Borrow a $700 Loan with Bad Credit
When you face an emergency and need $700 now, loans may be the only option to turn to. However, it may be quite difficult to qualify for one if you have bad credit. Luckily, a $700 loan from 15M Finance can provide a quick fix with no credit check performed. With us, you can get guaranteed approval in minutes and receive cash in hand on the same day. Feel free to apply online 24/7 and get the money you need today.
Key Features of a $700 Dollar Loan
$700 loans are small loans people use to cover emergency expenses, such as medical bills, car repairs, utilities, and other urgent needs. Most of them need to be repaid within a short period of time, ranging from a few weeks to a couple of months.
Small loans are known for their fast deposits and easy access to funds for borrowers with bad credit. They often come with no traditional credit check, allowing people who are overlooked by banks to get the money they need within 1 business day. However, these loans are often quite expensive due to the risks associated with lending money to bad credit individuals.
Types of $700 Loans
Here are several options you can turn to if you need to borrow $700 now:
Payday Loans
A payday loan can provide you with up to $1,000 by your next paycheck. The repayment terms typically range from 2 to 4 weeks. These loans are designed for small emergencies that can’t wait till your next pay. They involve no hard credit check and can be obtained within 24 business hours via an online loan request. However, they often come with APRs that exceed 400%.
Installment Loans
An installment loan is a flexible borrowing option for bad credit individuals. It allows you to borrow between $500 and $5,000 and repay the money gradually in affordable monthly installments. The repayment period is typically between 2 and 24 months, making these loans easier to manage. While their interest rates are lower compared to payday loans, longer repayment times typically result in more overpayment over the loan life.
Personal Loans
Personal loans are long-term financial solutions used for large purchases and major expenses. They offer amounts of up to $50,000 and can be repaid in fixed monthly payments over 12 to 60 months. Although most lenders offer personal loans from $1,000, you may find a financial institution with a lower minimum amount. Still, you may be asked to demonstrate strong credit to qualify for a personal loan at favorable terms.
Car Title Loans
These loans use your vehicle’s title as collateral so that you can borrow up to 50% of its market value. The repayment is usually made within up to 30 days. Title loan APRs are typically lower compared to those on payday loans due to the collateral provided. However, you risk losing your car if you don’t repay the borrowed amount plus interest on time.
Credit Union Loans
Credit unions are member-owned financial institutions that often have lower interest rates and more relaxed eligibility criteria for their products. They often offer payday alternative loans (PALs) that are intended to replace regular payday loans by offering more favorable terms. PALs may be issued for up to 6 months, with interest rates being capped at 28%. Still, they involve a hard credit check and are only available to members of a particular CU.
Where Can I Get a $700 Loan with Bad Credit?
While it may be difficult to secure a traditional loan with bad credit, 15M Finance provides a reasonable alternative tailored to your current situation and needs. We accept borrowers with any credit and pay no attention to your past credit mistakes.
Whether you need a $700 cash advance loan or an installment loan, we’re here to provide you with quick financial relief. Our loans are income-based, not credit-based, meaning that your current financial situation affects your loan approval much more than your FICO rating.
What Do I Need to Borrow $700?
At 15M Finance, we stand for accessible solutions you can obtain with minimum paperwork and requirements. Here’s what you need to qualify for a $700 loan with us:
Be a legal US citizen of major age Have an active bank account in your name Provide your valid ID and SSN Verify your stable monthly income Provide proof of address
Additionally, you need to specify some basic personal, contact, and financial details while filling out a loan application form. These data include:
Full name Current residential address Date of birth Email and cell phone number Bank account details Your employer’s name and contact information
How to Apply with 15M Finance
At 15M Finance, we make it easy for everyone to request a loan from the comfort of their own homes. Our simple application process consists of the 3 following steps:
Fill out a loan request form. It’s available on the website 24/7 and takes just 5 minutes to complete.
Wait for approval. Your application data will be verified in minutes via a soft credit check. Borrowers typically get approval decisions within 15 minutes.
Access the loan funds. If approved, review a loan offer you get via email and e-sign the loan agreement if the terms suit you. The money will arrive on the next or the same business day, depending on approval times.
Costs & Risks
Although a $700 loan can provide quick financial relief, you need to fully understand what you’re going into before obtaining one. Small loans often come with high APRs, making your debt very expensive, especially in the long run. A $700 payday loan can cost you between $10 and $30 for each $100 borrowed. This way, you can expect to repay $770 to $910 if you take out one for 14 days. This translates into an APR of 260% to over 700%. For comparison, an average personal loan usually costs between 5.99% and 35.99% per annum.
Additionally, small loans can result in a cycle of debt due to their accessibility and short repayment periods. People who already have a tough financial situation can still qualify for them but may find it difficult to repay the funds within a short timeframe. Thus, they may be forced to ask for a rollover, which involves extra fees, or take out new loans to cover the existing ones. We recommend you approach these products cautiously and thoroughly assess your ability to repay the funds on time.
Tips to Follow to Minimize the Loan Cost
$700 loans can be costly, but sometimes they are your only option. If you have no alternatives and need money fast, here are some tips to minimize the cost of your debt:
Repay your loan early. Early repayment allows you to save money on interest and fees by reducing the period within which you use your loan. Just make sure your lender allows doing this without penalties. Review your credit report for mistakes. You can request free copies of your credit reports once a year from each of the three major credit bureaus. Review them thoroughly and dispute any errors if you notice them. By doing this, you can improve your credit score and get a lower interest rate. Compare offers. Each lender has its unique terms. Pre-qualify from several loan providers and compare their loan offers. Then, choose the one with the best possible conditions. Aim for a shorter repayment period. Before you request a loan, use a loan calculator to see how much you will pay for your loan in total. Calculate your monthly payment and total loan cost for various repayment periods and pick an option that seems the most reasonable.
Responsible Borrowing Practices
15M Finance promotes financial literacy and effective debt management to ensure you will have a good experience with us. To protect yourself from the risks of small loans, follow these tips on responsible borrowing:
Decide on the amount in advance. Even if a lender approves you for a higher loan amount, don’t go for a larger loan just because you can. This will create unnecessary debt and result in more interest paid over the life of your loan. Borrow within your means. Make sure you can afford the amount you’re going to obtain. Assess your loan payment amount and look at how it corresponds to your monthly budget. Plan for repayment. Put your new debt payment into the list of mandatory expenses and revise your current budget in accordance with these changes. Set automatic payments or reminders so as not to pay late. Set up reminders. Reminders or automatic payments will help you prevent late or missed payments, saving you from extra fees and credit consequences. Make sure you really need a loan. Remember, $700 loans are only designed for emergency situations and urgent needs that can’t wait till your next paycheck.
Alternative Ways to Borrow $700
If a $700 loan doesn’t meet your needs, here are a few more options available:
Cash Advance Apps
Cash advance apps offer small loans of up to $700 against your future earnings. They allow you to access a portion of your next paycheck in advance, often without charging any interest or mandatory fees. To access these loans, you typically need to be officially employed and verify your bank account. Keep in mind that membership and express fees may be applied.
Buy Now, Pay Later
This option allows you to make a purchase at a retail store and gradually repay its cost over a certain period in affordable installments. BNPL products may come with no interest but require you to make the first payment right away on a checkout. Most products come with 4 bi-weekly installments. However, larged purchases may offer longer repayment terms of up to 12 months.
Family Loans
Asking your family or friends for help can save you lots of money and provide more repayment flexibility. These loans only require a verbal contract to receive and are usually interest-free. Still, you need to make a clear agreement and stick to your repayment terms so as not to damage your relationship with your loved ones.
Pawn Shop Loans
If you need cash in hand without undergoing any application and verification procedures, you can visit a pawn shop with some of your valuable belongings and get a portion of their cost against it. This way, the asset is retained in the pawn shop for an agreed-upon period, which is given to you to repay the funds with interest. If you fail to pay on time, the broker can sell your item.
Local Assistance Programs
Check out the options offered by charity organizations or federal or state institutions. Many of them may be tailored to helping people in need overcome emergency situations. You may be eligible for a grant or assistance programs that provide needy people with food, medical care, or other essentials.
Why Choose Us
15M Finance has been helping people overcome their cash shortages since 2020. We’re a trusted financial partner for thousands of Americans who find themselves in need of quick financial support. We stand for equal credit opportunities for everyone and accept people with any credit based on their repayment capabilities.
Our application process is fast, smooth, and requires no faxing, paperwork, or hard credit check. You can request a loan online or visit one of our 16 branches for personalized support. Our team of professionals is always here to help you get through tough times. If you need help during the loan process, we’re your trusted shoulder you can lean on.
FAQ
Do you perform a credit check?
15M Finance only runs a soft credit check made to estimate your financial capability. We do this to ensure your new loan won’t be an excessive financial burden for you. Such a check takes just a few minutes and doesn’t affect your credit score.
How fast can I get my funds?
Loans from 15M Finance are typically transferred on the same or next business day. The exact time depends on when your application gets approved and your bank’s cut off times. Try to apply before 10 AM on a weekday to increase your chances of getting a same-day deposit.
I need 700 dollars now. Can I get an instant deposit?
We usually deposit your loan funds instantly once you sign a loan agreement. However, your bank still needs some time to process this transaction and transfer money to your account. Therefore, the entire process may take from a few hours to 1 business day.
How will I repay my $700 loan?
The repayment is made electronically via an ACH transaction. On the due date, the amount you owe will be automatically withdrawn from your bank account.
What if I can't repay my loan on time?
Paying late or missing even a single payment can lead to extra fees and credit consequences. If you experience financial difficulties, contact the number specified in your loan agreement and ask about an extension or a new repayment plan.
Can I repay my loan early?
Early repayment is usually possible without penalties, but there may be exceptions in some states. Check out the terms of your loan agreement for more details about early repayment policies.
Do you charge any fees?
At 15M Finance, we charge no application fees. However, origination fees of up to 10% may apply in some states. Additionally, you may face late fees and NSF fees if you miss your due date.
