How to Get a $700 Loan Online
Written by: Jacob S.
Published on:
If you need $700 fast, you're not alone. Whether it's an unexpected car repair, a gap in rent, a medical bill that can't wait, or a utility shutoff notice, financial emergencies don't follow a schedule. The good news is that online lending has made it easier than ever to access small personal loans quickly — without setting foot in a bank.
Key Takeaways
- A $700 online loan can be obtained quickly through direct lenders, installment lenders, or loan marketplaces — but approval is never guaranteed, and terms vary widely by credit profile.
- Always compare APRs and total repayment costs, not just monthly payments — small loans can carry disproportionately high interest rates, especially payday and cash advance products.
- Prequalifying through a loan marketplace using a soft credit check lets you shop offers without harming your credit score.
- Before borrowing, explore alternatives like employer paycheck advances, credit union loans, or negotiating directly with creditors — they may cost significantly less.
What Is a $700 Loan and Who Offers Them Online?
A $700 dollar loan is a small personal loan — typically unsecured — that you can apply for and receive entirely online. Unlike traditional bank loans that may require in-person visits or lengthy approval processes, online lenders often provide fast decisions, sometimes within minutes.
Here's where you can typically find 700 dollar loans online:
- Direct online lenders — Companies that lend their own money and fund loans quickly, sometimes as fast as the same business day.
- Installment lenders — Lenders who spread your repayment over several months with fixed payment amounts.
- Cash advance and payday lenders — Offer fast, short-term funding, but typically come with high fees and APRs. Best used only as a last resort.
- Loan marketplaces — Platforms that let you compare offers from multiple lenders and prequalify without a hard credit inquiry.
Types of Online Loan Options Explained
Here are explanations for each type of online loan:
Online Installment Loan
Installment loans let you borrow a fixed amount and repay it over a set number of months in equal payments. For a $700 loan, repayment terms might range from 3 to 24 months, depending on the lender.
- Payments are predictable, the same amount every month.
- Often easier to qualify for than traditional bank loans.
- Ideal if you need structure and time to repay comfortably.
Cash Advance and Payday Loans
Cash advance and payday loans are designed for speed, often funding within hours or the next business day. However, the tradeoff is steep: these products typically carry extremely high APRs and are due in full on your next payday.
- Same-day or next-day funding is common.
- Very high fees that can cost $15–$30 per $100 borrowed.
- Only consider these as a last resort. Rollovers can trap borrowers in a cycle of debt.
How to Qualify for a $700 Online Loan
Most online lenders for small personal loans have relatively straightforward eligibility requirements. Common criteria include:
- Proof of income or regular bank deposits — This shows lenders you can repay the loan.
- An active checking account — Most lenders deposit funds directly and collect payments electronically.
- Basic identity verification — Government-issued ID, Social Security number, and contact information.
Who might struggle to qualify:
- Applicants with no verifiable income or employment history.
- Those without a U.S. bank account or U.S. residency.
- Individuals with a history of recent defaults or outstanding collections.
Even borrowers with bad or no credit may qualify with certain online lenders, particularly those that focus on income-based underwriting. However, a lower credit score typically means higher interest rates and less favorable terms.
Step-by-Step: How to Apply Online
- Prequalify through a loan marketplace — Use platforms that offer soft credit checks to compare potential offers without impacting your score.
- Compare lenders' APRs and terms — Don't just look at the monthly payment. Focus on the APR and total repayment cost.
- Complete the online application — Most applications take 5–10 minutes to fill out.
- Upload any required documents — Some lenders may ask for bank statements or pay stubs to verify income.
- Review and accept your loan terms carefully — Make sure you understand the repayment schedule, fees, and what happens if you miss a payment.
- Receive funds — After approval, most lenders deposit directly to your bank account, often within one business day.
Pros and Cons of Online $700 Loans
| Pros | Cons |
|---|---|
| Fast access to cash — many lenders fund within 1 business day | High costs— small loan amounts often come with disproportionately high interest rates |
| Entirely online — apply from home, at any time | Risk of predatory offers — not all online lenders are reputable, so shopping around is essential. Be aware of online loan scams. |
| Some lenders consider factors beyond credit scores, such as income and employment stability | Payday and cash advance loans can lead to costly debt cycles if not repaid quickly |
Alternatives to Borrowing $700 Online
Before taking out a high-interest loan, it's worth exploring alternatives that may cost you less or nothing at all:
- Borrow from family or friends — A personal arrangement, if possible, can be interest-free.
- Paycheck advance from your employer — Some employers offer emergency pay advances without fees.
- Credit union small-dollar loans — Credit unions often offer small personal loans at significantly lower rates than online payday lenders.
- 0% intro APR credit card or BNPL — If you can repay within the promotional period, this can be a zero-cost option.
- Side gigs or gig economy income — Platforms like DoorDash, TaskRabbit, or Upwork can generate quick income.
- Negotiate directly with creditors — Many utility companies, hospitals, and landlords will work out payment plans if you communicate proactively.
Not Sure If $700 Is the Right Amount?
Before applying for a $700 loan, it’s worth taking a step back to make sure that amount truly matches your needs. Borrowing more than necessary increases your total repayment cost and may raise your monthly payment. Even a few hundred dollars can make a meaningful difference over the life of a loan.
If your expense is smaller than expected, you may want to consider borrowing less. For very short-term needs — like groceries, gas, or a small bill — a $100 option might be enough to bridge the gap without adding unnecessary debt.
If your situation requires a bit more flexibility, a $300 installment loan could cover moderate short-term expenses while keeping payments manageable.
Some emergency costs fall just under $700. If your need is closer to a $600 loan, borrowing slightly less may reduce your total interest cost while still solving the immediate problem.
On the other hand, if your expense exceeds $700, you may need to explore slightly larger borrowing options, such as an $800 online loan or even 1,000 dollars, depending on the scope of the bill.
The goal isn’t to borrow the maximum available — it’s to borrow the amount that meets your actual financial need. Matching the loan size to the expense can help keep repayment realistic and reduce long-term financial strain.
How to Avoid Online Loan Scams
- Verify lender credibility — Look for reviews on Trustpilot or the BBB, and confirm the lender is licensed in your state.
- Beware of "guaranteed approval" offers — No legitimate lender can guarantee approval before reviewing your application.
- Watch for upfront fee requests — Real lenders do not ask for payment before funding a loan.
- Confirm site security — Only submit personal information on websites with "https" and a valid security certificate.
- Don't be pressured into quick decisions — Legitimate lenders give you time to review your loan terms.
A $700.00 online loan can be a practical solution in a genuine financial emergency — but it's not a decision to make lightly. Before borrowing, ask yourself: Do I understand the total cost of this loan? Have I explored alternatives? Can I realistically make the payments on time?
If you do decide to borrow, compare at least 3–4 lenders, focus on the APR and total repayment amount rather than just the monthly payment, and read the terms carefully before accepting any offer.
And remember — sometimes a conversation with your employer, a local credit union, or a creditor can solve the problem without the cost of a high-interest loan. Whatever path you choose, the most important thing is making an informed, responsible decision that fits your financial situation.
Related Frequently Asked Questions (FAQs) About $700 Online Loans
Below are questions often asked about getting a 700 dollar loan quickly:
Can I get a $700 loan with bad credit?
Yes, in many cases. Some online lenders and cash advance providers place more emphasis on your income and banking history than on your credit score. However, expect higher APRs and less favorable terms. Always compare multiple offers before deciding.
How fast can I get the money?
Some lenders advertise same-day funding, though the next business day is more common after approval. Timing can vary by bank and when you apply.
Will applying hurt my credit score?
Prequalifying through a marketplace typically involves a soft inquiry, which does not affect your credit score. However, once you formally apply with a lender, they may conduct a hard inquiry, which can temporarily lower your score by a few points. Missed or late payments after taking out the loan can have a more significant negative impact.
