We all need $100 for life’s unexpected twists and turns. Whether it’s an unexpected bill or an emergency, we’ve all been there when a little cash can make a big difference. In this guide we’ll show you practical ways and clever tricks to get that $100 fast so you can get through tough financial moments and move towards a more stable future.

What are my options to get money now?

1. Payday Loan. These short term loans give you fast cash for emergency needs but come with high interest rates and fees. Good for those who need extra cash until their next paycheck.

2. Credit Card Cash Advance. You can borrow money now from your credit card. This is fast and convenient but has higher interest rates than regular credit card purchases.

3. Personal Loan. Personal loans from federally chartered credit unions or online lenders offer flexible repayment terms and competitive interest rates. Good for borrowing money now and covering unexpected expenses.

Pros and Cons

Pros

1. Fast Cash Availability. $100 payday loans give you fast cash to solve minor financial emergencies. Good for when you need money now for unexpected expenses like medical bills or urgent bills.

2. Easy Application Process. Applying for a 100-dollar payday loan is easy, just a simple online loan request form. Most payday loans online give you an instant loan decision so you can get a $100 loan without lengthy paperwork or waiting periods.

3. Bad Credit Okay. Unlike traditional loans, payday loans online are available to those with bad credit or low credit scores. Direct lenders don’t do hard credit checks so these loans are available even to those with poor credit history.

Cons

1. High Interest Rates and Fees. One of the biggest downsides of 100-dollar payday loans are the high interest rates and fees. This can be expensive especially if you can’t pay it on your next pay date.

2. Short Repayment Terms. The loan terms for payday loans online are very short, usually full repayment by your next pay date. This can be tough if your financial situation doesn’t improve fast, and can lead to debt cycle.

3. Credit Score Impact. While payday loans are available to those with bad credit, missing a payment or defaulting on the loan can negatively impact your credit score. Most lenders report to credit bureaus so any missed payments can further damage a low credit score.

How to get a $100 Loan?

1. Choose A Lender. Select a reputable online lender that complies with state and federal laws.

2. Gather Required Documents. Get the necessary documents: pay stub, social security number, bank account info, proof of income.

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

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

5. Get Loan Funds. Once approved, get the loan funds deposited into your bank account or prepaid card account, usually 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 only require that you:

1. Age. You must be at least the age of majority, which is 18 in most states, although some states require you to be 19 or 21 years old.

2. Active Checking Account. You must have a valid and active bank account for the loan proceeds to be deposited and for the lender to withdraw repayments.

3. Proof Of Income. You need to show proof of regular income, like pay stubs, to show you can repay the loan.

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

How to Get the Money

1. Direct Deposit. The most common way 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 the same business day.

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

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

4. Check. A few payday lenders may give you a check for the loan amount which you can then cash or deposit into your bank account.

Payday Loan Rates

Payday loan rates typically involve fees of $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 repay around $345 by the next payday. These rates are much higher than other types of loans like personal loans or secured personal loans.

Payday lending is legal in 37 states, 11 states including Connecticut, Maryland and New York 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 enacted such caps, which 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%). The lowest rates are in states like Oregon (140%), Maine (228%) and Iowa (247%). 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.

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