How to Get a Quick Loan

Sometimes, you need money now and can't wait for a long loan process. You need a quick loan to cover an emergency expense as soon as possible. So what exactly is a quick loan? A quick loan takes less than a week from application until payout, in fact some quick loans happen in one-day. It’s a great alternative to a bank loan or home equity loan, which can take weeks or even months after your application to receive a decision and funding. Read on to learn about how quick loans work, how to apply for one online or in store and some benefits of getting a quick loan.

How do quick loans work?

Quick loans are loans that can get you funding as quickly as the same day you apply. From payday loans and installment loans to title loans and lines of credit, there are many quick loans that come with easy application processes and quick approval decisions. Lenders offering quick loans often let you apply and receive the funds online, and you may not need good credit to get approved.

How to apply for a quick loan

Here’s how you can apply for a quick loan online or in store:

1

Know the types of quick loans

There are a variety of quick loans available, so let’s review some of your options.

Payday Loans

Also known as cash advance loans, payday loans are short-term, small-dollar quick loans that you’ll pay back when you get your next paycheck, usually within two to four weeks.

Loan amount range: Depends on your state

High credit score required? No

Collateral required? No

Average time to complete application: about 5 – 10 minutes

Decision time range: Minutes

Funding time from submitted application: range from immediately to next banking day.

Title Loans

If you own your vehicle, title loans are quick loans that can give you fast cash in exchange for your car’s title. Your car’s value and your ability will primarily determine how much money you can get. You keep your car while you pay back your loan.

Loan amount range: Depends on your state as well as the condition and value of your car.

High credit score required? No

Collateral required? Yes

Average time to complete application: 15 to 30 minutes (requires on-site appraisal)

Decision time range: Minutes

Funding time from submitted application: Immediately following appraisal.

Pawn Shop Loans

Pawn shop loans are quick loans that allow you to bring valuables like jewelry or power tools into a pawn shop to hold as collateral until you repay them.

Loan amount range: Depends on the value of your item.

High credit score required? No

Collateral required? Yes

Average time to complete application: Minutes

Decision time range: 10 to 15 minutes

Funding time from submitted application: Immediately

Small-Dollar Installment Loans

Installment loans  are quick loans that make it easy for you to borrow a set amount of money and repay it over 3 to 36 months through monthly payments.

Loan amount range: Depends on your state, but typically more than payday loans allow.

High credit score required? No

Collateral required? No

Average time to complete application: less than 10 Minutes

Decision time range: Minutes

Funding time from submitted application: Within a day.

Lines of Credit

Lines of credit are flexible quick loans because they can give you the chance to borrow as much or as little as you’d like up to a certain credit limit. You can repay them all at once or in scheduled payments. The amount of interest you pay depends on the amount you withdraw, not your full credit limit.

Loan amount range: Depends on your state

High credit score required? No

Collateral required? No

Average time to complete application: Minutes

Decision time range: Minutes

Funding time from submitted application: Within a day

2

Select the quick loan type that meets your eligibility requirements

If you want to get a quick loan right now, choose a loan type that’s ideal for your unique situation. Consider your credit score, income, how much you need, and whether or not you have something of value like a car or diamond ring to put up as collateral. Once you do, you’ll be able to narrow down your quick loan options and make a smart decision.

3

Know what you need to apply for a quick loan

After you decide on a quick loan type, figure out what you’ll need to apply for it. To get a quick loan fast, jot down your account number and routing number so you can sign up for direct deposit. If you’d like to pursue a car title loan, find your vehicle title. For payday loans, be sure to have a recent paystub ready for your application.

No matter which quick loan you choose, grab your driver’s license or other government issued ID, recent proof of income, and your Social Security number. Having this information on hand can speed up the application process whether you're applying online or in person.

4

Apply for your quick loan

To get a quick loan now without any wait, apply in-store rather than online. Also, if you’ve used a certain lender in the past, typically the application process is faster because your information is saved. Even if you don’t apply in-store or have never taken out a quick loan before, you can still apply online and get fast cash.

Some states allow online applications for emergency loans like payday loans, installment loans, and lines of credit to provide instant funding after you have been approved, getting cash in your hands immediately.

5

Review Loan Details

Before you sign on the dotted line and move forward with a quick loan, make sure you understand all the details. Take a look at the interest rates as well as any associated fees or penalties for late or missed payments. In addition, look at your budget and confirm that you’re able to comfortably repay the quick loan.

Quick Loans From Advance America

If you’re ready to get a quick loan now, Advance America can help. We offer several quick loan options including:

Payday Loans

You can apply for an online payday loan with Advance America quickly. If approved, you’ll receive money within 24 hours of your application. When you apply before 10:30 AM EST, you may be able to earn a same-day payout when you are approved. You can also apply in store and, if approved, receive cash right away.

Title Loans

Advance America offers quick title loans in store to help you get money fast and back on the road. Your car’s value will be appraised and the quick loan paid out when you visit an Advance America location with your car. To find the Advance America location nearest to you, use our convenient location map.

Installment Loans

Installment loans at Advance America offer a simple application process, with larger loan amounts that you can spread out over a longer repayment term than a payday loan. You are free to complete your installment loan application in-store or online from the comfort of your own home, depending on your state.

Lines of Credit

After you apply online for the line of credit, we’ll determine your maximum credit line, which will depend on many factors including your income.

Benefits of quick loans

Here are some benefits of getting a quick loan:

Easy application

Quick loans come with easy applications that you can complete in just a few minutes, in store or online from the comfort of home. You’ll just need to fill out several personal and financial details like your name, address, proof of income, and bank account number.

Instant approval

Many lenders offering quick loans have instant or fast approval decisions. This means you may find out whether you’re approved for a quick loan within a few minutes of applying.

Good credit not needed

Many lenders have less strict credit score requirements and will consider factors in addition to your credit score when deciding whether to approve you, like income and employment history. This means you can still get approved for a quick loan with poor or fair credit.

Get a quick loan today

With a quick loan, you can get the cash you need to pay for a car repair, surgery, or other unexpected expense right away. Fortunately, there are plenty of options at your disposal that can help you get through a financial roadblock.

An Advance America loan can help you get the funds you need today. You can fill out an application for a payday loan, installment loan, title loan, or line of credit online or at an Advance America store location near you.

The Advance America advantage

Since 1997, Advance America has helped millions of hardworking people with a variety of financial solutions including Payday Loans, Online Loans, Installment Loans, Title Loans and Personal Lines of Credit.
148+ million
loans issued
1,100+ stores
and online loans
24+ years
providing loans