Loans like Target Cash Now are short-term personal installment loans, similar to payday loans. With so many types of personal loans, cash advance loans, and other financial products, it can seem difficult to pick the right one for you. Keep reading to learn more about Target Cash Now, the types of loans they offer, and what your other options are!
Finding the Right Personal Loans
To efficiently navigate your financial options, you may want to take the following steps:
- Step one, review your current finances: When you apply for most types of loans, including Target Cash now and other loans like Verge Credit, the lender is going to run a hard credit check. Data from that credit check will help the lender determine if you are a good fit for their loans or not. Get ahead of the game and do a quick credit check on your own before you start applying for loans. That way, you can avoid lenders you know won’t be a good fit and focus your efforts on more suitable lenders.
- Step two, assess your financial needs: Once you’re familiar with your credit history, ask yourself a few questions about why you are taking out a loan. What are you looking to pay for? How much can you afford to repay each month? How long do you want to take to pay off your loan? Do you have other existing loans or bills that might hinder your ability to make your loan payments? Is there any way you can get the money you need without applying for a loan?
- Step three, plan repayment: If you decide that getting a loan is the right choice for you, it’s important to have a repayment plan in mind. Think about how long you want to take to repay your loan and how much you can afford to pay each month. Keep these figures in mind when you are researching lenders (such as loans like Rescue Bucks) and comparing loan offers. You can even share your ideal repayment plan with a prospective lender to see if they can match it!
Loans Like Target Cash Now: What You Need To Know
Target Cash Now is a lender specializing in short-term bad credit loans. The maximum amount a potential borrower may receive with Target Cash Now is $2,500. However, keep in mind that maximum amounts are typically reserved for consumers with top-tier credit. If your score is on the lower side, you may not qualify for the full $2,500.
Unfortunately, consumers from the following states won’t be able to take advantage of Target Cash Now loans:
- Arkansas
- Connecticut
- Minnesota
- Montana
- New York
- Pennsylvania
- Virginia
- West Virginia
Target Cash now offers several ways borrowers can repay their loans, which include:
- Electronic payments via ACH
- Non-electronic cashier’s checks
- Non-electronic money orders
While the maximum loan amount Target Cash Now offers is $2,500, accepting this full loan amount may not be the best financial decision. Target Cash Now states that their loans are not meant for long-term financial needs and are designed to meet quick, short-term financial needs. Paying back $2,500 on a short-term repayment schedule might leave you with monthly payments that are unaffordably high or interest rate charges that make paying off the loan seem impossible. If you have major expenses you are looking to repay or are simply looking for a comfortable repayment schedule, you may want to seek out alternative options.
What Are My Alternatives?
There are plenty of loan opportunities out there, so if you don’t think Target Cash Now loans will work for you, don’t sweat it! Learn about some other options below.
Personal Installment Loans
Instead of going with a direct lender that only distributes short-term loans, consider other places that are able to provide more diverse financial products. For example, there are direct lenders who specialize in both long-term and short-term funding.
Some places where you may be able to find different types of personal loans include:
- Online lenders
- Banks
- Credit unions
When researching personal loan products and lenders, you may want to turn your attention toward places that are able to tailor your loan terms to your specific financial needs. For example, if you are looking to pay for a major expense, you may need several months to comfortably repay your loan amount. On the other hand, borrowers may be able to repay loans for minor expenses in just a few weeks or less.
Credit Cards
Another financial option you may consider is credit cards. According to the U.S. Government Accountability Office, 82% of Americans have at least one credit card account.1 Credit cards work best for paying off small expenses you can repay quickly, similar to a short-term installment loan. Unlike short-term installment loans, however, credit cards allow borrowers to repay their balance over a longer period of time if needed. Credit cards are also a revolving line of credit, which means borrowers have access to their full credit limit amount at the start of each billing period.
But, keep in mind that credit card interest rates can be quite high and may cause the overall balance to increase significantly. So, while credit cards allow for more time to pay, it’s still important for consumers to prioritize paying off their balance ASAP.
No Credit Check Loans
No credit check loans are a type of funding designed specifically for bad credit borrowers. With a no credit check loan, lenders may forego the traditional hard credit checks and perform only a soft credit check during the approval process. While the lender will still inquire about a potential borrower’s credit for this type of loan, the overall score usually isn’t a big concern. These lenders specialize in extending funding to borrowers with less-than-perfect credit scores and usually only perform soft credit pulls to confirm the applicant isn’t currently going through the bankruptcy process. The downside to this type of funding is that loan amounts are typically low, and interest rates are usually high.
Cash Advances
A cash advance loan is a form of funding designed to give consumers early access to their paychecks. People can access cash advances via lenders or even mobile apps. Some lenders allow cash advances without direct deposit, but others may require borrowers to have a bank account to receive their funds. While a cash advance may seem extremely convenient, it’s important to watch out for service fees and other charges. For example, many mobile apps that offer paycheck cash advances come with service charges that may make the cash advance more of a financial burden than a convenience. Before applying for a cash advance, take a look at what charges you may have to deal with so you can decide if getting a cash advance is even worth it.
Non-Loan Alternatives
- Free up room in your budget: Take a close look at your budget and expenses and see what you are spending your money on. Is your transaction history filled with a bunch of impulse purchases and unnecessary expenses? If so, it’s probably a good idea to take inventory of those types of transactions and limit them. Try to spend money on only necessary expenses like your rent/mortgage payment, groceries, utilities/bills, etc. You may find that tightening up your spending habits frees up enough room in your existing budget so you don’t need to take out a loan!
- Get an additional stream of income: If your budget and spending habits are already tight, but you still need more money, consider getting an additional stream of income. You may try getting a temporary part-time job so you can earn extra money to pay for your expenses. Depending on your schedule, you may find remote or in-person side hustles work best for you. If you don’t have time for a second job, you may also try selling your gently used clothing, appliances, or other items. You can have an in-person garage sale so you can keep all the profits or use websites like Amazon or eBay that provide online conveniences but may take a percentage of your selling profits.
How Do Target Cash Now Loans Work?
Target Cash Now has a payment calculator tool that can help potential borrowers visualize how their loan repayments might work. This tool can also help highlight just how expensive these types of loans can be. Below is an example of how a Target Cash Now loan might look for a borrower who took out a $500 loan and repaid it with 12 bi-weekly payments with an APR of 795%.
| Payment Number | Principal Amount | Interest Amount | Payment Amount | Remaining Balance |
| 1 | $6.49 | $152.88 | $159.37 | $493.51 |
| 2 | $8.47 | $150.9 | $159.37 | $485.04 |
| 3 | $11.06 | $148.31 | $159.37 | $473.98 |
| 4 | $14.44 | $144.93 | $159.37 | $459.54 |
| 5 | $18.86 | $140.51 | $159.37 | $440.69 |
| 6 | $24.62 | $134.75 | $159.37 | $416.06 |
| 7 | $32.15 | $127.22 | $159.37 | $383.91 |
| 8 | $41.98 | $117.39 | $159.37 | $341.93 |
| 9 | $54.82 | $104.55 | $159.37 | $287.11 |
| 10 | $71.58 | $87.79 | $159.37 | $215.52 |
| 11 | $93.47 | $65.9 | $159.37 | $122.05 |
| 12 | $122.05 | $37.32 | $159.37 | $0 |
| Total: | $500 | $1,412.45 | $1,912.45 | N/A |
As you can see, a Target Cash Now loan can get extremely expensive. In this example, the borrower would end up paying over $1,900 in total just to borrow $500. That’s more than three times the original funding amount! This example also accounts for bi-weekly payments, which may not be an accessible payment structure for every borrower. If the borrower could only afford to make one monthly payment, they would end up paying even more in interest charges over time.
Target Cash Now vs. Payday Loans
How do online payday loans compare with loans from Target Cash Now? Loans from Target Cash Now and payday loans are both considered short-term installment loans. However, payday lenders may have stricter repayment terms than other types of short-term loans. Usually, payday lenders require full loan repayment within approximately two weeks. Target Cash Now may offer longer terms, but this may leave borrowers with unaffordable loan payments or terms that go on just too long. Essentially, unless you can afford to fully repay your loan within about fourteen days, you may want to stay away from Target Cash Now as well as payday loan companies alike.
Loans from Target Cash Now and a payday loan will also differ regarding maximum loan amounts. As discussed, Target Cash Now offers loans up to $2,500. Payday lenders, on the other hand, usually only deal in very small loan amounts of a few hundred dollars or less. So, if your financial needs require a larger loan, Target Cash Now and payday loans may also not be a good fit.
CreditNinja: How Does It Compare?
CreditNinja is a direct lender specializing in bad credit installment loans. Since 2018, we have been helping people find the financial solutions they are looking for, and you could be next! Check out the easy loan process below:
- Fill out a quick online application and answer a few questions.
- Upon approval, you can review your loan agreement and sign it.
- After signing your contract, you can expect funds delivered to your bank account shortly!
How Will CreditNinja Installment Loans Affect My Credit Score?
Are you trying to improve your credit score? According to USA Today, the average credit score in the United States is 702.2 Making on-time payments is one of the most important aspects of your credit history and credit score. When you make on-time payments on your loans and other financial obligations, credit bureaus take note of this positive behavior and may reward your credit score accordingly. If you are trying to boost your credit score, successfully paying off a loan like a CreditNinja installment loan may help you reach your goal!
What Are the Interest Rates With Creditninja Loans?
Interest rates for loans on an individual level will be catered to each individual financial situation. However, CreditNinja loans all come with convenient fixed rates. When loans have fixed interest, that means the applied rate stays the same throughout the loan terms. With consistent rates being applied to each installment, planning loan payments can be easy because each payment should be roughly the same!
Other loans can come with variable interest rates, which means the applied rate can change from month to month. While this can be convenient some months when interest charges are lower, it can also end up being a burden if higher interest charges make your due payment unaffordable. CreditNinja wants to set you up for success, which is why we do everything we can to make sure your payments are easy, predictable, and affordable.
FAQ: Loans for Your Bank Account
When selecting a personal loan, consider the interest rate, loan term, monthly payment amount, total cost of the loan, and any additional fees or penalties. It’s also important to assess whether the loan is secured or unsecured and the lender’s reputation.
Your credit score significantly influences the interest rate you’re offered, the loan amount you can borrow, and the terms lenders are willing to provide. Higher credit scores typically result in lower interest rates and better loan terms.
Taking out a payday loan from a direct lender can impact your credit history in several ways. If the lender reports to credit bureaus, both the loan and your payment history will appear on your credit report. Timely repayments can positively influence your credit score. However, payday loans often have high-interest rates and short repayment terms, which can increase the risk of late or missed payments, negatively affecting your credit history. Additionally, the initial application for a payday loan may involve a credit check, which can temporarily lower your credit score. It’s important to consider these factors and your ability to repay the loan on time before deciding to take out a payday loan from a direct lender.
A fixed-rate loan has an interest rate that remains constant throughout the loan term, ensuring predictable monthly payments. In contrast, a variable-rate loan has an interest rate that can fluctuate over time, based on market conditions, which can lead to changes in your monthly payment amount.
Direct lenders, including those offering payday loans, often provide a more streamlined application process and quicker funding than traditional banks. However, payday loans from direct lenders can come with significantly higher interest rates and shorter repayment terms compared to personal loans from banks.
The choice depends on your financial situation. A longer term can lower monthly payments but increase the total interest paid over the life of the loan. A shorter term means higher monthly payments but less interest paid overall.
This depends on the lender’s policy. Some lenders allow you to prepay your loan without penalty, while others may charge a prepayment fee. Always check the loan agreement for terms regarding early repayment.
If you’re struggling with loan payments, contact your lender as soon as possible to discuss your options. They may offer solutions like payment plans or temporary forbearance. Ignoring the problem can lead to late fees, increased interest rates, and negative impacts on your credit score.
Who Should Pick CreditNinja Installment Loans?
Personal loans from CreditNinja are for anybody going through a financial emergency, and feeling like they have no other options available. We know that finding an affordable loan isn’t always easy when you have a less-than-perfect credit score, and can leave vulnerable borrowers feeling like working with a payday lender is their only option. Good news, it isn’t! Check out the easy CreditNinja online application to see how much cash you could get today!
References:
- American Credit Card Debt Hits a New Record | U.S. GAO
- What is the average credit score in the U.S. by state? | USA Today
- https://www.targetcashnow.com/home
