Facing an unexpected $800 expense? You’re not alone. Whether it’s a car repair, medical bill, or home emergency, these situations can leave us scrambling for quick cash.
But before we explore $800 loan options, a word of caution: Small loans often come with high interest rates, short repayment periods, and substantial fees.
While we understand your urgency, it’s crucial to consider all options. There might be alternatives to help you avoid debt. Let’s assess your situation to find the best solution for you.
$800 Loan Option Assessment
Where to Get an $800 Loan
When you’re in need of an $800 loan, it’s essential to understand your options and choose the one that best fits your situation.
Best $800 Loan Option: Use Our LoanFinder Tool
Why? Because loan availability, terms, and regulations can vary dramatically depending on where you live. LoanFinder takes the guesswork out of your search by:
- Showing you only the loans legally available in your area
- Comparing rates and terms across multiple lenders instantly
- Potentially saving you hours of research and frustration
Given the differences in state regulations, it’s crucial to use our loan comparison tool to find the best $800 loan options available to you. This ensures you’re seeing accurate, up-to-date information tailored to your specific location and circumstances.
Now that you understand why we strongly recommend using LoanFinder™️, let’s explore some common $800 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.
Chosen 2,484 times- All Credit Types Accepted
- Easy Online Application
- Approval decision in minutes
- Flexible Repayment Terms
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:
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 costs?
- 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 $800 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 $800. 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 an $800 Loan Cost?
Understanding the real cost of borrowing $800 is crucial. Let’s break it down:
Cost Comparison for an $800 Loan (30-day term)
| Loan Type | APR | Fees | Total Repayment | Cost of Borrowing |
|---|---|---|---|---|
| Personal Loan | 10% | $0 | $806.67 | $6.67 |
| Payday Loan | 400% | $120 | $920 | $120 |
| Credit Card Cash Advance | 25% | $40 | $856.67 | $56.67 |
| Pawn Shop Loan | 240% | $0 | $960 | $160 |
| P2P Loan | 15% | $40 (5% origination) | $848 | $48 |
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 an $800 loan depends on the type of loan you’re seeking and the lender’s specific requirements.
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
Requirements: ❌ Credit History, ✔️ Income Proof, ✔️ Bank Account, ✔️ ID, ❌ Collateral
Pros: Easy to qualify, fast funding
Cons: Very high interest rates, short repayment terms
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
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
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
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
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.
Before applying:
Check your credit score for free. Knowing your score can help you target lenders more likely to approve your application, potentially saving you from unnecessary hard inquiries on your credit report.
Alternatives to an $800 Loan
Before you settle on an $800 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 laptop, designer clothing, or rarely-used musical instrument could be your ticket to $800.
Pick Up a Side Gig: In today’s gig economy, you could earn $800 through ride-sharing, food delivery, or online freelancing faster than you might think. Platforms like Uber, DoorDash, or Fiverr can help you get started quickly.
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 and may come with tax implications.
Seek Community Assistance: Local charities, religious organizations, or community centers sometimes offer small grants or interest-free loans for people in need. Check with your local United Way or community action agency for resources.
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. Cancelling subscriptions, reducing dining out, or finding free entertainment options could add up quickly to reach your $800 goal.
Ask for a Paycheck Advance: Some employers offer paycheck advances. While this isn’t always an option, it’s worth asking your HR department if it’s possible.
Remember, the best solution isn’t always a loan. Sometimes, creative problem-solving can lead to better outcomes for your long-term financial health.
How to save $619.00 on your loan
The price difference for a $500.00 loan in 90 days is $619.00.
How an $800 Loan Affects Your Credit
The impact of an $800 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. However, some lenders may report to alternative credit bureaus.
- Credit Card Cash Advances: Can negatively impact your credit utilization ratio, potentially lowering your score. However, making timely payments can mitigate this effect.
- Pawn Shop Loans: Generally don’t affect your credit score, as they usually don’t report to credit bureaus.
- Borrowing from Family or Friends: Typically doesn’t impact your credit score unless you use a formal lending service that reports to credit bureaus.
Frequently Asked Questions About $800 Loans
Can I get an $800 loan with bad credit?
Yes, it’s possible to get an $800 loan with bad credit, but your options may be limited and interest rates higher. Consider using our loan comparison tool to find lenders who work with lower credit scores. Alternatively, secured loans or pawn shop loans might be options to explore.
How quickly can I get an $800 loan?
The speed of obtaining an $800 loan varies depending on the lender and loan type. Some options like payday loans or pawn shop loans can provide funds within hours. Personal loans might take 1-3 business days, while peer-to-peer lending could take up to a week.
What’s the typical interest rate for an $800 loan?
Interest rates can vary widely based on the loan type, your credit score, and the lender. Payday loans can have APRs over 400%, while personal loans might range from 6% to 36% APR. Always compare options using our loan finder tool to get the best rates available to you.
Do I need collateral for an $800 loan?
Not necessarily. Many $800 loans are unsecured, meaning they don’t require collateral. However, secured loans (like pawn shop loans) might offer better rates if you’re willing to put up an item of value as collateral.
How long do I have to repay an $800 loan?
Repayment terms vary by loan type. Payday loans typically require repayment by your next paycheck (2-4 weeks). Personal loans might offer terms from a few months to a couple of years. Always check the repayment terms before agreeing to any loan.
Will taking out an $800 loan affect my credit score?
It depends on the type of loan and whether the lender reports to credit bureaus. Some small, short-term loans might not be reported. However, any loan that is reported can affect your score, positively if you make payments on time, negatively if you miss payments.
Are there alternatives to getting an $800 loan?
Yes! Consider negotiating with creditors, selling unused items, picking up extra work hours, or seeking assistance from local charities or community organizations. Check our alternatives section for more ideas.
How can I ensure I’m getting the best deal on an $800 loan?
Use our loan comparison tool to compare rates and terms from multiple lenders. Read all terms carefully, paying attention to interest rates, fees, and repayment terms. Don’t be afraid to ask lenders questions if anything is unclear.
