$100 payday loans are small dollar loans to solve minor financial emergencies fast. With an instant app for payday loans online, borrowers can apply through an online loan request form and get an instant loan decision from direct lenders. These loans don’t require a credit check or may accept bad credit applicants.

Features

• Accessibility and Convenience. Available through instant loan apps or online platforms, payday loans are for individuals who need quick financial solutions. The whole process, from instant cash loan request to approval, can be done online for convenience and ease.

• Credit Accessibility. Unlike traditional loans that rely heavily on credit reporting bureaus and credit checks, payday loans don’t put as much emphasis on a borrower’s credit score. This makes them available to bad credit score or those who can’t find payday loans through regular lending channels.

• Fast Process. The payday loan process is designed to be fast. Borrowers can apply for instant payday loans or instant cash loans and get a quick decision from the lender. This is important for those with urgent financial needs.

• Bank Account Requirement. To get the funds, applicants usually need to have an external bank account. This allows the loan to be deposited directly into the borrower’s account for easy access to funds.

Pros and Cons

Pros

1. Instant Cash. Payday loans offer instant cash loans, often within minutes of approval, for those with urgent financial needs or unexpected expenses.

2. Bad Credit Score. These loans are available with bad credit score. Direct lenders focus more on the borrower’s steady income rather than credit history, so bad credit is okay.

3. Convenience and Easy Application. Applying for a cash advance is easy and can be done online through an instant loan app or website. Only minimal requirements like steady income and being a permanent resident.

Cons

1. High Fees and Interest. Payday online loans have high fees and interest rates compared to traditional loans or other types of credit like online installment loans. Borrowers may end up paying more than the loan amount borrowed.

2. Debt Cycle. Due to the short repayment term (usually the borrower’s next paycheck), some borrowers may not be able to pay the loan in full. This can lead to rolling over the installment loan or taking out a new small loan to cover the existing one and get trapped in a debt cycle.

3. Limited Borrowing Amount. While $100 payday loans provide quick access to small amount of cash, they may not be enough for bigger expenses or ongoing financial needs. This limitation can restrict the borrower’s ability to address overall financial problems.

How to Apply for a $100 Payday Loan?

1. Choose A Lender. Select a payday lender, online or physical, that complies with state laws and federal regulations.

2. Prepare Documents. Gather required documents like pay stub, social security number, bank account information and proof of income.

3. Apply. Fill out the payday loan application form with personal details, employment information and loan amount. Submit online or in person.

4. Review the Loan Agreement. Review the payday loan agreement carefully, read interest rates, fees, repayment terms and due date.

5. Get the Loan. Once approved, get the loan proceeds deposited into your bank account or prepaid card account, usually on the same business day.

Requirements

According to the U.S. government’s Consumer Financial Protection Bureau (CFPB), to qualify for a loan, most payday lenders require:

1. Age. Applicants must be at least 18 years old, but some states require 19 or 21 years old.

2. Active Checking Account. A valid and active bank account for deposit of loan proceeds and for the lender to withdraw repayments.

3. Proof of Income. Borrowers need to show proof of regular income, like pay stubs, to show they can repay the loan.

4. Valid ID. Borrowers must present valid ID, which is usually a social security number, to verify their identity.

How to Get the Money

1. Direct Deposit. The most common is direct deposit into your bank account. Once your payday loan application is approved, the payday lender will deposit the loan proceeds into your active checking account, usually on the same business day.

2. Prepaid Debit Card. Some payday lenders offer to load the borrowed amount into a prepaid card account. This is convenient for those who don’t want to use their bank account.

3. Cash. In some cases, especially with in-person payday lenders, you may get the borrowed amount in cash. But this is less common than direct deposit or prepaid card.

4. Check. A few payday lenders may provide a check for the loan amount and you can cash it or deposit it into your bank account.

Payday Loan Rates

Payday loan rates range from $10 to $30 per $100 borrowed depending on state laws and borrowing limits. A typical fee is $15 per $100 borrowed which is an APR of around 400% for a 2 week loan. For example, if you borrow $300 you would need to pay back around $345 by next payday. These rates are much higher than other loans like personal loans or secured personal loans.

Payday lending is legal in 37 states, 11 states have strict regulations or interest rate caps that limit or prohibit payday lending. Some states like Arkansas and North Carolina have repealed their payday lending laws and others like the District of Columbia have banned it altogether.

18 states and the District of Columbia have usury rate caps, often at 36% APR, to curb high-cost payday lending. States like Nebraska, Hawaii, Illinois and New Mexico have recently passed such caps, as there is a growing trend to regulate payday loan rates.

The highest payday loan rates are in states like Texas (662%), Missouri (652%) and Delaware (639%). On the other hand, states like Oregon (140%), Maine (228%) and Iowa (247%) have lower rates. Some states like Washington and Virginia have additional regulations to limit the number of payday loans or extend the repayment terms to prevent debt traps.

$100 Payday Loans. Apply Online