If you need money now, your first instinct might be to worry about your options. You may be able to borrow money from friends or family, use a cash advance on a credit card, or get a payday loan. Some of the choices that come to mind instantly may not be the best ones for your situation. Knowing all the opportunities to get money now available to you helps you make better financial decisions.
Who can get money now?
Just about anyone can need cash fast. But if you have bad credit or no credit history, you may think borrowing money is beyond your reach. The good news is that you have plenty of ways to get quick cash when you need it, regardless of your credit history.
Why do you need to get money now?
Unexpected life events can wreak havoc on your finances. Whether your car breaks down on the way to work or you need to fix a broken pipe in your house, you may not have the luxury of waiting to get paid again.
If you live paycheck to paycheck, you may find your finances are stretched as food prices, utility costs and child care costs continue to rise. Even if you stick to your household budget, there are times when you need to get cash now just to put food on the table or pay your phone bill.
How can you get money now?
Some of the most popular ways to get money fast include:
A payday loan is like receiving a partial advance on your next paycheck. These short-term loans are usually limited to $500 and are automatically repaid on your next payday. Your credit history may not be considered for payday loans since the loan is based on what you earn.
The rules for payday loans vary depending on where you live. Since payday loans can be predatory and charge excessive rates, not all states allow them. States that allow payday loans often set limits on the fees and interest rates that lenders can charge. Some states may allow you to repay what is owed in installments or allow you to defer your debt to a later date. Remember that the interest you owe will continue to accrue if you don’t repay the loan in full.
First day of pay
With an advance payroll feature, you can access your paycheck before it even hits your account. If your paycheck is set up to be deposited directly into your account, you can see your money as early as two days before you get paid.
Credit reconstruction loan
It is difficult to borrow money when you have bad credit or no credit history. A credit rebuilding loan helps build credit and is an installment loan that you repay over time. Your credit score improves when you make payments on time.
Most credit rebuilding loans do not provide access to the borrowed money. Instead, your monthly payments are placed in a savings account. Once you have repaid your loan, you have access to the funds you have saved. In the meantime, your refunds are reported to major credit bureaus to establish a solid credit history. Although a credit repair loan won’t immediately give you a cash injection, it can help you save money while improving your credit score.
credit repair card
Credit rebuilding cards are designed to boost your credit score. Commonly known as secured credit cards, the amount you deposit as a deposit is usually equal to your credit limit. But in some cases, your limit may be higher than your deposit, giving you a bit more credit to work with when you need it.
A credit repair card can be used to boost your credit score. By making payments on time, you establish a responsible payment history that is reported to the credit bureaus. If you miss a payment, the amount owed may be removed from the deposit. This means that even if you don’t have a credit history, you can still access a credit repair card. The reality is that you probably can’t borrow a lot of extra money with a credit repair debit card, but it can improve your credit.
Cash advances from banks or credit cards
A cash advance is a fast way to get cash now from your credit card or other financial institution. The amount you can withdraw depends on your credit limit. You can withdraw a cash advance at an ATM or at a bank.
Getting a cash advance is usually easy, but beware of additional costs. Not only do you pay a higher interest rate, but many banks, lenders, financial platforms and credit cards charge additional cash advance fees. Since cash advances don’t fall under the traditional grace period, you’ll incur interest the day you withdraw the money.
MoneyLion offers a personalized experience designed to make managing your finances easier. Anyone can take control of their financial future with the innovative MoneyLion app. Its all-in-one financial platform makes it easy to save, borrow, earn and invest money. Each product is designed to be a financial toolkit, bringing together advice to improve your finances with a 360 degree financial snapshot.
Here are some ways MoneyLion helps you get money now.
RoarMoneySM Current Account – With no minimum balance and no hidden fees, a RoarMoney account is everything you would want in your account and more. You can earn cash back when you spend money and even get paid up to two days early when your paycheck is set up for direct deposit. Easily open a RoarMoney account from the MoneyLion app.
InstaCashSM – Instacash offers an interest-free, no-fee cash advance up to $250. Simply link your account to the MoneyLion app to qualify. Cash advances are based on your deposit history, not a credit check. InstaCash is a quick way to get a cash injection when you need it most.
Credit Builder Plus – Membership in Credit Builder Plus makes it easy to rebuild or establish credit. You can apply for a loan of up to $1,000 without a credit check. Unlike other credit programs, you have immediate access to a portion of the funds. Credit Builder Plus loans are repaid over 12 months. The one-time payments you make for the loan help build your credit. Since your payments are held in a credit reserve account, these funds belong to you once you have paid off the loan in full.
Once you have access to the money you need, you may still have money left over to put to work. MoneyLion makes investing smartly simple. For an all-inclusive administration fee of $1/month, invest as little as $5 in a fully managed account. Even if you’ve never invested before, you can access personalized portfolios that are strategically managed to achieve your goals.
You can even invest in your passions using thematic investing. Choose between themes that are close to your heart, such as clean energy or technological solutions. Activate the optional auto-invest feature to watch your investment account grow.
Anyone can get quick cash, but not all options make financial sense. Cash advances and payday loans can charge exorbitant rates. A traditional credit rebuilding loan is a great way to boost your credit score, but may not be suitable if you need the money now.
Getting money fast doesn’t have to be difficult or expensive. The MoneyLion suite of financial services empowers anyone to save, invest, borrow, and stay in control of their money. And with so many inexpensive, no-cost options, you can keep more of your money.
Frequently Asked Questions
How can I get money immediately?
With a RoarMoney account, you can get a cash advance through InstaCash. All you need to do is apply through the app and you could be eligible to receive up to $250 quickly.
What should I do if I need money right now?
Getting extra cash has never been easier with the MoneyLion app. You can request and receive a cash injection of up to $250 through Instacash. Plus, you keep more of your money with no cash advance fees.
Or consider applying for a Credit Builder Plus membership which offers a loan of up to $1,000. Although you don’t have access to the full amount you borrowed, the program allows you to withdraw some of the funds. Best of all, the Credit Builder Plus loan charges zero interest on cash advances.