Many people are facing difficult financial times today due to COVID-19. With financial resources lost, finding money fast may be a top priority for many. Fast loans typically have the highest costs and interest rates, making them unaffordable for many.

We’ve outlined the top fast loans available today, how to get them, and the pros and cons of each.

Personal Loans

Personal loans are collateral-free loans from a bank or credit union. You may also find options at online lenders. Because there’s no collateral, you’ll find slightly higher interest rates than you would on a collateralized loan, such as a home equity loan.

Many banks, credit unions, and online lenders have a simplified application process online. You complete the application, provide the necessary paperwork (paystubs, W-2s, and bank statements) and they provide you with an answer within a few days. If you qualify, you get the funds as soon as the next business day.


  • Fast funding
  • Flexible guidelines


  • High-interest rates and fees
  • Short terms (typically five years or less)

Payday Loans

If you’re in a real bind and need money now, a payday loan may help. This ‘bridge’ between paydays gives you access to cash with no collateral necessary. You can find payday loans at your local payday loan shops as well as with online lenders. Payday loans have higher APRs and fees because of the convenience they offer.

You may apply online or in person, providing the lender with your basic information including your checking account information. If you qualify, they fund the loan within one to two business days, depositing the funds in your checking account. You then pay the loan back on your next payday (the lender automatically withdraws the amount).


  • Easy to qualify for regardless of your income
  • Fast payout


  • You must pay back on your next payday
  • High-interest rates and fees

Peer-to-Peer Lending

If you don’t qualify for a personal loan with a bank, check out your peer-to-peer loan options. Individual investors invest in people like you. One investor may fund your entire loan or multiple investors may pool their money together.

The lending requirements vary by platform, but they are typically more flexible than banks and even credit unions. They are a great option for borrowers with less than perfect credit or a high debt ratio. Because of the risk of default, peer-to-peer loans have higher APRs than personal loans, but lower than payday loans.

You apply for peer-to-peer loans online and usually get an answer instantly. If approved, you should get the funds within one business day.


  • More flexible underwriting guidelines
  • Get funds fast


  • Higher APR and fees
  • Some terms are short

If you need a fast loan, explore your options. Don’t jump at the first option thrown your way, though. Compare your options, looking at the APR and the total cost of the loan at the end of the term if it takes you that long to pay it off. Needing funds fast is scary, but don’t let it rush you into a poor financial decision without carefully weighing your options.

One thought on “Fast Loans to Help in Difficult Times”

  1. My name is Robert,I live in p.a.My wife had passed away in Aug of 2012,had to stay home too take care of my kids.Nov of 2019 my only car was stolen,i have to walk to and from the stores.Plus now i have to put a roof and a/c system in my house.I am working(if that you want to call it) Went from 55-60 hours a week to 10-14 hours.I found a good little car for around $13000 has low mileage.Plus i can use to get a better job.Plus my wife has a a lot of hosp bills i have trying to pay.All my bills are way behind.I will take $500.00 today so i can put food on the table.

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