I need money now
Answer three questions to see what will consider you where you live, cheapest first.
Step 1 of 3
Step 2 of 3
How often are you paid?
Step 3 of 3
Are you on active duty in the military, or a spouse or dependent?
The options, cheapest first:
- Credit union payday alternative loan (PAL): Federal credit unions, at no more than 28% APR plus up to a $20 fee
- Cash advance apps: fees instead of interest
- Online lenders by state: installment and tribal lenders, by their highest APR
Cheapest first
- Free local help (211, your job, community groups)
- Often freeAmount depends; ask about any fees
- Military relief society loanActive duty and families
- 0% interestUp to $2,000 (Army), $1,500 (Air Force, Coast Guard), $1,000 quick loans (Navy-Marine Corps)
- Credit union PAL IAfter one month of membership
- 28% APR at most, plus up to a $20 fee$200 to $1,000, repaid over 1 to 6 months
- Credit union PAL IINo membership wait
- 28% APR at most, plus up to a $20 feeUp to $2,000
- Cash advance apps (13 on file)Need regular pay coming in
- $0 to $15 a month, plus fast-transfer feesAdvances up to $1,000; fees vary by app
- Wage advance through work
- About 109.5% APR in one CFPB example$3.18 to get $106 ten days early
- Online installment lenders
- 34.99% to 299% APREach lender lists its states and amounts
- Tribal lenders
- Up to 725% APRSay your state's rate cap does not bind them
- Payday loan
- $345 due on $300 in two weeks$15 per $100; a one-month extension on $300 adds $90
Source: NCUA, 12 CFR 701.21, CFPB, CFPB on the Military Lending Act, the service relief societies, and each app's and lender's own pages (linked on their records).
Want help picking one?
A specialist can go through these options with you for your state. Talk to someone about cheaper options: 855.947.5189
This line reaches a debt and loan options specialist. We are not a lender and cannot reach any loan account.
Short notes on each option
When you think "I need money now," it can be stressful. The good news is that the cheapest help often comes from free local programs, your job or a credit union, not a payday lender, where borrowing $300 can mean paying back $345 just two weeks later.
- Federal credit union payday alternative loans have a 28% APR cap; other credit union loans may differ.
- The most a credit union can charge you to apply for one is $20
- A $300 payday loan means $345 due back
- If you're on active duty, the law caps most loans at 36% a year, and military relief societies offer loans with no interest at all.
How the answer ranks the options
- Credit union payday alternative loans, capped at 28% APR at federal credit unions.
- Cash advance apps, which charge a membership, an instant-transfer fee or a tip instead of interest. They need a paycheck coming in, so the answer lists them only if you are paid now.
- Online installment lenders that say they lend in your state, at 34.99% to 299% APR on their own rates pages.
- Tribal lenders, at up to 725% APR, which say your state's rate cap does not bind them.
If you are on active duty or a spouse or dependent, the Military Lending Act caps the APR at 36%, so the answer keeps only the options at or under it.
Start With Free and Low-Cost Help
It pays to look at options that cost nothing or very little before taking out a loan. 211 is a confidential service that links people with local resources, including help paying rent and other bills in your area.
Some employers and community groups give advances or emergency credit. If you have a bank or credit union, ask them too. Members can sometimes get cheaper options.
What About Cash Advance Apps?
Some apps let you access wages before payday. Check what the advance will cost before using one. Many work as a wage advance, so you receive some of the pay you already earned ahead of your regular payday.
Some wage advances through an employer aren't counted as loans under a federal rule, so the cost may not be shown as an interest rate. Look at the fee and the amount you'll receive before you agree.
A Small Loan From a Credit Union
Some federal credit unions offer small loans called payday alternative loans. The cost is capped, so they're much cheaper than a payday loan. There are two versions:
- PAL I: borrow $200 to $1,000 and pay it back over one to six months. You must have one month of membership behind you first.
- PAL II: borrow up to $2,000. There is no membership waiting period, so you can apply as soon as you join.
Each is capped at 28% APR. APR is the cost of a loan over a full year, shown as a percentage, and it lets you compare one loan with another. A credit union may also add an application fee, capped at $20.
Is a Wage Advance a Loan?
A small fee can look harmless, but it adds up.
In one government example, someone paid $3.18 to get $106 ten days early. Spread over a year, that works out to about 109.5% interest, far more than a credit union's small loans can charge.
What a Payday Loan Costs
A payday loan is usually the most expensive way to get cash fast. At $15 per $100 borrowed, a $300 loan comes due at $345 roughly two weeks later.
If you can't pay on time, the lender may offer to push back the due date for a fee. On that same $300, pushing the due date out a month adds $90 in charges.
Side-by-Side Costs
| Option | How much | Cost |
|---|---|---|
| 211, employer advances, or community help | Depends | Ask whether there are any fees or repayment costs |
| PAL I from a credit union | $200 to $1,000 | 28% APR max, plus up to a $20 fee |
| PAL II from a credit union | As much as $2,000 | 28% APR max, plus up to a $20 fee |
| Wage advance through work | Sample: $106 | Roughly 109.5% APR |
| Payday lender | Sample: $300 | $345 due in two weeks |
Here's an illustrative example: Sam, who isn't a real person, needs $300 before payday and gets paid every two weeks. Sam could start today by calling 211 or asking an employer about free help, then compare the total cost of a credit union loan or wage advance before considering a payday loan.
Options for Military Families
For those on active duty, the Military Lending Act limits most loans to 36% a year, counting interest and most fees. The NCUA advises active-duty members to turn to a relief society first, since these groups lend without interest.
- Army Emergency Relief: fast loans of as much as $2,000 with 0% interest.
- Navy-Marine Corps Relief Society: $1,000 quick loans in roughly 15 minutes, plus loans and grants with no interest.
- Air Force Aid Society, plus Coast Guard Mutual Assistance: fast loans of as much as $1,500 with no interest. On top of that, the Air Force Aid Society offers loans and grants at no interest.