While the concept of a microloan may seem reserved for small businesses in developing nations, that is not the case at all. If you want to get a $300 loan (or something in that range,) you can look into several financial instruments that are both helpful and easy to understand.
How to Prepare for a $300 Loan
While it is difficult to repair your credit overnight, it helps to cover the basics when you’re looking for a microloan. Small loans — that could be as low as $100 or $200 – still require some sort of application. If you take these steps in your daily, weekly or monthly routine, you can improve your credit score and make the application process that much simpler.
As long as you pay your credit cards, loans and other debts on time, you can easily add a small loan to your budget. Yes, you know you need the money. However, you want to ensure you can make the payments after the fact.
If you have poor credit, you might want to search for loans billed as “bad credit loans” or possibly “no credit check loans.” In these cases, you agree to either no credit check or a soft inquiry that doesn’t affect your credit. It’s recommended that you opt for soft inquiries as much as possible, keeping in mind that your credit cannot improve if you continue adding hard inquiries to what could already be a stacked deck. If you’re not sure about the loan product you’ve found, review information from the Consumer Financial Protection Bureau and other agencies.
Why Do You Need a $300 Loan?
There are times in life when you simply need extra cash to survive. You might need a little extra money for an emergency, or you might need money that will help you weather a financial disaster. Irrespective of the situation, a $300 loan is warranted when that small amount of money will help you get by.
Medical and automotive emergencies are fairly common, and they often occur out of nowhere. One moment, you’re living your life. The next moment, you’re saddled with medical or repair bills. A $300 loan will help you handle these expenses or at least start paying off the emergency.
School fees and expenses creep up throughout the year, often with little or no notice. If you or your child have recurring expenses, you might want a small loan that pays off those expenses all once. For example, your child plays soccer, and their athletics fee is $300. You can take care of that right away. The same thing could be true for college students or even adults in graduate school.
Special gifts or trips often occur at the spur of the moment. You may not have enough cash to pay for these items out of pocket, but you can take out a microloan that covers the difference.
Unemployment or underemployment can cause issues with your monthly budget, payment of debts and much more. When you take out a small loan, it can help you survive until you receive the first paycheck from a new job or tide you over while you wait on a severance package.
Where Can You Get a $300 Loan?
You can get a $300 loan from a wide range of places. Remember, not all loans and advances are the same. Consider all your options before completing an application and awaiting funding of a loan.
When you work with a bank, financial platform or virtual payment service, you can often obtain microloans or cash advances. These companies may provide small loans, advances or cash bonuses, given the activity on your account.
While you may like your bank, financial platform or payment service, you should carefully review the rates and terms of the loan before proceeding. A great company could easily offer bad rates or terms. A firm you might not like so much may have fantastic microloan products.
Cash Advances From Credit Cards
Cash advances from credit cards offer you easy access to a portion of your available credit. You might receive this money in the form of a paper check, or you might have access to direct deposit in certain cases (most likely when you have a bank account with the same company.)
Payday lenders can provide small loans from $100 to $500 or more, but you should check the rates and terms of these loans first.
If you work with a specialty microlender, ensure that you are comfortable with the rates and terms of the loan. While these loans are generally directed at businesses, you may find a loan product that suits your situation.
While an early payday is not a loan, this worthy option can help when you do not get your money soon enough. This option is not a loan, but it can be helpful if you find yourself consistently short around payday.
MoneyLion is more than an online lending platform. It is a financial platform that wants to “rewire” the system. In doing so, MoneyLion provides a wide range of services that include:
- Mobile banking
- Get paid early with a MoneyRoar account
- Instacash advances
- Crypto accounts
- Investment accounts
- Credit builder plus loans
- Financial tracking
- Cashback rewards
- No hidden fees
Get a $300 Loan Today
As you search for a microloan in the range of $300, remember that the loan market offers several options. Don’t take the first loan you find because there may be better options available. Return to Benzinga any time to research this topic further, read financial news and check stock information.
Frequently Asked Questions
Questions & Answers
It is. When you find a microlender that provides cash advances, credit building loans or small loans of $300, you can apply, gain approval and accept funding of your loan right away.
The easiest loan to get approved for is often one offered by your current bank. Microloans, cash advances or payday loans for existing customers often come with quick approval and funding. However, you should ensure that the rate and terms of the loan are fair. Never sign off on a loan you don’t understand.