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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.
Frequently Asked Questions
How to get $100 fast?
- If you need money right now or “yesterday”, the easiest way out is to look for a fast payday loan. Sometimes, these loans are called cash advance loans or short-term loans. Irrespective of the term used, the mechanism of these loans is similar. You get a small sum of money very fast, without time-consuming credit checks and tons of paperwork. Until a due date (usually, it is somewhat 30 days), you must repay the whole sum together with interest thereon.
I need a 200 dollar loan today: is it possible to get it?
- Some lenders advertise same-day loans. However, as a rule, a same-day loan means just a same-day approval. If you apply for 200 payday loan online, your application may be approved almost instantly – in 10-15 minutes. But you need to keep in mind that the funds will be transferred directly to your bank account. Such transfers are usually processed within one or two business days. So, you will actually get the money on the next day or even in two days. There are some exceptions: some lenders can transfer the funds on the same day if you send an application early in the morning. But if you want to get $200 now, you’d better apply for it in-store.
I need $200 now but my credit score is low. What should I do?
- You shouldn’t worry about your credit score too much if you are applying for a payday loan. For the lenders, providing fast 200 loans, bad credit is not a problem. To be more precise, they just don’t check it. Payday and cash advance loans are approved with minimal paperwork. If you are not unemployed, you will get loans 100 approval anyway.
I need $300 now: can I get a personal loan in a bank?
- The procedure of getting personal and installment bank loans is more complicated and time-consuming than getting payday loans. In most cases, you will need to have a good credit score and a spotless credit history. Also, applications for conventional bank loans are processed within several business days. So, if you need 100 dollars now, these types of loans are not for you. Cash advance short-term loans are approved instantly and with no credit check. But they tend to be much more expensive.
What if I can’t repay a loan in time? Can a lender go to law?
- If you don’t repay a loan in time, the lender can impose a fine on you. The fines are very high, so you can end in bankruptcy. If a borrower doesn’t pay the penalties, the lender can go to law. We strongly recommend to be clear-eyed about your real financial possibilities. Never take more than you will be able to return. Keep in mind that payday loans are an emergency tool. Don’t use them without need.
Is there a way to reduce the interest rate?
- If possible, try to opt for a credit card instead of a cash advance loan. Most credit cards have a grace period, which can reach 50 days. Try to pay with a card whenever it is possible, instead of withdrawing cash. Another option is getting an installment loan. You can noticeably decrease a debt burden by paying in installments. Payday loans are to be treated as the last resource, which is used only when other options are unavailable.
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.