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Securing a $700 Loan: Your Reliable Financial Safety Net

In times of financial uncertainty, a $700 loan can be the life-saver you need. Not only do these loans provide quick financial relief, but they also offer manageable repayment terms. By navigating through the network of reputable lenders, you can secure a loan that meets your specific needs. Explore your options with us and learn how to make the most of your $700 loan.
Offers: 5
Updated:
27.02.2024
14:24
Best Quick Loan Today 27.02.2024*
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100.00 – 2000.00 $
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0.05 – 2.50 %
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5 days – 3 months
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3.09
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from 4.00 %
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to 1 months
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4.25
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$500-$4,000
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up to 160%
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9-18 months
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Check Into Cash
Payday Loan
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4.06
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$50-$1,500
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APR 390%
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up to 30 days
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Ace Cash Express
Personal loan
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3.502
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The Legal Status of Payday Loans in the USA

A payday loan is an expensive short-term financial solution. Some lenders call it cash advance. Typically, a borrower repays it on their next payday. We recommend getting payday loans only to cover unexpected expenses and emergencies. Each state regulates payday lending to protect its residents from predatory lending. Payday loans amount, interest, and fees must not exceed the value under your state law. More

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The application process was a breeze, and I received a response within minutes. This straightforward and prompt procedure proved to be a great help to me during a crucial time of need.
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The assistance I received was exceptional. My representative handled my case with care and provided all the necessary information...
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4.4
The loan application process was straightforward, and the representative I interacted with displayed patience, provided informative answers, and was quite pleasant throughout...
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Securing a $700 Loan: Your Reliable Financial Safety Net

What is a $700 loan?

A $700 loan typically refers to a  personal loan or payday loan borrowed from a lender, with the borrower agreeing to repay the loan over a specified period. The interest rate and fees associated with the loan may vary depending on the lender and the borrower's creditworthiness. It's important to carefully consider the terms and conditions of the loan before applying to ensure that the repayments are affordable and that the borrower can meet the lender's requirements.

Some lenders may offer $700 loans as part of their payday loan or cash advance services, designed to provide short-term financial assistance to borrowers who need money quickly and cannot obtain a traditional bank loan.

Borrowers should be aware that payday loans and other short-term loans often come with high-interest rates and fees, making them more expensive than other types of personal loans.

Features

  1. Loan Amount. In this case, the loan amount is $700. The loan amount is an important factor in determining the terms and conditions of the loan. The borrower should consider the loan amount carefully to ensure they can afford the repayments and meet the lender's requirements.

  2. Interest Rate. Depending on your credit score, you may be offered an interest rate that ranges from 5% to 36% or higher.

  3. Repayment Period. The repayment period is typically between several weeks to several months, but it may vary depending on the lender's terms.

  4. Fees. There may be certain fees associated with your loan, such as an origination fee, late payment fee, or prepayment fee.

  5. Collateral. Some loans may require you to provide collateral, such as a car or property, to secure your loan. However, a $700 loan is typically unsecured, meaning no collateral is required.

Pros and cons

Pros

Access to Immediate Cash. A $700 loan can provide individuals with the necessary funds to cover unexpected expenses or cash shortages, such as medical bills, car repairs, or emergency home repairs.

No Need for Collateral. Many $700 loans, such as payday or personal loans, do not require collateral, meaning borrowers do not need to risk their assets to obtain the loan.

Quick Approval Process. Compared to larger loans, a $700 loan may have a quicker approval process, allowing borrowers to receive their funds within days or even hours after applying.

Improve Credit Score. Responsible and timely repayment of a $700 loan can increase credit score, making it easier to obtain larger loans with lower interest rates in the future.

More Affordable than Other Options. Depending on the repayment terms and interest rate, a $700 loan may be more affordable than high-interest credit cards or other means of borrowing money.

Cons

High Interest Rates. Depending on the lender, $700 loans may come with high-interest rates, which can make it difficult to pay back the loan on time.

Short Repayment Terms. In most cases, $700 loans must be repaid within a short period of time, typically within a few weeks to a few months. This can be a challenge for borrowers who are already struggling to make ends meet.

Late Payment Fees. If you miss a payment or fail to pay back the loan on time, you may be charged late payment fees or additional interest, which can add up quickly.

Potential for Debt Traps. If you take out a $700 loan and are unable to pay it back on time, you may be tempted to take out another loan to cover the cost. This can lead to a cycle of debt that is difficult to break out of.

Credit Score Impact. Failing to repay a $700 loan on time can have a negative impact on your credit score, making it more difficult to qualify for loans or credit in the future.

How to get a $700 loan?

Apply for a loan

  1. Check Your Credit. Your credit score will determine if you are eligible for certain loans. If you have a low credit score, it may be difficult to qualify for a loan.

  2. Find a Lender. Search for lenders that offer personal loans. You can start with banks, credit unions, and online lenders. Compare their interest rates, fees, and terms.

  3. Prepare Documents. Most lenders will require you to provide documents such as an ID, pay stubs, bank statements, and proof of address.

  4. Apply for the Loan. Once you have found a lender and gathered the required documents, fill out the loan application.

  5. Wait for Approval. After submitting the loan application, the lender will review your application and determine if you are eligible for the loan. It may take a few days for the lender to complete the process.

  6. Accept the Loan. If you are approved, review the terms and conditions of the loan before accepting it. Ensure that the interest rate, fees, and repayment period are favorable to you.

  7. Receive the Funds. Once you have accepted the loan, the lender will disburse the funds to your bank account.

Requirements and conditions

  1. Credit Score. Depending on the lender, you may need to have a minimum credit score to be eligible for a $700 loan. Some lenders will offer loans to people with poor credit scores, while others may focus on people with good credit scores.
  2. Income. You will need to provide proof of income to show that you can afford to repay the loan. This may include pay stubs or bank statements.
  3. Employment. Most lenders will require you to be employed or have a steady source of income to qualify for a loan.
  4. Age. You must be at least 18 years old to take out a loan.
  5. Residency. Some lenders may require you to be a US citizen or permanent resident to be eligible for a loan.
  6. Application Process. You will need to fill out an application form and provide personal information such as your name, address, and social security number.
  7. Interest Rates and Fees. You may be charged fees and interest rates on the loan. Be sure to read the terms and conditions carefully before agreeing to the loan.
  8. Repayment Terms. The repayment terms may vary depending on the lender. Some lenders may require you to repay the loan in full on your next payday, while others may offer longer repayment periods.

    Best places to get a $700 loan today 27.02.2024

    Speesy Cash

    Apply for a loan

    Speedy Cash offers various services, including payday loans, title loans, installment loans, lines of credit, and other financial services. Also known as cash advances, payday loans are short-term loans that are typically due on the borrower's next payday. Speedy Cash provides payday loans of up to $1,500.Speesy Cash

    Check Into Cash

    Apply for a loan

    Check Into Cash company specializes in payday loans, installment loans, and title loans, designed to provide customers with quick access to cash. In addition to loans, Check Into Cash also offers a variety of other financial services, including check cashing, prepaid debit cards, and bill pay services. They have over 800 locations across the country, making it easy for customers to access their services in person.Check Into Cash

    NetCredit

    Apply for a loan

    NetCredit offers accessible and flexible loans to individuals who may have difficulty qualifying for traditional bank loans. The company's lending process is entirely online, from application to approval, allowing for easy access to funds in as little as one business day.NetCredit

    Wells Fargo

    Apply for a loan

    Wells Fargo provides customers with an array of exceptional credit card options that offer a vast range of rewards and benefits that are unparalleled in the market. Their credit card portfolio includes a variety of perks, such as cash back, travel incentives, and exclusive discounts on everyday purchases, which are suitable for individuals of varying lifestyles and preferences. With Wells Fargo credit cards, you can maximize your spending power and earn rewards for every dollar you spend, making your financial management effortless and rewarding, all in one go.Wells Fargo

    Chase

    Apply for a loan

    Chase Bank offers a variety of credit cards that cater to different types of customers. Some of their popular credit cards include Chase Freedom Unlimited®. This card offers unlimited 1.5% cash back on all purchases and a 0% APR introductory offer on purchases and balance transfers for 15 months.Chase

    Ways to receive the money

    1. Cash Deposit. If the lender is a friend or family member, they may give you cash or deposit it directly into your bank account.

    2. Direct Deposit. Many lenders prefer to transfer the borrowed amount directly to the borrower's bank account through a wire transfer or Automated Clearing House (ACH) payment.

    3. Prepaid Debit Card. Some lenders may provide a prepaid debit card with the borrowed funds loaded onto it.

    4. Check. The lender may also issue a personal check that you can deposit into your bank account.

    5. PayPal. Borrowed funds can also be transferred via a PayPal account.

    6. Online Payment Platform. Several online payment platforms like Venmo, Zelle, and Cash App can be used to receive borrowed money.

    Things to pay attention to

    1. Interest Rates. The interest rate on the loan can impact how much you will have to pay back overall. Be sure to compare rates and understand the terms of the loan before signing any papers.
    2. Fees. Look out for any origination, late payment, or other hidden fees associated with the loan.
    3. Repayment Terms. Consider how long you will have to repay the loan. Longer repayment periods can make the payments more manageable but may result in paying more interest over time.
    4. Credit Score. Your credit score can impact your eligibility for a loan and the interest rate you receive. If you have a low credit score, consider alternative lenders, such as payday loans, which can have high-interest rates and fees.
    5. Income. Lenders will also consider your income when determining your eligibility for a loan. You must have a steady income to qualify for a loan.
    6. Lender Reputation. Be sure to research the lender's reputation before choosing a loan. Check online reviews and ratings to ensure you are working with a reputable company.
    7. Purpose. Consider the purpose of your loan. If you are using the loan for emergency expenses, you may need the funds quickly. In this case, consider lenders that offer fast approvals and disbursements.

    How to repay a $700 loan?

    1. Make Regular Monthly Payments. You can repay the loan within a specific time frame by paying a fixed amount every month.

    2. Pay off a Lump Sum. If you have the means, you can pay off the entire loan amount in one go and reduce your interest rate.

    3. Pay More Than the Minimum Due. Whenever feasible, pay more than the minimum required amount to reduce the interest you owe and pay off the debt sooner.

    4. Use a Balance Transfer Credit Card. You can transfer the loan amount to a credit card with a low-interest rate and pay off the loan in smaller installments.

    5. Debt Consolidation. Consolidating your debt can merge all your debts into one, with a single monthly payment, and reduce the interest rate.

    Alternatives

    Apply for a loan

    1. Many online lenders offer personal loans, some of which may also specialize in lending to individuals with poor credit histories.
    2. Peer-to-peer lending platforms connect borrowers directly with individual investors who are willing to lend money at competitive rates. Pawnshops offer loans with items as collateral, such as jewelry, electronics, or musical instruments.

    Editorial opinion

    It is important to consider a few factors before borrowing a $700 loan. Firstly, individuals should assess if they truly need the loan and if they can pay it back on time. You should read the terms and conditions carefully and understand the interest rates, repayment periods, and any fees associated with the loan. If the loan is necessary, shopping around and comparing different lenders before settling on one is advisable. Individuals should also ensure they have a solid plan in place to repay the loan on time and avoid late payment penalties. One should also consider the interest rate and any additional fees the lender charges. Finding a reputable lender and considering their terms and conditions before agreeing to any loan is important. Additionally, before borrowing a loan, individuals should explore other options, such as cutting back on expenses, seeking help from family and friends, or considering alternative sources of income. A small loan can quickly become a burden if it is not handled responsibly, so it is crucial to carefully consider all options before borrowing money. Overall, borrowing a $700 loan can be a practical financial solution, but it's important to consider the risks and realities of borrowing before signing on the dotted line.

    Important

    Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

    How to choose a lender

    1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
    2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
    3. Carefully review all the terms and conditions of your loan contract.
    4. Thoroughly examine the interest rates and ensure that your contract includes a detailed breakdown of the total cost of the loan.
    5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
    6. Choosing a lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

    Methodology

    At Finanso, we've carried out a comprehensive analysis of over 50 microfinance organizations, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

    In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

    At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

    Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

    Additional resources

    To learn more about $700 loans and best practices, check out some of the following resources:

    Sources

    FAQ

    Can I get a $700 loan easily?

    You can try different options to obtain a $700 loan, such as applying for a personal loan from a bank or credit union, using a credit card cash advance, or seeking online lender services. It is essential to carefully evaluate each option's terms and interest rates to ensure the borrower's financial capacity to repay the loan.

    Can I get a $700 loan with bad credit?

    Obtaining a $700 loan with bad credit may be challenging, and you may need to consider your options carefully. You could apply for a small personal loan from a credit union, online lender, or peer-to-peer lending platform, or explore alternative options such as borrowing from family or friends or considering a payday loan (although this may come with high-interest rates and fees).

    What happens if I can't repay my $700 loan on time?

    if you are unable to repay your $700 loan on time, you may face late fees, additional interest charges, and damage to your credit score. The lender may also report the missed payments to credit bureaus and take legal action against you, including wage garnishment or seizure of assets.

    What is the minimum credit score to get a $700 loan?

    It is generally easier to qualify for smaller loans like $700; some lenders may even offer loans to individuals with lower credit scores. It's best to check with specific lenders to get their credit score requirements. Remember that the interest rate and fees associated with small loans may be higher than those for larger loans. Additionally, taking on debt can impact one's credit score, so it's important to only borrow what is necessary and have a plan to repay the loan on time.

    What is the repayment period for a $700 loan?

    The repayment period for a $700 loan will depend on the terms and conditions set by the lender. However, typical repayment periods for personal loans of this size range from 1 to 12 months, with varying interest rates and fees.