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When You Need Hundreds Of Dollars

If you need a few hundred dollars in a hurry, it is probably for a money emergency. Maybe your check was a little short this week or perhaps you blew a tire on your car. Whatever the case, we may be able to help you get an offer, even if you have bad credit. We can do this because we are not direct lenders. This is a good thing for you because instead, we get you access to a larger group of online lenders.

With more lenders, you have more chances of getting an approved offer from one of them. It is often much easier than working with just a single direct lender and one set of qualifying requirements.

Ready to get your offer for the money that you need? First, you need to head up to the top of the page and fill in the quote form. Begin by selecting how much you want to borrow. If you are not sure, here is some information on some commonly borrowed amounts and what they could be used for.

$200 – A commonly borrowed amount to pay electric bills or other small utilities.

$300 – 300 dollars is often borrowed for things like emergency dental procedures.

$400 – If you need a new set of tires, 400 dollars will do it for most compact cars.

$500 – An amount to borrow that could be used for an emergency medical expense.

$600 – An emergency home repair like a new water heater could be paid for with 500 dollars.

$700 – A loan for 700 dollars may pay for emergency vehicle repairs.

$800 – Larger 800 dollar loans could be used when rent money is needed.

Once you have your dollar amount, fill in some information about yourself and your income. You will also enter in where you want the money to be sent. When you get it all done, hit the submit button and await your answer.

If you are approved to borrow hundreds of dollars, one lender will make you an offer. You will be taken to their website where you can review this offer and decide whether or not to accept it. Do not blindly accept your loan, be sure that you read all of the details so that you know exactly what you are agreeing to.

To Borrow Or Not To Borrow

If you are approved for a loan offer, you should not just blindly accept it. Sure, you man need to borrow hundreds of dollars but sometimes a loan is not really the best option. This is especially true if you have bad credit. So, before you accept that loan, here are some things that yo should think about.

Is The Loan Affordable?

If you have bad credit, the fees and/or interest is likely high. In addition, if you are only borrowing hundreds of dollars, you are likely to be offered a payday loan.

What this all means is that the loan will probably need to be repaid in one payment, most likely on your next payday. Can you afford to make this payment or will it just leave you strapped for cash, needing another loan.

It may be better to pass on a loan rather than get caught in a payday loan cycle. Before you accept your loan, make sure that you will have the funds to get it paid off.

Can You Do Without The Money?

You might think that you really need hundreds of dollars but do you really? Be honest with yourself as to whether this is a want or a need. If you really need the money and the loan is affordable, get it. If you can do without it, you should do so. Bad credit loans are just far too costly.

Is There A Cheaper Way To Get Money?

Lastly, consider whether you have other ways to get the money that you want. This might involve some hustling, but if you can get away without a loan, it is well worth it, so be creative.

Some ideas might be to sell some property, donate some plasma or ask a friend. Getting a part time job is another option. Sure, it might take time to gt your check but if you work an industry with tips, such as food service, you can start getting cash tips immediately.

Emergency loans are great for taking care of surprise expenses but you should not depend on them as a way of life.

If you have become dependent on them, there are ways that you can break the cycle. Here is what you need to do.

1) Get A Working Budget

Most of us have a general idea of what we spend each month but not a detailed accounting of it. An accurate budget that works is crucial so that you know how much you can spend and on what. Without it, you simply wind up overspending and then run short a few days before you get paid.

Get started by simply writing down how much you spend each month. This should include things like rent, your car payment, electricity and allotments for things like gas, groceries and entertainment. Also add in a a set amount for savings, this is very important.

Once you have your totals, compare it to how much you are bringing in after taxes. If it is enough, great, just stick to the budget. If it is not enough, there is your problem, you need to make some cuts.

Cutting a budget is easier than you think, but it might involve some sacrifice.

The easiest place to cut is on your food budget. As far as groceries go, switch to cheap bases for your meals such as rice and pasta. Also, consider meal planning which is where you plan out all of your meals for a week and then shop. It allows you to buy just what you need with no waste.

Another area to cut on the food budget is meals out. Start taking your lunch to work and limit meals at restaurants. Doing so can save you hundreds of dollars a month.

Besides food, there are dozens of other ways to save money. Cancel the cable in favor of streaming services, shop for cheaper insurance, refinance your car, etc. Just take a good hard look at that budget and get to cutting.

2) Get An Emergency Savings

You probably noticed above that you should have some money in your budget for savings. This is incredibly important because an emergency savings account will prevent you from needing an emergency loan entirely. When you think about all of the money in fees you have paid with these loans, you could probably have a pretty killer emergency savings already.

The ideal amount of money to save is 10 percent of your gross savings. If you take home 4000 dollars, you should be saving 400 dollars of it. This might be a lot for you to swallow at first though, so start slow.

Take 50 dollars out of each check and put it into an emergency savings. Assuming that you get paid every two weeks, that would add up to 1300 dollars over the course of a year, plus interest.

Once you get the 50 dollars a month into your budget, add a few bucks a paycheck. Paycheck one you save $50, Paycheck two you save $55 and so on and so on. It is an easy way to get used to saving more and more money. Make the deposits automatic and deposit them into a remote, online savings account.

3) Work On Your Credit

Now that you have your budget and savings in line, you can turn to your credit. Having better credit will allow you to save money on everything from financing to car insurance. Should you find yourself in need of emergency money in the future, it will also allow you to get better terms.

Credit ratings seem confusing but it is simply a formula based on several factors.

The biggest factor is on time bill pay. Simply pay your bills on time and your credit will improve over time. If you have had late payments in the past, pay on time moving forward and you should start seeing some improvements at about the 6 month mark. It might take time, but it will improve.

The next biggest factor in the formula is how much credit you are using. Credit utilization is the amount of your credit that you are using. If you have 1000 dollars in credit and are using 500 dollars of it, your ratio is 50%. You want to get your ratio under 30 percent for a good rating and under 10 percent for a great one. Paying those credit cards down should be a priority and to do that, you need to pay more than the minimum and you need to stop using them.

Other factors that affect your credit score include things like credit diversity, where creditors like to see many different kinds of credit and credit age. These are things that just come with time. Focus on the top two factors and you can build a healthy credit score.

In Conclusion

There you have it, three steps that can help you start avoiding emergency loans.

Take care and get through your current money crisis, but then double back and take the steps needed to get yourself on track. Get a budget, start a savings and improve that credit rating.

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Need A Loan For Hundreds Of Dollars