Compare $700 Loans Providers and Choose the Best One

Are you in a tight spot, needing a $700 loan fast? You're not alone. Life has a way of throwing unexpected expenses our way when we least expect them. Whether it's a surprise car repair, an urgent medical bill, or a last-minute travel necessity.

But, before we discuss where to get a $700 loan, a word of caution: loans for smaller amounts often come with less-than-ideal terms. High interest rates, short repayment periods, and hefty fees are common in this territory.

We know you need money fast, but take a moment to explore all your options. There might be alternatives that help you avoid debt.

Where to Get a $700 Loan

When you're in need of a $700 loan, it's crucial to understand your options and choose the one that best fits your situation.

Now that you understand why we strongly recommend using LoanFinder™️, let's explore some common $700 loan options that might be available to you.

Personal Loans:

If you have a decent credit score and need some time to repay, a personal loan could be your best bet. Low Credit Finance offers personal loans even if your credit isn't perfect.

Consider this option if:

• You can afford monthly payments over several months

• You want a lower interest rate than credit cards typically offer

• You prefer a fixed repayment schedule

Payday Loans:

These loans can provide nearly instant funding, sometimes within hours of approval. Many lenders like Advance America offer same-day cash pickup at physical locations, which can be convenient if you need money immediately.

However, approach these loans with caution due to their high interest rates. If you decide to go this route, consider visiting our page on direct payday loan lenders to find reputable options near you.

This might be for you if:

• You need the money immediately and have exhausted other options

• You're confident you can repay the full amount by your next paycheck

• You understand the high costs involved and have a plan to avoid a debt cycle

Credit Card Cash Advances:

If you have available credit on your card, a cash advance can be an incredibly quick solution - often providing instant access to cash at ATMs or bank branches. This option doesn't require a credit check or application process, making it convenient for immediate needs.

What are the cost?

• Interest starts accruing immediately, often at a higher rate than regular purchases (typically around 24-27% APR).

• Most cards charge a cash advance fee, usually 3-5% of the amount withdrawn (with a minimum fee of $5-$10).

• Cash advances don't typically have a grace period, unlike regular credit card purchases.

Despite these costs, a credit card cash advance might still be cheaper than a payday loan if you can repay it quickly. It's best suited for short-term cash needs when you have a plan to pay it back within a few days or weeks.

Consider this if:

• You can repay the amount quickly to minimize interest charges

• Your card's cash advance APR is lower than other loan options

• You don't want to go through a new application process

Peer-to-Peer (P2P) Lending:

Platforms like Lenme or Prosper connect borrowers directly with individual lenders online. P2P lending can offer competitive rates and flexible terms for $700 loans, often with a quick approval process.

Keep in mind:

• Potentially lower interest rates than traditional loans

• Funding typically arrives within 1-5 business days

• Credit check required, which may impact your score

• Origination fees may apply (usually 1-5% of loan amount)

This could be a good choice if:

• You have a good credit score and want competitive interest rates

• You're comfortable with an online lending process

• You prefer a more personalized lending experience

Pawn Shop Loans:

Pawn shops offer quick cash in exchange for valuable items as collateral. These loans can provide immediate funding, often within minutes of appraising your item.

The process is straightforward: you bring in your item, get it valued, and receive a loan based on a percentage of its worth.

However, be aware that interest rates can be high, and you risk losing your item if you can't repay the loan. If you're considering this option, it's crucial to understand the terms and have a solid plan for repayment.

Consider a pawn shop loan if:

• You have a valuable item you're willing to use as collateral

• You need cash immediately and have limited other options

• You're confident you can repay the loan within the specified timeframe (usually 30 to 90 days)

• You understand the risk of losing your item if you default on the loan

Family or Friends:

Borrowing from family or friends can be a quick and potentially cost-effective way to get $700. This option often comes with more flexible terms and lower (or no) interest rates compared to formal lending institutions.

However, mixing money with personal relationships can be tricky. It's crucial to treat this as a formal loan to avoid misunderstandings and potential damage to your relationships. Consider using a written agreement to clarify terms.

Consider this route if:

• You have a trusted relationship with someone who can afford to lend

• You're willing to formalize the agreement to protect your relationship

• You can commit to a repayment plan and stick to it

How Much Does a $700 Loan Cost?

Understanding the real cost of borrowing $700 is crucial. Let's break it down:

Cost Comparison for a $700 Loan (30-day term)

The APR doesn't tell the whole story for short-term loans. Always calculate the total cost of borrowing to make an informed decision.

What do I need to Qualify?

Qualifying for a $700 loan depends on the type of loan you're seeking and the lender's specific requirements.

• Credit History
• Income Proof
• Bank Account
• ID
• Collateral
• Agreement

Regardless of Loan Type, Be Prepared to Provide:

• Contact information

• Employment details

• Monthly income and expenses

Always read the fine print and understand the terms before accepting any loan offer. If a lender doesn't verify your ability to repay, it's a red flag – responsible lending practices protect both you and the lender.

Alternatives to a $700 Loan

Before you settle on a $700 loan, it's worth exploring other options that might solve your financial need without taking on debt:

• Negotiate with Creditors: If you're facing a bill you can't pay, try negotiating with the creditor. Many are willing to set up payment plans or reduce the amount owed.

• Sell Unused Items: Look around your home. That old smartphone or rarely-used exercise equipment could be your ticket to $700.

• Pick Up a Side Gig: In today's gig economy, you could earn $700 through ride-sharing, food delivery, or online freelancing faster than you might think.

• Borrow from Your Future Self: If you have a 401(k), you might be able to take a loan from it. Be cautious with this option, as it can impact your retirement savings.

• Seek Community Assistance: Local charities, religious organizations, or community centers sometimes offer small grants or interest-free loans for people in need.

• Use a Credit Card Wisely: If you have a card with a 0% APR introductory offer, this could be a better option than a high-interest loan. Just be sure you can pay it off before the promotional period ends.

• Trim Your Budget: Look for areas where you can cut back temporarily. Skipping a few dinners out or cancelling subscriptions could add up quickly.

How a $700 Loan Affects Your Credit

The impact of a $700 loan on your credit score depends on the type of loan and how you manage it:

• Personal Loans and P2P Loans: Can positively impact your credit if payments are made on time. They add to your credit mix and payment history.

• Payday Loans: Typically don't affect your credit score unless you default.

• Credit Card Cash Advances: Can negatively impact your credit utilization ratio, potentially lowering your score.

• Pawn Shop Loans: Generally don't affect your credit score.