First, a word of caution on small dollar loans. Lenders generally make money off of lending larger amounts of money, over a long period of time. Small dollar loans are obviously for lesser amounts, over a shorter period of time.
What this means to you is that the interest and/or fees are likely to be higher, especially if you have less than perfect credit. Know this going in and you won’t be shocked when you get an offer. So, where can you get an offer. Let’s take a look at some possibilities.
One of the things that we do here at LoanMonkey.net is get you access to a network of online lenders. We are not lenders and do not make credit decisions and that is a good thing for you and your odds of getting the small dollar loan that you need. Working with more lenders means that you will have more opportunities to get an approval from one of them.
If you choose to go this route, you just fill out one simple form and you can get money as soon as tomorrow. You can find a link to the short and secure form at the top of this page. Just fill in how much you need and some basic information about yourself and you can get a no obligation offer. Accept the offer and you can have your money as soon as the next business day.
Do keep in mind that not every loan is created equally and the lower your credit rating is, the more you are likely to pay in interest and/or loan fees. Just because you receive an offer does not mean that yo should rush into accepting it, keep your options open.
Credit Card Advances
A credit card advance is another good option for a small dollar loan. You can get a cash advance from your credit card if you have enough available balance. All that you need to do is take your credit card to a local ATM and enter your PIN. Wallah, you have instant cash. If you do not have your PIN, you may also be able to go to a local bank lobby and get cash.
Do note a few things with credit card advances. First, you are typically limited to how much you can withdraw. If you have a 2000 dollar credit card limit, for example, you may only be able to get a cash advance for 700 dollars. Also, the interest rate will default to the max interest so you will be paying much more interest than you would for an ordinary credit card purchase. Some credit cards also charge you a fee in addition to the higher interest rate.
If you only need a few hundred dollars, one surprising place that you might be able to find it is with your employer. This is especially true if your company their own in house payroll.
When you think about it, this makes perfect sense. After all, you have likely already earned hundreds of dollars towards your next paycheck. All that you are doing is tapping into money that you have already earned, so there is no risk to your employer. All that is involved is a little extra paperwork.
Should you decide to go this route, be courteous and try not to take advantage of an employer advance too often. You do want to look financially stable in front of your boss.
What Can You Use A Small Dollar Loan For?
If you are borrowing cash from a lender, there is no limit on what you can use the money for. It is your money and a lender really has no say in it.
That being said, this is likely a high interest loan, so you should only use them for the right reason. If you want a new video game system, it is probably not a good deal but if you are financing tools to get a new job, it might be worth it.
In short, a small dollar loan is nothing to mess around with. They typically have high interest and/or fees which makes them a costly form of financing.