I Need $100, Should I Get A Payday Loan?

I’ve had several friends wonder if they should get a payday loan because they needed about $100 and it’s always depended on the situation they were in. Of course you can get a payday loan if you only need $100; it just might not always be the wisest decision. Now, if you absolutely have to get $100 immediately, a payday loan could be the solution. Maybe you’ve got rent due or a medical emergency that catches you short on money, you just might want to consider other options first though, since most payday loan companies only offer their loans in increments of $500. If you take out a $500 loan you’ll want to be certain that you can pay all of it back at the due date. Remember that you’ll also be looking at more than $50 in interest if you do borrow that much. With some searching, you may be able to find a payday loan company that offers loans in smaller increments, which would probably better suit you. To me, $100 isn’t an extraordinary amount of money and you might find that you can come up with it using other means, which you should probably consider if that’s all you need.

Other Ways To Get A Small Amount of Cash Fast

If you don’t think taking out a payday loan is the smartest thing to do if you only need about $100, here are some tips for coming up with quick cash.

• You can try getting an advance on your paycheck from your employer. It might not be quite as fast but is usually interest free.
• Some credit cards offer the ability to withdraw cash from ATM’s, the amount you take out will be added to your balance.
• If you’re trying to make a payment on a credit card, try contacting your creditor and see if you can get the due date changed or the minimum fee lowered. If you’re trying to pay rent, try talking to your landlord to see if you can pay a few days late.
• I know many people don’t like to do this, but if you’re only borrowing about $100, asking family or friends may be a better alternative.
• Apply for a temp job. These jobs will often hire people for a couple days work and may even pay your earnings the same day with cash.
• You may be able to overdraft your bank account up to $100. You’ll be in the red until you make up the money you spent. Remember you might have to pay an overdraft fee as well, but try talking to your bank to see if you can get it removed this one time.
• It may not pay a $100 immediately, but I had a friend that basically lived off of odd jobs like taking surveys and donating plasma.