To get a $700 loan fast, apply online with Pheabs – we offer instant decisions and same-day or next-business-day funding to your checking account. Most online applications take under five minutes. If you’re approved before the lender’s cut-off time on a weekday, the money can reach your account the same day, which is why many people turn to fast cash loans when an unexpected bill comes up.
A $700 loan can cover a car repair, an overdue utility bill, a medical co-pay or a gap before payday. But not every $700 loan is the same. Personal loans, payday loans, installment loans, buy now pay later and catalog credit all work differently. The cost can range from under $40 to more than $500, depending on the product and your credit score.
This guide explains who qualifies, the main types of $700 loans, what each one costs, and how to borrow safely, even with bad credit.
What is The Eligibility for a $700 Loan?
To be eligible for a $700 loan, you’ll usually need to be at least 18, a US resident, have a regular income and hold an active checking account. Because $700 is a small amount, the criteria are usually simpler than for larger personal loans. Most lenders will ask you to meet the following:
- Age: At least 18 years old (19 in Alabama and Nebraska, for some lenders)
- Residency: A US citizen or permanent resident, living in a state where the lender is licensed
- Income: A steady source of income, such as employment, self-employment or benefits. Pheabs asks for a minimum of $800 per month
- Bank account: A live checking account in your name, so the funds can be deposited and repayments collected
- Contact details: A valid email address and phone number
- Affordability: Enough left over each month, after your bills, to make the repayments comfortably
Some lenders also check that you aren’t currently in bankruptcy and that you don’t already have too many short-term loans open. Your credit score affects which lenders will approve you and the rate you’re offered, but many lenders that offer $700 loans don’t set a minimum score.
What Are The Different Types of $700 Loans Available?
The types of $700 loans available are personal loans, payday loans, installment loans, buy now pay later, catalog credit and cosigner loans. Each has a different repayment structure, cost and set of eligibility rules, so it’s worth knowing how they compare before you apply.
Personal loans are borrowed as a lump sum and repaid in fixed monthly payments. Mainstream personal loan lenders often have minimums of $1,000 or more, but some online lenders and credit unions will lend $700.
Payday loans are short-term, unsecured loans that you repay in one go, usually on your next payday. They’re quick to get but are among the most expensive ways to borrow.
Installment loans let you spread $700 over several months, with each payment covering part of the balance plus interest. They’re often a safer alternative to payday loans for people with fair or bad credit.
Buy now pay later (BNPL) splits the cost of a specific purchase into smaller payments, often four installments over six weeks. You don’t receive cash; the provider pays the retailer.
Catalog credit is a line of credit with an online store, which you can only spend with that retailer. It’s often available to people with poor or limited credit.
Cosigner loans involve a friend or family member with good credit agreeing to repay the loan if you can’t. Having a cosigner can help you get approved or get a lower rate.
| Loan type | How you receive it | Typical repayment | Typical APR | Credit check? | Best for |
|---|---|---|---|---|---|
| Personal loan | Cash to your checking account | Monthly, over 6–24 months | 18%–36% | Usually hard check | Good or fair credit |
| Payday loan | Cash to your checking account | One payment on your next payday | 300%–400%+ | Often soft or none | Very short-term emergencies |
| Installment loan | Cash to your checking account | Monthly, over 3–18 months | 36%–195% | Soft or hard check | Bad credit, spreading the cost |
| Buy now pay later | Paid to the retailer | Often 4 payments over 6 weeks | 0% if paid on time | Usually soft check | One-off purchases |
| Catalog credit | Credit to spend with one store | Monthly minimum payments | Varies, often high | Soft or hard check | Building credit, household items |
| Cosigner loan | Cash to your checking account | Monthly, over 6–24 months | Lower, based on cosigner’s credit | Hard check on both people | Thin or poor credit |
APRs are typical ranges and vary by lender, state and credit profile.
Can I Get $700 From a Direct Lender?
Yes, you can get $700 from a direct lender. A direct lender is a company or individual lender that approves and funds the loan itself rather than passing your application on. Many online installment lenders, credit unions and payday lenders are direct lenders.
The advantage of going direct is that you deal with one company from application to repayment. The downside is that each direct lender has its own criteria, so if you’re declined, you’ll need to start again with another lender. Each new application could mean another credit check.
Pheabs is a loan connection service, not a direct lender. When you submit one online form, we match you with lenders in our network that are most likely to approve your request, so you don’t have to apply to each one separately. If you’re approved, your loan agreement will name the lender, and you’ll repay that lender directly.
What Can a $700 Loan Be Used For?
- Emergency purposes
- Pay rent
- Car repairs
- Home repairs – roofs, boiler, fridge
- Plumbing problems – shower, hot water, toilets
- Pay household bills
- School fees and tuition
- Funerals
- Tax bills
Can I Borrow $700 With Bad Credit?
Yes, you can borrow $700 with bad credit, as many online installment lenders, payday lenders and credit unions focus more on your income and ability to repay than on your credit score. A low score usually means a higher APR, but it doesn’t automatically mean you’ll be turned down.
To improve your chances of approval with bad credit:
- Show a steady income: Lenders want to see regular deposits into your checking account
- Only borrow what you need: A smaller loan is easier to approve and cheaper to repay
- Check for errors on your credit report: You can get free reports from Equifax, Experian and TransUnion at AnnualCreditReport.com
- Consider a cosigner: Someone with good credit can help you qualify for a lower rate
- Look at credit union options: If you’re a member of a federal credit union, a payday alternative loan (PAL) may be far cheaper than other bad credit options
Pheabs works with lenders that consider applicants with bad credit. Some lenders also report your repayments to the credit bureaus, so paying on time could help rebuild your score.
Can I Get $700 With No Credit Check?
You can often get a $700 loan with no hard credit check, but most lenders will still run a soft check or verify your income and banking history instead. A soft check doesn’t affect your credit score and isn’t visible to other lenders.
Loans that are often advertised as “no credit check” include payday loans, some installment loans, title loans and certain cash advance apps. Instead of focusing on your credit history, these lenders look at things like your income, employment and checking account activity.
Be careful with lenders that promise “guaranteed approval” or “no checks at all.” Responsible lenders always check that you can afford the repayments, and loans with no checks tend to carry the highest costs. A secured loan, such as a title loan, can be easier to get without a credit check, but you could lose your car if you can’t repay.
Pheabs uses a soft search when you check your eligibility, so submitting a form won’t affect your credit score. Find out more about no credit check loans.
How Much Does It Cost To Borrow $700?
Borrowing $700 costs anywhere from around $70 to more than $500 in interest, depending mainly on your credit score, the APR you’re offered and how long you take to repay. The examples below show how much the same $700 loan could cost across different credit profiles.
| Credit profile | Example APR | Term | Monthly payment | Total repaid | Cost of borrowing |
|---|---|---|---|---|---|
| Good credit (670+) | 18% | 12 months | $64.18 | $770.11 | $70.11 |
| Fair credit (580–669) | 35.99% | 12 months | $70.32 | $843.84 | $143.84 |
| Bad credit (under 580) | 160% | 9 months | $138.10 | $1,242.93 | $542.93 |
| Payday installment (any credit) | 400% | 3 months | $403.60 | $1,210.81 | $510.81 |
Representative examples only. Figures assume fixed APR and equal monthly payments, with no extra fees. Your actual rate, term and fees will depend on the lender, your state and your credit profile.
For a traditional two-week payday loan, lenders typically charge a flat fee instead of monthly interest. At a common fee of $15 per $100 borrowed, a $700 payday loan would cost $105, meaning you’d repay $805 in a single payment two weeks later. That works out at an APR of roughly 390%.
Some lenders also charge an origination fee, often between 1% and 10% of the loan amount. This is usually taken out of the loan before it’s paid to you, so check whether you’d actually receive the full $700.
Which US Lenders Offer a $700 Loan?
Several US lenders offer loans of $700, including online installment lenders, credit unions and buy now pay later providers. Here are some of the options you might come across:
- Federal credit unions (PAL I and PAL II): Payday alternative loans range from $200 to $1,000 under PAL I, and up to $2,000 under PAL II. APRs are capped at 28%, and application fees are capped at $20, making them one of the cheapest options if you’re a member.
- Online payday lenders: Available in states that allow payday lending, usually with a single repayment due within two to four weeks. Pheabs has a pool of lenders that can offer you rates that suit your finance needs.
- Buy now pay later providers: Services such as Affirm, Klarna and Afterpay can split a purchase into smaller payments, though you won’t receive cash.
- Catalog credit providers: Online stores that offer credit for purchases from their own range. See our guide to catalog credit cards.
Availability, rates and loan amounts vary by state, so not every lender will be able to lend to you. Always check that a lender is licensed in your state before applying.
Why Choose Pheabs to Borrrow $700?
Pheabs can help you borrow $700 by matching you with lenders through one short online form, with an instant decision and funding as soon as the same day. Instead of applying to several lenders and risking multiple credit checks, you can see whether you’re likely to be approved in minutes.
- One application, multiple lenders: We connect you with the lender in our network that best fits your request
- Instant decision: You’ll see a decision on screen as soon as you submit your form
- Fast funding: If approved before 10:30am CT on a weekday, funds are typically sent the same day; otherwise, the next business day
- Bad credit considered: We work with lenders that look beyond your credit score
- No fees for applying: It costs nothing to check your eligibility
- Soft search: Checking your eligibility won’t affect your credit score
- Flexible terms: Choose from payday loans or installment loans repaid over several months
If you need money quickly, you can also explore our emergency cash loans and same day loans.
FAQs
Is the application online?
Yes, the application is completely online, and most people complete it in under five minutes. You can apply from your phone, tablet or computer at any time. Once you submit your form, you’ll receive an instant decision on screen. If you’re approved, you can sign your loan agreement electronically.
Can I apply over the phone?
No, you can’t apply for a $700 loan with Pheabs over the phone. All applications are completed through our secure online form. This keeps the process fast, and it means your details are entered directly into our encrypted system rather than being read out over a call.
Do I need a cosigner?
No, you usually don’t need a cosigner for a $700 loan. Most lenders will decide based on your own income, bank account and credit profile. A cosigner can still be useful if you have very poor or limited credit, as it may help you get approved or receive a lower APR.
Are $700 loans unsecured?
Yes, most $700 loans are unsecured, which means you don’t need to put up your car, home or other assets as collateral. Personal loans, payday loans and most installment loans for this amount are unsecured. Title loans are the main exception, as they’re secured against your vehicle.
How long does it take for funds to be approved?
Most online lenders approve a $700 loan within minutes, and many can send the funds the same day or the next business day. With Pheabs, you’ll see an instant decision on screen. If your loan is approved before 10:30am CT on a weekday, it’s usually funded the same day. Applications that need extra checks, or are approved on weekends or public holidays, may take a little longer.
How do I know if a loan offer is a scam?
A loan offer is likely to be a scam if the lender asks for an upfront fee before you receive the money, guarantees approval without any checks, or pressures you to act immediately. Other warning signs include:
- Being asked to pay with gift cards, wire transfers or cryptocurrency
- A lender that isn’t licensed in your state, or won’t share its address
- A website without a secure connection (look for “https” in the address bar)
- Unsolicited calls, texts or emails offering you a loan you didn’t apply for
- A loan agreement that’s missing the APR, total cost or repayment schedule
Legitimate lenders take any fees out of the loan itself or add them to your repayments. They never ask you to pay before you receive your money. If you’re unsure, you can check a lender with your state’s financial regulator or the Consumer Financial Protection Bureau, where you can also submit a complaint.
What happens if I cannot repay?
If you cannot repay your $700 loan, you’ll usually be charged a late fee, and the missed payment may be reported to the credit bureaus, which can lower your credit score. If the debt stays unpaid, the lender may pass it to a collection agency.
The most important step is to contact your lender as soon as you know you’ll miss a payment. Many lenders can offer a short extension, a payment plan or a revised due date, especially if you get in touch early. You can also get free, confidential help from a nonprofit credit counselor through the National Foundation for Credit Counseling.
Last Updated on October 23, 2026 by Daniel Tannenbaum, Founder of Pheabs