An $800 loan may provide much-needed financial relief for many. A loan of this size can go toward rent, bills, car payments, emergency expenses, and more.
In the grand scheme of things, $800 is not much for a lender to loan you. But before you take the traditional route of heading to the bank to take out a loan, you may want to try an alternative lender. This may open your options up to a different type of loan, a lower interest rate, and allow you to avoid being denied a loan because of bad credit.
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Where Can You Get an $800 Loan?
When choosing a lender, you’ll want to know how convenient the application process is, the loan amount, interest rate, and loan term. Even with bad credit, you have several ways of getting an $800 loan.
Compare and contrast the loan agreements of the following choices to get the best loan for your financial situation:
- Banks and credit unions;
- Online lenders;
- Friends and family;
- Pawn shops;
- Check cashers and other in-store loans.
Before settling on a loan from any particular lender, you’ll want to examine all your choices to make a decision on a loan with fair lending terms.
For instance, you don’t want a loan with an unreasonably high APR (which is typically attached to bad credit loans). Otherwise, you’ll end up paying much more than you intended, or worse, end up not being able to keep up with the payments and default on your loan.
Every type of lender above will have different qualification requirements, may or may not conduct a credit inquiry, and will differ on APR, loan amounts, and loan terms. It will be crucial that you understand these aspects of your potential loan before agreeing to one. Understand the financial implications of accepting the loan and know whether you’ll be able to make your payments on time.
Applying for an $800 Loan
The application process for an $800 loan will be different for each lender. For a bank or credit union, you will likely have to visit the bank in person, fill out a lengthy application, wait to be approved, and then receive your money.
Online lenders will have an online application. You can often be approved within minutes, get your money much quicker, and bad credit may not be a factor in your loan approval.
Another option is to go through friends or family. Borrowing $800 from a friend or family member always runs the risk of straining your relationship. This is a considerable amount of money for a friend or family member to lend you, so make sure you draw up a contract detailing the terms and conditions — loan amount, interest, when it will be paid back, and how (monthly payments vs. paid in full).
Lastly, a loan from a pawn shop will require you to put up collateral, which is typically a valuable item such as jewelry. You won’t get this item back if you can’t pay off your loan.
Your choice in a lender will depend on the application process, your credit score, and your comfort level in being able to pay back a loan from an associate or pawn shop.
Options for an $800 Loan
For professional lenders, $800 is not a large amount. As such, an $800 loan can come in a variety of different options. Here, you’ll need to decide how fast you need the money, what you are using it for, and how/when your payments are set up.
Some options may work better for your financial situation than others. Selections for an $800 loan include:
- Same-day loans;
- Direct deposit loans;
- Emergency loans;
- Installment loans.
You can see money from these loans almost instantly, and most likely won’t have to visit a lender in-person to apply. It will be important to understand what you need to do to stay on top of your monthly payment of the loan, as well as any other aspects attached to them. For example, and in the case of a payday loan, remember that this money won’t be included in your next paycheck, so budget accordingly.
Can You Get an $800 Loan Today?
It is possible to get an $800 loan today. Especially if you apply through an online lender, you may receive your money the same day — usually directly deposited into your bank account.
If you have good credit, you may be approved instantly and sometimes see your money as soon as the next business day. You may find instant cash if you have bad credit in the form of a payday loan. Depending on the lender, expect to see your loan within one to five business days.
Things to Watch Out For
The first thing you need to be wary of when accepting any loan is the annual percentage rate (APR). Especially for those with bad credit, lenders will usually try to negotiate higher APRs to cover the risk of lending money to you. Other times, predatory lenders may attach an unreasonably high APR, knowing you won’t be able to make the payments, just to make more money.
Another risk you run, especially with online lenders, is opening yourself up to a scam. When you release your personal and banking information to the wrong person, they can use it for their own personal gain — carrying out various types of fraud such as identity theft. It is important you understand the warning signs of a scam to avoid being taken advantage of.
You have many options for a short-term loan such as an $800 dollar loan. It is just a matter of understanding which lender and type of loan are best for you to receive a loan you can pay back comfortably. As always, remember to pay back your loan on time to avoid damaging your credit, and even to help repair it.
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