You’re unemployed, and you need money in a hurry. So what do you do? Maybe you’ve heard about payday loans; they may be the answer to your financial prayers. But there are other options out there for those who have a little more wiggle room in their budget. 

If you’re currently looking for ways to get cash fast, there’s no reason to throw away your credit score when there are viable alternatives available for people with bad credit or who are just struggling right now. Here are some examples of how these types of same day loans can help. 

  1. Payday Loans 

The same day loans  is essentially a short-term cash advance that allows you to pay back the loan plus interest within a set amount of time. It’s a way for people with poor credit or who are temporarily unable to make payments on their credit card bills due to medical expenses or other unforeseen circumstances to get the funds they need to tide them over until things improve. 

How it works: The lender will send you an authorization form that must be filled out by hand. Once completed, you’ll give it to the lender along with two forms of identification (i.e., passport, driver’s license, etc.). Then the lender will send you an email giving you the approval code and the date by which you must repay the loan. The process usually takes less than 24 hours. 

Once you receive the authorization form, you then take it to any one of many local payday lenders (or online through websites like LendUp) where you fill out the rest of the paperwork. Once processed, you’ll receive a check in the mail with all of the information you provided to the company. You’ll also be given a receipt showing that you’ve paid off the loan. 

In order for borrowers to qualify for a payday loan, they must be at least 18 years old, but most companies require that you are between 21 and 65. They should also verify that you’re not already indebted for a loan from another source. In addition, if you don’t already hold a bank account, you’ll need to open one before applying. 

If you find yourself unable to repay the loan as agreed, you could end up paying even more than what was originally borrowed. Depending on your state’s laws, you might even be able to sue the lender if you feel that they didn’t comply with the terms outlined in your agreement. If you fail to keep up with your repayment schedule, you’ll lose your ability to borrow money from them again. 

While this type of loan isn’t always recommended, it’s certainly worth considering if you really need to get a few months’ worth of finances together fast and you don’t want to deal with waiting weeks or months for a traditional personal loan to arrive. Keep in mind, however, that you generally won’t be approved for a payday loan unless the lender has been told that you have been employed recently. 

  1. Small Business Administration Loans 

You could also consider applying for a SBA loan. This program provides access to low-cost lending for small businesses that are experiencing economic difficulty. As long as your business meets certain criteria, you have the opportunity to apply for a loan. 

The SBA is administered by the U.S. Department of Commerce’s Office of Servicenter, and its primary mission is to assist small businesses that are having trouble getting financing. The agency also administers the SBA Express Loan Program which helps small businesses with working capital needs, and the Microloan Program which offers microloans to entrepreneurs who are starting new businesses. 

In order to qualify for a SBA loan, you’ll have to provide documentation showing that you meet specific requirements such as being a legally incorporated entity, having assets of $50,000 or more, and having net worth of $250,000. While there are various qualifying factors, in general, the loans offered by the SBA are designed to encourage entrepreneurship and support new businesses. 

  1. Personal Unsecured Loans 

Another option that people often overlook when they’re in need of emergency funds is taking out a personal unsecured loan. These loans are typically easier to obtain than some of the other options out there, though they aren’t always quite as easy to get as payday loans. 

Most personal unsecured loans are issued by banks and offer rates ranging from 10 percent to 25 percent APR. In order to qualify for one, you simply need to provide proof of employment or income, a social security number, a recent bank statement and a copy of your current credit report. Many people aren’t aware that they can actually get money without having to go through the hassle of opening a line of credit, so this is a good alternative for anyone who doesn’t want to deal with the extra fees associated with credit cards. 


Paydays have a high rate of interest and are provided generally within 24 hours of sanctioning also you need not be already in debt as in other loans as well, small business administration loans provides access to lending small businesses for requried money here your business should meet some criteria. Also, personal unsecrured loans are a good type of investment but they might land you in jail if not paid for in the right time.

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Maryann Carroll is a news writer, editor, publisher and an entrepreneur. She loves to cover wide variety of topics across the globe.