Need $100 Before Payday? 5 Ways to Get It and What Each Costs

When you're $100 short on groceries, gas, or a bill, you need the money in days, not weeks. Your credit doesn’t have to be great to get it.

Cash advance apps, credit unions, and some banks all lend small amounts. On $100, the cost can range from nothing to more than $20, and the fastest option is often the most expensive.

Can you cover $100 without borrowing?

Before applying for a loan, see whether you can cover the shortfall without paying fees or interest.

• Ask for an extension. Your utility company, landlord, or other bill provider might let you change your due date or set up a payment plan. Even one extra week can be enough to avoid borrowing.
• Request an employer advance. Some employers let you access part of your earned wages before payday, sometimes without a fee.
• Look for community assistance. Call 211 or visit 211.org to find local programs that help with food, utilities, or housing costs.
• Sell something you don't need. Selling an unused item locally can put cash in your pocket without adding another payment.
• Ask someone you trust. A friend or family member may lend you $100 without interest. Put the repayment date and terms in writing to avoid any misunderstandings.

Read more >> How to Get Emergency Money

‍Once this month is covered. If you rent, ask whether your landlord reports your payments to the credit bureaus. If not, Kikoff’s Rent Reporting can add your on-time rent to your Equifax and TransUnion reports. It’s included in every plan, starting at $5 a month.

Where to get a $100 loan

A few dollars sounds small until you compare it with what you're borrowing. On $100, every dollar in fees is 1% of the loan. When you repay is important too, because a fee due in two weeks is harder to repay and works out to a much higher APR.

What it means: A $15 payday loan due in two weeks works out to about 391% APR. The PAL II at its maximum costs more in dollars, but you get at least a month to repay and the interest is capped. The best option is the lowest total you can repay on time without borrowing again.

Cash advance apps

Some cash advance apps give you $100 based on your income and banking activity rather than your credit. Many charge nothing for standard delivery but charge for same-day delivery, a monthly subscription, or both. Add every charge to the total before you accept an advance.

Grant Cash Advance offers $25 to $500 to eligible customers, with no interest, no credit check, and no late fees. Same-day delivery costs $2 to $21, and repayment comes out of your bank account immediately on your next payday, so plan for less to spend that pay period.

A cash advance app isn't the same as a credit card cash advance. Credit cards typically charge an upfront fee of 3% to 5%, sometimes with a higher minimum, and start charging interest the day you take the money.

Small bank loans

If you already have a checking account, your bank might offer a small-dollar loan.

For example, the U.S. Bank Simple Loan lets eligible customers borrow $100 to $1,000.

With autopay, you pay $6 for every $100 borrowed and repay the loan in three monthly payments. U.S. Bank reviews your credit before approving the loan, and the money can be available within minutes.

To apply, you need a U.S. Bank checking account that's been open at least six months, with three months of recurring direct deposits. Other requirements may apply.

Credit union payday alternative loans

Some federal credit unions offer payday alternative loans (PALs), designed as alternatives to high-cost short-term loans. There are two types because the National Credit Union Administration added a second, more flexible version in 2019. A credit union can offer either one or both.

The difference is the minimum. PAL I loans start at $200 and require you to be a member for at least a month. PAL II loans have no minimum and no waiting period, so a credit union could lend you $100 the day you join.

PAL II loans have an APR cap of 28%, repayment terms of one to 12 months, and application fees capped at $20. You can have only one PAL loan at a time.

Not every credit union offers PAL II loans, and some set their own minimum above $100. Ask before you apply.

Payday loans

Payday loans can provide quick cash, sometimes without a traditional credit check. They're also generally among the most expensive options.

A typical two-week payday loan charging $15 for every $100 borrowed comes out to an APR of almost 400%, according to the CFPB. Fees range from $10 to $30 per $100, depending on state law, so costs can be much higher where you live.

If you can't repay on time, additional fees or rollovers can make the debt more expensive, and you still owe the full amount you borrowed.

Read more >> Can You Get a Loan With No Credit Check?

If you’re borrowing to cover basics more than once in a while, the National Foundation for Credit Counseling can connect you with free or low-cost counseling at 800-388-2227.

Bottom line

If you need $100 quickly, start with options that don't involve borrowing. Then check a cash advance app, your credit union, or your bank before considering a payday loan.

Building positive credit history now could give you more options the next time money gets tight.

After you’ve covered this month, the Kikoff Credit Account reports your on-time payments to Equifax, Experian, and TransUnion, with no credit check to sign up. It isn't a cash loan, but it adds a positive payment history to your credit report. Plans start at $5 a month.