Where Can I Borrow $100 Instantly? Help in a Pinch
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When you need $100, chances are you need it immediately. Whether it’s for an emergency or you just need some cash to buy groceries to tide you over until your next paycheck arrives, quick access to $100 can be a lifesaver.
The good news is that there are more providers of small-dollar loans than you may realize. The bad news is that some fast cash loans can be expensive. But they can cost less if you repay them quickly, and some may even improve your credit score.
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Where to borrow $100 instantly
There are many ways to borrow $100 instantly, some of which you may already be familiar with.
Payday loans are a common way, but there are less costly ways to get a cash advance or small loan, including getting a short-term loan from direct lenders such as banks, credit unions, your employer, and online lenders.
Title loans that use your car as collateral are another option, though that may be too much of a risk that you don’t want to take, no matter how dire your financial needs are.
In no particular order, here are some of the best ways to borrow $100 instantly, along with eligibility criteria and factors to be aware of when applying.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
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Payday loans
Payday loans are a cash advance on your next paycheck from lenders that usually charge high interest rates for these short-term loans, low-amount loans of $500 or less in about one hour.
A credit check usually isn’t required, and these loans aren’t available at traditional financial institutions. Payday loans are usually used by people with bad credit or no credit history at all.
Payday loans don’t always charge an annual percentage rate, or APR, but their fees can exceed high-interest credit cards. State law usually mandates payday loan fees, which could be $10 to $30 for every $100 borrowed. Borrow $100 for 10 days, and the finance charge is $15, which is a nearly 400% APR, or 10 times more than a high-interest credit card.
Still, paying $15 to borrow $100 to fix your car and get to work may be worth the cost if you get paid in a week.
The repayment terms require a postdated check for the full amount due, usually due on your next payday. Or you could provide banking or credit card information so the payday loan company can withdraw the amount due or charge your credit card on the due date. If you don’t have enough money in your bank account to cover the charges, you could be charged overdraft or insufficient funds charges by the payday lender and your bank.
If you can’t repay the loan on time, your lender may charge you to roll over the debt to a new due date. This can lead to more fees and loan extensions, causing the fees to exceed the original loan amount.
Payday alternative loans
Payday alternative loans, or PALs, were updated by the National Credit Union Administration in 2019 as PAL II, as loans with lower fees and APRs than traditional payday loans as a way to avoid a cycle of debt.
Some federal credit unions offer them for loans of $200 to $2,000. That doesn’t meet our criteria for a $100 loan, but it’s only $100 more and should be cheaper than a payday loan.
The interest rate on PALs can’t be higher than 28%, the application fee is capped at $20, and borrowers have one to 12 months to repay the loan. Loan rollovers aren’t allowed. Borrowers must be credit union members and can apply for a loan as soon as they join.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
Your employer
Some employers provide low-interest loans to their employees without interest being charged. Laws differ by the state on how employer loans can be repaid, with most states allowing payroll deductions with written authorization to repay loans, as long as it doesn’t reduce the worker’s wages below the federal minimum wage of $7.25 per hour.
A paycheck advance is another way to get immediate cash from an employer. Emergency expenses such as medical costs or car problems can be good reasons to ask for getting your paycheck a little early since you might be out ill or can’t get to work if you don ’t have the money to pay the unexpected bill.
Your credit union or bank
If you’re a long-time customer at a credit union or bank, it can be worth checking if they’ll offer you a quick cash loan, also called a dollar loan. Having a long relationship as a customer may be enough to get you approved for an instant loan, though having a good credit rating should help.
Not having overdraft fees is one example of being a good customer and is one sign that you know how to manage your money. That said, some banks may still require collateral for any loan they make.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
Family and friends
Since $100 is a relatively low amount to borrow, and lenders of a quick loan for so little can charge high fees and interest, your family and friends can be good sources for small-dollar loans.
Asking a family member for a small loan for an emergency expense can be a lot easier than waiting for the expense to grow to a bigger emergency and asking for a much bigger loan.
An interest rate should be paid, and the APR and repayment terms should be written down in a contract. They may want to offer you 0% interest. Your family and friends may be more forgiving if you fall behind on payments, but it could improve your relationship by paying the loan back on time.
Templates for family loan contracts are available online. The agreement should include the loan amount, names and addresses of the lender and borrower, the due date and amount of each payment, the amount of each payment, what interest rate will be charged, and the signatures of both parties.
A verbal loan agreement can lead to arguments and strained relationships without a written contract if payments aren’t made. A written contract can also lead to disputes, but they can be settled in court or other methods.
Actions that can be taken in case of nonpayment can be written into the contract. These can include:
- Adding costs to the loan
- Modifying the loan terms
- Taking ownership of collateral
- Pursuing legal action
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
Title loans
If you own your car, you can probably get a loan using it as collateral. Title loans require signing over your auto title to the lender until the loan is fully repaid. You must own your car outright and not have any outstanding loans to get a title loan.
There are a few problems with title loans, however. The typical title loan is $1,000, so a loan for $100 may not be worth the lender’s time. You could get a $1,000 title loan and only use $100, and then immediately repay the $900 you didn’t use before paying back the $100 when it’s due.
Title loans are notorious for charging high fees and interest rates. The typical APR is around 300%, an average of 25% per month.
The Pew Charitable Trusts gives an example of a car title lender in Virginia issuing a three-year, $2,272 loan with an APR of 98.7% and $4,867 in finance charges. The borrower ends up paying $7,129 to borrow $2,272.
Up to 25% of the car’s value can be borrowed on title loans. If your car is repossessed for missing a payment, that 25% can be a relatively small loan for such a big risk of losing your car.
But title loans are easy to get for people with bad or no credit if they own their car. No hard credit checks or credit checks of any kind are required, and a source of income isn’t required on the loan application.
Cash advance on credit card
A cash advance on a credit card is a way to borrow against your existing credit line. You can get a cash advance at banks, ATMs, or by using special checks through your credit card provider.
Cash advances usually charge higher interest rates than credit card purchases do, and there may be additional fees to pay. The credit card company may charge a flat fee or a percentage of the cash advance amount. You may also be charged a fee for using an ATM or taking out a cash advance in person at a bank.
A cash advance from a credit card can be used to transfer money to friends through apps such as PayPal or Venmo.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
Personal loans
Personal loans are installment loans that often require having good credit, though borrowers with poor credit can find them at about 36% APR.
Another problem is that many personal loan providers have a minimum loan amount of $500, with some requiring $1,000 or $2,000 as the starting point for a starting loan amount. That can be much more than you need if you’re looking to borrow $100.
Another option for $100 loans, especially for people with bad credit, is to apply for a personal loan through direct lenders specializing in people with bad credit or no credit.
Loans as low as $100 are possible, though many bad credit lenders require a minimum loan of $500.
Some of these companies are online marketplaces where you can submit a loan application for free, and potential lenders may offer you options. Loan proceeds can be credited to your checking account via direct deposit in as little as 24 hours and usually by the next business day.
APRs can be all over the map, from 6% for people with great credit to 36% for those with poor credit. Online applications for these loans can usually be completed in a few minutes.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
Costs
Of the loans listed above that charge interest, here are some of the typical costs:
Payday loans
Payday loans don’t technically charge interest, but their fees can exceed high-interest credit cards.
Typical fees are $10 to $30 for every $100 borrowed. Borrow $100 for 10 days, and the finance charge is $15, which is a nearly 400% APR.
Payday alternative loans
Interest rates on payday alternative loans are capped at 28%. The application fee is capped at $20.
Credit union or bank loan
The national average for an unsecured, fixed-rate loan for 36 months through a credit union is 8.95%, and it averages 10.09% through a bank, according to data from the National Credit Union Administration for the second quarter of 2021.
Title loans
Title loans typically charge an interest rate of 300%. Finance charges can also be extraordinarily high, with the example of a $2,272 loan coming with $4,867 in finance charges. Add in an APR of 98.7%, and the borrower pays $7,129 in fees and interest to borrow $2,272.
Cash advance on credit card
The annual percentage rate paid on a cash advance on a credit card is typically higher than on purchases or balance transfers with a credit card. Credit card APRs on purchases range from 16.24% to 26.24%, according to CNBC, but rise to 27.49% for cash advances.
Credit card issuers often charge a cash advance fee of 3% or 5% of the cash you request. A $250 cash advance with a 5% fee would cost $12.50. An ATM or bank fee is also likely, which averages $3.08.
Personal loans
Depending on your credit score, personal loans from online lenders range from 6% to 35.99%. Loans as low as $100 are more likely to be requested by people with no credit or bad credit, which would likely put their interest rate at the high end.
Pros and cons
Pros
- A fast cash loan can allow you to borrow $100 instantly without a credit check.
- A source of income is often all that’s needed to get a quick loan.
- The loan proceeds can be given to you sometimes within minutes, though some lenders may take 24 hours or two business days to transfer funds.
Cons
- Payday loans have the highest interest rates of all types of instant loans, some nearing 400% APR. Personal loans can be as high as 35.99%.
- Payday loans require repayment when your next paycheck arrives, requiring giving the lender a check that can be cashed as soon as your employer pays you.
- If any of these loans aren’t paid on time, the loans may be able to be rolled over and more finance charges will be added, leaving borrowers in a cycle of debt.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
The bottom line
Dollar loans for $100 or more are a way for people with no credit or bad credit to get emergency cash immediately. They’re one of the last ways for such borrowers to get a loan when they desperately need it and come in various forms.
Unfortunately, they’re usually expensive. Payday loans are the most expensive type of quick loan, with a short repayment period and a high annual percentage rate. Still, paying $15 to borrow $100 for a week or so may be worthwhile in an emergency or meet your living expenses until the next paycheck arrives.
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Writer
Aaron Crowe is a freelance journalist who specializes in personal finance writing and editing. He has worked at newspapers, where he won a Pulitzer Prize, and has written for numerous online publications. These include AOL, US News & World Report, WiseBread, Bankrate, AARP, and many websites focusing on housing, credit and insurance. He lives in California with his wife and daughter.
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