How to Get Small Dollar Loans with Bad Credit
Everyone experiences ups and downs and need emergency cash. You may need to fix your car, pay a medical bill, pay a utility bill, or cover some small checks you have written, and you do not want to be hit with those $35 NSF fees per check. We may be able to assist you in these challenging times.
What is a small-dollar loan?
Small-dollar loans are ones that are usually from $100 to as much as $500. When you work with CashOne, you will know your fees for the loan (if approved), and you will always be able to reject any loan offer if you are not comfortable with the terms and conditions presented to you.
How does a small-dollar loan work?
All small-dollar loans, or payday loans, are relatively simple. Once you request your loan, it is reviewed by over 120 direct payday lenders, and if a lender wishes to lend money to you, they contact you directly in 90 seconds or less.
Eligibility criteria for small-dollar loans
When you want to apply for a small-dollar loan, the process is simple. But first, know the basic criteria needed for small-dollar loans online. You should -
- Be at least 18 years of age
- Have valid ID or proof of residency
- Have an open bank account
- Have an email address and phone number (cell phone is fine)
- Have an income of $1000 or more per month
There may be other criteria or information your lender may need to determine if they will lend to you, but this varies greatly and is determined by individual state laws.
How to get small-dollar loans?
Simple. Complete our online loan request form from your smartphone, tablet, or PC. It only takes a couple of minutes and is safe and secure. After you hit the ‘submit’ button, your request is reviewed in a minute or so, and you get an answer. If approved, your lender will contact you within 90 seconds.
CashOne is the best place to get small-dollar loans. We have been in business for more than 10 years and have helped over 500,000 Americans get the cash they need when they need it. We delete your data within 30 days of receipt and use the best and latest security software and encryption to protect you. You can rely on us to provide the best chances of approval as our more than 120 lenders are ready to work with you.
Why do banks never offer small-dollar loans?
Banks never offer small-dollar loans because they only offer loans to people with good credit scores. This is not the majority of the population. They consider these loans to be too risky. This is also why small-dollar lenders charge one-time, higher fees. The risk is much greater than a default by the person receiving the loan, and most recipients have poor credit.
Why are interest rates high for small-dollar loans?
There is a lot written about high-interest rates for small-dollar loans. Most of the time, this is misinformation. These loans are very short term, and applying ‘annual’ rates to them is not correct. Small-dollar loans online are provided and paid back in 1 month, sometimes less. These loans are fee-based. That means you pay a fee based on the size of the loan. Converting a short term loan with a fee into an annual percentage rate makes no sense. These loans are not intended to be long term loans, and you should never request one if you plan to extend the loan over a longer period than 1 month. The additional fees you will pay make it too expensive.
Can I apply for a small-dollar loan if I have a bad credit score?
Yes, you can apply for small-dollar loans with low or even bad credit. Lenders will rely on your income status to determine your eligibility, and most loans they provide are to people with low or bad credit. Be sure when requesting a loan that you provide accurate information as this could affect your possible approval.
Where can I get small-dollar loans without a credit check?
CashOne refers you to lenders who do not perform traditional credit checks with the 3 principal credit agencies. In fact, small-dollar loan lenders are most concerned with your income and ability to repay your loan. Even if your income is down, you will likely qualify for a small-dollar loan.
Can I get trapped in a debt cycle with small-dollar loans?
There are very few states that allow rollovers or the ability for you to refinance your loan. However, if your state does allow them, you must try to avoid rolling over your loan. This will add fees to your loan and potentially make it more difficult to repay the loan. Always be sure you can repay the loan when it is due and pay it on time. This way, there is no risk of getting caught in a debt cycle.