Despite their best efforts, many hard-working Americans still have trouble making ends meet. Between high inflation and uncertainty in the economy, it’s getting harder to make those paychecks stretch from week to week. For those who are in financial distress and need money now, here are four ways they can borrow the funds they need in 2023.

1. Personal loans

A personal loan is a loan that gives borrowers funds they can pay back over a few months or years. The borrower can use the funds for any purpose they wish, and the loan will carry a fixed rate of interest that will help make the payments consistent.

Personal loans may be either secured or unsecured. Secured loans involve collateral, or something of value the borrower owns, such as a house or a vehicle. The lender can take the collateral in case the borrower can’t pay back the loan. Unsecured loans don’t have collateral, but they may be more limited in how much money people can borrow and the credit score requirements.

2. Lines of credit

A line of credit gives a borrower access to a specific amount of funds that they may use whenever they need to (such as for emergencies or variable expenses). The borrower will only pay interest on the amount they use, meaning this could potentially be a cheaper option than a personal loan.

Here are two common types of lines of credit:

  • Revolving lines of credit replenish their limit each month as the borrower makes payments.

  • Personal lines of credit don’t replenish their limit as the borrower pays them back. If the borrower uses all of the funds that were available to them, then the account will close, and it can no longer be used.

Borrowers should be aware that a line of credit is different from a credit card. Credit cards offer a grace period of approximately one month where they can pay back the money they borrowed without interest. With a line of credit, interest accumulates immediately as soon as the borrower uses the funds.

3. Title loans

Most people with a car and a clean title can get immediate funding through what’s called a title loan. This is a short-term secured loan where the borrower’s car is used as collateral.

Title loans generally accept applicants of all types of credit scores. They also allow the borrower to continue driving their car while they come up with the funds to pay the loan back. However, if the borrower defaults on the loan, then the lender will take possession of the vehicle.

4. Cash advances

Borrowers who are short on cash and have been turned down for other loans may want to consider a cash advance. This is another type of short-term loan that is essentially an advance of the borrower’s paycheck.

In exchange for a fee, the lender will give the borrower an immediate loan. The borrower then has approximately two to four weeks to pay this loan back plus interest, or the lender will cash a post-dated check from the borrower that was exchanged at the time of the application. The APRs on cash advances can be higher than on credit cards, but they do offer an immediate solution for people with poor credit.

The bottom line

From personal loans to cash advances, there are many different ways to get cash fast in 2023. Borrowers in need of financial assistance should reach out to Advance America. Advance America offers fast and easy loan options for borrowers, regardless of their credit score. Visit to learn more about loan options and fill out an application today.