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Everybody has been through rough financial times when $100 is all you need to close a debt or pay for an important service. Smaller loans are typically harder to find. Synergy Financial Group has put together a list of options to get the $100 you need and solve your financial crisis.
Ask for help from your friends or family. $100 should not affect their budget much. Ensure you establish a common ground for repayment so that your relationships are not affected by your small loan. You can also ask your boss for an advance on your paycheck.
Pawning an item is similar to taking a loan with collateral. A pawn shop lender will not look into your credit history. Be aware that a pawn shop loan comes with interest and additional fees. It is advisable to negotiate at a pawn shop. Failing to repay the loan on time (usually one month) means the pawnshop keeps your item.
Payday loans can be expensive. Storefront or online lenders charge a fee from $10 to $30 for every 100 dollars you borrow. You have to pay off the short-term loan at once from your next paycheck. The cost of a $100 loan would be between $110 and $130. Assuming that you have to repay it in 30 days, the APR would range between 121% and 363%. If payday loans are available in your area, you will find it relatively easy to qualify.
Banks don’t normally lend amounts as small as $100, with a few exceptions. Bank of America has a small-dollar loan program for its customers. It allows loans ranging from $100 to $500 at a flat fee of $5 and a 90-day repayment term. For a $100 loan, the APR would be 29.76%, with a monthly payment of $35. The option is not available in all states.
With US Bank Simple Loans, you can borrow from $100 up to $1,000 and repay it in 3 months. The interest is a flat fee between $12 and $15, and the APR between 77% and 81%. For a $100 loan, your monthly payment would be around $38.
Credit unions tend to offer lower interest rates than banks. Their services include payday alternative loans. PALs provide members the option of getting loans from $200 to $2,000 at an APR of 28% tops.
Our advice is to choose your lender wisely, even for small amounts. Note that you can take a limited number of loans. If you often need to borrow money, get help with personal finance management.