Check your Approval Odds* for a $700 loan

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Where to get a $700 loan


4 min read
This date may not reflect recent changes in individual terms.

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A small loan may offer a temporary solution if unexpected expenses hit your budget.

But it’s important to know that these loans may have expensive terms — even potentially costing you more in interest than the amount borrowed. Some of these loans can be called payday loans. Make sure to shop around and compare loan terms to make sure you’re getting the best loan available to you.

We’ll recommend some lenders to consider and provide alternatives to think about before committing to a small loan.

The best $700 personal loans


The Affirm app is worth considering if you want to make online or in-store purchases and pay for them with four (potentially interest-free) installments. But you might need a down payment, and if you spread out your payments over a longer period, you may face interest.


Rise Credit might be worth considering if you have fair or bad credit and want a personal loan without origination fees or prepayment penalties. Since it reports to the major credit bureaus, it can help you improve your credit. But interest rates can reach well into triple digits.

PenFed Credit Union

PenFed Credit Union is worth considering if you have good credit and need a small personal loan. You don’t need to be a member to apply, but the credit union charges late fees and returned payment fees.


Kashable is worth exploring if you need to borrow money and your state and employer are eligible (you can check through the site). But Kashable says that only those that are part of the premium plan may have APRs as low as 0%.

How can I get a $700 loan fast?

It’s possible to get quick funding for small loans, but it’s important to consider interest rates, loan terms and fees before making a decision.  Although many lenders don’t offer small loans less than $1,000, some credit unions, online lenders, loan apps and payday lenders do. 

You may be able to get a same-day loan or next-day loan depending on the type of funding and the lender. But keep in mind that you may have to pay a monthly membership fee or one-time fee for an “instant” transfer.

Here are some common types of small loans.

Small personal loans online

Some online loans may offer quick funding and flexible credit requirements, but these loans also may come with very high maximum interest rates that can hinder financial progress.
Some online lenders allow you to prequalify with a soft credit inquiry, a good way to compare potential rates and terms without affecting your credit scores. However, if you proceed with a loan application, the lender will likely perform a hard credit inquiry to determine final approval.

Buy-now, pay-later apps

Buy now, pay later (BNPL) loans are popular because they let you make purchases and spread payments over time, often without interest. These apps may lend you money without a hard credit inquiry. 

But a buy-now, pay-later loan will only be a good option to consider if you need to make a quick retail purchase and the company offers a BNPL financing option. For instance, if you need to purchase new tires for your vehicle, you may be able to get a buy-now, pay-later plan.

To avoid interest, you’ll usually have to complete your four payment installments within six weeks. And if your payment is late, you may face a late fee and a late payment that is reported to the credit bureaus and could harm your credit. Some BNPL apps also have optional monthly subscription fees.

Payday advance apps

Payday advance apps may offer a way to access part of your paycheck before payday without a credit check, which can be helpful in urgent situations. You could get funds to help bridge the gap with everyday expenses like bills and groceries until your paycheck arrives.

Many payday advance apps require proof of regular income, so this option is best if you have regular deposits hitting your bank account. If you’re new to payday advance apps, it may take a few days for the app to verify your information, and might not be the best option if you need funds ASAP.

Some payday advance apps have 0% interest rates. But providers may charge monthly subscription fees or fees to get instant access to funds, increasing the total loan cost. Some also ask people to leave optional tips. 

Payday loans

A payday loan may help cover a financial emergency if you need fast access to funds, but it’s best to consider it as a last resort. Payday loans often come with excessive fees that can add up to triple-digit annual percentage rates (APRs), which can be as high as 400%. 

Payday lenders typically offer loan amounts less than $500 with the expectation you’ll repay by your next payday, but terms vary by state. And not all states permit them. Payday lenders may advertise same-day funding, but when you get access to cash depends on your lender.

Small loan alternatives

  • Medical repayment plans/forgiveness: If you’re facing unexpected medical bills, you may be able to set up a payment plan with the hospital that gave you care. Underinsured or low-income patients may also have access to alternative repayment plans or other financial assistance. 
  • Charitable grants or utility payment plans: Depending on your circumstances, you may be eligible for an emergency assistance grant or loan. Your city or state may have hardship grants available to those in need. Consider exploring offerings in your area to see what kind of financial support is available. 
  • Payday alternative loans from credit unions: These small, affordable loans offered by some federal credit unions were established as a more affordable alternative to expensive payday loans

FAQs about $700 loans

What is the total cost of a $700 loan?

The cost of a loan depends on a few factors, including the interest rate, loan term and any fees assessed by the lender. Consider using a loan calculator to calculate monthly payments and total interest paid over the life of the loan.

Can I get an $700 loan with bad credit?

Yes, getting a small loan is usually possible even if you have bad credit. Lenders willing to loan small amounts to individuals with poor credit scores typically charge higher interest rates because they perceive these loans as higher risk. Other options to consider include payday alternative loans, buy now, pay later apps and payday advance apps.

Can I get an $700 loan without using a payday loan?

There are several options to avoid extremely high-interest payday loans, which can sometimes trap you in a cycle of debt. Consider a payday alternative loan from an online lender. Sometimes, a cash advance from a credit card can have more favorable terms than a payday loan. If you need a bit of extra cash for everyday expenses before your next paycheck hits, consider a payday advance app.

*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the personal loan, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.