than $1,000 attached to your checking account. It's designed to help avoid overdraft fees from over spending ones checking account but it can also be used as a loan. There are fees and interest attached to using your line so make sure you understand the costs. This option generally does not require as strong a credit history as a bank loan but does require good credit.

4. Title Loans and Pawn Shops

   This option is where we start to move into less regulated areas so the consistency in lenders varies greatly. These companies offer loans to individuals with poor or no credit. They are able to do this because they take collateral. Title loan companies will seize your car if you fail to repay the loan and pawn shops will keep the item you pawned. These loans are more expensive than bank loans and carry the risk that you will lose the asset you used as collateral if you are unable to re-pay your loan.

5. Borrow from Friends and Family

   This option is not available to everyone but many times is safer and cheaper than other choices. Everyone's situation is different but friends and family may be more willing to help you and even let you pay back the loan by doing chores or small projects for them.

6. Payday and Installment Loans

   The final option is a payday or installment loan. These loans can be very expensive and should generally be used only as a last resort if the expense cannot be avoided. The advantage of payday loans or installment loans is they do not require good credit and can be very fast. They are based on your pay date and often are deposited into your checking account within 24 hours. Regulation and enforcement in this space is highly varied so borrowing from these lenders can be risky. We prefer state-licensed lenders.

The bottom line is try and reduce the need for borrowing money by either reducing expenses or increasing earnings. If money is still needed, try options that rely on credit history like bank loans or credit cards. Second, evaluate options that require collateral. And finally, if no other options are available, including friends and family, consider a payday loan or an installment loan. Payday loans are due the next pay period while installment loans are paid off over time. If you do consider one of these short-term loans make sure to evaluate your lenders and fees before signing any agreements.