What should I do if I need 700 dollars now?
If you're facing a pressing need for $700, there are options to consider that can provide swift relief. One effective solution is exploring short-term loan options available to you. By securing a loan tailored to your situation, you can access the funds you require promptly, ensuring your urgent financial demands are met without unnecessary stress.
What loan options are available to get 700 dollars instantly?
- Payday Loans. When seeking to secure $700 instantly, payday loans can be a viable option. These are short-term, unsecured loans that typically provide a quick infusion of cash, which you're expected to repay with your next paycheck. They're designed for immediate needs and are relatively easy to qualify for, making them suitable for emergencies.
- Cash Advances. Cash advances, on the other hand, allow you to withdraw a portion of your credit limit in cash. Credit card companies often offer this option, and can be accessed through ATMs or over-the-counter transactions. While convenient, it's important to note that cash advances usually come with high-interest rates and additional fees, so careful consideration is advised.
- Personal Loans. For a more flexible solution, personal loan options from a local bank or credit union could be your answer. These loans offer larger amounts and longer repayment terms compared to payday loans or cash advances. They're typically available through banks, credit unions, or online lenders. While they might not provide instant funds as quickly as payday loans or cash advances, personal loans generally offer more manageable interest rates and repayment schedules, providing a balanced approach to meeting your financial needs. Regardless of the option you choose, it's essential to carefully review the terms, interest rates, and fees associated with each loan to make an informed decision.
Pros and cons
Pros
Cons
How to apply for a 700-dollar loan?
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Research Loan Companies. Look for reputable loan providers that offer small-dollar loans. Check their interest rates, fees, and customer reviews.
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Gather Documents. Prepare identification, proof of your monthly income, if applicable, and bank details. Lenders may require these for verification.
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Online Application. Complete the online application form by visiting the lender's website. Provide accurate personal, financial, and contact information.
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Loan Selection. Choose the loan type and amount, in this case, $700. Review the terms, interest rates, and repayment schedule.
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Submit Application. Submit the application form. Some lenders offer instant approval, while others may take a day or two.
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Verification and Loan Approval. Lenders may contact you to verify the information. Respond promptly to expedite the process.
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Accept Terms. If approved, carefully review the loan agreement. Ensure you understand all terms before accepting.
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Receive Funds. Once you accept the terms, the lender will deposit the funds into your designated bank account.
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Repayment Plan. Note the repayment dates and amounts. Set up automatic payments if available to avoid missing payments.
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Repay on Time. Adhere to the repayment schedule. Timely repayment can positively impact your credit and avoid extra charges.
Requirements
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Proof of Income. Lenders need assurance that you can repay the loan. Providing proof of a steady source of income, such as pay stubs or bank statements, demonstrates your ability to meet repayment obligations.
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Identification. You'll need a valid government-issued ID, like a driver's license or passport, to verify your identity and legal status.
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Bank Account. A valid bank account is essential for loan disbursement and repayment. It allows lenders to deposit the funds directly and set up automatic payments.
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Age and Residency. Most lenders require borrowers to be at least 18 years old and legal residents of the country or state where the loan is being offered.
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Credit Check. While some lenders offer loans without a credit check, others may perform a soft or hard credit inquiry. Your credit history can influence the terms and interest rates you're offered.
Conditions
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High-Interest Rates. Many small-dollar loans come with high-interest rates, which can increase the overall cost of borrowing. Be aware of the annual percentage rate (APR) to understand the true cost of the loan.
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Short Repayment Periods. $700 loans often have short repayment terms, ranging from a few weeks to a few months. This can result in higher monthly payments, so ensure you can comfortably meet the repayment schedule.
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Fees and Additional Charges. Lenders may impose various fees, such as origination fees, late payment fees, or prepayment penalties. Read the loan agreement carefully to understand the fee structure.
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Credit Impact. While some lenders offer loans without performing a credit check, others may report your payment history to credit bureaus. Timely repayment can positively impact your credit, but missed payments can harm your credit score.
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Rollover or Renewal Options. In cases where you can't repay the loan on time, some lenders offer rollover or renewal options. However, these options often come with additional fees and can lead to a cycle of debt.
Where can I get 700 dollars instantly?
Advance America
With over 1,400 physical locations and online services, Advance America offers payday, installment, and title loans. However, be cautious of their high-interest rates and fees.
CashNetUSA
CashNetUSA is a direct lender that provides online loans ranging from $500 to $1,000 for emergency situations, including for bad credit score borrowers. They have a history of offering swift financial assistance when you need it the most.
Speedy Cash
Speedy Cash operates in 27 states, offering payday loans up to $1,500. Their quick approval process ensures you can access the funds within a day.
Cash Store
Cash Store offers installment loans up to $3,000 with fixed APRs that vary between 390% and 780% APR, depending on your state.
Ace Cash Express
Ace Cash Express provides installment loans of varying amounts in multiple states, ensuring you can obtain funds swiftly to cover unexpected expenses.
Check Into Cash
Check Into Cash offers installment loans ranging from $50 to $5,000, depending on your state's regulations. They provide a solution for covering unforeseen financial challenges.
Approved Cash
Approved Cash specializes in payday loans and cash advances, providing quick access to funds when facing immediate financial needs.
OppLoans
OppLoans is a reputable financial service provider offering consumer loans ranging from $500 to $4,000. Their fast funding process ensures that approved applicants receive the funds they need promptly, making it convenient for borrowers facing urgent financial situations.
World Finance
World Finance is a reputable lender that provides a unique approach to personal installment loans, particularly designed for individuals with less-than-perfect credit or those without a credit history. In most states, borrowers can access traditional installment loans ranging from $450 to $10,000, with some states offering loans up to $12,000.
Ways to receive the money
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Direct Deposit. Most lenders offer direct deposit, transferring the loan amount directly into your bank account. This is a convenient and swift way to access the funds, allowing you to manage your expenses electronically.
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In-Person Pick-Up. Some lenders, especially those with physical locations, allow you to pick up the loan amount in person. This option is suitable if you prefer a face-to-face interaction and immediate access to the funds.
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Debit Card. Certain lenders may provide the option to load the loan amount onto a prepaid debit card. This approach offers flexibility, as you can use the card for purchases or withdrawals like a regular debit card.
When will I receive my 700-dollar loan?
The timing of receiving your $700 loan can vary depending on the lender's procedures and cut-off times. However, the process is generally quick. For instance, if your lender approves your loan request before noon on a workday, you might receive the funds the same day. On the other hand, if the approval comes in the afternoon, over the weekend, or during holidays, you can expect to receive the money on the next workday. Keep in mind that each lender has its own specific policies, so it's a good idea to check with them for accurate information on when you can expect to receive your funds.
What to consider before getting a 700-dollar loan?
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Urgency of Need. Assess the urgency of your financial situation. Only take out a loan if the expense is genuinely necessary and can't be covered through other means, such as savings or alternative borrowing options.
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Total Repayment Amount. Understand the total cost of borrowing, including interest rates and fees. Calculate how much you will need to repay in addition to the principal amount, and determine if you can comfortably afford it within the loan's short repayment period.
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Alternative Solutions. Explore alternative options, such as borrowing from friends or family, negotiating with creditors, or utilizing community resources. These avenues might offer more favorable terms compared to high-interest loans.
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Loan Terms and Conditions. Thoroughly review the loan terms and conditions provided by the lender. Pay close attention to interest rates, fees, repayment schedule, and any potential penalties for late or missed payments.
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Impact on Future Finances. Consider how taking out a $700 loan will impact your future finances. Assess whether you can maintain your regular financial responsibilities while repaying the loan. Be mindful of potential debt cycles and negative effects on your credit score if payments are not met on time.
How to repay a 700-dollar loan?
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Set Up Automatic Payments. If possible, arrange for automatic payments from your bank account to ensure timely repayment.
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Allocate Funds. Prioritize the loan repayment within your budget to ensure you have sufficient funds when the payment is due.
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Pay on Time. Make payments promptly according to the agreed schedule to avoid late fees and potential damage to your credit score.
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Track Payments. Keep a record of each payment made through statements or receipts for your financial records and peace of mind.
Alternatives
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Credit Builder Loan. They are designed to help improve your credit score over time. It's a small loan where the lender holds the funds in a savings account, and you make fixed monthly payments. Once the loan is repaid, you gain access to the funds and potentially have a better credit profile.
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Secured Loan. It requires collateral, such as a vehicle or valuable asset. This can often lead to more favorable terms and lower interest rates compared to unsecured loans.
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Pawnshop Loan. If you have valuable items like jewelry or electronics, you can use them as collateral for a pawnshop loan. You can reclaim your items if you repay the loan within the specified period.
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Personal Installment Loan. Similar to a payday loan but with longer repayment terms, personal installment loans allow you to borrow a set amount and make fixed monthly payments until the loan is paid off.
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Negotiate with Creditors. If your expense is related to existing debts (e.g., medical bills), reach out to creditors to negotiate more manageable payment plans or reduced amounts.
Editorial opinion
Important
How to Choose a Lender
- 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.
- 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.
- Carefully review all the terms and conditions of your payday loan contract.
- Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
- 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.
- Choosing a payday 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 100 lenders, 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 online payday loans and best practices, check out some of the following resources:
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List of Online Payday Lenders: Find Reliable Lending Options
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Urgent Loans for Bad Credit: Quick Financing Solutions for Challenging Times
