Small and fast loans from 500 to 1000 USD: which is the best solution for you?
To deal with small emergencies in a timely manner, a loan of 500 or at most 1000 USD is often sufficient. However, even if the solution seems “easy” on paper, it is not necessarily the case.
In fact, obtaining a loan of a very low amount, such as the sum of between $ 500 and $ 1000 is not particularly complex if you have an income, even if modest to present, and if you do not have negative judgments on your credit reputation.
However, the discussion changes substantially if there is no demonstrable income (not necessarily through the presentation of a pay slip). Having said that which are the most viable or fastest solutions?
The fastest paycheck loan?
The most comfortable and fast solutions to get some extra money are two, namely:
- the opening of credit in account or credit ;
- the cash advance on a credit card (also revolving).
In the first case the advantage lies in the fact that the interest is paid on the sums actually used and up to their repayment, as well as the commission for the service (these are fixed quarterly sums, which however must be incurred regardless of whether or not they are used of encroachment). Generally the banks grant double the demonstrable remuneration with the pay slip.
In the second case, on the other hand, a ‘commission’ is first of all required for the advance operation, generally comprised between 3 and 4%. If, through a revolving, you want to make the repayment in installments, you must also add the passive interests that are normally the same as those envisaged for the installment payments (shown on the information sheet together with the other conditions).
Alternatively, for an amount between 1000 and 500 USD, one can also access fast loans (which are available at some banks) or loans of honor, reserved for specific categories (for example students). Let’s look at some examples.
This is not a classic personal loan, but rather a revolving credit up to a maximum of 1500 USD. The advantage lies in the fact that the operation is similar to that of a credit line, but obviously you do not have to have a current account linked to this liquidity reserve.
When using the sums, interest is paid only on the used part which is gradually restored with reimbursements in a similar way to revolving cards. For example, on the use of 500 USD the conditions applied on March 27, 2018 are:
- repayment in 12 monthly installments;
- installment amount 50 USD;
- total interest paid at maturity $ 77.14. (Source: Compass official website)
Viloan and Astro Finance
Viloan and Astro Finance are almost always in “tandem” in the finalized financing offers, but as regards personal loans they have wide differences. For example, only Viloan accepts a minimum amount of 500 USD
For Astro Finance, as can be seen from the official online calculation tool (again at 27 March 2018), this amount cannot be financed, while the minimum sum is 1000 USD.
With Viloan we can then proceed to a comparison simulation with the previous example. As of March 27, 2018, the loan from the Credit Agricole group financial company provides for conditions (on an annual repayment):
- installment of about 43 USD;
- interest expense at maturity: 16.12 USD.
Social lending has quickly taken off, being an alternative form to the classic loan with banks. Having said this, there may be problems in the case of amounts of 500 or at most 1000 USD. Among the not many platforms that start from a minimum sum of 500 USD we find Bukotyu.
As can be seen from the official website, this Italian start-up guarantees fast requests evaluation times and a 5-day credit schedule. To know the conditions you need to do the simulation on the platform after registering, with different rates depending on the profile you get. Obviously we cannot speak of immediate loan with the sum immediately on our account as happens with a credit or in the cash advance.
With regard to the student loan, it is possible to refer to the Bankate loan which is called Monreal loan. As evidenced by the official information sheet on March 27, 2018, it allows the request for amounts between 500 and 50 thousand USD. The rate is fixed and at the same date is 3.83%.
Loans without payroll easier?
The fact that you do not have a pay slip, but against demonstrable income or assets to be ‘presented’ as a guarantee (such as real estate) does not generally discourage banks from paying modest sums.
In case of difficulties (such as in the case of housewives or non provable incomes), only the way of the guarantor remains, or that of the use of credit cards, especially if equipped with the revolving function (often with a double plafond for balance purchases). or in installments) which, as mentioned, largely cover the sum of 500 up to 1000 USD.
Alternatively, you can see if your bank provides for the issuance of family or additional credit cards, compared to the principal holder. If, moreover, you have a good relationship with your financial institution, you can always follow the path of financing with securities under guarantee or the loan remitted.