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100 dollar PayDay Loans

How to Quickly Get a 100 Dollar Loan: a Complete Guide

If you urgently need to borrow a small amount of cash until the next payday, turning over to a bank is not a good idea. As you might know, most banks are not interested in small credits, so you will not be able to get a 100 dollar loan there. Additionally, usually the approval time in traditional banks is very long.

Considering all the above, if you need 100 dollars now, your best option is to apply for a small payday loan from a loan firm. You do not even have to leave your house in order to borrow this amount of money! It is very easy to get a 100-dollar loan approval through the internet. Usually, you will be able get cash in a matter of an hour.

Finding companies that offer loans as small as 100 dollars is not hard. However, you should always be careful when borrowing money. Make sure the lender is trustworthy and the interest rate is not too high. If you have never took a $100 payday loan before, picking a good financial organization will be tricky. Fortunately, we are here to help you! Our team has gathered all you need to know about $100 loans. Use our advice to find out how to easily make $100 today.

The most important things to know about 100 dollar loans

First of all, let us clarify the term “short term loans”. It is used to describe small loans that are usually used to cover urgent expenses, such as treatment bills, car repair, essential house maintenance, and many more. Unfortunately, the vast majority of short-term have overly high interest rates and tricky fees that might make your financial situation even worse. In the worst case, you might have to take additional loans in order to pay back for the first one.

Nevertheless, sometimes short-term loans are the only solution. They can be used by small businesses and other organizations that cannot get a credit approved in a traditional bank. Usually, this type of loans have limited amounts. They range from $100 up to a hundred thousand dollars or even more. Despite all the cons, short-term loans can be perfect for both small businesses and individuals who experience a difficult financial situation.

As you have probably guessed, 100 dollars payday loans are paid off very quickly since this amount is not very large. You can get cash within mere minutes! Usually, it must be paid off within several weeks. You can borrow money for a longer period, but in case of 100 dollar loans it would be impractical due to high interest rates. After all, a hundred dollars is pretty easy to repay, so you should not drag this process out for your own good.

What do you need to get a $100 loan?

Small loans are much easier to get than traditional since loan companies have much softer requirements in comparison to standard banks. A bad credit history is another reason to choose alternative lenders over traditional financial institutions. Your loan will not be approved in a big bank if your credit score leaves much to be desired. At the same time, it is possible to get a loan with a bad credit from a loan company. The borrow will only need to fulfill the following requirements:

  •         Be 18 years old or older;
  •         Be a citizen or a permanent resident of the United States;
  •         Have a stable and provable income source;
  •         Have a valid ID.

If you are nervously thinking “I need a 100 dollar loan now but my credit is bad”, we have good news for you. Most companies will not run a hard credit check on you for a small loan! Of course, they will conduct a soft check just to make sure that you will be able to repay the borrowed money but it will not affect your credit history in any way. Additionally, loan companies might check your identity to makes sure that you are not bankrupt. They have to do it because of laws that govern the lenders in the United States.

How do 100 dollars payday loans work?

Traditional long-term credits are similar to mortgages. They must be repaid over the course of several years because of the large amounts. You will not be able to repay them otherwise!

As you might have guessed, 100 dollar loans are completely different. These are short-term loans that have to be returned in a much shorter period. Since the amount is so low, most of borrowers do not have any problems returning the debt in time.

In general, you will get a loan decision on the very same day you request it. Some companies can send you a 100 dollar loan direct deposit within an hour! Therefore, you will receive your money many times faster in comparison to the approval time of long-term loans. The vast majority of approved applications are paid out within 1 hour.

Trustworthy financial organizations offer flexible repayment periods. It ranges from several days to a whole year depending on the amount. Moreover, you they offer different options of paying back weekly, fortnightly or four-weekly. Some banks also allow you to save money on interest rates by paying back early.

Pros and cons of 100 dollar payday loans

Just like any other financial product, a short-term loan has both pros and cons. Take the following factors into consideration before applying for a $100 loan:

Pros:

  •         100 dollar payday loans are giving out within one day or even faster;
  •         Lenders only conduct a soft check on a potential borrower;
  •         You can get a $100 loan even if you have a bad credit history.

Cons:

  •         There are many dishonest lenders that are trying to take advantage of unaware people;
  •         100-dollar loans have very high interest rates.

What should you avoid when taking out a $100 loan?

Before applying for a $100 loan, make sure that you are aware about all the risks that might come with it. In order to minimize them, you should follow the following rules:

  •         Never take on more debt than you think you can handle;
  •         Be extremely careful when signing any documents with a loan company;
  •         Remember that short repayment period and large fees always result in overly high interest rates;
  •         Compare different loan companies and consider all costs to avoid high rates.

How to apply for a loan and get $100 fast?

Have you never taken a $100 loan before? Do not worry! Here are simple step-by-step instructions that you can use:

  1.   Find a loan company. Hundreds of offline and online lenders offer $100 loans. You can easily find them on the internet.
  2.   Review the eligibility criteria. The vast majority of loan companies require borrowers to have a valid bank account and a proven income source. Otherwise, they will ignore your application. Additionally, the borrower must be a citizen or permanent resident of the US and at least 18 years old. We recommend you to check the list of eligibility requirements before applying for the loan just to make sure that your request will be approved. Remember that your credit score will decrease every time you apply for a loan, so you should only apply for a loan if you think that your application fits all the criteria.
  3.   Explore the website of your loan company. Usually, you can find the final fees, interest rates, and loan terms. If you are satisfied with the terms, submit your application. As we have already mentioned above, you will need to provide some of your personal information and banking details.
  4.   Wait for approval. Usually, 100-dollar loans are approved online within a day or even faster. As soon as lender processes your application, they will a couple of minutes to approve it. The exact time depends on the amount and repayment period, but in case of $100 dollar loans applications are processed very fast. If you think to yourself “I need $100 now”, then visit a loan company in person to receive cash within an hour or even faster.
  5.   Get your money. As soon as your request gets approved online, the funds will be transferred into your bank account within a day. If you are applying for a loan in person, you can get your cash much sooner.

FAQ about 100 dollar loans

Q: What is the total cost of a 100 dollar payday loan including fees and interest rates?

A: To answer that question, you have to carefully read the loan agreement you signed. It should contain all the nuances regarding the repayment period, fees, and interest rates.

Q: Is a person with a bad credit score will be able to get a $100 payday loan?

A: Of course! Your credit score is not a hindrance to receive a $100 payday loan. Many lenders would not mind borrowing you this amount of money. Moreover, you can improve your credit score if your lender will report your payments to credit bureaus.

Q: How to get $100 fast with a loan?

A: Complete the paperwork and apply for a $100 loan from a trustworthy company. Usually, loans 100 dollar approval time is about an hour or less. As soon as your request gets approved, you will be able to receive money immediately.

Q: How often can I take $100 loans?

A: The exact frequency of 100 dollar loans approval depends on your state. If you want to find out how often can you apply for a 100 dollar loan, just contact a manager of your local loan company that you trust and ask them this question.

Q: What will happen if I fail to repay my $100 loan?

A: Your lender will try to collect your debt from your bank account. They also might turn over your case to a debt collector, who will do everything possible to get you to pay back your debt in full. Therefore, it is for your own good to repay the loan in time.

Final words

As you can see, 100-dollar payday loans are fairly easy to get nowadays. However, you should beware of lenders with overly high fees and interest rates to make sure you are not being deceived. By following our advice and being careful, you should be able to find a reliable loan company and easily borrow $100 without any problems!