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The average amount of time it takes to apply for and be approved for a bank loan is estimated to be seven business days, sometimes a bit more. That generally doesn’t jive with the average person’s understanding of what “quick” means.

In any event, commercial banks don’t approve loans for everyone. If you are a regular customer and have a good credit score, approval will take an average of three days. If you aren’t a regular customer they’ll want to obtain and review your credit score. If you’re just starting out and don’t have one, that’s a problem. You may be offered a secured loan, meaning that you would be required to offer something as collateral or bring along a co-signer with strong documented credit. Or you they might just deny your loan application anyway. And if you already do have a credit score but it’s below their minimum for approving a loan, then you don’t have a chance.

If you’re a member of a credit union then it usually takes less time, sometimes only a day. In general, it is particularly common for smaller community credit unions to approve loan requests from customers who have held the same job for at least a year, even if you have no credit history. But there may be conditions as well. They can also propose a secured loan under similar conditions as the commercial bank. But once again, if you do have a credit history and your credit score is below par, your request for a loan will likely be rejected automatically.

There are a number of types of loans that are provided outside of the banking infrastructure that indeed offer quick approvals. Chief among them are payday loans, auto lien loans and short-term installment loans.

If you are gainfully employed and receive a regular salary, then the quickest loan you can get is probably a payday loan. The reason why it’s the quickest, however, is also the reason why you should avoid it. You’ll be given a loan, equivalent to your next salary. It will be provided on condition that it will be repaid, usually in full plus interest, on your next payday by handing over your next salary.

The problem with this model, of course, is that you have to forfeit a payday and come up with the interest on the loan. And then you will have to find a way to subsist until your next payday comes around.

If you own an automobile outright, you could consider an auto title loan. Putting a lien on your car temporarily transfers the title of the vehicle to the loan provider until the loan provided to you in exchange, plus interest, is totally paid off. The advantage of the car lien loan is that it can be approved immediately upon verifying your title.

Once again, however, the interest charged for a car lien loan can also reach triple-digit percentages. The lien, however, does provide you with a convincing reason to repay the loan and the loan provider with solid collateral that can be sold off if you don’t.

Finally, there are short-term installment loans. They are repaid, with interest, according to a pre-planned schedule that you agree to in advance. Because you know exactly how much you have to pay and when, there generally are no extensions.

While a request for a short-term loan may not be approved immediately like payday and car lien loans, they are usually granted within one business day. Short-term loan providers often tend to be willing to tailor their terms as much as possible to meet your requirements. But because the provider reviews your case before granting you the loan, and it is granted without a co-signer or collateral, you will not be loaned more than you can safely repay.