Want to Make STACKS of Cash?

Join the weekly Finance Stacks newsletter for expert advice on stacking extra cash.

Error subscribing. Try again! Your subscription could not be saved. Please try again.
Congratulations it's time to start stacking money. Congratulations it's time to start stacking money. Please check your inbox for the confirmation email.

$100 Loan: Find the Best Option in 2024

Written by:  Joe Chappius
|
Editor:  Sam Onelia
Last updated: November 11, 2024

Struggling to make ends meet? Discover smart ways to get $100 fast, from affordable loans to clever alternatives that won’t break the bank.

  • Compare multiple $100 loan options instantly
  • Explore non-borrowing alternatives
  • Make informed decisions for your financial health

Start Comparing

How much would you like to borrow?

Finding yourself in need of a quick $100 can be stressful, but don’t worry – you’re not alone. Whether it’s an unexpected bill, a minor car repair, or just making ends meet until payday, many Americans face this situation.

But, before we discuss where to get a $100 loan, a word of caution: loans for small amounts often come with terrible terms. High interest rates, short repayment periods, and hefty fees are common.

But before you jump into a $100 loan, let’s explore your options and find the smartest way to get the cash you need.

Determine Your Best $100 Loan Options


Where to Get a $100 Loan

If you've exhausted other options and still need to borrow $100, it's crucial to understand your choices.

Remember, even small loans can have a significant impact on your financial health. Let's break down the most common $100 loan options:

Cash Advance Apps

A newer option in the financial technology space, cash advance apps can provide small, short-term loans, often with more favorable terms than traditional payday loans.

Popular Cash Advance Apps

  • Earnin: Advance up to $100 per day based on hours worked
  • Dave: Offers advances up to $100 with a small monthly membership fee
  • Brigit: Provides up to $250 in cash advances with a subscription

Caution

While these apps often have lower fees than payday loans, be aware of subscription costs and potential overdraft risks. Always read the terms carefully.

Personal Loans

While many personal loans are for larger amounts, some lenders offer small personal loans starting at $100. These can be a good option if you need more time to repay than a payday loan allows.

Consider a service like Secure Speedy Loans, and receive multiple loan offers from a variety of lenders.

Chosen 5537 times

Loan amount

$100 - $35,000

Term of loan

2 Months - 6 Years

Lowest rate

5.99% - 35.95%

Minimum age

18

What to Know About Small Personal Loans:

  • Interest rates typically range from 6% to 36% APR, based on credit score
  • Repayment terms usually 1 to 12 months for small amounts
  • May require a credit check, impacting approval and rates
  • Some lenders offer same-day or next-day funding

Consider using an online loan comparison tool to quickly see multiple offers from different lenders. This can save you time and help you find the best rates available to you.

Credit Union Payday Alternative Loans (PALs)

If you're a member of a federal credit union, Payday Alternative Loans (PALs) can be an excellent option. These small, short-term loans are designed to help you avoid the high costs of traditional payday loans.

Key Features of PALs:

  • Borrow $100 to $2,000
  • Interest rates capped at 28% APR
  • Loan terms from 1 to 12 months
  • No rollovers, helping you avoid debt traps

If you're not a credit union member, consider joining one. Many have relaxed their membership requirements, and the potential savings on small loans like this can be substantial.

Credit Card Cash Advances

If you have a credit card, a cash advance can be a quick way to get $100. However, this option comes with significant drawbacks that you should consider carefully.

Cash Advance Considerations:

  • High interest rates, often 24% APR or higher
  • Interest begins accruing immediately, no grace period
  • Additional cash advance fees, typically 3-5% of the amount
  • Can negatively impact your credit utilization ratio

Pawn Shop Loans

Pawn shops offer quick, collateral-based loans that can be a viable option for getting $100 fast, especially if you have valuable items and a poor credit score.

Before pawning an item, research its value online to ensure you're getting a fair deal. Also, be sure you can realistically repay the loan before the deadline to avoid losing your item.

How Pawn Shop Loans Work:

  • Bring in a valuable item as collateral (jewelry, electronics, musical instruments, etc.)
  • The pawn shop assesses the item and offers a loan amount (typically 25-60% of the item's resale value)
  • You receive cash immediately and have a set time (usually 30-90 days) to repay the loan plus interest
  • If you can't repay, the pawn shop keeps your item

    Cons

  • High interest rates (varies by state, but can be 10-20% per month)

  • Risk of losing your valuable item if you can't repay

  • Typically lower loan amounts than the item's actual value

Compare loans from 79 lenders

Find the cheapest rate with one click

Alternative Ways to Get $100 Fast

Before considering a loan, let's explore some clever alternatives that might help you avoid borrowing altogether. Remember, the best $100 is the one you don't have to pay back with interest.

1. Sell Unused Items

Look around your home. That old smartphone, barely-used kitchen appliance, or designer clothing could be your ticket to $100. Here's how to turn your clutter into cash:

  • Use apps like eBay, Poshmark, or Facebook Marketplace for easy local sales
  • Consider electronics buyback programs for quick cash on old devices
  • Host a mini yard sale to clear out multiple items at once

Pro Tip

Take clear, well-lit photos of your items and write compelling descriptions to increase your chances of a quick sale.

2. Gig Economy Jobs

In today's connected world, earning a quick $100 through side gigs is easier than ever. Many of these gigs allow you to cash out your earnings daily or weekly, providing a quick solution to your $100 need.

Here are some options that could help you reach your goal quickly:

  • Rideshare driving (Uber, Lyft) - can earn $100 in a day or less
  • Food delivery services (DoorDash, Grubhub) - flexible hours, quick payouts
  • Task-based apps (TaskRabbit, Fiverr) - use your skills for quick cash
  • Pet-sitting or dog-walking services (Rover, Wag) - perfect for animal lovers

3. Negotiate Bills or Payment Plans

If you need $100 to cover a bill, try negotiating before borrowing. Many companies are willing to work with you, especially if you've been a good customer. Here's how to approach it:

  • Explain your situation honestly and ask for a payment extension
  • Inquire about any available hardship programs or discounts
  • Offer to set up a payment plan to spread out the cost
  • Consider asking for a one-time fee waiver if applicable

Remember, the worst they can say is no, and you might be surprised by how willing companies are to work with you to keep your business.

4. Tap Into Your Network

Sometimes, the fastest way to $100 is through the people you know. Consider these options:

  • Ask family or friends for a short-term loan (be sure to agree on repayment terms)
  • Offer to do odd jobs for neighbors or acquaintances
  • Use social media to advertise your skills or services to your network

Pro Tip

If borrowing from friends or family, treat it like a formal loan. Set clear repayment terms and stick to them to avoid damaging relationships.

Understanding the True Cost of a $100 Loan

Before taking out any loan, it's crucial to understand the total cost. Let's compare the potential costs of borrowing $100 through different methods:

Loan TypeAPRFeesTotal Repayment (14 days)Cost of Borrowing
PAL28%$0$101.08$1.08
Personal Loan36%$0$101.38$1.38
Cash Advance AppN/A$5 (tip)$105$5
Credit Card Cash Advance24%$10 (10%)$110.92$10.92
Payday Loan400%$15$115$15
Potential costs of different loan options

As you can see, the cost of borrowing $100 can vary dramatically. Payday Alternative Loans (PALs) and some personal loans offer the most affordable options, while payday loans can cost you significantly more.

What Do I Need To Get a $100 Loan?

Getting a $100 loan can vary depending on the lender and type of loan you're pursuing. However, most lenders will require some basic information. Here's what you'll typically need to provide:

Common Documents Needed for Most Loans

  • Proof of Income: Recent pay stubs, bank statements, or tax returns
  • Identification: Valid government-issued ID (e.g., driver's license, passport, or state ID)
  • Proof of Address: Utility bills, lease agreements, or bank statements
  • Bank Account Information: For direct deposit and automatic withdrawals

Having these documents ready before applying can speed up the process and increase your chances of approval.

Different loans might need different things, so let's look at what you might need for specific types of $100 loans:

Loan Options Dashboard
Credit History
Income Proof
$$$
Bank Account
$
ID
Collateral
Personal Loan

Requirements: ✔️ Credit History, ✔️ Income Proof, ✔️ Bank Account, ✔️ ID, ❌ Collateral

Pros: Lower interest rates, longer repayment terms

Cons: May be difficult to qualify with poor credit

Payday Loan

Requirements: ❌ Credit History, ✔️ Income Proof, ✔️ Bank Account, ✔️ ID, ❌ Collateral

Pros: Easy to qualify, fast funding

Cons: Very high interest rates, short repayment terms

Credit Card Cash Advance

Requirements: ✔️ Credit History, ❌ Income Proof, ❌ Bank Account, ✔️ ID, ❌ Collateral

Pros: Immediate access to cash, no separate application needed

Cons: High interest rates, starts accruing immediately

P2P Lending

Requirements: ✔️ Credit History, ✔️ Income Proof, ✔️ Bank Account, ✔️ ID, ❌ Collateral

Pros: Potentially lower interest rates, flexible terms

Cons: Approval process can be longer, may require good credit

Pawn Shop Loan

Requirements: ❌ Credit History, ❌ Income Proof, ❌ Bank Account, ✔️ ID, ✔️ Collateral

Pros: No credit check, immediate cash

Cons: Risk of losing valuable items, typically high interest rates

Borrowing from Family/Friends

Requirements: ❌ Credit History, ❌ Income Proof, ❌ Bank Account, ❌ ID, ❌ Collateral

Pros: Potentially no interest, flexible repayment terms

Cons: Can strain relationships if not repaid, limited amounts available

How to save $619.00 on your loan

The price difference for a $500.00 loan in 90 days is $619.00.

Find out how

Making the Right Choice for You

When you need $100 fast, it's easy to feel pressured into making a quick decision. However, taking a moment to consider your options can save you money and stress in the long run. Here's how to approach your decision:

Ask yourself:

  • Is this expense truly urgent, or can it wait?
  • Have I explored all non-borrowing options?
  • Can I cut expenses elsewhere to cover this need?
  • Will borrowing $100 now prevent a larger financial issue later?

Being honest with yourself about the urgency and necessity of the expense can help you avoid unnecessary borrowing.

Compare Your Options

If you've decided that borrowing is necessary, take the time to compare your options carefully:

Factors to Consider:

  • Total cost of borrowing (interest + fees)
  • Repayment terms and flexibility
  • Impact on your credit score
  • Speed of funding
  • Potential consequences of late or missed payments

Plan for Repayment

Before accepting any loan, have a clear plan for how you'll repay it:

Repayment Strategies

  • Create a budget that prioritizes loan repayment
  • Set reminders for due dates to avoid late fees
  • Consider automatic payments if available
  • Plan to pay more than the minimum if possible to reduce interest

Think Long-Term

While solving your immediate need for $100 is important, it's equally crucial to consider your long-term financial health:

Future-Focused Actions:

  • Start building an emergency fund to avoid future borrowing
  • Look for ways to increase your income or reduce expenses
  • Consider free financial counseling or budgeting classes
  • Work on improving your credit score to access better borrowing options in the future

Final Thoughts on $100 Loans

Needing a quick $100 can be stressful, but it's important to approach the situation calmly and strategically. Remember these key points:

Key Takeaways:

  • Explore non-borrowing options first, such as selling items or picking up gig work
  • If you must borrow, compare options carefully, focusing on total cost and repayment terms
  • Avoid high-cost options like payday loans if possible
  • Have a clear repayment plan before accepting any loan
  • Use this experience as motivation to build an emergency fund for future unexpected expenses

Remember, your financial journey is unique, and what works best for someone else might not be the right solution for you. The goal is not just to solve your immediate $100 need, but to set yourself up for greater financial stability in the future.

FAQs About $100 Loans

What can I do with a 100 dollar loan?

Sometimes, you don’t need a lot of money to handle your emergency. A loan for as little as $100 can make the difference when your situation only needs a little cash to rectify.

Taking out an instant $100 loan also generally means you must repay it quickly – often on your next payday. These quick loans are absolutely perfect when you’re in a pinch.

You can use $100 payday loans for several reasons:

  • You need groceries for the week but lack the funds
  • The car is low on gas, and payday is a couple of days away
  • A small unexpected expense has reared its head like a utility bill or potential overdraft

Where can I get a $100 loan?

Most online payday lenders offer small loans of $100 which are usually due when you receive your next paycheck. 

How much will a 100 dollar loan cost?

If you're thinking, 'I need a 100 dollar loan now', you may want to consider the cost. Depending on your state, loan fees are usually between $15 and $30 for a $100 loan. For a small loan amount like this, it might be a better option to take out a loan with family and friends, before applying for a payday loan. 

By making informed decisions today, you're setting yourself up for a stronger financial future. Stay positive, be proactive, and remember that this temporary challenge is an opportunity to improve your long-term financial health.

Our Commitment to Transparency
At Financer.com, we're committed to helping you with your finances. All our content abides by our Editorial Guidelines. We are open about how we review products and services in our Review Process and how we make money in our Advertiser Disclosure.
Author Joe Chappius

Joe is a seasoned financial adviser with over a decade in the industry, and Head of the US Market at financer.com. Throughout his career, he's directly assisted families, high-income individuals, and business owners with their financial needs. Joe draws on his wealth of client-facing experience to author insightful and high-quality financial content.

Editor Sam Onelia
Share on

Was this article helpful?

Be the first one to give feedback

How can we improve this article? Your feedback is private.

We use cookies to give you the most relevant experience. By using our site, you accept all cookies and our privacy policy. To find out more about what cookies we use you can go to privacy overview