What Types of Small Loans are Available to Me?

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 small loans to choose from. Let’s take a closer look at what these loans are and which types 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 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.

Types of small loans

Some of the most common types of small loans include:

Payday loans

Also known as cash advances, payday loans are short-term, small-dollar loans. You’ll have to pay back this 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

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

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 your 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 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.

How to apply for a small loan

To apply for a small loan, 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 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 small loan options for you

Not all 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 quick small loans

Advance America offers quick small 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.

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.

134+ million
loans issued
1,200+ stores
and online loans
23+ years
providing loans