How To Get a $400 Loan

You can get a $400 loan through cash advance apps, small-dollar installment lenders, credit union payday loan alternatives (PALs) or credit card cash advances, typically within minutes or a few business days. 

Often, $400 loan providers look at your income and banking history instead of only your credit score, so getting approved may be possible even if you don't have the best credit.

Key Takeaways

• You can get a $400 loan in minutes to a few business days. Cash advance apps, credit union Payday Alternative Loans (PALs), small-dollar installment loans and credit card cash advances all offer amounts at or below $400, with funding ranging from seconds to about five business days.

• Many $400 loan providers skip the credit score. Cash advance apps and some lenders weigh your income and banking history instead of a FICO check, so approval may be possible even with limited or bad credit — though approval isn't guaranteed.

• Costs range from about $0 to $120 or more. A $400 loan can carry no interest through earned wage access, roughly $9 in interest on a 28% APR credit union PAL, or triple-digit APRs on a payday loan.

• Credit union PALs cap APR at 28%. Federal credit union PALs limit the APR to 28% and application fees to $20, making them one of the lowest-cost ways to borrow $400 when you qualify.

• Prequalify to protect your score. When a lender allows it, prequalifying uses a soft credit check that previews your rate, while a full application triggers a hard inquiry that can dip your score about five to 10 points.

• Read the full repayment cost, not just the APR. Compare the total you'll repay plus any late, insufficient-funds or rollover fees before you sign, and confirm whether the lender reports to the credit bureaus if you're trying to build credit.

Summary generated by AI, verified by MoneyLion editors

MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms and fees from different lenders and choose the best offer for you.

How To Get a $400 Loan in 5 Steps

While the process may vary by lender or loan type, getting a $400 loan typically requires the following steps:

1. Confirm how fast you need funding and when you can reasonably repay.

2. Choose a lender type based on your credit, income and banking history.

3. Gather identification, bank account details and proof of income, like pay stubs. 

4. Apply and prequalify for offers, if the lender allows, to avoid a hard credit inquiry.

5. Review the total repayment amount (not just your APR) before signing a contract.

👉Learn More: How To Get a Loan in 5 Simple Steps

Where Can You Get a $400 Loan?

These loan types are known for offering small-dollar amounts in short timeframes. Note that some states prohibit payday loans or have laws limiting them.

Which Lenders Offer $400 Loans?

Note that availability and terms vary by state and eligibility, and approval isn't guaranteed.

When comparing $400 credit providers, consider eligibility requirements, minimum borrowing amounts, repayment flexibility and common “extra” loan costs, like late fees, insufficient funds fees or rollover fees.

And, if you're hoping to build credit, you’ll want to note which lenders typically do (or don't) report to the credit bureaus. For instance, a PAL may show up on your credit report, depending on the credit union, while a paycheck cash advance most likely will not.

👉Learn More: What Should You Compare When Selecting Loans

How Much Does a $400 Loan Cost?

A $400 loan can cost anywhere from $0 in interest to $120 in fees or carry 30% to 100%-plus annual percentage rates (APRs), depending on the credit type, provider, borrower profile and repayment timeline.

The chart below illustrates what borrowing $400 could cost across several common small-dollar, short-term loan types, assuming you're approved and repay the loan as agreed. Your actual loan costs will vary by lender, state, fees and repayment term.

👉Dive Deeper: Payday Loan Alternatives: Break the Cycle of Debt

What Should You Know Before Getting a $400 Loan

Fast, small-dollar loans of $400 or less carry two big risks. They may carry triple-digit interest rates or higher fees than traditional and longer-term financing as lenders try to account for fixed administrative costs and higher repayment risk. These loans also typically have tight repayment windows of two weeks to one year. 

Given these risks, you should compare rates, fees and repayment terms across offers — you’ll want to choose one you can comfortably repay. 

You can also consider the following alternatives to small loans before applying.   

• Margin loans: If you own a taxable brokerage account, you might be eligible to borrow against your securities through a margin loan. These loans don’t require a credit check and often come with favorable interest rates, though if your securities lose value, you could face a margin call that requires you to pay or forfeit your collateralized securities.

• Balance transfer credit cards: If you have good credit, you may qualify for a balance transfer card with an introductory 0% APR for 12 months or longer. Some issuers also provide convenience checks or allow you to receive funds directly into a bank account, so you can effectively use them for expenses. Most balance transfers carry a fee of 3% to 5%, and once the intro period ends, the remaining balance accrues interest.

If you don't think $400 is enough to cover your expense, there are options to get larger amounts to borrow. You'll likely need a good credit score of at least 670 and solid income history to help your chances of etting approved.

• A $5,000 loan: You have smaller expenses, such as medical bills or a car repair.

• A $20,000 loan: Perhaps you need to make a large purchase or are considering debt consolidation.

• A $30,000 loan: You may find a larger pool of lenders to choose from, along with longer terms, to help with a move or a home improvement project.

• A $40,000 loan: You'll need the funds for something major or are thinking of starting a business.

No matter which option you choose, if you can't repay your $400 loan on time, check whether your state offers borrower protections and contact your creditor ahead of its due date about borrower hardship programs.

👉Up Next: What Happens If You Default on a Personal Loan?

FAQ

Can I get a $400 loan with no bank account?

Most small-dollar lenders require a bank account, either on their platform or through a linked external account. Those that don't perform credit checks rely primarily on banking history for approval. You might be able to get a title loan, a pawn shop loan or a storefront payday loan without a bank account. However, these options are known largely for their extremely high rates and fees, and are best treated as a last resort.   

Will applying for a $400 loan affect my credit score?

Applying for a $400 loan is likely to ding your credit score in the short term if the lender conducts a hard credit inquiry that appears on your credit report. It can also affect your credit score in the long term if the lender reports your loan account activity to the credit bureaus. A positive payment history should help your credit score over time, while missed payments, defaults and other missteps can harm it.  

Can I get a $400 loan if I'm unemployed?

You can get a $400 loan if you're unemployed, but you'll likely need an alternate source of income, like Social Security payments, alimony or retirement benefits, to satisfy most lenders' income requirements. Alternatively, a lender might be willing to extend a $400 loan if you put up collateral, like a car or home fixtures, or have a willing co-signer who makes enough income.

Key Terms

• $400 loan: A small-dollar borrowing option — through a cash advance app, credit union PAL, installment lender or credit card — designed to cover a short-term expense, typically repaid within two weeks to one year.

• Cash advance app: A mobile app that provides short-term access to $50 to $1,000 before payday, usually with no interest and no credit check, repaid automatically when your next deposit clears.

• Earned wage access (EWA): A service that lets you tap wages you've already earned before payday. It's not a loan and typically carries no interest, though some providers charge a delivery fee.

• Payday Alternative Loan (PAL): A small-dollar loan from a federal credit union with a 28% APR cap, a $20 application fee cap and repayment terms of one to 12 months.

• Small-dollar installment loan: A loan repaid over time in fixed scheduled payments, usually monthly, with a set payoff date — often carrying a 36% to 100%-plus APR at the small-dollar end.

• Credit card cash advance: Withdrawing cash against your credit card, which usually charges a 3% to 5% fee and begins accruing interest immediately at a rate often higher than the purchase APR, with no grace period.

• APR (annual percentage rate): The yearly cost of borrowing shown as a percentage, including the interest rate plus certain lender fees — the clearest number for comparing offers.

• Rollover fee: A charge to extend a payday loan past its original due date without reducing the balance you owe, a common driver of the payday debt cycle.

Sources

• Consumer Financial Protection Bureau. What are the costs and fees for a payday loan?

• National Credit Union Administration. Permissible Loan Interest Rate Ceiling Extended

• MyCreditUnion.gov. Payday Alternative Loans

Summary generated by AI, verified by MoneyLion editors Andrew Lisa contributed to the reporting for this article.