A loan gives you access to necessary funds to help cover expenses. Paying expenses will build credit and provide you with access to more attractive loans in the future. Access to a $100 loan will provide an extra layer of financial safety. While mortgage and auto loans require you to jump through several hoops, obtaining a $100 loan is simple in today’s landscape. Check out these strategies you can use to find a $100 loan and build credit in the process.
Who Needs a $100 Loan?
A $100 loan enables consumers to cover small expenses readily. Tapping into an extra $100 can alleviate the stress of paying a cost in the moment. Many people treat a $100 loan like a payday loan, where they pay a small expense in the moment and quickly pay off the $100 loan when their paycheck arrives.
If you’re strapped on cash but still need to order groceries, the $100 loan will provide a buffer from now until your next paycheck arrives. Payday loans also help if you want to buy your children extra gifts for the holidays. The holidays only come once a year. Rather than be $100 short, you can borrow the money temporarily to get that extra gift and then pay off the loan after the holidays.
A $100 loan assists with any monthly expenses such as utilities and chipping down your auto payment. For some consumers, the extra $100 makes the difference between paying on time and making late payments which will hurt your credit score. You can also take out a $100 loan to pay off your credit card debt. Credit card debt is notorious for high-interest rates. Some people use payday loans to consolidate debt and secure lower interest rates on their remaining debt.
People looking to rebuild credit often take out $100 loans to pay them off and build their credit history. Quickly paying down small loans will boost their credit score and give them access to better deals on mortgages, auto loans, and refinancing.
If you want to rebuild credit by taking out loans, MoneyLion’s Credit Builder Loan can help. MoneyLion gives its members a loan up to $1,000 without a hard credit check. Some members use the Credit Builder Loan to build credit before receiving a credit score. More than half of MoneyLion’s members raise their credit score by over 42 points within the first 60 days.
Where Can You Get a $100 Loan?
It’s more common than you think — $100 loans readily present themselves to consumers. These small loans require fewer hurdles than more sizable loans. Many banks and credit unions will provide you with a $100 loan if you ask. Depending on the bank and your credit score, you may get a lower interest rate on your loan. Some banks and credit unions require that you pay an application processing fee for that loan.
You can also get a $100 loan from a friend or family member. It’s easier to get loans from family and friends if it’s just $100. However, only borrow money from a family or friend if you can pay them back shortly. Many relationships become sour over money issues, so make sure you pay someone back if you borrow money from them.
You can also borrow cash through your credit card. However, these loans notoriously carry high-interest rates. Consider borrowing against your credit card as a last resort. You can find a payday loan with a more attractive interest rate. You can also find a payday loan at a payday loan outfit. However, these loan issuers also carry towering interest rates.
MoneyLion is an alternative financial platform for consumers who feel shunned by traditional banks but don’t want the sky-high interest rates from credit card companies and payday loan outfits. MoneyLion’s Credit Instacash loan comes with 0% APR and doesn’t require a good credit score. You can access up to $250 through Instacash. If you join the MoneyLion Credit Builder Program, your Instacash limit increases to $300.
What Are the Rates and Terms of Your $100 Loan?
Securing a lower interest rate is vital for paying off the loan and boosting your credit score. While MoneyLion offers small loans at 0% APR, you won’t get that rate from the alternatives.
Borrowing money via a credit card or a payday loan will hit you with an interest rate over 20% in most cases. Banks and financial platforms offer more reasonable interest rates, but 0% APR beats any affordable interest rate.
Before taking out a payday loan or any loan in general, review the rates and terms. Some companies prey on a consumer’s desperation to quickly access proceeds. Low credit scores make these consumers feel cornered with nowhere else to run. These predatory tactics have received pushback and increased regulations. However, many consumers still find themselves agreeing to unfavorable rates and terms because they don’t review them and feel like they have no other choice.
Can You Rebuild Your Credit With a $100 Loan?
Paying off a $100 loan on time will build up your credit history. This component makes up 35% of your credit score. Certain financial platforms like MoneyLion offer credit rebuilding loans designed to give consumers access to proceeds while helping them rebuild credit. MoneyLion’s Credit Builder Program helps members build back their credit and doesn’t require a good credit score to get started. Plus, MoneyLion doesn’t conduct hard credit checks when approving Credit Builder Loans.
Paying off any loan, even a $100 loan, is good for your credit. Raising your credit score will give you access to better deals, so you don’t feel pressured to resort to credit card cash advances and payday loan outfits.
MoneyLion is a financial platform that helps its users invest, save and rebuild credit. The company empowers its users to take control of their finances. MoneyLion allows its members to take out small, personal loans up to $1,000 without hard credit checks.
MoneyLion is a financial solution and support system for hard workers who feel neglected by the system. MoneyLion provides additional features such as auto investing, personal finance management tools and personalized portfolios to help its members invest and save confidently.
A Small Loan Goes a Long Way
A $100 loan gives you the necessary proceeds to cover various expenses. However, high-interest rates can derail your efforts to pay off the loan. Using a resource like MoneyLion can help you gain access to additional funds without incurring high-interest rates when it’s time to repay the loan.
Frequently Asked Questions
Where can I borrow money ASAP?
You can borrow money from a bank, credit card, or MoneyLion’s Instacash feature. Instacash gives you access to up to $250 in funds at 0% APR, a rate the banks and credit card companies can’t beat.
What is the easiest loan to get?
MoneyLion’s Instacash feature gives you instant access to a loan’s proceeds. You can quickly access a loan through a credit card, albeit with higher interest rates. Banks take longer as you must first submit an application to see if you qualify for the loan.