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What are bad credit payday loans?

Bad credit payday loans are short term loans, usually paid back in 1 month or less, that are designed to assist those people who have bad credit but need emergency cash.

Usually, people with bad credit do not have access to any traditional money sources like bank loans, premium credit cards, and so on.

Let’s discuss what bad credit is and you can learn more about bad credit payday loans.

bad credit payday loans

What is a Bad Credit?

There is plenty of debate about what bad credit really is. In fact, many sources use completely different credit scores when referring to bad credit. However, it is generally considered accurate to say that bad credit is when you have a credit score (from any of the 3 major credit bureaus) that is below 600. Above 600 is often labeled as “fair” credit.

The biggest factor that causes someone to have a score below 600 is having a history of late payments and/or defaults. Another factor is having too much debt and very few assets. There are other factors, but these are near the top as far as impact on your score.

What Types of Loans are there for People with Bad Credit?

If you have bad credit, then you will have very few loan options to consider. Depending on your exact score and current income, it is possible you can get an installment loan of $1,000 or more and pay it back over 6-12 months. But if you truly have poor credit this will not be an option. Instead, you will have to consider bad credit payday loans as they are designed to serve those having poor credit. And they can be a lifesaver when you have bad credit and need money immediately to cover any kind of emergency expenses.

Benefits of Bad Credit Payday Loans

Online payday loans for bad credit are the first choice for most people with credit problems. They are quick to apply for, small dollar loans, and are paid back on your next paycheck in most cases. Some other benefits include:

  • The loans are unsecured, so you do not have to risk losing your car or something else for a small loan amount
  • Bad credit payday loans are fast, easy, and secure that can be requested using the online loan request form
  • Your loan commitment will end when you repay the loan
  • Your commitment is small as payday loans online for bad credit are $1,000 or less with many states limiting them to $500 or less
  • A short term loan for bad credit is a fee-based loan, when you pay it back the fee is included and there are no other charges as long as the loan is paid back on-time

How do You Get an Online Payday Loan with Bad Credit?

First, do not drive around wasting your time and gas money to find a storefront, and another, and another. You can complete a loan request form in 2-3 minutes right from your smartphone. It is safe and secure.

You will get an answer in less time then it took to complete your request. And, if approved, you will be connected directly to your lender right on your smartphone to complete the loan process. Then your cash will be in your bank account in one business day. There really is a no better option for someone with poor credit.

There are a few eligibility requirements to be aware of. You must:

  • Be 18 years of age or older
  • Have valid ID or proof of residency
  • Have an active email, phone (cell is fine), and bank account
  • Have regular income of at least $1,000 a month (disability, pensions, social security, etc.) may qualify
  • And provide some other information as noted on the loan request form

There are some states that do not allow payday loans. You can check your state website if you are unsure about the state you live in.

Where can You get an Online Payday Loan for Bad Credit?

For your online payday loan with bad credit, you are in the right place. CashOne has helped over 500,000 people from coast to coast and has been in business for more than 15 years. So, you can trust us to do our absolute best to get you the cash you need as fast as possible. Even with bad credit, CashOne has a strong lender group, and over 80% of those seeking bad credit payday loans are approved.

Our lenders know that most people will have a poor credit score. They do without credit checks. They are concerned with your income for the last few months as it is the best indicator if you will repay your loan.

   

Bad Credit Payday Loan FAQs

Are online payday loans with bad credit legit?

Yes, online payday loans with bad credit are normal and accepted loan transactions to assist those with poor credit. They should only be used for emergency situations and not for unnecessary expenses.

How long will a bad credit payday loan take to be approved?

It takes 2-4 minutes to complete the loan request form and about 90 seconds or less to get an answer. If approved, you can expect to spend 10-20 minutes on your phone talking with your lender. They will explain the loan terms and conditions and ask for your approval. You are not required to accept any loan offer. There is no faster way to apply for and receive a loan. Your loan is funded in 1 business day.

Can a bad credit payday loan be approved on the weekend?

Yes, a bad credit payday loan can be approved on the weekend. However, keep in mind that fewer lenders work on holidays or weekends so sometimes you could be rejected due to this. If so, we recommend you reapply during the following week. Some people who were rejected on a weekend are approved on a weekday.

Can I get payday loans for bad credit with no guarantor?

Yes, all bad credit payday loans are done with no guarantor. And there are no assets, like your car, attached to your loan.

Can I get a payday loan with a credit score of 500 or less?

It is possible but the lower your score the tougher it can be to get a payday loan. The key is having a steady income. If you have a regular income, then you may be approved even though your score is really low. One thing that will likely disqualify you is if you have a recent payday loan that you defaulted on.

Will a late payment on a payday loan affect my credit?

No, payday loans are not reported to the credit bureaus. However, if you default the lender will likely send your account to a collections agency and none of us want to deal with them.

Note: We are a referral source with more than a decade of service and 120+ direct payday lenders for bad credit in our network to refer you to.

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