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$100 Payday Loan

Getting a $100 payday loan is easy for almost anyone but getting a $100 payday loan without paying a steep price can be hard.

A payday loan also called a cash advance or cash loan is a short term high interest loan made with the expectation that the loan will be paid back quickly. Such loans are called payday loans because the lender expects to get paid back with the borrower’s next paycheck.

Historically such loans were made by pawnbrokers and store front check cashing stores. Today such loans can be found online and in some large retail stores such as Wal-Mart

How a Payday Loan Works

It is easy for almost anyone including those with bad credit and low incomes to get a $100 payday loan. Lenders are willing to make these loans to all sorts of people because of the way they work.

Generally, a person agrees to pay a fee usually around 20% or more to get such a loan. The fee is paid when the loan is paid back. The loan has to be paid back within a set period of time usually a week or two weeks or another fee is charged.

Some cash loan lenders require the borrower to write a check for the amount of the loan plus the fee. The lender then cashes the check on a certain day with the understanding that the money will be in the borrower’s account on that date.

Online Payday Loans 

Many companies also make online $100 payday loans. The way these work is simple, the borrower provides her banking information with the lender uses to deposit the money borrowed directly into the person’s account.

In exchange for the loan the borrower signs an agreement which allows the lender to withdraw the loan balance and the fees on a certain day. To take advantage of these loans the borrower will have to have a checking account.

The advantage to online cash loans is that almost anyone who has a bank account can get a $100 payday loan on time almost anytime. The disadvantage is that the borrower will have to pay the $100 back with fee and interest in a very short time.

Payday Loan Drawbacks 

A person should never get a $100 payday loan unless they have exhausted all other sources of money including friends, government benefits and pawn shop loans. The interest and fees charged on these loans is simply too steep.

Nobody should rely on payday loans to cover day to day expenses. Instead they should seek cheaper alternatives.