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I Need 100 Dollars Now

By Matt Mayerle
Modified on September 19, 2023
I need 100 dollars now

According to CNBC, 53% of Americans do not have any emergency savings to deal with unexpected emergencies.1 Luckily, there are several solutions out there. The tricky part is knowing which of these fast money solutions is a safe choice for you. 

This article was meant for people who need to get money fast, so if that is you, read on to learn more about getting the quick cash you need when you need it the most.

The Most Common $100 Loan Options

Loan TypeDescriptionInterest RatesRepayment TermsCredit CheckCollateral
Payday LoansShort-term loans are typically due by your next payday.High, often around 400% APR.Typically 2 weeks or until your next payday.Usually required, but some lenders offer no credit check loans.None
Credit Card Cash Advance LoansA short-term loan against your credit card limit.High, often higher than your card’s purchase APR.Varies by credit card, often no set term but interest accrues immediately.No additional check, but you must have available credit on your card.None
Employer Cash Advance LoansAn advance on your next paycheck from your employer.Typically low or no interest.Usually deducted from your next paycheck.No, but must have a job and employer that offers this service.None
Personal Installment LoansLoans are repaid over a set period in several installments.Varies, often lower than payday loans.Varies, typically several months to a few years.Typically required.None
Pawn Shop LoansA loan where a valuable item is used as collateral.Varies, often high but lower than payday loans.Typically 30 days.No, but must have a valuable item to use as collateral.Yes, the item you pawn.
Title LoansA loan where the vehicle title is used as collateral.High, often around 300% APR.Typically 15 or 30 days.No, but must own a vehicle with a clear title.Yes, your vehicle’s title.
*Please note that the specifics of these loans can vary based on the lender and your location, so it’s always important to read the terms and conditions carefully before taking out a loan.

Get Paid! But Do It Safely

If you’ve ever used the internet or driven on a busy road, then you’re used to seeing ads for “fast cash now!” or “borrow 100 dollars today.” And while this might seem tempting if you’re in a bind, many of these companies and lenders are predatory. Unfortunately, knowing the difference between a safe lender and a predatory one can be challenging. So let’s review some of the most common options to get 100 dollars in a hurry. 

Payday Loan

A payday loan is possibly the most common $100 loan option. Payday loans boast fast cash, accessible applications, and no credit checks in some cases. Interested applicants can find payday loans online or at a nearby brick-and-mortar location. But keep in mind that while the payday loan process is simple, many of the claims payday lenders make fall into the category of “too good to be true.”

Payday Loans Are Unsecured

So what exactly is a payday loan? It’s a short-term, small-dollar, unsecured loan that helps people make it to their next payday—hence the name. But let’s break all of that down, shall we?

An unsecured online payday loan does not require any collateral. But while you won’t lose a valuable item if you don’t pay, there are still financial consequences. For instance, interest and fees rack up very quickly on unpaid payday loans. By not paying, you may be ensuring that you’ll be in debt to that lender for years to come.

Payday Loan Repayment

Payday loans are short-term solutions to financial problems. In many cases, borrowers have to repay these loans within two weeks. This brief repayment period is just one of the reasons that payday loans are difficult to repay on time.

Unfortunately, payday lenders may even make more money when a borrower can’t repay their loans. Loan rollover is a practice that many payday lenders use to extend a borrower’s repayment term. They essentially give you a new due date, but in doing so, they also add more fees and interest to the amount you still owe. This is how borrowers get stuck in a cycle of debt. 

Payday Loan Amounts

A payday loan is a “small-dollar” loan for customers that have a poor credit score. While the amount you can secure through a payday loan will depend on several factors, including the laws in your state, it likely won’t be very much. According to the Consumer Financial Protection Bureau, the median amount of a payday loan is $350.3 Of course, your payday loan may range anywhere from $100, all the way up to $1,000. But it’s more likely that your loan amount will be small.

Since many borrowers who need payday loans have low credit scores, lenders are taking a risk by offering them one. They account for this risk by charging these borrowers extremely high-interest rates. Some APRs for payday loans can be as high as 400%. But if you have a low credit score and need money in your bank account fast, then you might end up settling for these rates. But an alternative loan option may be better.

Cash Advance Loan

A cash advance is another term you may hear if you need to borrow 100 dollars today. Cash advance loans come in many different shapes and sizes. Let’s explore the different types of cash advances, how they work, and which ones to avoid in your quest for a 100 dollar loan.

Credit Card Cash Advance

You can get a credit card cash advance online or at an ATM, depending on your credit card company. The thing to remember with a credit card cash advance is that the interest can be higher than other types of loans, and it starts to accrue immediately. These fees can add up quickly if you use credit card cash advances a lot.

Employer Cash Advance

An employer cash advance is when an employer agrees to pay an employee early. They are advancing the money with the understanding that you will work to pay off that amount. It also means that your next paycheck will be smaller because you already received some or all of those funds.

If you have an agreeable employer and know you can make money fast at work, this might be an excellent option to get 100 dollars. But it could also damage your relationship with your employer.

Installment Loan

Installment loans come in many different forms. But the one thing that links them all together is that payments are always made in several “installments” until you pay off the principal and interest in full.

Personal Installment Loan

A personal installment loan generally offers more extended repayment periods, lower overall APRs, and more flexible and favorable terms and conditions. Because they’re personal loans, they’re meant to be used for personal expenses. Borrowers tend to use them to pay rent or bills, repair vehicles or homes, or pay medical bills. 

Most personal loans are unsecured, so you may be able to obtain money in your bank account quickly without using collateral. These loans are usually designed to help borrowers who have low credit scores. This means that you can probably still get one even with bad credit—these are called bad credit loans. Many personal loan lenders offer bad credit loans. If you have sufficient income, you may qualify despite bad credit.

How To Get A Personal Installment Loan for 100 Dollars

Consumers can apply for personal loans at banks, credit unions, or online. Ensure you do plenty of research on online lenders and read reviews to make sure they’re credible and legitimate. Once you’re confident that they are, fill out the online application form. Many online lenders provide same-day approval decisions and quick, direct deposits.

Some things that the lender may require for you to receive a loan include:

  • Valid photo ID to prove you meet the minimum age requirement.
  • Steady source of income.
  • An active bank account to receive direct deposit.

After you receive your cash, make sure you make your monthly payments on time and in full. Late payments can mean additional fees. And if you fail to repay entirely, then your loan may be moved to a collection agency.

Pawn Shop Loan

These small-dollar secured loans require some form of collateral. Borrowers could use expensive jewelry, electronics, musical equipment, or anything else worth a decent amount of money. But whatever you decide to offer, keep in mind that you could potentially lose it.

How Do Pawn Shop Loans Work?

Take your valuable item to a pawn shop lender and find out if they’ll accept it as collateral for a loan. Once they’ve assessed the value of the item, they may offer you a loan. However, the amount you get will likely only be a fraction of the item’s actual value. This means that the amount will vary greatly depending on the lender, the value of the item, and what they’re willing to offer you.

Once they offer you a loan, you’ll sign a contract and receive your cash. You’ll receive a repayment date when your loan plus interest and fees are due back. If you fail to repay the loan, the lender can keep your item and sell it to recover their money. This is why pawn shop loans can be risky.

In addition to possibly losing a valuable item forever, you may also face high-interest rates and fees. These high rates, coupled with a reasonably short repayment period, can make a $100 loan from a pawn shop challenging to repay on time. Many pawn shop lenders will require repayment within about 30 days. This may be longer than most payday loans, but still a short amount of time overall.

Auto Title Loan

An auto title loan is another typical example of a secured loan. By taking out a title loan, you’re using your vehicle as collateral, and if you fail to pay, you’ll lose it. These loans may seem like an attractive option to get extra cash fast. But the risks far outweigh the benefits of this quick cash solution.

How Do Title Loans Work?

Because a title loan is a secured loan, you’ll need to offer the lender collateral to receive one. The collateral, in this case, would be the title to your vehicle. But the process is relatively straightforward, as shown below. 

  1. Apply — You find a title lender that you want to use either online or at a storefront location. Complete a loan request form using your personal information.
  2. Get an Appraisal — The title loan lender will assess your vehicle to determine its value. Once the value is determined, the lender will offer you a loan amount that is a fraction of the market value of your vehicle.
  3. Sign the Loan Agreement — If you accept the loan offer, you’ll offer your vehicle title to the lender and sign the contract. The lender then gives you the loan, and you’ll begin making payments on the date listed in the loan agreement.
  4. Make the Final Payment — Once you pay off the entire principal and interest by the due date, you’ll get your title back, and the process is complete. If you fail to repay the loan on time, the lender is legally allowed to seize your vehicle and sell it to recover their money.

The Risks of Title Loans

The risk of losing your car may not be worth the short-term cash that you’ll get for it. In addition to the risk, title loans can also be rather costly. According to the Federal Trade Commission, title loans carry an average APR of around 300%.2 And depending on the laws and regulations in your state, it could be even higher. 

In addition, title lenders will also add additional fees like origination fees, processing fees, etc. And since these loans may also carry short repayment periods, they can be difficult to repay on time. Just like with payday loans, title lenders may offer to roll over your loan to a new term. And this will only add more fees and interest to the new loan, making it even more challenging to pay off in the long run.

The Dangers of Quick Cash

Now that you’re familiar with some of your 100 dollar loan options, it’s essential to know what to watch out for. Some of the things you want to look out for when researching loans and lenders are:

  • Very short repayment periods.
  • Unfavorable loan terms and conditions.
  • Confusing contracts and loan terms.
  • Lenders that won’t answer questions or communicate well.
  • Excessive fees and interest rates.

These are just a few of the common red flags that may indicate that the lender you’re dealing with isn’t trustworthy. If you spot any of these warning signs when you’re shopping for a loan, it may be wise to keep searching. 

100 Dollar Loan FAQs

Can I still get an online loan if I have bad credit?

Yes, many online loans are designed to help individuals with bad credit. While traditional lenders might reject your loan request based on your credit score, such as banks, many online lenders are more interested in your ability to repay the loan.

Are there any direct lenders who offer $100 loans without a credit check?

Some direct lenders offer 100 dollar no credit check loans. However, they will typically verify your income and other information to ensure you can repay the loan on time. It’s important to remember that “no credit check” doesn’t necessarily mean “no verification.”

How quickly can I get a $100 loan deposited into my account?

The amount of time it takes to get a 100 dollar loan in your bank account can vary between lenders. Some online lenders offer same-day or next-day direct deposit into your checking account, while others might take a bit longer. Always check the lender’s terms before submitting a loan request form.

Will taking out a $100 loan affect my credit score?

This depends on the lender. Some lenders don’t report to credit reporting bureaus, while others do. If you repay the 100 dollar loan on time, it could potentially improve your credit score. However, missing a payment could harm your credit and result in a negative entry on your credit report.

What should I consider before submitting a loan request for a $100 loan?

Before submitting a loan request form for a 100 dollar loan, consider your ability to repay the loan, the fees, the interest rate, and the lender’s reputation. Remember, while a $100 dollar loan request may seem small, the associated fees and interest can add up quickly, especially if you can’t repay on time.

Final Thoughts from CreditNinja

A lot of consumers find themselves searching for loan options online by typing “I need 100 dollars now” or “$100 loan instant” into a search bar. While there are plenty of loan options available, such as payday loans and personal loans, it’s crucial to take time to compare loan terms. 

Every direct lender will charge different fees and interest rates. It’s up to you to conduct thorough financial research on all your loan options to avoid repayment issues down the line. Once you find the right loan offer for you, ensure you make all your monthly payments on time to avoid dips in your credit score.  

References:

  1. 3 tips to get an emergency fund started │ CNBC
  2. What To Know About Payday and Car Title Loans │ Federal Trade Commission
  3. Payday Loans, Auto Title Loans, And High-Cost Installment Loans │ CFPB
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