An Essential Guide to Getting 50 Dollar Loans

Everyone knows that it is not easy to get 50 dollar loans. It is because most lenders do not offer a loan lending service that can give you a loan of $50. However, some small private lending companies offer $50 loans, such as pawnshops and pay advance apps.
Although you can get $50 loans online, using a smartphone app dedicated to providing loans, and pawnshops, it is essential to check for the fees because most of them charge more money. Read on!
Where can you get a $50 loan?
There are many ways to get a $50 loan. In this section, we will tell you about a few avenues or platforms that allow you to borrow money, even very small amounts.
Pawn loans
Do you want a loan of $50 or $100? If yes, there is no better place than getting it from a pawnshop. Any pawnshop that offers small loans to people will charge around $2.50 to $12.50 per month.
Pay Advance Apps
There are several apps like Dave and Earnin that offer small loans to people who work on an hourly basis. For instance, if you have worked for some time and earned $50, you can get the paycheck in advance using these apps.
Payday Loans
In the U.S, there are many payday loan lenders that offer small loans to people. Typically the cost of getting a 50 dollar loan is the same as a 100 dollar loan. Remember, a payday lender will charge you around $10 to 15 dollars every 15 days or 30 days.
Credit Card Cash Advance
Many people don’t think of the credit card cash advance. However, this is the smartest way to get a 50 dollar loan. If you have a credit card, you can easily withdraw money from the ATM.
The interesting thing about using credit cards is that you don’t have to apply for a loan. It means there is no paperwork and you don’t have to wait for a few days to get the loan. Remember, although this option seems viable, you will have to pay a $10 fee in advance and an APR of around 20-25%.
Bank Account Overdraft
When you can’t use the aforementioned options to get the loan, as a last resort, you will have to overdraft from your bank account to get the loan. It is essential to know that most bank overdrafts will cost you more than $30. Although you can get the loan, it is an expensive option.
Factors to Consider before getting 50 dollars loan
Before getting the loan, it is important to consider a few factors. Let us talk about that in detail. First, you have to compare different loan types. For this, you should know about the type of loans and focus on factors like eligibility, fees, time duration, and speed.
After you have narrowed down your list of loans, it is time to compare lenders. In this regard, it is essential to look for factors, such as costs, repayment procedures, and any other specific requirements. If you are getting a 50 dollar loan online, make sure you check customer reviews to figure out whether or not the platform is reliable.