When you have enough money and a savings account, $100 may not seem a lot. However, in an economic downturn, as little as $100 can help you solve minor financial emergencies. It can pay for gas so that you can commute to work, pay for food or medicine. There are few places where you can get a hold of a $100 loan when you most need it. You can count on a 100 dollar loan to cover urgent expenses.
Overview Of A 100 Dollar Loan
A $100 payday loan is a financial product that you can apply for when you’re in a tight spot and need fast cash. Submitting a loan request form is quick, and customers receive prompt answers from payday lenders. Moreover, bad credit is not an issue as far as approval goes. That is because a payday lender mainly looks into your debt-to-income ratio.
You are not limited to a $100 payday loan. Depending on your state, most loan providers may approve applications from $100 to $1,000. If you are not sure if a 100 dollar loan is enough to solve your issue, request more money when filling in the sum.
Direct lenders send applicants a loan agreement when they qualify for payday loans. Once they sign the document, borrowers get their money wired to their bank account. Unlike installment loans, payday advances require you to repay the debt in one lump sum.
How Exactly a Payday Loan Works
Simply put, a 100 dollar advance is a basic transaction between lender and customer. One can get a payday loan by submitting a loan request online. A direct lender will usually reply in a few minutes if the applicant qualifies. In case of a positive response, one needs to sign the contract. Next, the lender transfers the money into the borrower’s bank account. The typical timeframe for such a transaction is one business day. Some people may get their funds earlier, for instance, the same day.
A payday lender will not get into the details of why you need a loan. You are free to use the funds as per your needs. You will have to pay back the loan principal plus interest within one month. See the exact terms in the loan agreement. The repayment date is set based on your next pay date.
The Cost Of $100 Payday Loans
To repay your lender, you will have to cover the loan principal and the fees. You must pay $100 plus a flat fee between $10 and $30. The lender may also charge you an origination fee. The annual percentage rate (APR) can be as high as 400%.
If you get a payday loan for more than $100, the flat fee applies to each $100 that you borrow. Thus, if you borrow $200 at a $15 fee, you will have to pay back $230. A $300 loan with the same charge will cost you $345.
Check the contract to see the details on all the fees and charges pertinent to your loan. You need to understand the repayment terms before proceeding with the agreement.
Can I Access Online Loans With Poor Credit?
A poor credit score will not prevent you from getting approved for a 100 dollar loan. That is because a direct lender doesn’t usually consider your credit history when assessing your loan eligibility. Instead, they make their decision based on your income. In other words, you can get approved for payday loans online even with a bad credit score. If you prove that you earn enough money to repay the payday lender on time, they will make a loan decision in your favor.
Unlike banks and credit unions, payday lenders don’t typically perform traditional credit checks. That means they do not pull your credit history through the three major credit reporting bureaus.
How To Use Payday Loans
When you need to quickly deal with an urgent expense, 100 dollar payday loans can come in handy. Many people apply for such loans after failing to borrow money from banks or credit unions. With an online payday loan, one can bypass bad credit issues. In most cases, people use their funds as in one of the following cases:
- Buy groceries
- Pay medical bills
- Finance small house repair
- Fix your car or pay for gas
- Pay rent or utility bills.
There are no restrictions on using the money from 100-dollar online loans. A small-dollar loan is fit for any short-term emergencies. Applicants often need the extra cash to fill in a small budget gap until they can cash their next paycheck.
Although they’re accessible even with bad credit, use 100 dollar payday loans with caution. Borrow money from a reputable loan provider only when you are confident you can repay it. Failing to pay it off on the due date has consequences. First of all, you will have to pay additional fees as penalties. Secondly, delays affect your credit score, making borrowing more challenging.
Alternative Means to Payday Loans
If a payday loan is not enough to solve your current issue, consider alternative options. One of them may help you handle a financial issue. Whether you need $100 or more, there are enough solutions to help you get quick cash.
You can apply for a personal loan through a bank or a credit union. Such a loan is more fit as a long-term financial solution. If you qualify with a traditional financial institution, you can build credit. Amounts up to $10,000 may come in handy when you want to consolidate debt, pay for your car repair, or remodel your apartment.
An installment loan lets you apply for up to $5,000 and repay your debt over several months. The fixed monthly payments make it predictable and manageable. Unlike traditional loans, an installment loan from direct lenders is faster to get and has fewer requirements.
Auto Title Loans
When you need a 100 dollar loan, owning a vehicle is an advantage. You can use it as collateral for the $100 loan. You thus borrow against the ownership of your vehicle and use both the money and the car.
Pawn Shop Loans
A pawn shop teller doesn’t need your credit rating to decide whether to lend you money. But you do need a valuable object as collateral. You get the money without a credit check or complex procedures.
Do I Qualify For A $100 Loan?
A 100 dollar payday loan is easy to get. You don’t need an impeccable credit history for loan approval. Basic criteria from direct lenders include:
- Being an American citizen or a permanent resident;
- Having a steady income;
- Being at least 18 years of age;
- Having an active checking account in your name;
- Providing accurate contact details, i.e., a phone number and a valid email address.
The requirements for a 100 dollar payday loan vary by state and lender. Make sure you are informed about the most recent regulations in your state. See if your lender has any additional conditions.
Some businesses approve payday loans even for unemployed individuals. However, to get even a 100 dollar cash loan, you need to have a stable income. Whether from child support or social benefits, verifiable income may work.
Application Steps For 100 Dollar Loans
Now that you know what you need to meet the eligibility criteria, it shouldn’t take you more than a few minutes to apply online. The payday loan process is rather straightforward.
Step 1: Submit a loan application
The first step to getting a $100 payday loan is submitting an online loan request form. Most applicants need under 5 minutes to complete this step. Loan requests are processed in the order they are submitted.
Step 2: Get an offer.
ASCIN works with a network of multiple lenders, all having access to incoming applications. Once one approves your request, you get an almost instant loan decision. The loan provider immediately sends you the offer via email. Without a hard credit check, the process is quick. It’s up to you to decide if you accept the offer.
Step 3: Access your money.
Once you sign the agreement, the direct lender wires the money into your active bank account. A direct deposit may go through the same day or the next business day. You will have your $100 loan within one business day.
We strongly advise you to be a responsible borrower and repay your debt on the due date. You will thus avoid penalties and reports that can affect your credit score.
Things To Consider Before Taking Out A Payday Loan
Take into account the aspects below when applying for $100 payday loans.
- Consider all your options.
A personal loan may be more in line with your needs despite the time-consuming credit check. Analyze all the loan options before making a decision.
- Check your lender.
Make sure you do business with a reliable lender. Check if they offer you payday loans at convenient interest rates. If you see a lot of red flags, look for another payday lender.
- Read through the state regulations.
All lenders must comply with the state laws for cash advance loans. As a borrower, you need to know your state rules on payday loans before starting the loan request process. If you find it challenging, seek credit counseling.
- Know your contract like the back of your hand.
The agreement details what loan providers require. You must know how much the approved loan amount will cost you. Most lenders are honest about their rates on a 100 dollar payday loan. Read the contract carefully to ensure your cash advance matches what you asked for in the loan application. Avoid rushing, even when direct lenders do no credit checks and make an instant loan decision.
Do payday lenders check my credit score through major credit reporting bureaus?
Payday loans are usually available without hard credit checks. Lenders obtain consumer reports via alternative means that don’t impact your FICO score.
Will I qualify for a payday advance with a low credit score?
You may qualify for payday loans that guarantee approval even with a poor credit history. Some even lend to the unemployed people receiving child support, disability benefits, etc.
I need a 100 dollar loan now. How fast can I get the money?
When you submit a loan request online to get a $100 payday loan, you should get the direct deposit in one business day. Lenders don’t usually pull your credit report via credit bureaus for 100 dollar loans.
If you’d rather get a $100 loan from a storefront location, you could receive the loan amount sooner. Either way, it typically takes one business day to get a 100 dollar loan.
How can I apply for a 100 dollar loan online?
To find payday loans in your area when you need a 100 dollar loan, check the lending businesses in your neighborhood. To borrow 100 dollars online, apply through our platform.