Sometimes you need to buy something big, like a house or a car, and a bank is always there to try and help. But if you just need a few hundred bucks for expenses, or an emergency, those same banks don’t have the time. What you need are small dollar loans, and small dollar loans are what keep America moving.
The Big Banks are really only interested in making big loans. If you aren’t interested in borrowing thousands upon thousands of dollars, most banks won’t even bother. But by finding a small independent lender, you are dealing with a business catering to your specific needs.
And those needs are: getting a little cash, getting it quickly, and being able to pay it back easily.
Small is Mighty
Orange is the New Black, and Small is the New Big. In comics, movies, and television, getting tiny has become the hottest superpower to have. And why is that? Because sometimes you just need something small to get the job done.
The same thing is true for small dollar loans. Why borrow a thousand when a hundred will do? Why bother taking on the extra expense and additional interest when you can just borrow enough to cover your immediate needs?
A loan isn’t a super power, it’s just a tool. And the smart play is to use the right tool for the job. You need a house? See a bank for a mortgage . But if you need a quick few hundred bucks to cover car repairs? See an installment lender. That’s the right tool for those kind of jobs.
What are Small Dollar Loans?
Small dollar loans are generally for $100 to $500, based on the needs of the borrower. There are literally tens of thousands of different small dollar lenders in the United States, so no matter where you live there is one near you, as well as countless others online.
Although there are many different kinds of small dollar loans, the three most popular are installment loans, payday loans, and car title loans.
Payday loans tend to have the highest interest and the shortest window for repayment, and are highly volatile.
Title loans are for higher dollar amounts, but you must own your vehicle free and clear to qualify.
Installment loans are more stable and secure than payday loans, with a clear path to repayment given to you in writing.