You can borrow cash through personal loans, credit card cash advances, 401(k) loans, cash advance apps, or secured loans like title and pawn loans. Each option carries different costs, speed, and risk. The right choice depends on how much you need, how fast you need it, and what you’re willing to pay in interest and fees.
Personal Loans
A personal loan from a bank, credit union, or online lender is one of the most straightforward ways to borrow cash. You apply, get approved for a lump sum, and repay it in fixed monthly installments over a set term, usually two to seven years. The average interest rate sits around 12.27% for a borrower with a 700 credit score borrowing $5,000 over three years, according to Bankrate’s April 2026 data. Rates range widely, from about 6.20% for borrowers with excellent credit to nearly 36% for those with lower scores.
Credit unions tend to offer slightly better deals. The national average rate for a three-year personal loan at a credit union was 10.72% as of the third quarter of 2025. If you’re already a member of a credit union, check there first.
To get approved, lenders typically look at your credit score, income, employment history, and debt-to-income ratio (the percentage of your monthly income already going toward debt payments). You’ll usually need to provide pay stubs, bank statements, and possibly tax returns. Funding can take anywhere from the same day with some online lenders to a week or more at traditional banks. Personal loans work best when you need a moderate to large sum, have decent credit, and want predictable monthly payments.
Credit Card Cash Advances
If you already have a credit card, you can withdraw cash from an ATM using your card’s PIN, up to your cash advance limit (which is usually lower than your overall credit limit). The money is available immediately, which makes this one of the fastest ways to get cash in hand.
That speed comes at a steep price. Most issuers charge a cash advance fee of 3% to 5% of the amount you withdraw. On a $500 advance, that’s $15 to $25 just for the transaction. The interest rate is also significantly higher than what you pay on regular purchases. While your purchase APR might be in the 12% to 23% range, cash advance APRs commonly run between 25% and 30%. Worse, there’s no grace period. With regular purchases, you avoid interest if you pay your statement balance in full each month. Cash advances start accruing interest the moment you take the money out.
This option makes sense only for small, short-term needs when you’re confident you can pay the balance off quickly. Carrying a cash advance balance for months can get very expensive very fast.
401(k) Loans
If your employer’s retirement plan allows it, you can borrow from your own 401(k) balance. The IRS caps these loans at the lesser of 50% of your vested balance or $50,000. If 50% of your vested balance is less than $10,000, you can still borrow up to $10,000. Not all plans offer loans, so you’ll need to check with your plan administrator.
You repay yourself with interest, typically at a rate slightly above the prime rate, through payroll deductions. Payments must be made at least quarterly, and you generally have five years to repay the loan in full. An exception exists if you use the money to buy your primary home, in which case the repayment window can be longer.
The major risk comes if you leave your job. Your employer can require you to repay the entire outstanding balance. If you can’t, the remaining amount is treated as a distribution, meaning you’ll owe income tax on it, plus a 10% early withdrawal penalty if you’re under 59½. You can avoid this by rolling the outstanding balance into an IRA or another eligible retirement plan by your tax filing deadline for that year, including extensions. Beyond the tax risk, pulling money out of your retirement account means those funds aren’t growing and compounding for your future, which can cost you far more than the loan amount over decades.
Cash Advance Apps
Apps like Dave, Earnin, and Brigit let you borrow small amounts, typically $50 to $250, before your next paycheck. They connect to your bank account to verify your income and spending patterns, then advance you a portion of wages you’ve already earned or are about to earn. Repayment is usually automatic, pulled from your account on your next payday.
These apps don’t charge traditional interest, but they’re not free. Dave charges a $1 monthly membership fee and express transfer fees ranging from $1.99 to $5.99 depending on the advance amount. It also prompts tips, with defaults set at 5%, 10%, or 15% of the advance. You can set the tip to zero, but the interface nudges you toward tipping. Earnin has no monthly fee but prompts users to “pay it forward” with suggested tips of $5 or $10. You can manually set the tip to zero. Brigit charges $9.99 per month regardless of whether you actually take an advance, which covers eligibility for advances up to $250.
When you add up membership fees, express delivery fees, and tips, the effective cost of borrowing $100 for two weeks can rival or exceed traditional lending rates. These apps work best for covering a small, temporary gap between paychecks, not as a regular borrowing habit.
Title Loans and Pawn Shop Loans
Title loans and pawn shop loans let you borrow cash by putting up a physical asset as collateral. With a title loan, you hand over your vehicle’s title. With a pawn loan, you leave an item of value (jewelry, electronics, tools) with the pawnbroker. Neither typically requires a credit check, which is why people with poor credit turn to them.
The costs are extreme. Interest rates on title pawns can run 25% per month for the first three months and 12.5% per month after that, translating to effective annual rates of 150% to 300%. A $1,000 title loan at 25% monthly interest costs you $250 in interest after just one month. If you can’t repay, the lender can repossess your vehicle or keep your pawned item. Losing your car to a title loan can create a cascade of problems, from getting to work to handling basic errands.
These should be a last resort. The combination of sky-high interest and the real possibility of losing your property makes them among the most expensive and risky ways to borrow cash.
How to Choose the Right Option
Start by asking three questions: how much do you need, how quickly do you need it, and how soon can you pay it back?
- For larger amounts with time to apply: A personal loan gives you the lowest interest rate if your credit is fair or better, with structured repayment that helps you budget.
- For a few hundred dollars right now: A cash advance app can bridge a short gap cheaply if you skip the tips and use standard (not express) transfers.
- For a true emergency with no other options: A credit card cash advance puts cash in your hand within minutes, but pay it off as fast as possible to limit the interest damage.
- For a substantial need when you have retirement savings: A 401(k) loan offers relatively low interest and no credit check, but only if you’re confident you’ll stay at your job long enough to repay it.
Before borrowing through any channel, check whether you can negotiate a payment plan with whoever you owe, sell something you don’t need, or pick up short-term work. Borrowing cash always costs something, and the cheapest loan is the one you don’t take out.