Need some extra cash fast? Some everyday expenses you could cover with a 900 dollar loan are:
- Medical bills
- Utility bills
- Travel expenses
- To cover an outstanding balance
- Past due bills or payments
- Court-ordered payments
- Traffic tickets
If you’re looking for a 900 dollar loan, rest assured there are plenty of loan providers out there. But which one is the best? Check out more information here about lenders and loan products available when you need a $900 loan!
Where Can I Get a $900 Loan?
You don’t need to work with third-party advertisers just to find a great deal on a $900 loan. All you need is a bit of information about the different kinds of direct lenders and loan products available. Some of the most popular loan types are:
- Payday loan
- Personal installment loan
- Credit union loans
- Cash advances
Once you know more about the types of loans you could get, you can decide which one would work best for you!
900 Dollar Personal Installment Loans
Installment loans are a type of funding with scheduled repayment on a month-by-month basis. Unlike other personal loans, such as a payday loan, personal installment loans allow borrowers to break up their payments in a convenient payback plan. Personal installment loans offer other perks like a quick application process, competitive rates, and more!
Car Title Loans
Title loans are short-term loans that require the borrower’s qualified vehicle title as collateral. If a borrower fails to pay back their title loan, the lender has the right to take their vehicle away. In the case of loan default, lenders would either auction the borrower’s car off or send it to an impound lot. If you don’t want to deal with the possibility of losing your vehicle, you should not get a title loan.
If you have good credit, you may want to look into a bank loan. Bank loans are based primarily on your credit history and financial status, which means if you have poor credit, you may not get a good deal.
Credit Union Loans
Specific borrowers who meet certain criteria may want to borrow money from a credit union. The borrowers own credit unions, so they offer certain borrowing perks not offered by many traditional lenders. However, since credit unions cater to a niche group of people, they often do not provide benefits like convenient locations or mobile banking.
Home Equity Loans
Bad credit borrowers who are also homeowners may put in a loan request for a home equity loan. Also known as a HELOC, a home equity loan uses the borrower’s property value as collateral to secure the loan funding. Unfortunately, suppose someone fails to pay back their home equity loan. In that case, they are in danger of losing their house to foreclosure.
Credit Card Cash Advance
If you already have a credit card, you may be able to utilize cash advances. As long as you have the regular monthly income to cover the majority of your balance right away, a cash advance may be a viable option. Since the interest on credit card cash advances can be a bit higher than standard credit card purchases, you may be able to find better long-term rates with another loan type like personal loans.
900 Dollar Payday Loans
Payday loans fall into the category of personal loans. Unlike personal installment loans, payday loans usually always come with a short loan term and high interest. Since lenders for payday loans expect full payment within about two weeks or less, these small loans can be pretty stressful to pay off. If a borrower of a payday loan doesn’t pay back their balance in approximately two weeks, high-interest rates will kick in, making the loan even more stressful.
Brokers are financial services that connect consumers to a direct lender. While brokers claim to connect people to the best loan offer, they often work with lender partners and receive compensation when they refer clients. This bias can make brokers an unreliable source when you need a convenient loan.
Borrow From a Retirement or Savings Fund
If you have a 401K or an alternative retirement fund, you could borrow money. When you withdraw from an account you already own, you can dictate the loan amounts. However, there is sometimes a strict repayment period with borrowing from your 401K that you must abide by to avoid extra fees.
What Are the Pros and Cons of a Payday Loan?
If you have less than perfect credit and need a $900 loan, you may be considering a payday loan. While payday loans have a few pros like instant funding and an easy application, they also have many cons all borrowers should be wary of.
Payday loans are essentially personal loans with extremely high-interest rates. Interest, sometimes referred to as the annual percentage rate, has a significant impact on the overall repayment amount of a loan. The higher the interest on payday loans are, the more the total cost of the loan will be for the borrower. Furthermore, since the loan terms on payday loans are so short, monthly payments on payday loans can quickly get out of control.
Payday loans are also known for inconveniences like low initial loans, hidden additional fees, balloon payments, and even prepayment penalty charges! So, if you are looking for convenient repayment amounts and a manageable payback plan that won’t leave you stressed, you may not want to get a payday loan.
How Can a $900 Loan Affect Credit Scores?
Any kind of 900 dollar loan or financial endeavor can affect credit scores. Credit reporting bureaus keep your financial and general credit history on record and use that information to perform credit checks to determine your credit score. In a credit report, lenders and credit bureaus will look at the following information:
- Payment history
- Length of credit history
- Types of credit
- Number of new credit inquiries
- The total amount of debt
Here is a breakdown of how each information category can affect your credit profile and score.
Are you on time with your due payments and bills, or do you find yourself missing payments? When you don’t pay a loan company back, or any financial institution for that matter, your score will most likely take a hit. Payment history is perhaps the most important factor that credit report agencies look at. It gives lenders a good idea of how responsible you are for paying back your debt.
Length of Credit History
When it comes to a credit check, the longer you’ve had a bank account, savings account, line of credit, or any other kind of financial record, the better. Often, people may have poor credit simply because they have a lack of credit history. With time and responsible financial behavior, you should start to see an improvement.
Types of Credit
The different kinds of credit accounts an individual has also affects their credit score. For example, lenders will probably prefer an applicant with several savings accounts instead of several credit card accounts. Try to keep the number of loans and forms of debt you acquire comparable to the amount of income and savings you have.
Number of New Credit Inquiries
When you fill out a loan application or credit card inquiry, lenders will do an official hard credit check. Hard credit checks affect your credit score, which means you want to limit the amount of hard pulls on your file. Alternatively, a soft credit pull does not affect your credit score and can be a helpful tool in keeping track of your credit.
Total Amount of Debt
If you have had credit difficulties, you may find yourself with a lot of debt or a poor credit score. If you want good credit and are looking to improve your score, you must stay on top of paying off your debt. To help improve a bad credit score even faster, try to make larger payments than the minimum amount due. That way, you will decrease the amount you have to pay in interest charges and take care of your debt balances quicker!
Do I Need a Bank Account To Get a $900 Loan?
Not all loans require a bank account, but most do. Having a bank account with a loan can be extremely convenient because it gives lenders the opportunity to deposit money directly into your checking account. Direct deposit means you could have your funds just a few minutes after your lender authorizes payment.
After you fill out an initial loan application, your lender will probably ask for a few pieces of information, including your bank account information. These other documents may include:
- Valid email address so your lender can contact you about your loan proceeds
- Valid ID document such as a government-issued photo ID
- Current resident address, to confirm you’ve given accurate information on your housing
- Proof of income, so lenders can confirm you make enough money to pay back your loan
- Social security number to prove you are a citizen of the United States
- Some personal or professional references
Once your lender has all your information, they will contact you to discuss your loan details. At this time, you and your loan agent can talk about an agreed-upon schedule to take care of your repayment amount.
With your loan approved, you should expect to receive compensation as soon as the same or the next business day!