Check your Approval Odds* for a $350 loan

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How (and where) to get a $350 personal loan

Written by: David Heiling

Updated:

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

Editorial Note: Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse our editorial content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

A loan may help if unexpected expenses are squeezing your budget.

But keep in mind that these types of loans can often come with expensive terms, sometimes even costing more in interest than the principal amount you borrow. Some of these loans can be called payday loans. It’s important to shop around and compare loan terms.

We’ll recommend some lenders to consider and things to think about before you apply, as well as alternatives before you take out a small loan.

The best $350 personal loans

Zip

Zip (formerly Quadpay) can be an option if you want to make an in-store or online purchase and split your payment into four equal installments over a six-week period. You can get approved instantly without hurting your credit, but you’ll have to pay a small fee with each installment.

Kashable

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%.

Digital Federal Credit Union

Digital Federal Credit Union can be a good option if you’re a member (or membership eligible) and would like to explore multiple loan options. This is particularly true if you can lock in the automatic payment and relationship discount. DCU doesn’t offer prequalification, so checking your loan eligibility will mean a hard credit check.

How can I get a $350 loan fast?

Both payday advance apps and buy-now, pay-later apps can give you short-term financial flexibility to make purchases. These options are different from traditional payday loans.

Payday advance apps might be a good idea if you need money to cover bills, groceries or other essentials and it’s still a few days away from payday. Payday advance apps let you borrow money from your upcoming paycheck and will automatically debit your connected bank account when your paycheck arrives.

Some payday advance apps don’t charge interest and don’t check your credit. However, some do require a monthly subscription or charge a fee for immediate funding. Some of these apps ask for optional tips, potentially increasing the loan cost.

Buy now, pay later apps (BNPL) offer a short-term financing option, allowing you to make purchases with an initial payment and pay the balance over several short-term payments, often without interest. 

If you find yourself in a financial emergency and need access to funds quickly, a payday loan might be tempting. But keep in mind that payday loans typically come with extremely high fees that can translate to annual percentage rates (APRs) as high as 400%. 

Payday lenders usually offer loans of $500 or less and expect you to pay back the loan (and any fees) by your next payday. Some lenders advertise same-day funding, but when you get access to money varies by lender.

It’s also important to note that payday loans, buy-now, pay-later apps and payday advance apps may come with fees that can add up. There’s the potential to get stuck in a continual cycle of borrowing or get hit with late fees if you’re unable to pay on time.

If you’re not sure these options are right for you and want to bring in more money on a consistent basis, consider a side gig — you might be able to earn money in a day.

Small loan alternatives

  • Medical repayment plans/forgiveness: If you’re hit with unexpected medical bills, discussing repayment plans with the hospital that provided care is a good idea. Additionally, low-income or underinsured patients may qualify for other payment arrangements or financial help. 
  • Payday alternative loans from credit unions: Payday alternative loans are available from some federal credit unions. These loans are designed as a cost-effective alternative to expensive payday loans. 
  • Charitable grants or utility payment plans: Your current financial situation may make you a candidate for an assistance grant or loan. Hardship grants and specialized financial support programs may be available in your area to help residents facing financial challenges. Taking the time to research the financial assistance options in your area is a good idea.

FAQs about $350 loans

What is the total cost of a $350 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 a $350 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.

Will a $350 loan affect my credit?

Many financial institutions that offer traditional personal loans for small amounts require a hard pull of your credit before approving you for a loan, which can temporarily drop your credit score. However, a personal loan can build credit, especially if your lender reports to the credit bureaus and you make your payments on time. Other lenders like buy now pay later, payday lenders, or payday apps may not require a hard credit check.

*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.