How Can I Get a $700 Loan?

If you need a $700 loan fast, you might need the funds fast. These are a few ways to potentially get the funds you need quickly:

• Buy Now Pay Later apps: If you need the funds for a large purchase, a BNPL service might be able to help you by splitting up the cost into a couple of installments. 

• Payday advance: If you have a steady income, it’s likely possible to get a payday advance. While the costs can be steep, you could get the funds you need quickly. 

• Family and friends: If you have someone able and willing to lend you money, that could be the quickest way to the cash. 

Key Takeaways

• You have several fast options for borrowing $700, including buy now pay later apps like Affirm and Klarna, payday advances, credit card cash advances and small personal loans from lenders like OppLoans or PenFed Credit Union.

• Costs vary widely — APRs range from 0% on BNPL plans to nearly 300% on some bad-credit loans, so always check fees, total repayment and funding speed before signing.

• Before you borrow, see if you can boost income, trim spending or ask creditors about payment plans. If you must borrow, pick the lowest APR you qualify for.

Summary generated by AI, verified by MoneyLion editors

8 Best Ways To Get a $700 Loan

If you're looking for a way to get a $700 loan, the table below offers solutions.

• Affirm: If you need the money for a major purchase, Affirm might be able to help. After agreeing to the buy now pay later (BNPL) terms, you’ll likely need to repay the loan in four interest-free installments over your next couple of paychecks. 

• MoneyMutual: MoneyMutual connects borrowers with lenders offering loans ranging from $100 to $5,000. Although the fees vary, you can potentially get the funds in as little as one business day. 

• OppLoans: OppLoans offers loans of $500 to $5,000. Same-day funding might be available. 

• PenFed Credit Union: PenFed Credit Union members can apply for personal loans of amounts from $600 to $50,000. But you’ll need to become a member first.

• Credit card cash advance: If you have a credit card in your wallet, you might be able to take out a cash advance of $700 or more. While this involves high APRs, it could offer the funds you need quickly. 

• Rise Credit: Rise Credit offers loans with amounts from $500 to $5,000. The exact costs will vary based on your situation, including your state of residence. 

• Klarna: As another BNPL service, Klarna allows you to break up the cost of a major purchase into several payments, which could help your budget better absorb a $700 purchase. 

• Kashable: If your employer works with Kashable, you might be able to get a loan of $250 to $30,000 through this platform. With relatively low APRs, it could offer a way to get the funds you need without committing to excessively high interest charges. 

What To Consider Before You Get a $700 Loan

Before you commit to a $700 loan, it's important to consider all of the factors.

• Fees and interest: Signing up for a loan usually comes with fees and interest charges attached.

• Overall loan cost: Make sure to read the fine print and run the numbers to confirm you're comfortable with the loan costs. If you discover that you'll be paying more in interest and fees than you’re comfortable with, consider skipping that option. 

• Don't take on more debt than you can handle: Unfortunately, taking on a relatively small loan amount with a sky-high interest rate is one way to trap yourself in a vicious cycle of debt. After all, if you need the funds to make it to the next payday, it's likely you'll need to turn to a similar loan in the future.

• Evaluate your spending habits: Consider taking a closer look at your spending and income before taking on a small loan. If possible, hold off on the purchase until you can pay in full.  

Alternatives To a Small Loan

If you're having second thoughts about getting a small loan, the good news is that you have several other options to consider. Here’s a look at some alternatives to a small loan:

• Increase your income: Get serious about boosting your income to breathe more wiggle room into your budget. A few ways to bump up your income include asking for a raise, picking up extra shifts, selling crafts, and delivering groceries. 

• Cut back on your spending: If you only need a little bit more cash, consider cutting back on your spending, at least temporarily. For example, slashing a few takeout meals or making a bigger change, like downsizing to a smaller apartment, could help you pull together the funds you need. 

• Payment plans: When making a large purchase or handling a large bill, ask about any payment plan options. You might be surprised to learn that many creditors and bill providers, like doctors’ offices, offer flexible repayment arrangements. 

When possible, avoid borrowing money if it would strain your finances. If you take on a loan that would be tough to pay back, you could put yourself in a worse financial situation. Make sure to explore all of your other options before jumping into a small loan to solve your short-term cash flow issue.

FAQs

Can I get a $700 loan with bad credit?

Yes, you can get a $700 loan with bad credit, but expect that you may have to pay higher interest rates.

What's the cheapest way to borrow $700?

The cheapest way to borrow $700 is to look for zero-interest or 0% APR financing. Some credit unions also offer favorable APRs for members.

Do payday loans hurt your credit?

No, payday loans don't directly hurt your credit, but missing payments can.

Key Terms

• Buy now, pay later (BNPL): A type of financing that lets you split a purchase into smaller payments over time, often in four installments made at checkout.

• Payday loan: A short-term, high-cost loan, usually for $500 or less, that is typically due on your next payday.

• Annual percentage rate (APR): The yearly cost of borrowing money, including interest and certain fees, shown as a %.

• Credit card cash advance: Cash you borrow against your credit card limit, usually from an ATM, often with a fee and higher APR.

• Personal loan: A lump-sum loan you repay in fixed monthly payments over time, usually with a fixed interest rate.

Sources:

• Federal Reserve: Buy Now, Pay Later: Recent Developments and Implications

• Consumer Financial Protection Bureau: What is a payday loan?

• Consumer Financial Protection Bureau: What is a credit card interest rate? What does APR mean?

• Consumer Financial Protection Bureau: Credit card contract definitions

• Consumer Financial Protection Bureau: What is a personal loan?

Summary generated by AI, verified by MoneyLion editors