Payday Loans for Bad Credit
Money in your hands when you most need it!
- Simple, Fast, Secure!
- Flexible Terms
- Instant Decision on Loan Approval
- Poor Credit or No Credit OK
Your One-stop Solution for Bad Credit Payday Loans
If you are like 60% of Americans who struggle to maintain even $500 in their accounts in savings, odds are you might find yourself in a bind when an unprepared for emergency strikes. Those curve balls that life throws from time to time way out from the left field. Be it a natural disaster or an unforeseen expense, money, is in most cases, the quick fix that’s needed to put things right. Money, however, that most Americans don’t have!
What’s more, one in ten Americans (that’s nearly 45 million) are living without any credit score to speak of.
Hence, if you find yourself stranded, with no savings to dip into and no credit to resort to, you might feel like you have nowhere to turn to. But the good news is that there are many financial solutions out there. There is a whole slew of lenders eager to offer loans to borrowers from all walks of life and credit ratings.
One fast solution is the payday loan for people with no or poor credit. A bad credit payday loan is a fast cash advance: a short-term unsecured loan that offers you the money you need until your next payday.
What is Bad Credit?
Credit score, in general, is assigned to a person in order to predict a borrower's ability to pay. A credit report is compiled by looking at the borrower's debt repayment history. If there were any delinquencies registered (in the form of late payments, credit card overuse or outright bankruptcy), that individual "earns" a bad credit rating. Such a rating means the individual is a high-risk borrower with a low likelihood of repaying their debts.
Credit scores are determined by diverse-ranging criteria, but the most common is the FICO score. Your credit is considered bad once it falls anywhere between 300 and 630 and good if it hovers anywhere between 720 and 850.
If you happen to have bad credit rating, you can apply with a lender who can offer you a short-term loan without taking into consideration your credit.
How to get Online Payday Loans for Bad Credit?
The process of obtaining bad credit payday loans is pretty straightforward. The individual seeking to borrow a relatively small amount of cash can apply for the loan online and repay it on his or her next payday. The online request process is quite simple, and the great advantage is that the approval decision process is the fastest compared to any other type of personal loan.
First, the borrower must fulfill some basic requirements:
- Be a U.S. citizen and at least 18 years of age.
- Be gainfully employed and provide proof of such employment in the form of pay stubs or bank statements.
- Possess a checking account that is in good standing.
Second, the application for a payday loan for bad credit, which takes only a few minutes to fill out, is done online via a smartphone or computer. The approval process is completed on the same day after which the funds are transferred electronically into the borrower’s checking account. If the application is received before 5 pm, then the money is deposited on the next business day.
The borrower must make sure that the loan fee is within his or her ability to pay. This is important because the fee will be added to the total loan amount and will have to be paid at maturity date.
Third, if the borrower agrees to the terms and conditions, by signing the contract with the lender electronically, the funds are then transferred directly into his or her bank account.
Fourth, on maturity date, the borrower repays the full loan amount plus fees, which are withdrawn electronically from the borrower’s next pay deposit.
It cannot be stressed enough the importance of honoring your loan commitment! In other words, be diligent in your repayment and make every effort to pay it fully and on time. Any lapse in your obligation – paying late or defaulting on your payment will directly impact your future eligibility for other loans.
How Much Can I Get?
What do I gain by choosing a Bad Credit Payday Loan?
This type of loan offers a number of benefits over other types:
- Quick process. When you go for payday loans, the lender will never ask you a battery of questions or to provide a briefcase of supporting documents. The application process is quick (the decision approval is ready in minutes), easy and can be done from the comfort of your own home.
- No collateral needed. As the bad credit loan amount is small, all you need to do is fill out your online application and provide the necessary information. That’s it! Unsecured loans are called so because no asset is required to secure the loan.
- Easy to qualify for. All the requirements asked of you is that you are gainfully employed, are at least 18 years of age and have a bank account.
- Will not impact your credit rating. It’s no problem if you have no credit or bad credit. The lender will perform an alternative – ‘soft’ credit check, which will not show on your credit report or impact your credit score in any way.
- Confidential and secured. The information that you provide is encrypted and secured through several security measures. Similarly, all transactions between you and the lender are not disclosed to anyone else, and so, are entirely confidential.
How Do You Search for a Reliable Payday Loan Provider?
You need to be aware that there are many bad credit payday lenders. The danger is that among legitimate and accredited lenders you can find just as many predatory ones that are running shady operations. As a rule, these are looking to entrap you into a short-term, extremely high-interest loan that can prove extremely difficult to repay. This can drag you into a vicious cycle of re-borrowing or getting your debt rolled over at the cost of additional fees and interest.
Instead, opt to deal with reliable lenders, who are usually larger, accredited, and well-established loan organizations. These, in contrast, are managed by a large team of staff, have a streamlined operation and, most importantly, comply with the Online Lenders Association (OLA) guidelines.
The lenders in our network adhere to the governing rules and regulations for the sector, disclose all the specifics of the process to the borrower in a clear, straightforward manner, and provide flexible repayment options. We do all the work to connect you with a bad credit payday lender that will best suit your needs.