Apply for a small short term loan to last you until your next payday – and get the money quickly.
If you’re looking for a $100 loan, you probably need the cash quickly. In this case, traditional banks might not be the best option because their approval process and fund disbursement time can take days. Traditional banks also have stricter requirements and may not offer loans in such small amounts.
This is where short term loans come in. Offering smaller amounts and shorter repayment periods, these lenders are able to get funds to you more quickly – some as quickly as the same day! Read further to learn more about your options.
How to get a $100 loan
- Start by finding a lender from the table below. You can compare your short term loan options by looking at the minimum and maximum loan amounts and the turnaround time. One of the most important things to review is the eligibility criteria. So make sure you go to the lender’s page to check that.
- Click through to the lender’s site once you’ve decided which loan to apply for. There you can review the final fees and loan terms on the site and submit your application. You’ll need your personal, employment and banking details on hand to verify your identity and income.
- Find out if you’ve been approved. Some lenders can take up to a day to process your application while others offer instant approval. Once you’ve been approved, your money should arrive in one to two business days. If you need the loan the same day, make sure you apply with a lender that offers same day loans.
Quick $100 loans you can apply for now
How to compare your loan options
- Fees. Every lender will charge slightly different fees depending on the loan’s terms and your state of residence. Although fees vary from lender to lender, all lenders should disclose what fees will be charged ahead of time. There are usually additional penalty fees for things like late payments and defaulting. So making sure you pay your loan back on time is important.
- Repayment terms. As the name implies, short term loans typically come with short repayment periods. Some lenders are more flexible than others in terms of allowing you to set your repayment dates. Repayment periods can be as short as two weeks and up to one year.
- Lender’s reputation. With the rise of online scams, it’s important to check the reputation of a lender before submitting an application. You can read lender reviews here on finder.com to make an informed decision.
- Availability. Some states have strict regulations regarding payday loans. Others don’t permit them at all. See the interactive map below to check if payday loans are available in your state.
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 an hour or one business day.
- Easy approval.
Short term loan lenders are known for being more lenient in their approval process. There are lenders that accept people with bad credit as well as people receiving welfare payments.
- High interest rates.
As a high-risk loan on the part of the lender, $100 loans can come with very high interest rates.
- Disreputable lenders.
There are lenders who may try to take advantage of people who need cash quickly. Always do your research on the lender before submitting a loan application.