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Choosing the best 300 dollar loan

Finding the best way to borrow $300 online can be frustrating if you have bad credit. In this article, we'll help you choose between the best $300 loans for bad credit: installment loans, payday loans, and title loans.

Features $300 Installment Loan $300 Payday Loan $300 Title Loan
Interest rate 175% 450% 300%
Credit check Yes No No
Bad credit accepted Yes Yes Yes
Unemployed accepted Yes Yes Yes
Instant approval Yes Yes No
Same-day funding Yes Yes Yes
Completely online Yes Yes No
Need collateral No No Yes

Best for low interest rates

#1. Installment loans

The average interest rate on an installment loan is 175%, which would cost you $170.28 in finance charges on a $300 loan paid back in 6 months.

Installment loans take the cake for lowest average interest rate.

The icing on that cake is that interest rates for installment loans are fixed, which means predictable and manageable monthly payments for you!

#2. Title loans

The average interest rate on a title loan is 300%, which would cost you $309.90 in finance charges on a $300 loan paid back in 6 months.

A title loan is your next best option for lowest average interest rate.

Unlike payday loans, title loans are a collateral-backed loan; this means lenders can offer lower interest rates in exchange for your car title.

Though, repayment isn’t as flexible with this loan type. So, be prepared to make a larger payment at the end of your loan period.

Best for no credit checks

#1. Title loans

If you want to avoid the hassle of a credit check, title loans are an ideal choice.

If you own your car, have a free and clear title, and can meet inspection requirements, then you can use your car’s title as collateral to secure a $300 loan — no credit check required.

#2. Installment loans

Coming in second place are installment loans.

Now, installment loan lenders do require a credit check, however, lenders are only looking for major derogatory marks (e.g., bankruptcies or collections).

This means a credit score on the lower end of the scale won’t keep you from getting approved.

Best for bad credit

#1. Installment loans

If your credit score is between 300-579, installment loans are a fitting choice.

Lenders consider more than just your score in their approval decision. Your income and your ability to repay are factored in.

This means — even with a less than lustrous score — you're almost guaranteed to get $300 loan with bad credit.

#2. Title loans

Title loans are another strong contender in the bad credit loans category.

Your credit is not a factor with this loan type because a title loan uses your car’s title as collateral.

Title loans also offer better interest rates than payday loans, making them the financially healthier choice for a bad-credit $300 loan.

Best for the unemployed

#1. Installment loans

Installment loans are a great pick if you are receiving benefits like social security or unemployment.

Lenders are typically able to verify your benefit checks and count them toward your income (if regular payments are being received in an active checking account).

For that reason, $300 installment loans are well-suited for unemployed borrowers.

#2. Title loans

Like installment loans, title loan lenders also accept unemployment or benefit checks as income — though you’ll need the addition of a working vehicle with a clear title to use as collateral.

The approval process for a title loan is a bit more tedious, but it's still a solid option if you're unemployed and needing a $300 loan.

Best for instant approvals

#1. Installment loans

Installment loans are comfortably ahead of the competition when it comes to speed getting a $300 loan approved.

You can count on installment loans for competitive rates, an easy application process, and quick funding — putting them in an easy first place for this category.

#2. Payday loans

A payday loan is a second option for borrowers looking for instant approvals.

Thanks to online verifications, a payday loan application can be approved in as little as 10 seconds with some lenders.

With in-person visits becoming less required, payday loans outshine title loans – which nearly always require a visit to a local store.

Best for same-day funding

#1. Installment loans

If you are looking for same-day funding, installment loans rank number 1.

The main reason is that funds are disbursed the same day. So, in just a few clicks (or taps on your smartphone), you can receive your $300 loan today - in as little as one hour.

#2. Title loans

Title loans are our silver medalist in this category.

It comes in just under installment loans because of the added requirement of having to bring your car in for inspection.

You can still get the perk of same-day funding with title loans and compared to payday loans, you can save several dollars in interest!

Best for a completely online experience

#1. Installment loans

Looking for ease and convenience? An installment loan is the product for you!

Installment loans are designed to be completely online; so, applying, getting approved, and receiving funds can all be done from the comfort of your couch.

Bonus: Did we mention that installment loans have the lowest APR than any other loan in this category?!

#2. Payday loans

Payday loans make it into the top two for this category.

Now that more payday loan lenders are fully digitizing their application process, using only your computer or smartphone, you can secure a $300 payday loan online with just a few clicks.

While some lenders still require a brick-and-mortar visit, that is quickly waning in favor of online-only.

Best for no collateral

#1. Installment loans

Installment loans are the top choice here for two reasons: you don’t need any collateral to qualify and they have the best interest rates.

To be approved for an installment loan, you’ll need to consent to a credit check, but you’ll never be asked or required to surrender anything as collateral.

#2. Payday loans

If you’re looking for a $300 loan that requires no collateral, payday loans are your next to best choice.

Like installment loans, payday loans don’t require collateral. Certain lenders may ask that you write a check for the loan amount along with any fees, but payday loans require less risk than secured loans (e.g., title loans).

Frequently asked questions

Got questions about 300 dollar loans? We've got the answers.

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Are you a $300 payday loan direct lender?

No, Sound Financial is not a direct payday loan lender. We are a third-party, online loan marketplace that matches potential borrowers with the best fit direct payday lenders within our network using our insight engine.

Do you offer $300 tribal loans?

Sound Financial does not offer tribal loans, but we do offer loan products that we feel are better suited for your financial success through our lending network.

I need a $300 dollar loan today, how soon will I receive my funds?

You can receive a $300 loan as soon as the same day and it can take up to as long as 24 hours – it all depends on the loan type you choose.

If the day you are due to receive your funds (or the day your loan application was accepted) falls on a holiday, allow an extra business day for processing.

If you experience a delay in receiving your funds longer than 2 business days, reach out to your bank or your lender directly.

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