Most lenders don’t offer $50 loans — including most payday loan providers. That’s why pay advance apps are often a better option. Typically, these apps charge either a monthly membership fee or ask for an optional tip. But make sure the cost is worth it. If you only need a $50 loan once, signing up for an app with a monthly fee can be expensive.
From credit card cash advances to pay advance apps, you have a few different avenues to turn to when looking to borrow $50 fast:
Pay advance apps like EarnIn or Dave offer advances on $50 you’ve already earned as an hourly worker, which you repay with your next paycheck — potentially without any fees.
Pawn loans can lend you $50 in exchange for valuables worth around $85 to $200. Pawn shops hold the item for a fee of around $2.50 to $12.50 per month until you can pay it back.
Payday loans sometimes run as low as $50, though not all lenders offer this amount — and they’re not legal in every state. These typically cost the same as a $100 payday loan, around $10 to $15, and are usually due in 14 to 30 days.
Credit card cash advances are one of the simplest ways to get $50 fast — you can withdraw the funds from an ATM in a matter of minutes. But it’s expensive. On $50, these typically come with a $10 advance fee plus an APR of around 19% to 24%.
Bank account overdrafts are an option as an absolute last resort. Most checking accounts allow you to go negative on your balance — for a fee of around $35. That flat fee makes it the most expensive option to borrow $50.
How to get a $50 loan
How you go about getting $50 depends on the type of loan you decide to get — if you even get a loan at all. But typically, you need to follow these steps to find and apply for $50 today.
Compare different types of loans to find out what type of loan or advance would offer the best deal. Weigh factors like eligibility requirements, speed and fees.
Research providers once you’ve narrowed down what type of loan you’re interested in and compare lenders. Look at factors like the specific requirements, costs and how repayments work. Also, consider customer reviews to make sure you’re working with a legit provider.
Apply by filling out an online application or downloading an app. Some payday lenders and pawn shops might require you to apply in person for a $50 loan.
Receive your funds by signing up for a bank transfer. If you apply in person you can often receive the funds in cash, on a prepaid debit card or as a check or money order.
5 questions to ask yourself before choosing a loan
From how much it costs to if you’re even eligible, asking yourself a few key questions can help you find the best option for your situation:
Which lenders offer $50 loans? Loans of this size can be hard to find. Make sure the lender offers $50 in your state before you consider them.
How long will it take to get the funds? Rule out any option that will get you your $50 later than the next business day. If you need to, call in and explain your situation.
Am I eligible? Check the lender’s basic requirements and make sure you meet them. Most lenders don’t run a credit check for loans of this amount, but might require you to have a full-time or hourly job.
How much will it cost? Consider the total cost of your loan, including any fees and interest. Some pay advance apps and other providers might charge extra if you want to speed up the process. Add this to the total cost.
How long do I have to repay? Make sure you’ll be able to afford the full repayment when it’s due before you take out a loan or advance.
Pros
Available to all credit types
Wide range of options — including two that don’t require an application
Bank account might not be required
Cons
$50 payday loans might not be available in your state
Might cost the same as a $100 payday loan
Overdrafts cost around 70% of the amount you withdraw
5 alternatives to $50 loans
A $50 loan is one of the most expensive short-term loans out there — and they’re not available to everyone. You may want to consider these alternatives before you apply.
Negotiate with your landlord if you rent or ask your lender for to defer your mortgage. This can free up some cash for a more pressing expense, at a lower cost than a short-term loan.
Negotiate with your utility companies to ask for a payment extension — or a lower monthly bill. You can do this on your own or by signing up for a service like BillCutterz or Trim.
Ask your employer for an advance on your paycheck. Some employers partner use payroll systems that offer low-cost advances.
Turn to friends or family for help. If it makes you more comfortable, you can draw up a contract with specific rates and terms for repayment.
Reach out to local nonprofits and charities for help. Many offer assistance to people who need help with small, short-term expenses like gas money, groceries and even medical bills.
You have several options if you want to borrow $50 today, from pawnshop loans to pay advance apps. However, you might not have so much luck with payday lenders, since many don’t offer loans this low in all states. You can learn more about your short-term loan options by reading our guide to payday loans.
Anna Serio was a lead editor at Finder, specializing in consumer and business financing. A trusted lending expert and former certified commercial loan officer, Anna's written and edited more than 1,000 articles on Finder to help Americans strengthen their financial literacy. Her expertise and analysis on personal, student, business and car loans has been featured in publications like Business Insider, CNBC and Nasdaq, and has appeared on NBC and KADN. Anna holds an MA in Middle Eastern studies from the American University of Beirut and a BA in Creative Writing from Macaulay Honors College at Hunter College, CUNY. See full bio
Anna's expertise
Anna has written 161 Finder guides across topics including:
If you have bad credit and need cash fast, consider Speedy Cash for your next payday or installment loan.
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