Best Ways To Get a $700 Loan Quickly

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.

Key Takeaways

• How do you get a $700 loan? Five main options, each with a different cost and timeline: Personal loans, payday loans, BNPL, credit card cash advances and pawn shop loans.

• A personal loan is usually the cheapest way to borrow: APRs run about 6% to 36%, so $700 over 12 months at 20% costs only about $78 in interest.

• Payday loans are the priciest: A typical $15-per-$100 fee equals $105 on $700 — an APR near 400%.

• Cash advance and EWA apps are a fast alternative, and they aren't loans: They advance a few hundred dollars against your paycheck with no interest, for at most a small fee or optional tip.

• You need income, not necessarily a job: Social Security, disability, unemployment, self-employment or rental income can qualify you.

• Try alternatives first: A payment plan, extra income or trimmed spending may beat taking on high-cost debt.

Summary generated by AI, verified by MoneyLion editors

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.

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 of around $7 to $10 per missed payment.

Credit Card Cash Advances for $700

Credit card cash advances usually charge a fee of 3% to 5% of the amount, plus an APR near 25% to 30% that starts the day you take the cash out. On a $700 advance, expect a $21 to $35 fee upfront.

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. While they can provide fast cash, you’ll lose the item if you can’t repay the loan on time, and fees can make borrowing very expensive.

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.

Who Qualifies for a $700 Loan?

You need to be at least 18 years old to qualify for a $700 loan in most states. 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 to get a loan.

• Credit score: Personal loans usually require a score of 580 or higher. 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: An active checking account is needed for direct deposit of your funds and automatic repayment.

• State availability: Payday loans are banned or capped in states like New York, New Jersey, Connecticut and others. Personal loans and cash advance apps are available in most states.

How To Apply for a $700 Loan in 4 Steps

From start to funded, most $700 loans take anywhere from the same day to a few business days, depending on the lender and how you get paid.

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

• Compare lenders: Look at annual percentage rate (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.

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, 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 it to 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, 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 you can't afford to repay, you could put yourself in a worse financial situation. Make sure to 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?

FAQs About Getting a $700 Loan

Can I get a $700 loan with bad credit?

Yes. Payday lenders, pawn shops, and some online personal loan lenders, such as OppLoans and Upstart, approve borrowers with credit scores below 580. Expect higher APRs and shorter repayment terms in exchange for the easier approval. Cash advance apps, while not loans, are another option for those with limited credit.

What's the cheapest way to borrow $700?

A federal credit union personal loan caps APR at 18%, making it the cheapest option for most borrowers. Banks and online lenders can charge higher rates, and payday loans often top 300% APR.

Can I get a $700 loan without a job?

Yes, you can get a loan without a job if you can show other steady income. Lenders accept Social Security, disability, unemployment, self-employment and rental income as proof you can repay.

How fast can I get $700? 

Cash advance apps can send $700 to eligible customers within minutes. Payday loans and pawn shop loans are funded the same day, while personal loans typically take one to five business days.

Will a $700 loan hurt my credit? 

A hard credit check drops your score by about five points. Missed payments cause bigger damage, while on-time payments on a reported loan can help build your credit over time.

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) 

Summary generated by AI, verified by MoneyLion editors

Melanie Grafil, CFHC™, contributed to editing this article

Photo credit: Marcos Mesa Sam Wordley / Shutterstock.com