A quick loan comes from a company that approves you and disburses funding within a few days of completing the application. Many quick loans provide access to same-day cash, while traditional loans can take at least a week or longer to approve and fund. Quick loans are sought after by individuals facing an emergency financial hardship who need fast access to cash to cover pressing bills or expenses. There are a few different types of quick loans.

Payday loans

Payday loans are short-term, high-interest loans issued for small dollar amounts, typically less than $1,000. They are meant to be a short-term solution to help borrowers get a quick and easy cash advance that they can repay after receiving their next paycheck.

Car title loans

Title loans are secured by the borrower’s car title, so the lender has a right to take possession of the vehicle if the borrower fails to repay the loan. With a typical car title loan, borrowers pay off the entire loan, interest and any fees within a specified amount of time — usually 15 or 30 days.

Interest-only payment title loans

These loans work similarly to traditional title loans, but their repayment strategy is different. With interest-only payments, borrowers first pay off the amount of interest on the loan. They are then required to pay off the amount of the loan in full. Interest-only title loans usually last for a longer period than traditional title loans. Be careful with this type of loan — you may end up paying more than you borrowed and still not pay off the loan.

Pawnshop loans

With a pawnshop loan, you take a loan out against an asset you own outright, such as jewelry, electronics, instruments, antiques or collectibles. The pawnshop gives you cash and holds on to the item until you pay back the entirety of the loan. If you cannot pay it back within the agreed-upon terms, the pawn shop sells your item to recoup its losses. A pawnshop loan is a quick way to get a cash loan without a lengthy application process or credit check.

Personal loans

A personal loan from a bank, credit union or online lender can often take longer to be funded than other quick loan options. However, some personal loans can be funded with a quick turnaround time, sometimes with money hitting your bank account within a few days. If you qualify, many personal loans have lower interest rates and better terms than traditional quick or fast-cash loans. Typically, the higher your credit score, the better your loan terms are.