Personal loans are the quickest way to get your hands on some money in an emergency. You can get the same or next-day funding, depending on the lender. Online lenders will give you funding fast without collateral like what banks and other financial institutions demand. Some lenders don’t even mind if you have a not-so-perfect credit score.

You will receive the funds directly into your account, and you can do with it whatever you want. You will submit your application to a personal loan lender and get a decision right away. There are many ways you can acquire a quick personal loan. Here are fast funding options.

  1. Paycheck Advance

It's very common for employers to give workers an advance on their pay. It can be complete or partial payment, depending on how much funds you need. You can even access earned wages before payday. This is a great alternative when you don't want to use an unknown lender.

Your employer will barely deny you this kind of loan, especially when you have already worked for it. These funds are usually available the same day or the next day. Employers don’t charge interest or fees on the salary advance. But some might charge an administration fee if they use a third party to offer the services. A paycheck advance is way safer and cheaper than traditional loans.

  1. Borrow Money from Family or Friends

If you want to avoid taking out a personal loan online from lenders, why not ask your loved ones? You can avoid the formal loan application process. The repayment options are usually more flexible with this arrangement. You may not have to pay interest, making it a cheaper personal loan.

However, most people who borrow money from friends or family have damaged the relationship. You should get the repayment terms in writing to avoid any misunderstanding in the future. Ensure you are clear on whether it's a refundable loan or not.

  1. Home Equity Loan

Homeowners with a lot of equity on their property can borrow against the equity. It's a second mortgage, and it's the best option when you want a lump sum amount of money immediately. You will repay the loan over a while the same way you pay your mortgage every month.

Most personal loan lenders offer small amounts of money. If you have a big emergency that needs all the funds you can get, this is a viable option to think about. The only disadvantage of this loan is that it might take longer than the other options. The lender may sometimes need to reassess the value of your home before releasing the money.

  1. Credit Card Cash Advance

Credit cards are great; they allow you to repeatedly draw from them and pay later. Some card issuers won't charge you interest if you pay the loan in a specific period. But what you didn't probably know is that credit card interests are usually higher than personal loan interest rates. But you can also take out a cash advance from the cards and use it for any reason.

Ensure you check the maximum amount your card issuer allows before you try to withdraw the cash advance. The credit card company will start charging you interest immediately with this kind of advance. There is no grace period, so ensure you are prepared to pay the set rates. The cash advance fee also increases what you have to pay.

  1. Non-Profit Credit Unions

Multiple organizations run non-profit credit unions meant to help people get loans with low interest. You can avoid traditional lenders who can pile up high interests on your small personal loan. These unions are usually for charity, so the interests will be as low as possible. If you qualify, you can get a loan from them and repay them within the agreed period.

These credit unions are not highly advertised. You will have to research and look harder to find them. If there is someone you know who has used their loans before, they can give you a recommendation. The main advantage here is the low-interest rates.

  1. 401 (K) loans

Most people don't like taking out loans against their employer-sponsored 401 (K) because it has so many strings attached. But if you are caught between a rock and a hard place ad you need money fast, you can try it. But before you do, ensure you research what the terms are. If they seem bearable, you can ask for the funds and make that money back later.

Remember, this is your retirement plan, so you must struggle to make money back to ensure an easy retirement. This works for people who know they can’t qualify for traditional loans. You will have to speak to your employer about it and see if it's possible. If you can get a salary advance instead, you would rather go for it.

  1. Life Insurance

You can leverage your life insurance policy if you need the money badly. The main disadvantage of taking this loan is that your beneficiary may not get enough support if you die. But if you are sure you can make money again, feel free to leverage the life insurance policy. Whole life insurance policies can have a high cash value which might come in handy in an emergency.

Ensure you review the policy with a professional before taking any further action. It’s always nice to know what the loan will look like and how to repay it with the best terms. You will be surprised how many people leverage their life policies in emergencies.

  1. Online Lenders

Quick cash apps and websites are the most popular way of getting small personal loans. They have different loan limits, payment schedules, and interest rates. A quick search online will bring you thousands of lenders willing to deposit funds in your account after a small verification process. Look for a lender that seems affordable.

Since there are many personal loan lenders online, you can be picky. Some will offer a longer payment term, but when you calculate the interest, you will realize you have paid a lot more than what you were supposed to. Take your time to weigh options before applying.

Consider the amount you wish to spend as well. Most loan apps and sites offer minimum personal loan amounts. If your emergency is bigger, you should try the other options on this list. But for quick, small funding options, online lenders are the way to go.

Final Thoughts

Loans are part of life, and sometimes they are inevitable. You may have some significant amount of money saved, then you fall sick, or something happens that requires more money. That is when you will start looking for fast funding options. Luckily there are many ways you can access funds quickly in such emergencies. Ensure the method you use is favorable to you.