Are you in a financial emergency and your budget is short? Well, do not despair. There are short-term loans that can help you cover the holes. Read and make notes about the different options of a $150 loan with bad credit and some tips to get easily approved.
What are the alternatives when I need to borrow $150 dollars?
There are five basic types of loans you can opt for when in need of $150, namely:
- Personal loans include a wide variety of other loans with their peculiarities. Yet, in this context, they represent a traditional $150 loan offered by a bank. When applying for such a $150 loan with bad credit, you will be subject to a deep document check and a several-day-long approval period. The repayment terms tend to be moderate and even beneficial for the borrowers.
- Payday loans are mostly offered by private lenders as a kind of personal loan. A $150 payday loan means that you will have to pay the loan back right on the day of your paycheck arrival, and the loan amount will be automatically deducted from your account. Since these loans are not secured, be ready to have a high interest and pretty strict repayment terms.
- Installment loans are similar to the payday loans, yet here you can easily negotiate the repayment terms and move away from your paycheck date. The time you have for repayment is also longer than that of the payday loans.
- Bad credit loans also offer high interest rate and no major documents check. However, the repayment period for such a $150 loan can be extended up to two years. The approval criteria tend to be low just like those for payday and installment loans.
- Secured loans require the borrower to present some collateral to the lender. In this way, lenders secure their money and hence can offer significantly lower interest rates and more beneficial terms. However, whenever you apply for a secured $150 loan with bad credit, you need to remember that if you fail to repay, your valuable (collateral) will go to the lender.
- Credit card loans are available for credit card owners. All you need is to get the money from your credit card and get it back to your account within a month. In this way, you can get a 0% loan without any fees and hustle.
Where to get a $150 loan with bad credit?
There are a couple of places you can turn to for a $150 loan:
- Private lenders offer payday and installment loans and do not conduct deep credit history checks. They require a minimum of documents for a $150 loan with bad credit and don’t take FICO score into account. The approval takes a couple of hours and the money gets transferred the following business day.
- Banks, opposite to the private lenders, carefully review your credit history and score and hence require a couple of days for approval. Yet, the repayments can frequently be slightly delayed and sometimes even missed without any penalties.
- Pawnshops are those lenders offering secured loans. You get the required money right on the spot and based on your valuable you will get your interest rate and repayment terms. Every deal is borrower- and lender-specific so there is no rule of thumb to describe here.
What bank will give me a $150 loan with bad credit?
A $150 loan with bad credit is a pretty small amount of money, so it is more beneficial to consider a credit card loan in order to save on interest and fees. Provided that you have a credit card, you can get such a loan in any bank of the country. However, if you are willing to apply for a personal loan, then first check the offers of SunTrust, U.S. Bank, LightStream, TD Bank or Marcus. Some local small banks may also consider such a small loan.
What to know about taking a first time $150 loan with bad credit?
Whenever you apply for a $150 loan with bad credit, there are standard state requirements to meet as well as particular lender’s criteria. Here are the state rules to adhere to:
- US citizenship or permanent residency
- Residency at the state you are applying for a $150 loan with bad credit
- 18 years of age or over
- Steady income over the past three to six months with the monthly payments of at least $1,000 (for most states)
- Checking account is required by most lenders
Keep also in mind that some loan types might be prohibited in your state. For example, Indiana heavily regulates the issuing of payday loans while North Dakota is absolutely fine with this loan type. At the same time, $150 loan with bad credit in Nevada is absolutely legal as well as in the rest of the states. It is essential to understand how your loan type is regarded by the state you are applying at.
How to get a $150 loan with bad credit?
- Check eligibility. So you’ve met state requirements, but what about the local and lender’s rules for applicants. Ensure that you learn about both before even considering applying for a $150 loan. Otherwise, you might lose time for nothing.
- Compare offers. Once you know about the particular requirements of several lenders and you know that you are eligible to apply, compare several offers you received. By doing so, select a lender whose repayment terms and interest rates seem fair and equal to your budget.
- Apply. Collect your papers and carefully review them together with the lender before you file your papers for a $150 loan with bad credit.
- Wait. After filing the papers, you will need to wait for approval. With banks, it will take about three days to get the decision. Private lenders tend to approve any kind of $150 loan within a couple of hours, one business day tops.
- Get your $150 loan. Once you got approved, you can receive your money transfer within a single business day for private lenders, a couple of days for banks, and literally the same money from the pawnshops.
Whenever you apply for a $150 loan with bad credit, remember that it is pretty easy to get it, yet this is still a loan. So if you fail to repay it on time, you will have to face some penalties. Carefully consider your budget before applying and go with a $100 loan should you feel your budget struggles enough, or apply for a $200 loan with bad credit if you anticipate that more funding might be needed in the future.