The advantage of borrowing against gold is that it can offer quick access to cash with relatively low interest rates, as the loan is secured against gold. However, if you don't have gold or are looking for an even faster way to get funds without collateral, online payday loans can be an alternative. They provide instant approval and transfer of funds, which can be critical in urgent situations. Despite higher interest rates and fees compared to a gold loan, online payday loans do not require collateral and are available even to those with low or no credit rating.