PayDay Loans: 100, 200, 300 Dollars

What Is the Fastest Way to Get a Small Loan?

Nobody likes to go on tick. However, our life is unpredictable, and sometimes, we need some extra cash right here and now. The question is: what can I do if I need 100 dollars now? The easiest way to resolve this problem quickly is to find a lender, which provides $100 loans, and apply for credit. Luckily, 100 dollar loans, as well as loans for 200 dollars and $300 loans are easy to get in multiple companies, and approval is really fast.

Commonly, $100 loans are referred to as small loans. They are often called payday or short-term loans. It means they are provided for a short term (usually, for a month), and they need to be repaid in a lump sum. Also, 100-200$ loans have high interest rates if compared to traditional personal bank loans. That said, they are provided with no credit check and very quickly, which makes them a popular option in the US.

So, if your question sounds like “I need a 300 dollar loan today, what should I do?”, the answer is: “try to get a fast payday loan”. But be aware of high interest rates and tough terms of repayment. In the following sections of our guide, we’ll review the terms of fast 100 and 200 loans in detail.

Small Payday Loans Overview

As the name implies, payday loans are the loans provided for a very short term – commonly, until the next payday. Most 100 dollar loans (as well as loans for 200 or 500 dollars) fall into this category. Because they are provided without a hard credit check (virtually – to everyone who applies), they relate to risky lending. To compensate for high risks, the lenders have to raise the interest rates. Thus, the annual interest rate for $300 loans can reach 400%. Besides, unlike a $300 installment loan, a loan of this type is to be repaid in a lump sum. For example, if you take a loan for 300 dollars today, you’ll have to repay $360 until the due date.

Despite sky-high rates, these 100$ and 200$ payday loans are very popular due to their convenience and ease of application. It is not impossible to get a 200 loan for bad credit customers or those whose credit history is far from being perfect. Besides, they are really fast: applications are approved almost immediately, and the borrower gets the funds on the same day or on the next day depending on his/her location and way of application (online or offline).

Payday loans are good as an emergency measure, but we don’t recommend using them on a regular basis. In other words, if I need 200 dollars asap, I can take advantage of a payday loan. If I have 2-5 days at my disposal, I’d better opt for an installment or personal credit.

Payday Loans: the Mechanism of Working

Currently, there are two ways to apply for a payday loan: offline (in-store) and offline. For example, I need 300 dollars right now. I need to go to the nearest local store of a lender or visit its website. Then I have to provide my personal data, photo ID, and the proof of income. If I am applying online, I also have to provide a real e-mail and a savings account, as the funds will be transferred to the bank account.

As soon as the required data is provided, the application is sent for approval. The whole procedure usually doesn’t exceed 15 minutes. Normally, applications are approved instantly. Those who submit applications in-store can take the money immediately. However, if you apply for loans for 200 dollars online, the funds are usually transferred to your bank account on the next day. It’s important to know that small loans are usually provided for a short term. Thus, if you borrow 100 dollars now, you’ll have to return the whole sum (for example, $120) in a month. Some lenders provide 100-300 dollar loans for the term of up to 6 months, but these cases are rare.

Payday loans are easy to get. Thus, if you are looking for direct lender payday loans no Teletrack, 100 approval is almost guaranteed; of course, if you have an officially proved source of income. These 100 guaranteed loans can be obtained online without the need of going anywhere.

What Do I Need to Get a Payday Loan?

The basic requirements to the borrowers are minimal. If I need 300 dollars now, I can get a loan even with a low credit score, as for a $300 loan no credit check is required. That being said, I still must comply with some minimal requirements. Most lenders have standard requirements:

• You need to be a citizen of the US and have a valid US passport.
• You need to be at least 18 years old (19 or 21 for some states).
• You need to have a regular place of work or other proved source of income.
• You must have an active savings account if one of the US banks.
• You need to have a valid e-mail for the confirmation of the application (online).

At the same time, your credit score and credit history do not matter much. Also, 100-200$ cash payday loans do not impact your credit history. If you are not unemployed, and your age is 18 and above, you can legally apply for a $200 payday loan and get it almost immediately without much hassle. Of course, particular terms can vary from one lender to another, but in most lending companies, including tribal lenders 100 approval is almost guaranteed.

Advantages and Disadvantages of Small Short-Term Loans

Like any other financial tools, fast $200 loans have their strong and weak sides. In certain situations, they can be rather convenient and efficient. But you need to consider the disadvantages of payday loans as well.

The advantages of small payday loans are the following:

• they are fast;
• they are easy to get;
• they can be applied for both online and offline;
• they require minimum paperwork;
• the credit score of the borrower doesn’t matter;
• they don’t influence the borrower’s credit history.

The disadvantages of small payday loans are the following:

• they are expensive (the interest rate is high);
• they are to be repaid in a lump sum;
• they are provided for the minimal term.

To sum it up, direct lender payday loans (no Teletrack 100 approval) are can be a very convenient tool but only if you use this tool correctly. Don’t use loans 300, 200 or 100 dollars without an urgent need and always try to repay them in time. Otherwise, they will make you bankrupt.

How Can Bad Credit Customers Get Payday Loans?

If you need a fast $100 or 200 loan bad credit is not a problem. Currently, most lenders providing payday loans use a so-called “soft” credit check, which doesn’t include checking of a credit score. That is why even if you have a poor, low or bad credit score, it doesn’t influence a possibility of getting a 100 dollar loan with a direct deposit.

The procedure of applying for a payday loan is very simple, and it is similar for all customers, irrespective of their credit score and credit history. All you need to do is to visit a website of the chosen lending company, fill in a small online form, and submit an application. After that, you’ll get a response in several minutes. For a $200 loan, instant approval is a common practice. Usually, the maximum amount of a payday loan is $500 or $1000. But there are lenders that can give $1500 and even $2500 to bad credit clients. And still, we don’t recommend taking more than 200 dollar loans, as they are really expensive.

The Bottom Line

Sometimes, we face unexpected financial troubles when a fast loan is the only solution. Small loans 300, 200 or 100 dollars are usually referred to as cash advance or payday short-term loans. In the territory of the USA, these loans are provided by multiple lenders. Depending on your location, you may apply for a payday loan online or offline. The distinctive features of short-term loans are instant approval and no credit check. But they tend to be rather expensive because of high interest rates. Still, due to their availability and ease of getting, small payday loans are very popular.