Need a $100 Loan Fast? Here’s How

FT Contributor
A loan officer holds up a stack of $100 bills.

Sometimes, your payday doesn’t align with your billing cycle. To make ends meet, you may need a few extra dollars to help pay for rent, the power bill, or to make a car payment.

Rather than possibly getting evicted, having your utilities shut off, or getting your car repossessed, you can get a quick same-day loan. First, you must understand how a $100 loan works, if you are eligible, and where to get one.

How Do $100 Loans Work?

Typically, quick $100 loans will work the same way as a payday loan. If you qualify for a loan, you can often get your money instantly. It will be a short-term, high-interest loan and will likely need to be paid back within two weeks or on your next pay day, depending on the lender.

As with any loan or bill, it will be crucial that you pay this loan back on time to avoid additional fees, loan default, and/or potential damage to your credit score. Additionally, payday and installment loans — which are essentially what $100 loans are — have been known to have outlandishly high interest rates attached to them.

Are You Eligible for a $100 Loan?

To make sure your loan gets approved when you apply, you’ll need a few things for a lender to consider you eligible for a quick $100 loan. Generally, you’ll need to provide the following:

  • Address and contact information;
  • Valid ID;
  • Proof you are at least 18 years old;
  • Bank routing and account information;
  • A recent pay stub.

If you don’t have a recent pay stub, there are other options for getting a loan with no income.

For those who do have income, before accepting a loan just know that depending on your lender you may need to provide additional information to show that you have a steady source of income, meet state requirements, and whatever the lender deems necessary to feel comfortable loaning this money to you.

Where to Get a $100 Loan

There are several ways you can get a quick $100 loan, whether you apply for a loan from a lender or call in a favor from a friend. Again, it will be important that you pay your loan back even if you don’t have a term limit or interest attached to your loan — as is often the case if you borrow from a friend or family member. Consider the following options when you need a quick $100 loan.

  • Ask friends or family: If you can, ask a friend or a family member for a $100 loan. It may be prudent to write out a contract. Both parties must understand what is being loaned, when it will be paid back, any interest that will be charged, and any other details that will specify the nature of the loan. Writing a contract — even for a loan from a friend or family member — can make this process go much smoother because borrowing money from friends and family can quickly become messy and may even put a strain on your relationship.
  • Try a pawn shop: If you need the money ASAP, consider pawning a valuable item at a pawn shop. Be warned, you may have to pay a high fee and/or interest rate on this money and if you don’t repay the loan, you won’t get your item(s) back until you do.  
  • Ask for an advance: Many bosses and companies might agree to give you a $100 cash advance on your next paycheck. An advance means your employer will give you the money immediately, but this amount will be taken from your next paycheck. This will be important to remember, as it can affect your budget for the upcoming month.  
  • Shop for online lenders: Many online lenders specialize in providing a quick $100 loan. When considering an online lender, you’ll want to look over their terms, interest rate, and if they are operating within state requirements.

Banks and credit unions are historically uninterested in providing loans for such a small amount of cash.

Carefully contemplate if getting a quick, $100 loan is best for your future financial situation. If you know you can pay the money back on time, without future money problems, these loans may be a good option. However, it may be worth looking into a side gig if you are continually missing the mark on your bills.

For those with no income and/or bad credit, you still have several options for getting same-day loans, emergency loans, and no-credit-check installment loans.

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