Your Quick Quote
With some basic information, you may be able to get a loan offer for the 1100 dollars that you need. Our loan network is made up of all kinds of lenders so even if you have bad credit, you may be able to get an offer. It takes just minutes to find out so what do you have to lose?
Loan Basics That You Should Know
Depending on the amount that you request and your qualifications, you may be offered either an installment loan or a payday loan. Both of these may be able to handle your financial emergency needs but there are things that you should know.
These are loans that are broken up into multiple payments. They could be broken into as few as 3 monthly payments or you could have payments for 3 years. The term depends on the amount that you borrow and your lender.
The good thing about an installment loan over a payday loan is that it is generally lower interest. Payday loans can have APR’s in the 600% range. Do keep in mind though that while interest rates are generally lower, you may be paying interest for a longer period.
Another benefit to the installment loan is that you can take out more money. Where a cash advance is limited to several hundred dollars in most states, you can qualify for much more with this type of loan and if you need 1100 dollars now, this is an important consideration. Of course, it goes without saying that if this is an emergency take out just what you need and no more.
Payday loans are quite different and honestly, should be used as a last resort. With this type of loan, you are expected to pay the loan back, plus fees, on your next payday. Fees are usually based on the amount that you borrow. An example might be $20 per hundred dollars borrowed. Because of the short loan term, the APR on these loans is sky high.
The good thing about payday loans is that they are easy to qualify. In fact, they are the only source of emergency money for many people with bad credit. In addition, these loans fund very quickly, often the next business day.
Getting Your Quote
We make getting your quote easy. At Loan Monkey, we are not direct lenders but we help you by giving you access to one of the largest networks of lenders on the internet. This is how you may be able to get a quote, even with bad credit. Here is how it works.
First, you will submit your information using the quote form at the top of this page. Just basic information is needed, it should take you just a few minutes to complete online.
Next, you will submit your form and it goes to the network. It will go from lender to lender until one is found that wants to make you an offer. If one is found, they will present you with an offer. You may be sent the information on the loan or you may be directed to their website to review it.
Lastly, you will review your information and decide if the loan is right for you. If you agree to the terms, you can accept the loan and your lender will begin finalizing everything so that you can get your $1100.
You Have Choices
One thing to keep in mind is that you might have choices that do not involve a loan. It just depends on your means, time available and the reason you need the money in the first place. If you have to have the money right away, by all means take the loan. If you can wait, here are some other ways to get the 1100 dollars you need. These ways can also be used to pay back your loan if that is the route you need to take.
Part Time Jobs
There are a lot of part time jobs these days and they keep on getting more and more convenient. One of the biggest employers out there is Walmart, for example. They even recently raised their starting pay to attract more employees.
The great thing about a place like Walmart is that they are open 24 hours a day in most locations. This means that anyone can fit them into their schedule. If you work days, do some checking or stocking at night. If you work nights, it will probably be even easier to get work during the daytime hours.
Besides the big box store above, you have other options. One that comes to mind is Lyft. If you have a decent car, you can put it to work and make up to $25 an hour in the process. The greatest thing about this work is that you do not have set shifts. You just start and stop working whenever you want. Couldn’t be easier than that.
With the economy the way it is, there is absolutely no shortage in part time jobs. Pick up a newspaper and see for yourself. A part time job can get you the $100 you need in a matter of weeks or could just let you pay the loan back in the same timeframe.
If you do not have the time to pick up a part time, making some budget cuts might be more your speed.
There are dozens of ways to make cuts with minimal impact on your life. If for example, you eat your lunch out every day, just brown bag it until you have your money or your loan is paid off. That alone can save an easy 200 dollars a month.
Still have cable? Cancel it and switch to a streaming service. That can save you an additional 100 dollars a month.
Little things can make big changes. Just changing the 2 things above netted you $300. That is a 300 dollar loan payment or money that you could put towards the $1100 that you need.