Payday loans have already become a popular tool for solving temporary financial problems. If occasional issues unsettle you and additional money is needed for the short term, getting a $700 loan can be beneficial and useful.
It doesn’t mean you can cover any unpredicted expenses with this sum, but if you have an active bank account, you can get a $700 loan without delay. The application process is so easy and quick. It takes minimum effort and time to obtain the desired assistance and solve any upcoming disruptions.
If you have two or three weeks left until the next salary day, this is your chance to get funded now. Keep on reading to learn more about $700 payday loans and find the most suitable solution.
What Is $700 Dollar Loan?
Let’s start with the basics. Payday lenders are widespread these days as they provide a quick and reliable option tailored to the needs of modern borrowers. What does this lending option mean? This is a comfortable short-term solution offered by direct lenders to the borrowers on the web. You may easily qualify for an online payday loan from the comfort of your home or office.
Is a direct lender trustworthy? Yes, if you apply to a certified and legal company with positive feedback, you will be able to receive professional aid and get supplemental funds.
Online payday loans present a suitable solution for consumers in many states today. If you need access to more cash for the near term and can’t cover your immediate needs, this lending option is preferable.
Unlike traditional loans that have strict eligibility criteria, this option is much more flexible and affordable. It doesn’t demand paperwork or hassle. The documentation and faxing aren’t necessary for this purpose. We will talk more about the way such loans work and how to get them.
How Does a $700 Payday Loan Work?
So, what does a loan request form look like and how you can obtain this lending option? This is a short web application form. It is available on the company website.
When you go through this form, you will see basic personal, financial, and banking data that need to be completed. The loan agreement contains data concerning the lending fees, interest rates, and any other additional charges that may apply.
Payday lenders will verify and check the information you mention in the loan request. Generally, it takes just a few minutes to complete the web request form and submit it. Also, it can be done at any time of the day and in any place.
Conventional lending institutions such as credit unions and local banks have a more strict application. They demand borrowers to submit multiple documents and gather paperwork before they can apply. This process is usually much more tedious and unpleasant so not many consumers prefer dealing with such companies.
APRs and Fees of $700 Dollar Payday Loans
While traditional creditors offer lower interest rates, you have an opportunity to receive extra money till the next pay date. The money loan decision depends on the creditor. The client’s creditworthiness is also an important factor if you go to the local bank.
Having less-than-stellar credit means you won’t be able to qualify for a decent lending option. Payday crediting companies are more flexible and offer extra cash even to low credit borrowers.
The APRs for online loans are generally higher compared to lending offers from conventional crediting institutions. These lending options from alternative lenders may cost 400% annual interest or more.
If you aim to obtain $100, the finance charge will range from $15 to $30. Provided that you receive additional money for the period of two weeks, you will have to pay finance charges from 390 to 780% APR.
If the loan is obtained for a shorter time, the APRs and rates will be even higher. Thus, it’s a relatively expensive solution offered by alternative crediting agencies. Additional fees may also apply such as origination fee, prepayment or late payment charges, etc.
How to Get a $700 Dollar Loan?
So, you are ready to obtain additional monetary assistance. How can you qualify? Here is a step-by-step guide on how to submit your loan application:
- Visit the company website and find a loan request form.
- Fill in your basic personal, employment, and banking information in the online loan request form. Make sure you enter the valid address and phone number, as well as an active bank account.
- Submit your application and wait for the response.
- The managers will verify your data and issue the funds.
- Obtain your quick money in your checking account and fund your urgent needs.
As you can see, this process is very easy. If you need a $700 loan, there is no need to hesitate or wait. If you decide to postpone the decision and wait, your minor financial disruptions may turn into major issues with worse consequences for your overall monetary health. Undergoing this loan request process takes minimum time while it allows you to solve immediate issues without delay and save money in the long run.
Eligibility Criteria for $700 Dollar Payday Loan
Do you think you are eligible for getting this type of loan? There are basic demands for getting approved. If you don’t meet these criteria it will be challenging to receive additional funds even for the short term. Loan providers require potential borrowers to:
- Be at least 18 years of age
- Have a credit rating (can be less-than-perfect too)
- Have a steady income and regular employment
- Be an American citizen or resident
As you can see, the basic criteria mean almost every consumer has a chance to apply and get approved for this loan. You don’t even have to have an excellent credit rating whereas other traditional crediting companies will most likely demand you to have a stellar score.
It is simple and affordable to obtain a short-term lending offer from alternative lenders today. There is nothing wrong with asking for supplemental money if you don’t have enough savings.
Not every consumer can boast of having a solid emergency fund. If you need to save money for other important needs or haven’t set enough funds aside, you may apply for a payday loan and just receive extra funds without any paperwork.
Credit Score Requirements for $700 Dollar Loan
Are you planning to solve temporary issues with personal finance? You may already know that your credit rating is one of the most important eligibility criteria. This is what almost every creditor will take into account before they decide to issue you any funds.
The lower your rating is the fewer chances of approval you have. If your credit score is excellent or good, you may qualify for a lending offer from any lending institution or company – both conventional and alternative.
Of course, alternative crediting companies understand that the credit scores of consumers may be different. You may have experienced sudden financial issues and couldn’t pay the previous debt on time which led to a lower rating.
A bad FICO score means you have fewer chances of getting approved if you turn to the local bank branch or the credit union. Also, you may have issues with renting a decent apartment or even landing the job of your dreams.
Your credit score defines various aspects of your everyday life. Poor credit history may ruin your plans on getting supplemental monetary assistance. That’s why it’s so important to have your rating in good standing and try your best to be a responsible borrower and always repay your debt on time.
$700 Dollar Loan No Credit Check
There are three major credit reporting bureaus – TransUnion, Experian, and Equifax. These are the agencies that get your credit reports and define your rating. The majority of lending companies perform a hard or a soft credit inquiry before they make their decision. Conventional institutions, credit unions, and local bank branches usually conduct a hard credit score check.
This is a rather harmful inquiry meant to verify the creditworthiness of the borrower. It may cost you several points of your score. Hard credit checks aren’t preferable for consumers, so most of them search for alternative lenders.
Such lending offices use the detailed FICO score information to conduct only a soft inquiry. It’s completely harmless for your credit. This is the reason alternative and online creditors have become so popular today.
Consumers want to protect their ratings and avoid a hard check. In other words, getting a payday loan from an online company is a decent alternative to traditional banking institutions if your rating is less-than-perfect and you want to minimize the risks of a hard inquiry.
Types of $700 Loans
There are several types of lending options you may choose from: installment loans, payday loans, traditional loans, or broker loans. The first option means you obtain a lump sum to solve your financial issues.
This sum can be divided into equal monthly payments which are convenient for most consumers. It is the most preferable option as an installment lending tool comes with the least expensive interest rates.
Traditional loans or personal loans issued by the local banks and credit unions offer decent terms and rates. However, they also have certain drawbacks and are more challenging to qualify.
There is another lending option called broker loans. Brokers are people who help potential borrowers find the most suitable lending companies and direct creditors. Such people work for a commission so the total cost of borrowing will be much higher.
It is necessary to evaluate the pros and cons of this choice. Brokers may save you time if you don’t know how to choose a trusted lender, though.
Car Title Loans
This is a lending option that allows you to obtain auto title loans. You may borrow from 25 percent to 50 percent of the value of your auto in exchange for using your car as collateral. It means that the creditor may seize your auto in case of a default. This is a near-term lending option that can be used for a period of 15 to 30 days.
Sometimes, the client will need to own an auto outright in order to qualify for this title loan. If your vehicle is nearly paid off, some creditors will approve your request, but it’s less common.
Do you need additional money for auto repairs? Would you like to have a few hundred dollars for the short term? Car title loans are suitable for this purpose.
Although they may cost a lot compared to regular personal loans, some of them present a single-payment loan. It means the applicant has to pay the full sum of the loan plus the interest fee within a month or so.
$700 Dollar Personal Loan
This is a common lending option. A personal loan can be obtained by consumers at any lending institution including conventional and alternative ones. You may go to the nearest bank branch and ask for a personal loan.
The interest rates at credit unions and banks are the lowest. However, there are some downsides. The application process is rather tedious.
Applicants should gather numerous documents to prove their creditworthiness. If you don’t have a payment history, regular employment, and a good credit rating, your application will most likely be rejected.
There are benefits of getting a personal loan. You can use this money for various financial needs including paying utility bills, medical procedures, funding a big-ticket purchase, or financing vacation expenses.
You can compare the terms and lending conditions of several providers before you choose the best option. Keep in mind that it will be necessary to join a particular credit union before you can submit a loan request and get your money.
$700 Loans for Unemployed
Some alternative lenders offer loans for unemployed borrowers. This is not a common option, though. The majority of service providers require you to have a steady income source to qualify for a personal or payday loan.
This is a common eligibility criterion for many lenders as they need to check your ability to repay the debt. If you don’t have any employment or a regular job, you won’t have enough means to return the sum on time.
The majority of crediting companies don’t want to take risks and provide financial assistance to such clients. They want certain guarantees that the client won’t default. You may be asked to offer collateral to secure the loan in this case.
It can be a house, an auto, or any other valuable asset that will back the debt up. Take into account that this asset will be taken over by the lender if you fail to repay the whole amount until the deadline. Otherwise, such loans for the unemployed can be unsecured but offered at sky-high interest rates which makes them a really expensive option.
$700 Installment Loan
This is another widespread lending option. You can find installment loans at a variety of lending service providers. Banks and credit unions as well as alternative creditors can offer you this type of loan.
It is issued in a lump sum which can be $700 or higher depending on your current financial needs. This loan offers a flexible repayment term and schedule. The client will be able to repay the debt gradually in equal parts that are called installments.
Many consumers prefer this option as it’s more convenient to pay the debt off within several months instead of a single lump payment. It can be hard to afford a large amount at once together with the interest and other fees.
Making monthly installments can slowly reduce your debt and help you maintain a decent credit rating. Installment loans may be issued in just a few minutes if you apply on the web. The eligibility criteria are the same as for regular personal loans. This is an unsecured solution so you won’t need collateral to secure it.
Pros and Cons of $700 Dollar Loans Online
Each and every lending option has benefits and downsides. There is no one-size-fits-all solution that will be perfect for each applicant. If you need to borrow money immediately, getting assistance on the web is the most appropriate and suitable solution. Here are the pros and cons of this option.
- Quick application. This is a great advantage. The loan request takes a few minutes and you are only asked to submit your basic personal, banking, and employment details. No paperwork or faxing is needed.
- Streamlined process. The process is fast and secure. If you choose a reliable lender, you will submit a web request form and get a response within a few minutes. The funds can be deposited into your checking account as soon as the next business day provided that your application is approved.
- Bad credit holders can apply. Whether your rating is excellent or less-than-perfect, you have a chance to apply and receive financial aid. Most lenders who work online offer suitable solutions for each client.
- Money for any purpose. Nobody will ask you about the purpose of getting the money. You may cover various expenses, fund your daily needs, or make an important purchase.
- Higher interest rates. You need to take some time to check the rates of several service providers before you sign any papers. Otherwise, the first option you choose may be expensive.
- More eligibility demands. Strict requirements are often mentioned in the eligibility criteria of the local banks and credit unions. If you have a short financial history or a poor rating, conventional lenders will most likely reject your request.
- High penalties and fees. Some providers and alternative lenders have prepayment fees, origination fees, or late penalties. You should check all the finance charges before you make the final decision.
Can I Get $700 Dollar Loan with Bad Credit?
What can poor credit holders do? If you urgently need some cash for a few weeks or even months, the last thing you think about is your rating. However, this is the first thing that lenders typically consider before they make their decision to lend you some money.
Low credit holders have fewer chances of approval. Conventional banks won’t even review your application if your credit is less-than-stellar.
Is there a solution? Yes, you may apply to alternative lenders and web crediting services. There is a huge number of such companies available on the Internet these days. A poor credit score isn’t a problem for them.
However, it may take some time and effort to review several providers, compare their terms, and choose a trustworthy option. We can say that getting a $700 loan with poor credit is possible. Though some lenders will only grant you a secured lending solution.
It means they will ask for collateral to back the debt up. If you don’t have an auto or a house to use as collateral, it may be even harder to qualify for any financial assistance.
What $700 Dollar Payday Loan Can Be Used For?
Some people have doubts about whether they will be able to use the funds as they wish. They feel embarrassed to talk about their financial issues and things they need to fund. However, when a real emergency hits you, it’s time to act quickly.
Don’t postpone the decision to apply for a quick loan if you urgently feel a monetary need. There are plenty of reasons you may need some cash. Lenders and crediting companies don’t ask about the purpose of getting a loan unless you turn to a traditional bank. Here are the main purposes for using this money:
- Utility bills
- Cover unexpected expenses
- Solve minor financial emergencies
- Long term debt consolidation
- Travel costs
- Medical expenses
- Car repairs
- Home renovation projects
As you can see, extra funds can be easily obtained until the next paycheck. Don’t panic if your savings account or an emergency fund isn’t full of cash.
You will have enough time to set your money aside once you cover this emergency. Whatever unpredicted cost you are facing, a small loan can solve it and offer you supplemental funding.
Things to Consider Before Getting a $700 Loan
Getting a small loan can be easy and quick but you need to take into consideration all the features and options. It’s preferable to take some time and review several options before you opt for a certain one. The state’s regulations may define the interest rates offered by the lender.
Some loans aren’t available in certain states so you should check this information. Make certain you can provide proof of consistent income. If you have a regular source of income and a monthly paycheck, you may qualify for a long-term financial solution.
If it’s a payday loan, the due date will be within two or three weeks or on your next salary day. If you opt for an installment loan, the due date may be within several weeks or even months.
Financial coaches advise consumers to review several crediting options before they make their choice. Make sure you are comfortable with the option you select. You need to review the contract, read through it thoroughly, and understand the fine print.
There may be additional information about the penalties or extra finance charges. If this loan seems too expensive, you may want to look at alternative options such as using a credit card, a traditional loan, getting a cash advance, or asking your friends and family for assistance.
To sum up, getting a small loan isn’t a problem today. It can take a few minutes of your time while many lenders don’t even ask for any documents or paperwork. It makes a payday loan an attractive option for many borrowers today. However, every lending option has benefits and drawbacks.
You should evaluate the risks of borrowing the money. Remember to check the eligibility criteria and understand the conditions of the agreement you are about to sign. This is your responsibility and you will have to return the debt. Make sure you can afford to take out a certain amount before you apply for it. Having a steady income source and good credit history may boost your chances. Sometimes, it may be a better option to seek alternative ways of getting extra funds.