If you need money now, your first instinct might be to worry about your options. Perhaps you can 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 for your situation. Knowing all the opportunities to get money now at your disposal helps you make better financial decisions.
Who Can Get Money Now?
Just about anyone can find themselves in need of fast cash. But if you have bad credit or no credit history at all, you may think that borrowing money is out of 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 home, you may not have the luxury of waiting until you get paid again.
If you live paycheck to paycheck, you may find that your finances are stretched thin as food prices, utility costs, and childcare expenses continue to rise. Even if you stick to your household budget, there are times when you need to get money 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 of your next paycheck. These short-term loans are usually limited to $500 and are automatically paid back 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 based on where you live. Since payday loans can be predatory and charge excessive rates, not every state allows them. States that permit payday loans often set limits on the fees and interest rates that lenders can charge. Some states may let you repay what is owed in installments or allow you to roll over your debt to a later date. Just keep in mind that any interest you owe will continue to add up if you don’t pay the loan off in full.
With an early payday feature you can access your paycheck even before it hits your account. If your paycheck is set to be directly deposited into your account, you could see your money as early as two days before you get paid.
Credit rebuilding loan
It’s hard to borrow money when you have bad credit or no credit history. A credit rebuilding loan helps build credit and is an installment loan you repay over time. Your credit score improves when you make payments on time.
Most credit rebuilding loans do not provide access to borrowed money. Instead, your monthly payments are placed in a savings account. Once you’ve paid off your loan, you have access to the funds you’ve saved. In the meantime, your repayments get reported to major credit bureaus to establish a solid credit history. While a credit rebuilding loan may not give you an immediate infusion of cash, it can help you save money while improving your credit score.
Credit rebuilding card
Credit rebuilding cards are designed to increase your credit score. Typically known as secured credit cards, the amount you put down as a deposit is usually equal to your credit limit. But in some cases, your limit may be higher than your deposit, which gives you a bit more credit to work with when you need it.
A credit-rebuilding card can be used to raise your credit score. By making payments on time, you establish a responsible payment history that gets reported to credit bureaus. If you miss a payment, the amount owed can be taken out of the deposit. That means even if you have no credit history you can still access a credit rebuilding card. The reality is that you probably can’t borrow much additional money with a credit-rebuilding debit card, but it can improve your credit.
Cash advances from banks or credit cards
A cash advance is a quick way to get money now from your credit card or other financial institution. The amount you can withdraw depends on your credit limit. You can take out a cash advance at the ATM or a bank.
Getting a cash advance is usually easy, but beware of the extra costs. Not only do you pay a higher interest rate, many banks, lenders, financial platforms and credit cards tack on an extra cash advance fee. Since cash advances don’t fall under the traditional grace period, you will be hit by interest on the day you take out the money.
MoneyLion offers a personalized experience designed to make your finances easier to manage. Anyone can take control of their financial future with the innovative MoneyLion app. Its all-in-one financial platform allows you to easily save, borrow, earn, and invest money. Each product is designed to be a financial toolkit, bringing together tips to improve your finances with a 360-degree financial snapshot.
Here are a few ways MoneyLion helps you get money now.
RoarMoneySM Checking Account – With no minimum balance and zero hidden fees, a RoarMoney account is everything you’d want in your account and more. You can earn cash-back rewards as you spend money and even get paid up to two days early when your paycheck is set up for direct deposit. Open a RoarMoney account easily from the MoneyLion app.
InstaCashSM – Instacash offers a no-interest, no-fee cash advance of up to $250. Just 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 infusion when you need it most.
Credit Builder Plus - The Credit Builder Plus membership makes it easy to rebuild or establish credit. You can apply for a loan of up to $1,000 with no hard credit check. Unlike other credit building loan programs, you have access to a portion of the funds right away. Credit Builder Plus loans are repaid over 12 months. The timely payments that you make toward the loan help build your credit. Since your payments are held in a Credit Reserve Account, these funds are yours once you have paid off the loan in full.
Once you have access to the cash you need, you may have money left over to put to work. MoneyLion makes investing wisely simple. For an all-inclusive administrative fee of $1/month, invest as little as $5 into a fully managed account. Even if you have never invested before, you can access personalized portfolios strategically managed to meet your goals.
You can even invest in your passions using thematic investing. Choose between themes that are important to you, such as clean energy or technology solutions. Turn on the optional auto investing feature to watch your investment account grow.
Anyone can get money fast, but not every option makes financial sense. Cash advances and payday loans can charge exorbitant rates. A traditional credit rebuilding loan is a great way to bump up your credit score but may not be a good fit if you need money now.
Getting cash fast does not have to be difficult or costly. The suite of MoneyLion financial services makes it easy for anyone to save, invest, borrow, and stay in control of their money. And with so many low and no-fee options, you get to hold on to more of your cash.
Frequently Asked Questions
How can I get money immediately?
With a RoarMoney account, you can get a cash advance through InstaCash. Just apply through the app and you may be able to receive up to $250 fast.
What do I do if I need money right now?
Getting extra cash has never been easier through the MoneyLion app. You can apply and receive a cash infusion of up to $250 through Instacash. Plus, you keep more of your money with no cash advance fee.
Or consider applying for a Credit Builder Plus Membership which offers a loan of up to $1,000. While you won’t have access to the entire amount that you’ve borrowed, the program lets you take out some of the funds. Best of all, the Credit Builder Plus loan charges no interest on cash advances.