If you need quick cash to cover immediate expenses like utility bills or car repairs, consider small loans. From payday loans to installment loans, there are many fast small personal loans online to choose from. Let’s take a closer look at what small loans are and which types of loans are at your disposal.
How do small loans work?
Small loans typically come in small dollar amounts that can vary based on your lender and loan type. If you’re interested in getting a small personal loan, you’ll likely be able to apply online and don’t need the best credit. If approved, you can receive your money quickly, sometimes within 24 hours.
What can I use a fast small loan for?
Borrowers can use a fast small loan to cover expenses. You can get a small loan to cover an unexpected cost, like a car repair or medical bill. These loans can also be used to cover essential day-to-day expenses, like groceries, gas, and rent. No matter what you need the funds for, fast small online loans can help you out of a financial bind.
Do I need a good credit score to get a fast small loan?
You do not need a good credit score to get a fast small loan. Many lenders have more lenient credit score requirements and will approve borrowers with poor or fair credit. Advance America, for instance, will consider factors in addition to your credit score when deciding whether to approve you for a small online loan, like employment history, income, and current debts.
Types of fast small loans
Some of the most common types of fast small personal loans include:
Also known as cash advances, payday loans are short-term, small-dollar loans. You’ll have to pay back this small loan in full the next time you get your paycheck, which can be within two to four weeks. Advance America offers online payday loans that you can apply for online, and you may get approved instantly.
Installment loans allow you to borrow a lump sum of money and repay it via monthly payments over time. In most cases, you’ll have to pay back an installment loan within a time frame between three and 36 months. You can apply for an online installment loan with Advance America in minutes.
Title loans offer fast cash in exchange for your car title. The value of your title loan will be based, in part, on how much your car is worth. Fortunately, you can continue to drive your vehicle while you repay this fast small loan. You can apply for a title loan online through Advance America, and get your car appraised at one of our many locations.
Lines of credit
Lines of credit are flexible because you can borrow as much or as little money as you’d like, up to your set credit limit. Your credit history and income will dictate your limit, and you’ll only pay interest on the amount of cash you take out. Apply for a line of credit online with Advance America.
Pawn shop loans
Pawn shop loans are fast small loans you can take out using valuable items like jewelry, appliances, or instruments as collateral. A pawn shop may offer you a loan up to the full resale value of your item and will keep that item until you repay the loan.
Credit card cash advances
Some credit cards allow you to withdraw a cash advance. Your available credit limit will determine the maximum amount you can borrow. It’s important to note that credit card cash advances often come with higher annual percentage rates (APRs) than credit card purchase APRs.
What you’ll need to apply for an Advance America small loan
Here’s some information you’ll need to apply for an Advance America fast small loan:
- Government issued ID
- Source of income
- Checking account
- Social Security Number
How to apply for a small loan
To apply for a small loan online or in store, follow these steps:
Gather required documents
When you apply for a small dollar loan, your lender will likely require you to provide several documents. These may include an ID, like a driver’s license or passport; proof of income, such as a paystub or bank statement; and verification of residency, such as a utility bill or voter registration card.
Fill out a quick in-store or online application
Depending on the lender you choose, you can fill out an application in-store or online. Fortunately, many short-term loan applications are designed so you can complete them easily within minutes.
Wait for approval
Many small personal loan options offer fast approvals. Once you apply, you won’t have to wait long for approval. You may hear back from your lender the same day or in a few business days. Advance America offers instant approval decisions.
Get cash quickly
You’ll find that many small loan lenders will give you fast cash. If you get approved for a small loan, you may collect your funds right away, especially if you opt for direct deposit.
How to find fast small loans for you
Not all fast small loans are created equal. That’s why it’s a good idea to compare the loan options available to you and weigh the pros and cons of each. To make a good decision, consider your financial situation and how much money you need. Remember that the right small loan for you may be different from your friend or family member’s ideal option.
Advance America offers fast small personal loans
Advance America offers fast small personal loans for bad credit that can help you meet your financial needs quickly. You can apply in-store or online from the comfort of your home and get your cash as quickly as the same day you apply. Check out our payday loans, installment loans, title loans, and more to find the right type of loan for your situation.