Where to Look When You Need Money Now

Where to Look When You Need Money Now

For a good number of us, the not-so-simple task of finding the money to pay for our normal bills and expenses can be a challenge. Once you’ve shelled out for things like rent/mortgage payments, groceries, utilities, and other regular bills you’re required to pay, there may not be a ton leftover in your bank account. If an emergency expense comes knocking at your door when your savings are running low, are you going to be able to take care of it out of pocket? If you can’t, what will you do?

The best thing you can do to protect yourself in this situation is to start building up an emergency fund ahead of time. The problem is, it usually takes a fair bit of time to put together, and when you need money right now, you may not have time to spare. If you end up in a financial pickle, a personal loan may be able to help. Let’s take a look at where you may be able to get a personal loan when you need money fast, what types of loans may be available to you, and some potential loan alternatives.

What is a Personal Loan?

A personal loan is an umbrella under which all sorts of loans can fall under. In general, these types of loans are ones that you would use for some kind of personal expense. If you’re approved for one, you might receive your funds in a lump sum, or you could gain access to a credit limit to draw from. This will depend on the type of loan you’ve been approved for.

When it comes to repaying your loan, different loans will have different repayment processes, but you’ll typically be required to pay back the amount you’ve borrowed along with interest and some additional fees. You can get approved for a fairly wide range of loan amounts which will primarily depend on the type of loan you apply for, your credit history, your income, and more.

While you could, in theory, use the money you get from a personal loan on anything you choose, it’s generally not a good idea to spend this money frivolously. The truth is, even a loan with low interest rates and minimal fees is going to cost you money, so it’s not a good idea to apply for a loan without a serious need for extra cash.

Where May I be Able to Get a Loan When I Need Money Now?

When you’re facing an emergency expense and you want to borrow money now, there are two general areas to start with. The more traditional of these two routes is to go to a brick-and-mortar lender and apply for a personal loan in person. Having said that, this isn’t always the most convenient process for everyone. If you’re trying to find something that might gel with your schedule a little more seamlessly, you can also consider submitting an application for an online loan. Either way, it’s important that you understand

Storefront Lenders

As you might have guessed, if you want to go through the borrowing process in person, you’ll need to make a trip to some type of storefront lender. You could go to a bank, a credit union, or an independent storefront lender. Once you make the time to head down to a brick and mortar location, you’ll need to wait in line and talk to an associate about what borrowing options might be available to you. You can then fill out an application if they have something that works for you.

If you’re worried that you’re going to have a hard time with the online borrowing process and you don’t have any issues with taking the time to travel to a storefront location during their business hours, applying for a loan in person may be a good option for you. It might just be that you get a sense of comfort when you speak to someone in person when it comes to making a big financial decision.

Having said that, it’s important to keep in mind that navigating your way through the online borrowing process may not be as complicated as you think, even if it’s something you’ve never done before. Generally speaking, any financial institution that offers or services loans online is going to do their best to make it pain-free to go through their borrowing process. You’ll also typically be able to contact their customer support team if you’re having issues at any point, so you’ll still be able to have that human contact if you want it.

Online Lenders

Like we mentioned, if you need money right now, you can also turn to online loans. Like you might have guessed, these are loans that allow you to go through the borrowing process almost entirely over the internet.

To start the process, you’ll need to do a search for financial institutions that offer or service loans online in your state. Once you’ve made a list of potential options, you can go to their website or mobile app (if they have one) to start the application process. You can then fill out the application – this will often only take a few minutes – wait to find out if you’re approved or not, and if approved, you can receive funds and pay back what you owe digitally. Borrowing funds online generally offers a convenient process that allows you to avoid some of the hurdles you might face with the in-person borrowing process.

What Kinds of Personal Loans are Out There If I Need to Borrow Money Now?

If you’re ready to submit an application for a personal loan, one of the first things you should do is to take the time to see what types of options may be available to you. This way, you can do your best to make sure that you’re applying for whatever is best suited to your particular situation. Here are some of the more common varieties of personal loans that you can apply for if you need money now.



1. Installment Loans

If you feel like it’ll be easier for you to repay your loan if your payments are scheduled out over a lengthy period of time, an installment loan might be a good option for you. With these loans, you’ll get your money in a lump sum, if approved. Your payments will then be spread out over a series of scheduled, equal payments that could span a few months, or potentially several years. This will depend on a few different factors, like the financial institution offering the loan as well as the type of installment loan you’ve been approved for.



2. Payday Loans

Just like installment loans, if you get approved for a payday loan, your funds will come in the form of a lump sum. One of the most important differences is the repayment period. Instead of a lengthy repayment schedule spread out over months and months, you’ll have to fully pay back what you owe on your next pay date. On top of this, payday loans generally come with high interest rates, making them a relatively expensive way to get a hold of extra funds. Because of this, you should try to avoid applying for one unless you need money for an emergency situation and you’re out of options. You should also make sure to only apply for one if you know you’ll be able to pay it back.



3. Lines of Credit

A line of credit is a type of loan that works a little differently than the two previous entries on this list. Unlike an installment loan and payday loan, you won’t get your money in a lump sum. Instead, if you’re approved for a line of credit, you’ll have a credit limit to operate within that you can draw from as long as you have available credit and your account is in good standing. As you pay down what you’ve borrowed, you can draw funds on a continuous basis. When it comes to repaying your line of credit, you’ll only need to pay interest and/or fees on what you’ve borrowed, not on the total amount of your line of credit limit.

Which Types of Personal Loans are available through MoneyKey?

Installment Loans and Lines of Credit are available through MoneyKey. We are a direct online lender in Delaware, Idaho, Kansas, Mississippi, Missouri, Tennessee, Utah and Wisconsin. In Texas, we arrange loans as a Credit Access Business and a Credit Services Organization.

MoneyKey also services Lines of Credit offered by CC Flow. CC Flow is a division of Capital Community Bank (CCBank), a Utah Chartered bank, located in Provo, Utah, Member FDIC.

MoneyKey will be your single point of contact for all questions and concerns with respect to loan products offered through the MoneyKey website.

Check out the Rates and Terms page to learn more about the loan product available in your state of residence.

Simple Application

  • Get through an application for a personal loan online in just a few short minutes.
  • It’s a straightforward and quick borrowing option.
  • As long as you’re able to access the internet, you’ll be able to apply for personal loans through MoneyKey.

Fast Approval

  • Verify your info with our Customer Care team and you may be approved in minutes.
  • Our Customer Care agents are friendly and helpful.
  • We’re here for you 7 days a week to guide you through any part of the application process.

Quick Funds for Emergencies*

  • If you need financial help in an emergency situation, you can get the funds you need quickly.
  • If you need money now online, you may be able to get your money as soon as the same business day*.
  • A fast and simple way to get the cash you need, when you need it.


How May I Qualify for a Loan If I Need Money Today?

If you’ve taken a look at where you stand, made the decision that a personal loan is the right choice for you, and you’ve decided which type of loan is suited to your situation, your next step is going to be to get some personal information together. The truth is, not all financial institutions are going to have the exact same requirements for approval, but most of them will likely look at a few similar things. So, it can help to speed up the process by getting these things ready ahead of time. They might look at:

  • your state of residence
  • your credit history
  • your employment status
  • your income

Do I Need to Apply for a Loan When I Need Money Fast?

If you’re facing an emergency and you need money fast, you might want to look at a few ways to get the funds you need without having to apply for a loan. While these won’t all necessarily be things to provide you with immediate cash flow, they can still be useful in certain situations.

1. Develop a Side Business

Looking for ways to add an income stream can be a great way to either get some extra cash to help you handle an emergency, or to find extra money to start building your emergency fund for the next time you’re in a precarious situation.

If your schedule isn’t particularly full, you can start by looking for some simple extra work to help boost your bank account. You could look into things like dog walking, lawn mowing, babysitting, or anything that you can do around your neighborhood. If you need to fit this extra work around your schedule, you can start delivering food or driving for a rideshare company. You can even use whatever technical skills you have from your main job to start freelancing. Things like copywriting, design, photography, coding are very marketable skills that you can use to add an income stream.

2. Sell Things You Don’t Need

Is your closet full of clothes you never wear? Maybe you have a bunch of functional but slightly outdated electronics hidden away in a box somewhere. In either case, selling these things is a great way to turn unused items into cash when you need some money now. If this sounds like a feasible thing for you to do, you can start by:

  1. Listing out the things you have that you don’t use but still have value.
  2. Going online and trying to determine the value of the items you’re trying to sell.
  3. Snapping some pictures of them and writing catchy, accurate, and thorough headlines and descriptions.
  4. Posting these on places like Kijiji and Facebook Marketplace.

Once these things start to sell, you can use this money to pay off your emergency expense or contribute to your emergency fund.

3. Rent Out Extra Rooms

Do you have any extra bedrooms in your house that don’t get any use? Or maybe you have a basement with a separate entrance. If you do, you can use these rooms to add to your income. If you have a fully functional live-in basement, you can try to rent it out to someone on a long-term basis, but even a single extra bedroom can be put on Airbnb to help you make some extra money.

Consider a Personal Loan When You Need Money Right Now

Like we mentioned at the beginning, an emergency fund should always be the first thing you turn to in times of financial emergency. If you don’t have one now, it’s never too late to start putting one together! But in the meantime, a personal loan can be a useful option when you’re in need of some short-term funds. Having said that, applying for a loan is something that you should always take seriously, so before you submit an application, it’s important that you take the necessary steps to make sure you’re borrowing responsibly. Make sure to assess your situation carefully, do the right amount of research, understand what your options are, and only apply for a loan when you know you’ll be able to repay it.

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Not all applications are approved; duration of approval process may vary. Credit limits/loan amounts are subject to further verification criteria. If you are a returning customer, loan amounts may vary.

*If approved, any requested funds may typically be deposited into your bank account the same business day; timing of funding may vary by product and state. The date and time funds are made available to you by your bank are subject to your bank's policies. For specific funding cut-off times, click here.

**You may request a draw from your Line of Credit at any time, so long as you have available credit and your account is in good standing. In the State of South Carolina, you can withdraw the total credit available to you all at once, or in smaller amounts over time as you need it, with a required minimum draw of $610.

As you move through your credit journey, your account may become eligible for reduced charges and/or increased credit limits/loan amounts based on good payment history over time. You will receive notices, as applicable, regarding your individual circumstances and eligibility.

Depending on your state of residence, applications submitted on this website may be originated by one of several lenders, including: CC Flow, a division of Capital Community Bank (CCBank), a Utah Chartered bank, located in Provo, Utah, Member FDIC. The CC Flow Line of Credit is provided by CC Flow. Additionally, CC Flow maintains critical control over loan origination, underwriting approvals, and regulatory and compliance oversight management. MoneyKey is an authorized servicer of CC Flow. This means the CC Flow Line of Credit is available through MoneyKey and you will maintain your CC Flow Line of Credit account through MoneyKey.

Product availability varies by state. To see loan products offered in your state of residence, please visit our Rates and Terms page.

MoneyKey – TX, Inc. is licensed as a Credit Access Business (CAB), License No. 16641-62815, by the Office of the Consumer Credit Commissioner and registered as a Credit Services Organization (CSO), Registration No. 20110150, by the State of Texas. All loans for which MoneyKey acts as a CSO/CAB are funded by an unaffiliated third-party lender and serviced by MoneyKey. In the State of California, MoneyKey – CA, Inc. is licensed by the Department of Financial Protection and Innovation pursuant to California Deferred Deposit Transaction Law License No.1004516.

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