Get a $700 Loan with Bad Credit

$700 Dollar Loan: Quick Access to Small Personal Loans

When an unexpected bill hits, a $700 loan gives you quick cash. Through LendUp, you�re matched with lenders offering flexible terms for short-term relief. This option is built for everyday hiccups, not major purchases.

Loan Feature	Details
Loan Amount	$700
Credit Score Range	300-629 (Bad to Fair)
APR Range	35.99% - 399%
Typical Terms	2-24 months
Approval Time	5 minutes - 24 hours
Funding Speed	Same day - 2 business days
Minimum Income	$1,000 - $2,000/month

The Application Process

You'll start by filling out an online application that usually takes around ten minutes. You need to provide your Social Security Number, driver's license, proof of income like pay stubs or bank statements, and checking account information. Traditional banks won't work with scores below 660, but bad credit lenders accept scores starting at 300.

What Lenders Review

Lenders look at your debt-to-income ratio, which should ideally stay below 50%. They want to see at least three months at your current job and review your monthly cash flow. Income gets verified through bank deposits or by contacting your employer directly. Some lenders consider alternative credit data like rent and utility payments to strengthen weak applications.

Speed and costs

Lenders issue decisions in 60 seconds to 24 hours, with funding same day or within two business days. Plan to repay in 3�12 months to reduce interest, even though terms run 3�24 months. Total interest typically ranges from $20�$350, depending on rate and term.

Eligibility Requirements for a $700 Personal Loan

LendUp helps you find a lender for a $700 personal loan. Network lenders assess stability and your ability to repay without financial strain.

Age and residency

You must be 18+ and a U.S. citizen or lawful resident. Alabama and Nebraska require 19; Mississippi 21. Provide a state ID, driver�s license, or passport plus a utility bill or lease dated within 60 days.

Income and employment

Most lenders require $1,000�$1,200 in verified monthly income from employment, Social Security, disability benefits, or self-employment. Submit 2�3 recent pay stubs, bank statements with direct deposits, or 1099s.

Credit review

Scores 300�850 are considered; some accept 550�580 for $700 loans. Lenders also review debt-to-income (preferably under 40%), payment history, and current obligations.

Documents needed

• Government-issued photo ID
• Social Security number or ITIN
• Active checking account (90+ days old)
• Proof of income (pay stubs or bank statements)
• Contact information (phone and email)

Application Process: Get Your $700 Loan in 3 Steps

Through LendUp, you�re matched with lenders offering small personal loans with APRs 5.99%�35.99%. Most applications take 5�10 minutes, with decisions in 2�24 hours depending on lender and verification.

Step 1: Submit Your Online Application

Submit the secure form with your SSN, monthly income (minimum $1,000�$2,000 required by most lenders), employment, and bank details. It�s mobile-optimized and available 24/7. No hard credit check at initial submission.

Step 2: Review and Approval

Lenders use soft credit pulls and alternative data. Approval rates exceed 80% for borrowers meeting basic criteria. Upload a government‑issued ID, proof of income (pay stubs or bank statements), and checking account verification through secure portals.

Step 3: Receive Your Funds

Funds arrive by ACH. Approvals before 10:30 AM EST on business days often get same‑day funding; weekend or evening approvals typically fund the next business day. For 95% of approved borrowers, direct deposit lands in 1�2 business days.

Interest Rates and Fees on $700 Bad Credit Loans

APR Expectations

Bad credit typically means you'll see APRs between 200% and 400% on a $700 loan. Some payday lenders charge as much as 664% APR in Texas. However, certain states enforce caps�Colorado and Illinois limit rates to 36%, while California sets a 300% maximum. Lenders charge higher rates because your credit history signals greater risk.

Additional Fees

You'll pay more than just interest. Origination fees usually run 1-8% of your loan amount, which means $7 to $56 on $700. Miss a payment and you might owe $15 to $39 in late fees. Bounced payments trigger NSF fees around $34. Some lenders even charge 2-5% if you pay off your loan early.

Total Cost Examples

A $700 loan at 300% APR repaid over three months costs about $875 total. That's $175 in interest. A two-week payday loan at 400% APR runs $812, while a six-month installment loan at 199% APR totals $1,106. In states with 36% caps, you'd pay $756 over six months.

Costs Breakdown: What You'll Actually Pay on a $700 Loan

Your total cost depends on APR, loan term, and lender fees such as origination or late charges.
All examples use simple interest (actual terms vary by lender).

Sample Loan Scenarios

Term	APR	Interest	Origination Fee	Total Repayment	Approx. Monthly Payment
3 months	25%	$43.75	3% ($21)	$764.75	$254.92
6 months	18%	$63	2.5% ($17.50)	$780.50	$130.08
12 months	36%	$252	5% ($35)	$987.00	$82.25

Late fees typically range from $25�$39, depending on the lender.

Typical Ranges by Loan Term

Term	APR Range	Interest Range	Fees Range	Total Range	Monthly Range
3 months	20�30%	$35�$52.50	$15�$35	$750�$787.50	$250�$262.50
6 months	15�25%	$52.50�$87.50	$14�$28	$766.50�$815.50	$127.75�$135.92
12 months	25�36%	$175�$252	$21�$42	$896�$994	$74.67�$82.83

Additional Notes

• Some lenders may compound interest rather than using simple interest.

• Prepayment penalties: 1�2% of the remaining balance (not all lenders apply this).

• NSF (non-sufficient funds) fees: $15�$35 per occurrence.

• Always review your loan agreement carefully before accepting terms.

Direct Lenders vs. Loan Matching Services for $700 Loans

Working with Direct Lenders

Applying directly with a lender means you're dealing with just one company. They'll look at your application based on their specific requirements and decide whether to approve you. Most direct lenders process $700 loans in about 24 to 48 hours, then send approved funds straight to your bank account. You get to choose exactly who sees your information. The downside? If they turn you down, you'll need to start over with another lender.

How Loan Matching Platforms Work

LendUp works differently. You fill out one application, and it goes to multiple lenders at once�sometimes 50 to 100 vetted companies. This saves you from completing the same forms repeatedly. Multiple lenders review your information at the same time, which can boost your approval odds. Bad credit borrowers typically see approval rates between 20 and 80 percent through matching services.

Comparing Your Options

Feature	Direct Lenders	Loan Matching Services
Application Process	One lender, one decision	One application, multiple lenders
Approval Time	24-48 hours typically	Minutes to hours
Credit Pull Impact	One hard inquiry per lender	Usually one soft inquiry
Success Rate	Lower for bad credit	Higher due to multiple options

Same-Day and Next-Day Funding Options

Getting your $700 loan quickly matters when you're facing an urgent expense. Several lenders provide fast funding, but timing depends on when you apply and how your bank processes deposits. Same-day funding usually means submitting your application before 10:30 AM Eastern Time on a business day. You'll need all documentation ready and a bank account that can receive ACH or wire transfers.

Factors That Influence Speed

Your bank's processing time matters. Chase, Bank of America, and Wells Fargo often handle ACH transfers in one to two hours. Smaller banks might need three to five hours. Weekend or holiday applications won't process until the next business day since lenders work Monday through Friday. Automated approvals take 60 seconds to five minutes, while manual reviews stretch from two to 24 hours.

Next-Day Deposits

About 85% of approved borrowers receive next-day funding. If you get approved after 2:30 PM ET or on weekends, your money arrives the next business day.

Funding Speed	Requirements	Availability
Same-Day (2-4 hours)	Apply before 10:30 AM ET, instant verification	15% of borrowers
Next-Day	Apply before 5 PM ET	85% of borrowers

Alternatives to $700 Bad Credit Loans

You might find better financial options than a $700 loan if you look around. Credit unions typically offer small loans with APRs between 18% and 28%, which beats the 200% to 400% rates common with bad credit loans. They're also more open to working with people who have credit issues.

Employer-Based Solutions

Check if your employer offers paycheck advances or uses earned wage access programs like DailyPay, Earnin, or PayActiv. These let you access $100 to $500 of wages you've already earned before your next payday. Fees usually run from nothing to about $5 per transaction, far less than loan interest.

Working with Creditors

If you're trying to pay a specific bill, call the creditor first. Utility companies, medical offices, and other service providers often set up payment plans or temporary relief instead of dealing with non-payment. Most utilities offer budget billing or deferred payment for 30 to 90 days.

Community Resources

Local nonprofits, churches, and government programs sometimes help with emergency expenses like rent, utilities, or medical bills. LIHEAP can provide up to $1,000 for utility costs. Dialing 211 connects you to local emergency assistance. These don't require repayment and won't impact your credit.

Impact of a $700 Loan on Your Credit Score

Does Your Lender Report to Credit Bureaus

Your $700 loan won't help build credit unless your lender reports to Experian, Equifax, or TransUnion. Payday lenders rarely report positive payment activity. Installment loan providers and credit unions typically do. Among online lenders, around 65% report to at least one bureau. Ask your lender about their reporting practices before you sign anything. Loans reported to all three bureaus give you the best chance to improve your credit.

How On-Time Payments Help Your Score

Making payments on time can boost your FICO score by 20 to 40 points within six to twelve months. Payment history makes up 35% of your score. A $700 installment loan creates a positive trade line that shows lenders you're reliable. If you only have credit cards, adding an installment loan diversifies your credit mix, which accounts for 10% of your score.

What Happens When You Miss Payments

A payment that's 30 days late can drop your credit score by 60 to 110 points. Lenders usually report delinquencies at 30, 60, and 90 days. If your loan goes into default after 120 to 180 days, it becomes a charge-off that stays on your credit report for seven years. Collection accounts can further damage your score by 50 to 100 points. Late fees typically run $25 to $39, adding to what you owe.

State Regulations and Loan Availability

Where you live matters when you're looking for a $700 loan. State laws control what lenders can offer and how much they can charge. Eighteen states plus Washington D.C. cap rates at 36% APR or lower for small loans. Meanwhile, Nevada and Missouri permit APRs above 400%. Some states don't allow payday lending at all�Arizona, Arkansas, Georgia, and North Carolina ban it completely, leaving you with installment loans or credit unions instead.

Rate Caps Across States

State Category	APR Limit	Example States
Strict Cap States	36% or less	Colorado (36%), Montana (36%), South Dakota (36%)
Moderate Cap States	37%-299%	Oregon (154%), Washington (up to 15% of principal)
High/No Cap States	300%+	Wisconsin (no limit), Utah (no limit), Missouri (1,950%)

Why Options Differ

Licensing rules aren't the same everywhere. California requires specific licenses for loans over $2,500. Texas has its own requirements for payday lenders. Florida and Illinois track loans in databases that restrict you to one loan at a time, which affects approval odds.

What Happens If You Cannot Repay Your $700 Loan

Immediate Financial Consequences

When you miss a payment, your lender will typically charge late fees between $15 and $39. The exact amount depends on your lender's policies and your state's regulations. If your bank account lacks sufficient funds, you'll face NSF fees averaging $34 for each failed transaction. Interest keeps adding up daily at rates from 0.05% to 0.8%, which means anywhere from $0.35 to $5.60 gets tacked onto your balance each day.

Collection Activities and Credit Damage

Most lenders report delinquencies to Experian, Equifax, and TransUnion after 30 days of non-payment. This can drop your credit score by 60 to 110 points. Between 60 and 90 days past due, your account usually gets transferred to a collections agency. Legal action becomes possible after 120 days, though it happens in fewer than 15% of $700 loan cases since court proceedings cost money.

Options When You're Struggling

Reach out to your lender before you miss any payments. Many offer payment extensions lasting 7 to 30 days for fees between $10 and $25. Some will modify your payment plan to spread the remaining balance over 2 to 4 months or let you refinance into longer terms. If you've experienced job loss or medical emergencies, document everything. Around 68% of lenders provide hardship programs for qualifying situations.

FAQs About $700 Loans for Bad Credit

What are your odds of approval?

Approval is typically 60�80% if you meet basics: $1,000 monthly income, active checking account, valid ID. Lenders weigh bank history and job stability, not just credit. Under 600, you may qualify with verified income and at least 3 months of steady work.

Does applying affect my credit?

Your application through LendUp uses a soft check, so your score won�t change. Final approval may add a hard inquiry, lowering scores 5�10 points temporarily. On‑time payments can raise scores 35�50 points in 6 months. Many lenders report to Experian, Equifax, TransUnion.

What credit score do I need for a $700 loan?

Many lenders who work with bad credit borrowers will consider scores as low as 300-579, which FICO classifies as poor. Some alternative lenders skip traditional credit checks entirely and focus on your income and banking history instead. Payday lenders usually don't require a minimum score, while installment loan providers might accept scores starting around 500.

Why was my application denied?

Denials often happen when your monthly income falls below $1,000-$1,500, your debt-to-income ratio exceeds 50%, or you haven't maintained an active checking account for at least 90 days. Other reasons include having an outstanding loan with the same lender, a bankruptcy within the past year, submitting multiple applications within 30 days, or problems verifying your employment through pay stubs or bank deposits.

Can I use the loan for anything?

Yes. Personal loans don't come with spending restrictions. Borrowers typically use them for car repairs, medical bills, utility deposits, rent, or unexpected travel costs. Once the money hits your account, lenders won't monitor how you spend it.

Should I apply with multiple lenders?

LendUp submits your application to over 100 lenders at once with just one soft inquiry. Applying directly to several lenders creates multiple hard inquiries that could drop your score by 5-10 points each within a short timeframe.