3 Ways to Borrow Money Online Instantly

Updated on February 7, 2022

Sometimes life happens, and you find yourself a little short on cash. Whether you have a health emergency, car repairs, or need a little extra to get by until payday, not knowing where you can find support can add to your stress. 

When you need money fast, there are some different online options you can consider, including:

  • Lending apps
  • Online lenders
  • Peer-to-peer lending

Many of these options won’t require a credit check, so you can still get some cash if you have bad credit or no credit.

We’ll provide some details on each option, including the pros and cons. 

1. Lending Apps

Another cash advance option is smartphone apps that you can download and request money.

Before you consider downloading a lending app, you must read the details and understand the policies and requirements for using the apps. Some come with high fees and can take a few days to put the money into your account. If you need the cash today, look for an app that can offer that service.

Some of the most popular ones include:

  1. Earnin
  2. Dave
  3. Brigit


  • Anyone can use lending apps and get short term money, usually a couple hundred at least.
  • They are a simple and quick way to get cash fast.


  • One of the drawbacks of lending apps is that you’ll need to sign up for an account. This involves giving away some of your personal information, including your banking and employer details. 
  • Some apps may require you to have a bank account through their company. Lenders may also want you to have your paychecks directly deposited into that account. It is how they secure the loan. The app will automatically withdraw money to pay the loan from your next paycheck. 

2. Online Lenders

Getting money quickly can be as easy as applying to online lenders for personal loans, which also include payday loans.

It is best to do some research about the lender before you agree to their offer. You may also want to investigate how competitive their interest rates and terms are with other online lenders or financial institutions. 

Also, you can use special lead generators. The process begins with you filling in an online form with some key criteria and information. Your request will then be sent to several lenders that are on the platform. Lenders will then send you an offer, including the interest rate and other terms. This can happen within minutes, making the process as streamlined as possible. 

After you find an offer that you are satisfied with, you will be redirected to the lender’s website. You’ll be asked to fill in some more forms. Although you can do this at any time of the day or night, your application will only be reviewed during business hours. 

Some popular direct lenders examples include: 

  1. Advance America
  2. ChecknGo
  3. Ace Cash Express


  • Many applications can be approved quickly, which means funds could be in your account by the next business day. 
  • Process is completely digital, and lenders don’t have to charge high fees to cover the expenses of a physical location.
  • You won’t be asked for collateral to secure the loan, such as your house or vehicle. 
  • These loans can be either installment loans, which you can pay back in small amounts over the next few months or years. They can also be payday loans that you pay back in one lump sum. 


  • Online loans can have high interest rates and fees.
  • Late payments can turn into very large penalty fees. 
  • You need to carefully calculate how much you will be paying back from your next paycheck. Will you be able to live without that money? If not, you could spiral into a serious debt problem as you borrow to make up the shortfall and have to pay interest and high fees on that money.

3. Peer-to-Peer Lending

Peer-to-peer lending is also called social lending or crowdsourcing. It has become a popular way for people to give money to each other.

Borrowers have used peer-to-peer lending platforms to finance their inventions or to support a worthy cause. Often, the money is offered at an agreed-upon interest rate and you and your supporter can define the terms between yourselves.

Some of the most popular platforms are:


There is no intermediary such as a bank or other financial institution. 


One of the challenges of peer-to-peer lending is you may not get the full amount of money you need. You may only get a part. Sometimes you could end up borrowing from several sources to get the total amount of cash you need. 

Another thing to watch out for with peer-to-peer lending is fees. Some platforms charge additional fees, such as:

  • loan origination fees;
  • late fees;
  • bounced-payment fees.

How Safe is Online Borrowing?

Many borrowers wonder if online options are safe. While the process is usually as safe as borrowing money from banks or other in-person lending services, there are some things you can do to ensure you have a good experience. These include:

Know the lender

You’ll be submitting some very personal details in an online form. It makes sense for you to research the reputation of the lender. Look for customer reviews, BBB comments, and other similar information. Check the customer complaint database to see if you find any listing for the lender you’re considering.  Most online lenders can be trusted, but it’s wise for you to do some background searches for peace of mind. 

Don’t agree to application fees

Online scammers will offer to process your loan application for a fee, but reputable lenders won’t make you pay to be considered for a loan. Some online loans may request a payment upfront, but these are often for large loans such as car loans or mortgages, not for smaller ones. 

Avoid wire transfers

Some lenders may try and convince you to wire them your fees before they will release your cash. If they don’t offer you the option to pay these fees with a credit card or from the loan proceeds, walk away. The chances are that once you wire the money, you won’t hear from them again. 

Knowing you can get money quickly when you need it can help relieve your stress during a time of financial crisis. As there are many options to consider, take some time, review your alternatives and decide on the best one for your situation. 

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