Budgeting Debt Loans

I Need 100 Dollars Now!

There’s never been a time in my life when I couldn’t use an extra hundred bucks. Unfortunately for many people, it’s more severe than that. For some, additional money could be the difference between paying a bill on time or incurring a late fee. Maybe it would mean keeping the lights and gas on in their apartment. And while it’s a sad fact that this is the case for many Americans, it is a fact. If you’re sitting at home right now thinking to yourself, “I need 100 dollars now—Like, right now.” This article was meant for people who need money now, maybe that is you or your friend so, read on to learn more about getting the quick cash you need when you need it the most.

Finding extra money in our budgets doesn’t always come easy. For most of us, there isn’t much cash left over after we pay our bills and rent. And for some, there may not be anything left in the bank account at the end of the month. Unless you’re Bill Gates or Jeff Bezos, odds are you’ve run into this situation at least once in your life. So what are you supposed to do if all your money is accounted for as soon as you get paid? Luckily, there are several solutions out there. The tricky part is knowing which of these fast money solutions is a safe choice for you.

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. This way, you’ll be ahead of the game when you start to do your research.

Here are a handful of the most common fast cash options for a borrower with a low credit score, and a brief explanation of each:

Payday Loan

A payday loan is possibly the most common quick cash loan that allows you to borrow 100 dollars today. They boast fast cash, accessible applications, and no credit checks in some cases. But many of the claims that payday lenders make fall into the category of “too good to be true.”

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?

Payday Loans Are Unsecured

First, let’s start with the “unsecured” part. An unsecured loan does not require any collateral. This means you can apply and receive a loan based only on your credit history, ability to repay, and promise to return the agreed-upon amount. On the other hand, a secured loan requires a borrower to offer up some form of collateral. Everyday items that are used as collateral include homes, vehicles, and other valuable assets like jewelry.

All loans will either be secured or unsecured. And most payday loans are unsecured. This means that the lender may choose to offer you a loan simply based on your promise to repay. And while it may be good that you won’t lose a valuable item if you don’t pay, there are still 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

These loans are short-term solutions to financial problems. This means that they aren’t meant to be used for years or even months. But how short-term are we talking about? Well, 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. If you were short on cash two weeks ago, odds are you might still be short on cash when your payday loan is due.

Unfortunately, payday lenders may even make more money when a borrower can’t repay their loans. But, again, this may sound backward until you learn about “rollover.”

Loan rollover is a practice that many payday lenders use to extend a borrower’s repayment term. Extending the repayment period may seem like a good thing, but there’s more to it than that. When a borrower can’t repay their loan, the lender offers to roll over the loan to a new 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. First, they get a new loan term, but the amount they owe increases. Then they have a difficult time paying the new amount by the due date, and it happens again. This is called a debt cycle, and it’s widespread with payday loans.

This is a big reason why a payday loan should be avoided. But if you don’t have any other option, then make sure you can repay the loan in full by the due date before signing for it.

Payday Loan Amounts

A payday loan is also a “small-dollar” loan for customers with a low credit score. While the amount you can secure 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. Of course, your 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.

That being said, even a small loan may be challenging to pay back if the interest and fees are very high. So while you may very likely be able to get a $100 loan, the costs associated with it may not be worth it. This is another reason why payday loans end up being so costly for borrowers who need a 100 dollar loan. Interest rates tend to be extremely high for these loans.

Since many borrowers who need a payday loan 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 to make money fast, then you might end up settling for these rates. But you would be wise to avoid them altogether.

Pros of a $100 Loan With a Payday Loan:

  • Fast cash to help make it to your next payday

Cons of a $100 Loan With a Payday Loan:

  • Exceptionally high interest rates and APRs
  • High additional fees
  • Short repayment periods make repayment difficult
  • Shady practices and deceiving loan terms from some lenders
  • Loan rollover creates a cycle of debt

Cash Advance

A cash advance is another term you may hear if you need to borrow 100 dollars today. Cash advances come in many different shapes and sizes. The term “cash advance” actually describes several other financial solutions. The most common way that the term is used is to describe a payday loan. It’s important to know that some lenders will use the words “payday loan” and “cash advance” interchangeably.

Let’s explore the other types of cash advances, how they work, and which ones to avoid in your quest for a 100 dollar loan.

Credit Card Cash Advance

This is something that many credit card companies offer as a part of your account. At the same time, a credit card doesn’t usually allow you to get a 100 dollar loan in cash; using a credit card cash advance will. The way it works is pretty simple.

You can get a credit card cash advance online or at an ATM, depending on your credit card company. You may be able to use your credit card at an ATM just like you do for a debit card. If so, then you would simply put your credit card into the ATM, enter your PIN, and withdraw the amount of cash you need. However, there will likely be limits to how much you can start.

If your credit card company doesn’t offer ATM withdraws, you can likely still get the cash you need through a digital transfer. If this is the case, you would simply log on to your online banking and transfer money from your credit card account to your checking account. Then you can withdraw cash from your checking account like normal.

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. With average credit card purchases, interest may not accrue for a set amount of time. This gives you time to repay the amount without accruing interest. But for cash advances, the interest will be charged immediately. These fees can add up quickly if you use credit card cash advances a lot.

Pros of a $100 Loan From a Credit Card Cash Advance:

  • Quick cash from an ATM or in your online checking account
  • You could potentially get a large amount depending on your limits
  • No need to deal with a new lender or application

Cons of a $100 Loan From a Credit Card Cash Advance:

  • Higher interest rates than regular credit card charges
  • No grace period, so interest begins accruing immediately

Employer Cash Advance

An employer cash advance is when an employer agrees to pay an employee before they have earned money. They are advancing you 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 just like with any loan or financial product, you should still be careful. If you get into the habit of using employer cash advances, it could be tough to stop. Which would mean you’re constantly working to make up for the money you’ve already been paid. It could also damage your relationship with your employer.

Pros of a $100 Loan From an Employer Cash Advance:

  • May not involve an application process or lengthy contract
  • You can work off the money you owe
  • May include low interest rates or fees

Cons of a $100 Loan From an Employer Cash Advance:

  • Could potentially damage your relationship with the employer
  • Could risk your job if you abuse the privilege

Installment Loan

This is another standard option for borrowers looking to borrow 100 dollars today. 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.

Common installment loans include auto loans, student loans, mortgages, and more. Odds are, if you’ve ever bought a costly item, you’ve used an installment loan to pay it off. Making payments in installments can be much more manageable than one lump sum payment. And the great thing is that you may be able to use an installment lender to get that $100 loan you need.

Personal Installment Loan

A personal installment loan is sometimes considered an excellent alternative to many of the other short-term options listed above. In general, they offer more extended repayment periods, lower overall APRs, and more flexible and favorable terms and conditions.

These loans are unsecured personal loans that help borrowers bridge a gap in their finances. 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 for medical bills or school costs. And since they’re unsecured, you can make money quickly without having to offer up any collateral. That being said, you may not get paid from a personal installment loan until the lender checks your credit and income.

These are widely considered a better way to get a $100 loan than a payday loan. But you should still understand how they work. 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. Many lenders will review your credit history, as well as your income and overall ability to repay the loan. If you get paid enough by your employer, you can probably still qualify for one.

How To Get A Personal Installment Loan for 100 Dollars

These loans can be found at storefront locations throughout the country or online. Of course, the easiest way to make money from a personal installment loan would be to apply online. Many lenders now offer a fully online experience from the application to funding to repayment. This way, you can get paid without ever leaving the comfort of your home.

First, find a trustworthy lender. Do plenty of research on the lender and read reviews to make sure they’re credible and legitimate. Once you’re confident that they are, then it’s time to apply for a loan. Fill out the online application and await a decision. Many online lenders can let you know whether or not you’re approved right away, sometimes even on the same day as your application. If you receive approval, they will likely deposit your cash directly into your bank account. Some things that the lender may require for you to receive a loan include:

  • Valid ID to show that you meet the age requirement
  • Steady source of income
  • An active bank account with direct deposit

After you receive your cash and use it, you’ll begin repayment on an agreed-upon date. Make sure you mark your calendar and be prepared to make your 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.

Pros of a 100 Dollar Loan From an Installment Lender:

  • The quick and easy online application process
  • Get cash very quickly, sometimes the same day
  • You don’t need to have a good credit score
  • Won’t need to have a high income
  • More extended repayment periods and more flexible terms
  • It can be safer than other fast-cash alternatives

Cons of a 100 Dollar Loan From an Installment Lender:

  • Your credit score may still be checked
  • You need to have a certain amount of income
  • Higher rates than traditional bank loans

Pawn Shop Loan

If you’ve ever come up short on money for bills or rent, you may have thought, “should I get a $100 loan from a pawn shop? The short answer is only if you’re willing to risk losing a valuable item.

These small-dollar loans are an example of a secured loan. This means that you will need to offer the lender some form of collateral. Collateral, in this case, will be a valuable item that you own. It could be 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?

Getting 100 dollars from a pawn shop can be pretty straightforward. First, you’ll take your valuable item to a pawnshop lender and find out if they’ll accept it as collateral for a loan. Of course, many pawnshop lenders will also buy things from you outright if you’re interested in selling them. But if it’s a loan you want, they will assess your item and decide how much it’s worth.

Once they’ve assessed the value of the item, they will 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 pawnshop 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 pawnshop challenging to repay on time. Many pawnshop lenders will require repayment within about 30 days. This may be longer than most payday loans, but still a short amount of time overall.

Pros of a 100 Dollar Loan From a Pawnshop:

  • The less involved application process
  • Get cash very quickly
  • You don’t need to have a good credit score
  • Won’t need to have a high income

Cons of a 100 Dollar Loan From a Pawnshop:

  • High interest rates and additional fees
  • Short repayment period compared to other options
  • The risk of losing a valuable or cherished item
  • Some pawnshop lenders may not be trustworthy

Title Loan

A title loan is another typical example of a secured loan. These loans work in a similar way to pawnshop loans but on a larger scale. The key takeaway with title loans is that you should never consider one if you need your vehicle for everyday living. 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 make money 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, again, the process is relatively straightforward:

  • You find a title lender that you want to use either online or at a storefront location.
  • You apply for a title loan with the lender.
  • The lender will then want to 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 value of your vehicle.
  • If you accept, 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.
  • 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

If you rely on your vehicle to get to work, take the kids to school, or perform other necessary daily activities, then these loans may not be for you. The risk of losing such a valuable thing probably isn’t 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%. 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, and more. These things can add up very quickly and make the cost of borrowing extremely high.

And since these loans may also carry short repayment periods (sometimes as fast as 30 days), they can be difficult to repay on time. Just like with payday loans, title lenders may offer to rollover 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.

Pros of a $100 Loan From a Title Lender:

  • You could potentially get a high loan amount
  • The application process may be more accessible due to the collateral

Cons of a $100 Loan From a Title Lender:

  • High interest rates and additional fees
  • The short repayment period for how large the loan maybe
  • The risk of losing your car, truck, van, motorcycle, or SUV
  • Some title lenders may not be trustworthy

Make Money From a Side Hustle

One option to get paid without getting a $100 loan would be to get a part-time job or start a side hustle. It’s now easier than ever to find ways to make money on the side, even if you have a full-time job. And while it may be exhausting to add more work to your schedule, this can sometimes be a safer option.

Finding part-time work that allows you to make your schedule is entirely possible. There are ridesharing apps like Uber and Lyft. There are food delivery services like Grubhub and DoorDash. Even apps allow you to perform chores and tasks for people who need them, like TaskRabbit.

Signing up for apps and services like these can sometimes be as easy as filling out an online form and providing some basic information. You may even be able to get up and running within a couple of days. And since these side hustles offer flexibility, you can work whenever you want. Adding just a little bit of extra work like this to your schedule can be so much more beneficial and rewarding than opting for a payday loan or title loan.

It can be hard work. But nothing worthwhile in life comes easy. And if you have debts to pay off like student loans, title loans, or payday loans, doing a little extra work may be the best and safest way to do it.

The Dangers of Quick Cash

Some folks may choose to pawn a valuable item, others might explore a side hustle, and some may opt for a personal loan to secure extra cash. While all of these choices may allow you to borrow 100 dollars today, some are safer and wiser choices than others. Unfortunately, there are many lenders out there that prey on borrowers in need. They know that people in desperate financial situations might make unfavorable choices in the heat of the moment. And they use this to take advantage of these borrowers.

Now that you’re familiar with some of your options to make money, 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 when you’re shopping for a loan, it may be wise to keep searching.

These lenders rely on borrowers who don’t do their research. You can eliminate most of the risk of dealing with a predatory lender by thoroughly researching the loan and lender in question. Ask them to elaborate and explain any terms or conditions you don’t understand. Then, ensure that you fully understand the repayment terms, costs, and loan conditions before signing for it. By following these simple rules, you can ensure that you get a loan you’re capable of repaying by the due date.