How Can I Get a $700 Loan?

If you want to get a personal loan for $700, you might quickly realize that most lenders won’t offer a loan amount of that size. Instead, most personal loan lenders tend to offer loans starting at amounts of around $2,000. 

While not every lender is willing to offer loans in smaller amounts, some are. This guide explores how to find a $700 loan. 

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. The exact costs will vary based on your state. But 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. 

How To Get $700 Fast

If you’re in need of a $700 loan, you might need the funds fast. Below 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. 

What To Consider Before You Get a $700 Loan

Before you commit to a $700 loan, it’s important to consider all of the pros and cons. While the obvious advantage is that you’ll get your hands on the funds you need, there are some downsides to keep in mind. 

For starters, signing up for a loan usually comes with fees and interest charges attached. 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. 

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. 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’re able to pay for it 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.