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Navigating Your Financial Needs with $800 Loans

Finding a reliable lender for an $800 loan can be daunting. We simplify the process, offering comprehensive resources to help you understand loan terms, the application process, and repayment options. Let us empower you to make informed financial decisions. Start exploring our resources today.
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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Loan term for the financial product

5 days – 3 months
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3.09
(20 Ratings)
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from 4.00 %
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to 1 months
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4.25
(20 Ratings)
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650
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$500-$4,000
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Effective interest rate on the product

up to 160%
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Loan term for the financial product

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
(22 Ratings)
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$2000
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Effective interest rate on the product

2.4% per day
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6 Months
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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

Reviews
CreditFresh
4.8
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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JG Wentworth
4.6
The assistance I received was exceptional. My representative handled my case with care and provided all the necessary information...
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OneMain Financial
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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My Funding Choices
4.6
The process was swift and straightforward, which was particularly helpful during a time when, despite my reluctance to seek assistance, I genuinely needed help.
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Plain Green Loans
2
The interest rate is shockingly high, and it feels like taking advantage of individuals facing financial challenges when unexpected expenses arise...
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Advance America
4.6
I have never encountered any issues with this company. They consistently deliver funds on time, and the repayment process is straightforward...
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Navigating Your Financial Needs with $800 Loans

What are $800 loans?

$800 loans refer to small loans typically borrowed from lenders, financial institutions, or online lending platforms. These loans provide individuals with access to a relatively modest sum of $800 to address various personal or emergency expenses.

$800 loans are often categorized as short-term loans and are designed to be repaid over a relatively short period, typically a few months. Depending on the lender and loan terms, interest charges and fees may apply to these loans. Borrowers may use $800 loans to cover unexpected bills, handle urgent financial needs, or manage temporary financial shortfalls when other sources of funds are limited.

Features

  1. Limited Repayment Terms. The repayment terms for $800 loans with bad credit are usually shorter than traditional loans. Borrowers are expected to repay the loan and any interest and fees within a relatively short period, ranging from a few weeks to a few months.

  2. Flexible Eligibility Criteria. Lenders offering $800 loans to people with bad credit may have more flexible eligibility criteria than traditional lenders. They may focus more on the borrower's current financial situation and ability to repay rather than solely relying on credit scores.

  3. Loan Amount. The loan amount is typically around $800, although it may vary depending on the lender. This amount is considered small and is intended to address immediate financial needs.

  4. Bad Credit Consideration. These loans are specifically tailored for individuals with bad credit. Lenders understand that applicants may have a low credit score or a history of financial difficulties, and they are willing to work with such borrowers.

  5. Accessibility. $800 loans with bad credit are often available through online lenders. This makes them easily accessible to borrowers, as the loan request application can be completed online from the comfort of their homes.

  6. Quick Approval and Disbursement. Online lenders specializing in bad credit loans usually offer fast approval decisions without credit checks. Once approved, the funds are typically disbursed quickly, sometimes within the same business day or the next business day.

  7. High Interest Rates. Due to the higher risk associated with lending to individuals with bad credit, these loans often come with higher interest rates than loans offered to borrowers with good credit. Lenders charge higher rates to offset the increased likelihood of default.

  8. Credit Building Chance. Some lenders may report loan repayment activities to credit bureaus. If borrowers make timely payments and repay the loan as agreed, it can help improve their credit score over time.

Pros and cons

Pros

Accessibility. $800 loans with bad credit are often more accessible to individuals with poor credit histories than traditional bank loans. Lenders specializing in bad credit loans are more willing to work with borrowers with low credit scores or a history of financial difficulties.

Quick Approval and Disbursement. Online lenders offering an 800-dollar loan with bad credit typically provide fast approval decisions and quick disbursal of funds. This can be beneficial for individuals facing urgent financial needs.

Flexibility. Some lenders may have more flexible eligibility criteria, focusing on the borrower's current financial situation and ability to repay rather than solely relying on credit scores. This increases the chances of approval for individuals with bad credit.

Credit Building Opportunity. If borrowers make timely payments and repay the loan as agreed, it can help improve their credit score over time. Successfully managing the loan can demonstrate responsible financial behavior to future lenders.

Cons

Exorbitant Interest Rates. $800 loans with bad credit often come with higher interest rates than loans offered to borrowers with good credit. Lenders charge higher rates to compensate for the increased risk of lending to individuals with poor credit histories.

Restricted Repayment Terms. The repayment terms for these loans are typically shorter than traditional loans. Borrowers are expected to repay the loan, along with interest and fees, within a relatively short period.

Possibility for Predatory Lending. Some lenders targeting individuals with bad credit may engage in predatory lending practices, such as charging exorbitant interest rates, hidden fees, or aggressive collection practices.

Limited Loan Amount. $800 loans are relatively small and may not be sufficient to address larger financial needs or emergencies. If you require a higher loan amount, you may need to explore other options or consider alternative sources of funding.

Risk of Debt Cycle. Taking on additional debt through an $800 loan with bad credit may put borrowers at risk of entering a debt cycle if they cannot manage the repayments.

How to get an $800 loan?

Apply for a loan

  1. Review Your Credit Report. Start by obtaining a copy of your credit report and reviewing it for any errors or inaccuracies.

  2. Explore Online Lenders. Online lenders often specialize in providing loans to individuals with bad credit. Research and identify reputable online lenders that offer $800 loans for bad credit borrowers.

  3. Gather Necessary Documentation. Prepare documents such as identification, proof of income, bank statements, and any other documentation demonstrating your ability to repay the loan.

  4. Complete the Loan Application. Fill out the loan application accurately and provide all the requested information. Some lenders may offer pre-qualification checks, which allow you to see if you're eligible for a loan without affecting your credit score.

  5. Consider a Cosigner or Collateral. If your credit is extremely poor, you may increase your chances of approval by applying for the loan with a cosigner or offering collateral.

  6. Compare Loan Offers. If you receive multiple loan offers, compare them based on interest rates, fees, repayment terms, and any other relevant factors.

  7. Read the Terms and Conditions. Before accepting a loan offer, read and understand the terms and conditions carefully. Pay close attention to interest rates, repayment schedules, fees, and any penalties for late payments or early repayment.

  8. Repay the Loan Responsibly. If approved for the loan, make timely payments according to the agreed-upon terms. Responsible repayment behavior can help improve your credit score over time.

Requirements and conditions

  1. Minimum Age. You must typically be at least 18 years old to apply for a loan.

  2. Proof of Identity. You must provide valid identification, such as a government-issued ID, driver's license, or passport.

  3. Proof of Income. Lenders may require proof of income to assess your ability to repay the loan. This can include pay stubs, bank statements, or tax documents.

  4. Employment or Stable Income. Lenders often prefer borrowers with a stable income source or steady employment. Some lenders may require you to have been employed for a certain period, such as three to six months.

  5. Bank Account. You will typically need a valid bank account where the loan funds can be deposited and where the lender can set up automatic payments or withdrawals.

  6. Loan Repayment. You will be required to repay the loan amount and any interest and fees according to the agreed-upon repayment terms. Ensure you understand the repayment schedule, including the due dates and the total cost of the loan.

  7. Interest Rates and Fees. Be aware that loans for bad credit often come with higher interest rates and fees compared to loans for borrowers with good credit. Review and understand the interest rates, origination fees, late payment fees, and any other charges associated with the loan.

Best places to get an $800 loan today 27.02.2024

LendingClub

Apply for a loan

LendingClub is one of the largest peer-to-peer lending platforms. They offer personal loans up to $40,000, which may include options for smaller loan amounts like $800.LendingClub

Prosper

Apply for a loan

Prosper is another well-known peer-to-peer lending platform. They provide personal loans ranging from $2,000 to $40,000, allowing for $800 loan requests.Prosper

OppLoans

Apply for a loan

OppLoans is an online lender that caters to borrowers with bad credit. They offer installment loans of $500 to $5,000, and while $800 may not be the exact loan amount they offer, they have flexible options that could accommodate your needs.OppLoans

Avant

Apply for a loan

Avant offers personal loans for borrowers with bad credit. They provide loan amounts ranging from $2,000 to $35,000, which may suit your needs.Avant

Navy Federal Credit Union

Apply for a loan

Navy Federal Credit Union offers their members personal loans with competitive rates and terms, including those with less-than-perfect credit.Navy Federal Credit Union

Ways to receive the money

  1. ACH Transfer. Direct deposit is an option provided by several lenders. The money from the loan can be deposited into your account instantly. This is a practical option because money can be obtained at once.

  2. Prepaid Bank Card. Loan funds can be loaded into a prepaid debit card with the help of some lenders. The borrowed funds are stored on a prepaid debit card that can be used at merchants and ATMs nationwide.

  3. Bank Draft or Money Order. Lenders may pay off loans with a check or money order. The check can be cashed or deposited at any bank or check-cashing service.

Things to pay attention to

  1. Hidden Charges and Fine Print. Read the loan agreement thoroughly, paying attention to any hidden charges or terms buried in the fine print. Watch out for prepayment penalties, excessive fees, or other unfavorable conditions that may affect the total cost of the loan.

  2. Borrowing Limits. Confirm that the lender offers $800 loans, as some lenders may have minimum or maximum loan limits that may not align with your needs.

  3. Loan Approval Criteria. Understand the lender's approval criteria, as it may differ among lenders. While bad credit is considered and a traditional credit check is not run, lenders may also consider factors such as income, employment status, and debt-to-income ratio.

  4. Lender's Reputation. Research and choose reputable lenders who specialize in bad credit loans. Look for reviews, ratings, and feedback from other borrowers to assess the lender's reputation and customer satisfaction.

  5. Interest Rates and Fees. Understand the interest rates and any associated fees, such as origination fees or late payment fees. Compare rates from different lenders to find the most affordable option.

  6. Loan Terms and Repayment Schedule. Carefully review the loan terms, including the repayment schedule. Understand when the payments are due, the total repayment amount, and any penalties for late payments or early repayment.

  7. Impact on Credit Score. Inquire whether the lender reports loan activity to credit bureaus. Timely repayments on loans can help improve your credit score over time, but if the lender does not report to credit bureaus, it may not impact your credit history.

How to repay an $800 loan?

  1. Avoid Additional Borrowing. Try to avoid taking on additional debt while repaying the $800 loan. Accumulating more debt can further strain your financial situation and make repayment more challenging. Focus on repaying the current loan before considering new borrowing.

  2. Pay on Time. Timely payment is crucial for maintaining a positive credit history and avoiding late fees or penalties. Pay the loan installment by the due date each month to establish responsible repayment behavior.

  3. Track Your Progress. Keep track of your loan repayment progress. Monitor your payment history, outstanding balance, and remaining payments. This can help you stay motivated and see your progress as you work towards fully repaying the loan.

  4. Understand the Repayment Terms. Familiarize yourself with the repayment terms outlined in the loan agreement. Note the due dates, repayment schedule, and the total amount you need to repay, including interest and fees.

  5. Create a Repayment Plan. Develop a repayment plan that fits your budget. Determine how much you can allocate from your income toward monthly loan repayment. Consider reducing discretionary expenses or finding additional sources of income to increase your repayment capacity.

  6. Prioritize Loan Payments. Make loan payments a priority in your budget. Ensure you allocate sufficient funds to cover the monthly payment and avoid late or missed payments. Consider setting up automatic payments or reminders to stay on track.

Alternatives

Apply for a loan

  1. Secured Loans. If you have valuable assets, such as a car or checking account, you may be able to secure a loan using the asset as collateral. Secured personal loans typically have lower interest rates and may be more attainable for individuals with bad credit.

  2. Peer-to-Peer Lending. Peer-to-peer lending platforms connect borrowers directly with individual lenders. These platforms may have more flexible lending criteria and offer loans to individuals with bad credit. Interest rates and terms can vary, so compare multiple offers before committing to a loan.

  3. Personal Loans from Credit Unions. Credit unions often offer more flexible lending options and lower interest rates than traditional banks. They may be willing to work with individuals with bad credit and offer personal loans with better terms.

  4. Payday Alternative Loans (PALs). Some credit unions offer PALs small, short-term loans designed to be more affordable than traditional payday loans. A payday loan has lower interest rates and fees and is accessible to individuals with bad credit.

Editorial opinion

An $800 loan is an alternative for people needing fast money to cover emergency bills. It can assist bridge the gap between now and when further resources become available. These loans could be a better option for borrowers with less-than-perfect credit than those banks offer. It's important to shop around for several loan options, read the fine print, and settle on a lender that best fits your needs. Talk to a financial expert or credit counselor if you can; they'll be able to provide you with individualized advice and help you figure out what to do next.

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 $800 loans and best practices, check out some of the following resources:

Sources

FAQ

What is the best way to borrow $800?

The best way to borrow $800 depends on your individual circumstances. Some options to consider include personal loans from credit unions or online lenders, payday alternative loans (PALs) from certain credit unions, secured loans using collateral, or borrowing from family or friends.

Can I get a personal loan for $800?

Finding a traditional personal loan for such a small amount as $800 can be challenging. Many lenders have minimum loan amounts that exceed $800. However, some online lenders, credit unions, or alternative lending platforms may offer small loan options for this amount.

Can I get a loan with a credit score under 500?

It can be more difficult to obtain a loan with a credit score under 500, as it is considered a bad credit score. Traditional lenders typically have strict requirements and may be less likely to approve loans for individuals with such credit scores. However, some specialized lenders cater to individuals with bad credit and may offer loan options despite a low credit score.

How can I borrow some money with bad credit?

Borrowing money with bad credit can be challenging, but several options are available. You can explore online direct payday lenders specializing in bad credit loans, consider secured loans using collateral, look into payday alternative loans (PALs) offered by credit unions, or explore peer-to-peer lending platforms. Additionally, you may consider seeking assistance from local community programs or credit counseling agencies that can guide managing your finances and finding appropriate loan options.