How to Get a $400 Loan

You can get a $400 loan from MoneyLion, Navy Federal Credit Union, or Oportun. You can also consider an alternative, such as buy now, pay later.

When you encounter unexpected expenses or suffer from a decrease in income due to an inability to work or a decrease in work hours, you might be seeking a $400 loan to help make ends meet. Small loans are harder to find and costlier in fees and interest than larger ones. Learn about lenders willing to provide smaller loans and top considerations for accessing these funds.

Quick Look: The Best $400 Personal Loan

• Best for Credit Builder Loan: MoneyLion
• Best for Simplified Financing: Navy Federal Credit Union
• Best for Online Loan: Oportun

Best $400 Loan Options

Whether you need a $400 loan with instant approval or you’re seeking an online provider that can simplify the application process, Benzinga’s list has options that will fit your needs.

1. Best for Credit Builder Loan: MoneyLion

When you need $1,000 or less, MoneyLion offers a credit builder loan to help you put your finances on a track toward success. Plus, when you need money fast, you can get part of the funds within minutes.

With every on-time payment you make toward the loan, you will be on a path toward improved credit. Qualifying for the loan is simple. All you need is a bank account active for at least 60 days with deposits at least monthly from an employer, government benefits, or other forms of income.

If you’re looking for a $400 loan for bad credit, MoneyLion is a great option. There is no minimum credit score to qualify. 

2. Best for Simplified Financing: Navy Federal Credit Union

Navy Federal Credit Union members can get a personal expense loan with terms of up to 36 months and an APR as low as 8.99%. Loan amounts can be $250-$50,000. 

If you need auto repairs, moving expenses or other funds to help you get by, this loan is ideal. Sometimes, you can receive the funds deposited into your checking or savings account immediately upon approval.

3. Best for Online Loan: Oportun

When you need a $400 loan online, oportun can help. You can get $300-$10,000 loans with prequalification in minutes. The loan application only requires a soft credit check, which is good news when your credit is minimal.

If you’re looking for a company that can help you raise your credit score, Oportun is a solid option. That’s because it not only offers personal loans that can help you make ends meet and provide an opportunity for on-time payments that can raise your credit score, but it also offers credit-building credit cards.

$400 Loan Types

When it comes to $400 loans, there are two main types: payday loans and installment loans. Learn about each before you select the best loan for your needs to ensure you know what you’re committing to and understand the terms.

Payday Loans

Payday loans are short-term loans you must repay within 30 days of receiving your next paycheck, hence the name. They offer a fast way to access cash when you encounter unexpected expenses. However, they are costly in terms of fees and interest.

Installment Loans

An installment loan gives you more time to repay the loan. You’ll make scheduled monthly payments over a period known as the term. It makes repaying the loan more affordable since it breaks up the payments. Interest rates for these loans are between 8%-35.99%. Terms are often 2-7 years, though you can often repay them earlier without penalties.

Eligibility Requirements for a $400 Loan

Before you apply for a $400 loan, learn eligibility requirements. That way, you avoid applying, facing hard credit checks, experiencing a decrease in your credit score and not getting the funds you’ve applied for.

• Age: You must be 18 years old.
• Citizenship: You must be a legal resident or a U.S. citizen.
• Income: You must have a stable income, which could come from Social Security, alimony, child support, or other forms of nontraditional income.
• Active bank account: You must have a checking or savings account to receive your loan.
• Credit score that meets lender requirements: Many lenders that offer personal loans don’t require a high credit score. However, check what your lender requires before completing the application and potentially facing a hard credit check for a loan you can’t qualify for.

How to Get a $400 Loan Fast

Personal loan lenders do offer fast funding for small loans. But avoid making a rash decision just because you need the money. Look carefully at the interest rate, term and fees.

• Online personal loans: Many online lenders offer small loans of $1,000 or less. While many in-person banks won’t do all the paperwork for such a small loan, they can approve these loans thanks to the automation online lenders employ.
• Buy now, pay later apps: Use a buy now, pay later (BNPL) app to spread your purchase over time. Many of these apps have interest-free periods of up to six weeks. The interest you pay later is often significant, so plan to pay off the loan quickly.
• Payday advances: With a payday advance app, you can access your paycheck sooner. You’ll need to prove you have regular income to qualify, but once you do, you can get your funds quickly.

Can I Get a $400 Loan With Bad Credit?

You can get a $400 loan with bad credit. Look for a $400 loan from a direct lender. These lenders use their own money, which means they are not subject to any outside influence regarding who they can loan their money to. Direct lenders look more at your income and ability to repay the loan than your credit score. 

The interest rate is the largest consideration when looking into a loan with bad credit. Individuals with lower credit scores often pay higher interest rates on loans.

Alternatives to a $400 Loan

Before you apply for a $400 loan, consider whether another financial option might be better for you. Look into these alternatives.

• Get a side hustle: $400 is not an impossible amount. Consider whether a side hustle might be sufficient to make up the difference in what you’re missing.
• Cut expenses: You might be able to cut unnecessary expenses for a month to make ends meet and pay the $400, depending on how tight your budgets are.
• Ask friends or family for help: If you know someone close to you who can help you get by, ask for an interest-free loan from a family member or friend to avoid working with a lender. One Redditor recommended contacting family instead of taking out a loan to make up for $400 in debt.
• Get a 0% APR credit card: Many credit cards offer an introductory 0% APR period for 15-24 months. This allows you to charge the expense and pay it off over the next few months.

Make Ends Meet and Cover Unexpected Expenses

When you aren’t sure what to do to meet your financial obligations in a month, consider a $400 loan to help you get by. Or, if that isn’t right for you, look into Benzinga’s alternatives to get your finances to a healthy place during hard times. Be sure to read all rates and terms carefully before taking a loan of any amount so you understand what you’re committing to and the full cost of the loan.