Alternatives To Getting a Cash Advance

A cash advance is a way to get quick access to money, but did you know that there are three main ways to do it? You could potentially borrow against your upcoming paycheck via earned wage access or a paycheck advance app. Or you could request a credit card cash advance.

As you might expect, each option comes with its own limits, fees and restrictions. You might even find that none of them are quite what you’re looking for.

In that case, what you need is an alternative.

MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms, and fees from different lenders and choose the best offer for you.

1. Upstart

Thanks to its AI-driven approval process, Upstart can evaluate loan apps in real time. It goes beyond credit score to consider other financial and personal factors. This means even borrowers with limited credit history could still qualify for funding. You can use the funds for things like debt consolidation or everyday bills and expenses.

• APRs: 6.20% to 35.99% (fixed)

• Loan amount: $1,000 to $75,000

• Time to funding: Within one business day

• Repayment terms: 3 or 5 years

• Fees: No prepay penalty, 0% to 12% origination, $5 or 15% late fee (whichever is greater)

2. Upgrade

Upgrade offers personal loans with borrowers from all walks of life. Even if you have bad credit, you could still be eligible. Just know that the best rates (and terms) are typically reserved for those with a strong credit profile and income. Applying for a joint loan could help your approval odds.

You can check your rate within minutes without affecting your credit score. The online application process is also quick and easy. Best of all? Funds can be used for a variety of purposes, including emergencies, home improvement projects, refinancing and planned purchases.

• APRs: 7.74% to 35.99% (fixed)

• Loan amount: $1,000 to $50,000

• Time to funding: Within 1 business day of approval

• Repayment terms: 2 to 7 years

• Fees: No prepay penalty, 1.85% to 9.99% origination, up to $10 late fee

3. LendingClub

LendingClub was once a peer-to-peer (P2P) lending platform. Now, it offers customized personal loan options based on your needs. Using the platform lets you easily compare rates, terms and payment options.

Not only is LendingClub a flexible lender, but it won’t automatically disqualify borrowers with less-than-stellar credit. If you don’t qualify on your own, you can always go for a joint application instead.

Funds can be used for debt consolidation, emergencies or everyday bills.

• APRs: 6.53% to 35.99% (fixed)

• Loan amount: $1,000 to $60,000

• Time to funding: Within a few business days (sometimes less)

• Repayment terms: 2 to 7 years

• Fees: 0% to 8% origination fee, no prepay penalty, 5% or $15 late fee (whichever is greater)

4. Avant

If the quick funding of cash advances is what appeals to you, consider a personal loan from Avant instead. You might even qualify with fair credit (600+). The main downside is the higher loan minimum of $2,000.

Avant has a simple online platform for personal loans. Funds can be used for everything from medical bills to home projects or unexpected expenses. The lender also strives for transparency with its online resource library and loan payment calculator.

• APRs: 9.95% to 35.99% (fixed)

• Loan amount: $2,000 to $35,000

• Time to funding: As soon as the next business day

• Repayment terms: 2 to 5 years

• Fees: $25 late fee, 9.99% administration fee, no prepay penalty

5. LightStream

LightStream is one of the fastest personal loan lenders, making it a standout alternative to cash advances. You could even get same-day approval and funding. Funds can be used for things like major expenses, emergencies and home improvement projects.

Even better is LightStream’s Rate Beat program. It offers a rate 0.10% lower than that offered by competitors —assuming the same terms.

Note: LightStream mostly only offers loans to borrowers with good-to-excellent credit. Starting amounts may be higher than borrowers need.

• APRs: 6.49% to 24.89% (fixed, with autopay)

• Loan amount: $5,000 to $100,000

• Time to funding: Same-day funding available

• Repayment terms: 2 to 7 years (usually)

• Fees: No prepay penalty, no origination fee, no late fee

6. OneMain Financial

Like LightStream, OneMain Financial offers flexible personal loans with fast funding times. One of the biggest differences is that OneMain has smaller starting amounts, which may be better for those dealing with small emergency expenses.

Through OneMain Financial, you can check potential offers without affecting your credit. Secured and unsecured loans are available. So are joint personal loans for those who wouldn’t otherwise qualify.

*Loan amounts and fees vary by state.

• APRs: 11.99% to 35.99% (fixed)

• Loan amount: $1,500 to $30,000

• Time to funding: Within 1 hour of loan closing

• Repayment terms: 2 to 5 years

• Fees: $25 to $500 origination fee (or 1% to 10%), $5 to $30 late fee (or $1.5% to 15%), no prepayment penalty

7. Prosper

Prosper is a peer-to-peer lender with an entirely online application process. Personal loan rates, terms and amounts are flexible to suit your needs. Funds can be used for household expenses, medical bills, special occasions, debt consolidation and more.

Getting personalized loan recommendations takes only a few minutes. Simply provide some basic info online and see what you could get. There’s no commitment until after you formally apply.

• APRs: 8.99% to 35.99% (fixed)

• Loan amount: $2,000 to $50,000

• Time to funding: As soon as one business day

• Repayment terms: 2 to 5 years

• Fees: 1% to 9.99% origination fee, no prepayment penalty, $15 or 5% late fee (whichever is greater)

8. SoFi

While some lenders are known for their expensive fees, SoFi is the opposite. Not only do borrowers know upfront what they’re getting, but they don’t have to worry about excessive charges after the fact.

SoFi offers large, flexible loans. Both the minimums and maximums are much higher than you’d expect with a cash advance. This can be a double-edged sword, depending on what you need the funds for.

• APRs: 8.74% to 35.49% (fixed, with autopay and direct deposit)

• Loan amount: $5,000 to $100,000

• Time to funding: Same business day funding available

• Repayment terms: 2 to 7 years

• Fees: No prepayment penalty, no late fee, no origination fee

9. PenFed

PenFed is a credit union that’s been offering tailored personal loans for the past 90+ years. So if you’re looking for a credible lender with a solid reputation, this could be a good option.

Loans have competitive starting rates and minimal fees. You can apply entirely online. Once approved, funds are available for things like emergencies, debt consolidation or home improvement.

Having a PenFed membership is required for personal loans. You can apply online. It’s free, but you’ll need to keep at least $5 in your account.

• APRs: 6.09% to 17.99% (fixed)

• Loan amount: $600 to $50,000

• Time to funding: Next day funding available

• Repayment terms: Up to 5 years

• Fees: No origination fee, no prepay penalty, no balance transfer fee

10. Oportun

If you don’t have a credit score but need fast access to cash, a personal loan from Oportun could be an option. Loans start small at just $300, so you don’t even have to worry about borrowing more than you need. You can use the funds for things like everyday expenses, surprise medical bills or even home repairs.

Loans may not be available in all states. First-time borrowers also have lower maximum borrowing limits.

• APRs: Not listed (average rates range from 10.73% to 32.00%)

• Loan amount: $300 to $10,000

• Time to funding: As soon as 1 business day

• Repayment terms: Not listed (usually between 12 to 60 months)

• Fees: Up to 10% administrative fee, no prepayment penalty

5 Alternatives To a Cash Advance If You’re In a Debt Cycle

If you’re in a debt cycle, neither a small personal loan nor a cash advance will guarantee get you out of it. It can help, yes, but you might need a longer-term solution like:

• 0% APR balance transfer card: Some banks and credit unions offer balance transfer credit cards with low or 0% introductory APR. This might only last for about a year or so of opening the account. But if you’re able to move an existing card’s balance to the new one and pay it off within that intro period, you could save hundreds—or thousands—on interest.

• Friend and family loan: Asking for help is never easy, but it’s sometimes necessary. Unlike typical loans or cash advances, these “loans” don’t typically come with interest or other fees. You don’t need a credit check either. You just need to make sure everyone is on the same page about repayment.

• Debt consolidation loan: If you have good credit, you could qualify for this. It’s a personal loan that lets you consolidate multiple high-interest debts into one. This means you only have one monthly payment to deal with. You could also save money on interest.

• New repayment plan: Life happens. If you’re struggling with multiple debts, contact your creditors and ask if they’d be willing to work with you. Some will set up a new repayment plan. They might even temporarily pause payments or waive (or lower) interest fees. This can give you more time to get your finances back on track.

• Look into local or government resources: Many local, state and federal programs exist to help people with their finances. This might be short-term help with utility bills. Or it might be food assistance. Check USA.gov to see which benefits or financial aid are available to you.

👉 Cash Advance vs Loan 👉 Cash Advance vs Payday Loan

FAQs

What are some alternatives to cash advance apps?

Friend or family loans, low-interest personal loans and earned wage access are all options if you need cash fast. Compare your options and check for any restrictions or fees before choosing one.

Is a cash advance app or a credit card cash advance better?

If you have a credit card, you may be able to withdraw cash immediately. The downside is that credit cards usually come with high fees and APRs. Cash advance apps, like Chime, usually have minimal or optional fees. You can also generally access cash quickly, though you may need to sign up first.

Are there other ways to get cash quickly?

Depending on your circumstances, you might be better off picking up a side hustle—like a rideshare or delivery driver. You could also sell clothes or homemade goods online to earn some extra money. These methods won’t be instant, but they can give your income a more permanent boost.

What are the main benefits (and limitations) of a cash advance?

You’ll get access to cash quickly and don’t usually need to undergo a credit check. Cash advances also have fewer fees than, say, payday loans. You’ll still have to pay back what you borrow, though. And if you use certain types of apps or a credit card, you’ll likely have to pay interest.

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