![]() "Even if you borrow extra, it can end up costing you less," said Sullivan, in terms of APR and other fees. If you have good enough credit to qualify for a decent interest rate, you might be better off borrowing a little more with a longer repayment period to give yourself some breathing room. "It doesn't get you into that revolving door of loans or cash advances." If you have a flat tire and you've got no money and you have to get to work, this might be a preferable option especially if your bank doesn't charge a fee, said Sullivan. Most banks and credit unions, along with apps like Chime, offer the ability to overdraw your account. That way you won't have to pay fees, interest or share banking information. If it won't jeopardize your relationship, you might simply ask a family member or friend to spot you until payday. If you need money fast, look for cards that let you use them instantly. If you have strong credit, you may qualify for a credit card that has no interest on purchases for a period of time, which can be 12 months or beyond. When you borrow using online apps, you get a chance to compare offers, and that's something Sullivan suggests people should take advantage of in order to find the most favorable terms. ![]() "Some people simply don't want to see someone face-to-face," said Sullivan. For people who find themselves short of funds because of poor planning, there could be a level of embarrassment to have to walk into a bank or ask someone in person to lend them money. "It usually takes around 10 to 15 minutes, and that can be both a blessing and a curse," said Vincent Birardi, certified financial planner and wealth advisor at Halbert Hargrove. Start by simply downloading the app, and you'll be prompted to enter some basic information and your bank account login information. Albert is another loan app that provides the option of getting a cash advance instantly for a small fee, or free if you wait two to three days. "If you're in a hurry – and a lot of people who need loan apps are in a hurry – you can probably find something that will provide cash the same day." Albert: Best For a Variety of Financial Tools. "Most traditional lending sources can take two to three days to get a loan approved," said Sullivan.
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