Check your Approval Odds* for a $850 loan

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How (and where) to get a $850 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 small loan may offer a temporary solution if unexpected expenses hit your budget. 

But it’s important to know that these loans may have expensive terms — even potentially costing you more in interest than the amount borrowed. Some of these loans can be called payday loans. Make sure to shop around and compare loan terms to make sure you’re getting the best loan available to you.

We’ll recommend some lenders to consider and provide alternatives to think about before committing to a small loan.

The best $850 personal loans

Affirm

The Affirm app is worth considering if you want to make online or in-store purchases and pay for them with four (potentially interest-free) installments. But you might need a down payment, and if you spread out your payments over a longer period, you may face interest.

Personify

Personify Financial might be a good option if your credit isn’t great and you need to borrow a small amount of money quickly. You’ll likely have to pay a very high interest rate and an origination fee, which can make your loan more expensive. But the lender offers prequalification, which can help you see your potential rate and other terms before applying.

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.

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%.

How can I get a $850 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 facing unexpected medical bills, you may be able to set up a payment plan with the hospital that gave you care. Underinsured or low-income patients may also have access to alternative repayment plans or other financial assistance. 
  • Charitable grants or utility payment plans: Depending on your circumstances, you may be eligible for an emergency assistance grant or loan. Your city or state may have hardship grants available to those in need. Consider exploring offerings in your area to see what kind of financial support is available. 
  • Payday alternative loans from credit unions: These small, affordable loans offered by some federal credit unions were established as a more affordable alternative to expensive payday loans. 

FAQs about $850 loans

Will a $850 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.

Can I get a $850 loan without a job?

You may be able to get a small loan without a job, but lenders may still require proof of income. If you have regular income unrelated to a job, you can often include that in your application. Another option to consider is a secured loan. Secured loans are attached to an asset, like a house or a car, which allows the lender to take control of that asset if you’re unable to pay back your loan.

Can I get a $850 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.

*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.