How To Get a $700 Loan Fast: 5 Options Compared

You can get a $700 loan through five main options, each with a different repayment timeline.

• Personal loan: Same day to five business days.

• Payday loan: Same day or next business day.

• Buy now, pay later (BNPL) plan: Instant approval at checkout.

• Credit card cash advance: Same day at an ATM or bank.

• Pawn shop loan: Same day, once your item is appraised

Approval can happen the same day, and some non-loan options, like cash advance or earned wage access (EWA) apps, typically skip the hard credit check.

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A $700 loan is a small-dollar loan or short-term funding option you can use to cover an unexpected bill, a car repair or a gap between paychecks. Because the amount is small, you have more choices than with a large loan.

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.

Personal Loans for $700

Small personal loans typically carry an annual percentage rate (APR) between 6% and 36%, according to Federal Reserve data on 24-month personal loans. On a $700 loan repaid over 12 months at 20% APR, you would pay about $78 in total interest.

If a personal loan seems like the best fit, learn how to get a personal loan, from comparing lenders and prequalifying to submitting an application and receiving funds.

Payday Loans for $700

Payday loans are the most expensive option. The Consumer Financial Protection Bureau (CFPB) reports a typical fee of $15 per $100 borrowed, which works out to $105 on a $700 payday loan — or an APR near 400% over a two-week term.

Buy Now Pay Later (BNPL) for $700 Purchases

Most buy now pay later plans split a $700 purchase into four payments of $175 with 0% APR if you pay on time. Missed payments can trigger late fees, and the exact amount varies by provider, so check your plan's terms before you agree to it.

Credit Card Cash Advances for $700

Credit card cash advance fees and APRs vary by card issuer, but many charge an upfront fee plus a cash advance APR that starts accruing interest immediately, often higher than your card's purchase APR. Check your card agreement to see the exact fee and rate before you withdraw cash on a $700 advance.

Pawn Shop Loans for $700

Pawn shop loans let you borrow against the value of an item you own, such as jewelry or electronics, without a credit check. They can provide fast cash, but you’ll lose the item if you can’t repay on time, and fees can make borrowing very expensive.

Car-Title Loans and Borrowing From Friends or Family

Two more options can get you $700 fast, though each comes with trade-offs. A car-title loan lets you borrow against your vehicle without a credit check, often within a day. You risk losing your car if you fall behind on payments, and rates vary widely by state and lender, so confirm the APR before you sign.

Borrowing from friends or family avoids fees and interest entirely because you're not dealing with a lender. Before you ask, put the terms in writing, including the amount, repayment schedule and what happens if you're late, so the loan doesn't strain the relationship.

Both options work best as short-term bridges rather than a regular way to cover expenses, since neither reports on-time payments to the credit bureaus to help you build credit.

An Alternative to Loans: Cash Advance Apps for a $700 Advance

Cash advance apps and earned wage access (EWA) products can provide quick access to money, but they aren’t loans. Instead of charging interest, many charge optional tips, subscription fees or express transfer fees, so be sure to understand the total cost before using one.

Learn More: What Is a 12-Month Loan and Is It Right for You?

Ways To Get a $700 Loan Compared

Here’s a side-by-side comparison of how to get $700 in funding.

How To Compare $700 Loan Lenders

Not all $700 loan lenders charge the same rates or move at the same speed, so it pays to shop around before you apply. 

Start by checking each lender's APR, since even a few percentage points can change your total cost on a small loan. Look at fees too — origination fees, late fees and prepayment penalties can add up even when the advertised rate looks low. 

Compare funding speed, since some lenders deposit money the same day while others take a few business days. Check the credit requirement, since some lenders accept scores well below 580 while others set higher minimums. Many lenders let you prequalify with a soft credit check, so you can compare real offers side by side before a hard credit check affects your score.

Who Qualifies for a $700 Loan?

In most states, you need to be at least 18 years old to qualify for a $700 loan. A few states set the minimum at 19 or 21, so check your local rules before you apply.

Requirements are lighter than for larger loans, but you still need to meet a few basics. For a fuller look at personal loan requirements, including credit, income, DTI and documentation, review the lender’s typical eligibility criteria.

• Credit score: Personal loans typically require a credit score around 580 or higher, though minimums vary by lender. Payday loans, cash advance apps and BNPL services often have no minimum credit score.

• Income: Most lenders require proof of steady income, such as a recent pay stub or a bank statement showing regular deposits.

• Age and residency: You must be 18 or older (19 or 21 in some states) and a U.S. resident with a valid Social Security number.

• Bank account: You need an active checking account for direct deposit and automatic repayment.

• State availability: Payday loans are banned or capped in some states, including New York, New Jersey and Connecticut. Personal loans and cash advance apps remain available in most states, so check your state's rules before you apply.

How To Apply for a $700 Loan in 4 Steps

From start to funded, most $700 loans take anywhere from same-day to a few business days, depending on the lender and how you get paid. Some lenders offer instant loans, but “instant” usually means funding within hours or a few business days after approval — not cash the moment you apply.

• Check your credit: Pull your score from Equifax, Experian or TransUnion so you know what rates you can expect.

• Compare lenders: Look at APR, fees, repayment terms and funding speed side by side.

• Gather your documents: Have your ID, proof of income, bank account details and Social Security number ready.

• Submit your application: Apply online or in person, then wait for approval and funding — often the same day, sometimes up to five business days.

Soft Credit Check vs Hard Credit Check When You Apply

Many lenders let you check your rate with a soft credit check first, which doesn't affect your credit score. This prequalification step shows the rates and terms you're likely to get before you commit to anything. 

If you move forward with a full application, most lenders then run a hard credit inquiry, which can cause a small, temporary dip in your score. Payday lenders, pawn shops and cash advance apps typically skip credit checks altogether, which speeds up approval but doesn't help you build credit history. Ask a lender whether prequalification uses a soft or hard pull before you apply, so you know what to expect.

What To Consider Before You Get a $700 Loan

Before you commit to a $700 loan, consider all the factors.

• Fees and interest: Loans usually come with fees and interest.

• Overall loan cost: Read the fine print and run the numbers before you commit. If the interest and fees add up to more than you can afford, consider a different option.

• Don't take on more debt than you can handle: A small loan with a high interest rate can be hard to pay off if you don't plan for it. If you need the money just to reach your next payday, you may need another loan afterward, and those costs can add up over time.

• 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 a small loan, you have several other options. Here’s a look at some alternatives to a small loan:

• Increase your income: A little extra income can create more wiggle room in 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 more cash, consider doing so, at least temporarily. For example, cutting back on takeout 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 you can't repay, you could end up in a worse financial situation. Explore all your other options before taking out a small loan to address your short-term cash-flow issue.

Learn More: How Can I Get a $900 Loan?

Key Terms

• $700 loan: A small-dollar or short-term funding option for an unexpected bill, repair or paycheck gap.

• Personal loan: A loan repaid in fixed monthly installments, usually the lowest-cost option for good credit.

• Payday loan: A short-term, high-cost loan due in about two weeks, often near 400% APR.

• Buy now, pay later (BNPL): A checkout option that splits a purchase into installments, often at 0% if paid on time.

• Credit card cash advance: Cash borrowed against your card, with a fee plus interest that starts immediately.

• Pawn shop loan: A loan against an item you own, with no credit check but the risk of losing the item.

• Cash advance app: A tool that advances a small amount against your paycheck — not a loan, and typically interest-free.

• Earned wage access (EWA): Early access to wages you've already earned, repaid from your next paycheck.

Sources

• CFPB: What is a payday loan? 

• NCUA: Federal credit union loan interest rate cap 

• CFPB: Payday loan state rules and protections 

• Federal Reserve: Consumer Credit (G.19) 

Parts of this article were created with AI assistance. MoneyLion editors reviewed, fact-checked and edited the final version and are responsible for its accuracy.

Melanie Grafil, CFHC™, contributed to editing this article

Photo credit: Marcos Mesa Sam Wordley / Shutterstock.com