Where to get a $100 loan to last you until your next payday.
When you need an extra $100 fast, a payday loan might be a good option. Especially with bad credit. You apply at a store or online. And if you’re approved, you can get your money quick as the same day.
We’ll explain how it works and what you need to know before committing to a short-term loan.
Compare and apply for $100 loans today
How to get a $100 loan
- Find a lender. Our comparison table can help you find a lender that offers $100 loans in your state.
- Make sure you’re eligible. Most lenders require you to have a bank account and regular income to borrow $100.
- Apply online or in-store. Found a lender you like here? Click the Go to Site button to get started.
- Wait for approval. You can often get approved in as little as a few minutes for a loan as small as $100.
- Get your money. If you applied online, your money can be in your bank account as soon as the next day. Through a store, you can often get your $100 immediately.
How much does a $100 loan cost?
The actual amount you pay depends on your loan term and the state you live in. Most lenders charge anywhere between $15 to $30 per $100 borrowed in the form of a financing fee.
Am I eligible for a $100 loan?
You can generally get a loan if you meet the following criteria:
- You’re over 18
- You have a steady source of income
- You live in an eligible state
Most states have restrictions on how much a short-term loan provider can charge on interest and fees. And some ban payday loans altogether.
How to increase your chances of approval
While there is no definite way to make sure a lender approves your application, it could help your application to keep the following in mind:
- Make sure you’re eligible. Each lender has its own criteria. Make sure you meet it before you apply for a loan.
- Check your credit report. You can correct any mistakes on your credit report, which increases your credit score.
- Limit your applications. Submitting too many applications can negatively affect your credit score.
Pros and cons of $100 loans
- Quick turnaround time. These loans can be processed within a couple of hours and in your account in as little as one business day.
- Easy approval. Short-term loan lenders are known for the leniency of their approval process.
- Apply with bad credit. Having bad credit doesn’t mean you can’t get a loan. Most payday lenders will consider you for a loan with less-than-perfect credit.
- High interest rates. Interest rates for short-term loans are noticeably higher than most other loan types so you may want to explore other options first.
- Disreputable lenders. If any offer seems too good to be true, it probably is. Ensure the lender you’re applying with has a solid reputation by reading independent reviews and checking with your local government.
What you need to know when comparing your options
There are some crucial factors to consider before taking out a loan.
- What do you have to pay the loan back? State laws determine how many weeks a short-term loan can last, usually anywhere from two to four weeks.
- What are the fees and charges? Lenders may charge financing fees or monthly fees in addition to the interest rate. They can charge you late/missed payment fees and fees if you go into default. If you think you’ll have any problems repaying your loan, you may want to reconsider applying.
- What is the interest rate? Interest rates for short-term loans vary significantly from one lender to another. It’s always best to compare to know the rate is competitive.
- Is there repayment flexibility? Lenders who offer loans up to $100 normally require you to set up direct debits through a bank account in order to make payments, and some will charge if you choose to repay your loan early.
- What is the reputation of the lender? The Internet has given rise to a number of online lenders, so finding out if the lender is legit is important before you apply.
Mistakes to avoid
When you look for a $100 loan, bear in mind that it can come with risks.
- Avoid taking on more debt than you can handle and exercise caution throughout the loan process.
- A short repayment period and high fees translate into high repayments.
- You can avoid high interest rates by comparing multiple lenders. Remember to consider all costs, including financing fees if applicable.
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