No matter how careful you try to be with your money, there’s always a chance that something will happen in your life that leaves you a little short. Perhaps something in your home will break, and you’ll need to find the cash for the repairs. Maybe you’re a little short on a bill that you forgot you had to pay.
Whatever the reason you’re in need of some quick money, you won’t necessarily need to commit yourself to the headaches and stress of a long-term loan. After all, while loans for 6 months and other lending opportunities have their benefits, they’re not ideal for every situation.
Personal loans are there for when you need to spread the cost of a particular expense out over an extended period. So, what do you do if you just need a small bump of cash to take you to your next payday? Well, you could consider looking into $100 loans.
In previous years, it hasn’t always been possible to take out small amounts of money. While personal loans give you a lot of freedom in how much you can borrow, and what you can borrow cash for, there are often minimum caps on how much you can lend. This means that you need to borrow more than you actually need and spend longer paying back what you owe.
Additionally, there are a lot of loans that will only give you the best deal on your interest rates if you borrow a very specific amount. This means that you could end up paying more interest than necessary, on a loan that isn’t really right for you.
Not only did traditional loans make it harder to access small amounts of cash they also forced lenders to spend months, or even years paying back what they owed. This could be very problematic for a lot of people. After all, it’s difficult to know how you’re going to handle the expense of monthly repayments – particularly if you could lose your job or end up with new expenses from one month to the next.
Fortunately, many states across America have begun to introduce a new kind of lending that could help people with their short-term borrowing needs. These states are introducing access to payday loans – a kind of lending opportunity where you can borrow as little as you need for a short period of time. You can easily borrow something as small as $100, without having to worry about long-term repayment plans.
How Do These Short Term Loans Work?
In a lot of ways, payday loans are very similar to personal loans. You can borrow the money you need for any reason that you choose. Additionally, there are a lot of lenders to choose from, to help you find the best deal. However, payday loans are also a lot more flexible than their traditional counterparts. Most of the time, they let you borrow anything between $100 and a few thousand dollars. The amount you can borrow will depend on your income and how much you can afford to repay.
Just like with a traditional loan, your payday provider will check your credit rating to ensure that you can afford to pay back what you owe. However, they will also consider other things, like your affordability levels, and whether you have a regular source of long-term income.
Most payday loan applications are also a lot simpler than their personal loan counterparts. You can often answer a handful of questions online and find out whether you’ve been approved in a matter of hours. There’s no sitting around for weeks, wondering whether you’re going to get the money that you need.