100 day Loans
Are you interested in 100 day loans? If yes, most likely you are looking for a short range loan. A short-term loan or pay day loans are the term referring to a loan that lasts for six months. On the other hand, if you are searching for a long-standing loan, then 100 days loan is not for you. Normally, companies who are lending money for a hundred days, sometimes they also offer long-term loans but with encouraging interest rate. Typically, short term cash loans have higher interest charges compared to long term.
What is 100 day loans?
As the name implies, you are borrowing a certain amount of money and you need to pay it for one hundred days or more than four months. The payment (daily, weekly or monthly) depends upon the credit company. If the company said that you should pay every day, then don’t go anywhere for one hundred days, since paying is your responsibility.
Requirements for applying hundred day loans
Applying for a hundred day loan is very easy. The borrower must provide its basic or personal information to the lender.
- The borrower must be 18 years old and above.
- Having a source of income is needed.
- Valid identification card
- Social security System number
- Birth date
- Full name
- Permanent Address
- Telephone or cellphone number
- Income information
- Employment information
- Business information (if running any business)
Can you still apply for 100 Day loans if you have bad credit in your previous records?
Definitely yes, but they are going to investigate about borrower’s background or previous records. By checking their records they will able to identify the credit score (credit worthiness) of the borrower and after which they will going to decide if the company will lend money the borrower.
Another reason why they are investigating, is to check your finances, type of business, monthly salary, how many years you’ve been working and other aspects which can help them to decide.
On the other hand, if the credit investigator discovered that you have bad credit record before, they will still lend you money. But the amount of money they will going to lend is smaller and if you don’t have a bad record then there is a possibility that can borrow larger amount.
What are the best replacements for a hundred-day loans?
- Contact your loan servicer or creditors.
If you are having a hard and more time to pay your credit, don’t hesitate to call your loan servicer and creditors. Since many lenders appreciate the honesty of their clients. So instead of hiding from them just approach and tell them the truth and for sure they will understand you.
- Apply for a loan (personal) from small pay day loan companies or credit union.
There are several companies who offers small interest rate for short-term loans. A credit card cash advance is also a possible alternative, but this offer greater interest rates compared to others. However, it is important to know the conditions before deciding.
- Make an accurate budget.
Always remember that budgeting your daily and monthly expenses is important and instead of purchasing unnecessary thing, why not start to earn some savings. Because small savings can give a big help.
- Contact credit counselor.
If you are seeking for help for your repayment plan in developing budget and with creditors, just consult your credit counselors. Each state provides credit guidance for low or no cost. The counselor will help you to check your housing authority, credit unions and employers.
How to increase credit score (credit worthiness)
Every now and then, borrowers think that they cannot increase their credit score because some problems occur during the time of their payment. Unfortunately, they are wrong. According to Burns, instead of jumping into conclusions, why not do something to increase your credit score and get the loan amount you want.
Here are the guidelines how to increase your score
- Borrowers must check if there are some errors regarding on their payment and credit history.
- Do not fail to pay. Lenders are attentive on how borrowers manage their credit. Borrowers must pay their debt on time each month. One of the best way to do, if you don’t want to miss any payment, you can pay using smart machines if available by simply signing up.
- Reduce credit operation levels. Credit operation is the percentage of credit balance and credit limit. For example, if your credit balance is worth $10,000 while your credit limit is $20,000, therefor you already paid 50 percent of your credit. However, less than thirty percent is considered as a worthy credit utilization.
- Do not close previous credit cards. If the borrower owned a credit card, which is no longer accessible, but paid off on the given time previously, closing that account is not a good idea at all. This card will be able to use and it will prove that you have a good credit score before. And on the other hand, this will indicate that you are the well-suited candidate for higher loan amount.
- Applying for a new loan is not helpful. Refrain applying for new loan such as personal or auto loan. As what mentioned a while ago, lenders are conducting investigation on other credit companies regarding your information.
Why lenders are taking the risk in offering hundred day loans?
Many of us need money but sometimes we only need a small amount. Unfortunately, many banks are not keen to work and risk small amount of money. Banks are not satisfied on the profits that they get from the small amount of money being borrowed and according to them it doesn’t make any money at all.
Normally, borrowers who are seeking for small credits have bad credit and this is the main reason why banks are not lending a small amount of money. That is why, many borrowers go to quick pay day loans. Pay day lenders knows that you can’t acquire money from everywhere else. And this is their chance to show up. Compared to banks, lenders offer small amount of money but with expensive interest rates and the process is very easy. If the borrower is in need of money just simply sign the agreement and get the loan as soon as possible.
Lenders tend to offer short-term and small amount of money because they can acquire higher interest rate on them.