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.
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.
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.
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:
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:
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.
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 not do hard 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.
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.
Yes, they are quite common. Faxing is an obsolete system only used by old-style, traditional lenders. Current direct payday lenders use technology, and everything can be done online except for reviewing your loan terms and conditions, which is done over the phone directly with you. This is required by law. Bad credit payday loans are very common, and more than half of all payday loans are for people with poor or bad credit.
You can get a bad credit payday loan online but without guaranteed approval. There are no guarantees of approval as there are many factors to be considered, and everyone has a different situation to consider. That said, more than 80% of bad credit payday loan requests are approved and done online.
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.
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.
Yes, all bad credit payday loans are done with no guarantor. And there are no assets, like your car, attached to your loan.
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.
It may be possible to get an emergency bad credit loan even if you are unemployed. You will need to have a steady income source or sources to qualify. This may include your unemployment, disability, social security, annuity, or another form of income. Generally, you need an income of $1,000 a month to qualify for a bad credit emergency payday loan.
You are in the right place. Although there are no guarantees, our 120+ direct lenders provide the best chance for gaining approval. You will still need to show you have the income to qualify potentially. The best thing to do is fill out and submit a loan request form. It is short, secure, and easy to complete. Most people do so in 1-3 minutes. You get an answer in 5-60 seconds in most cases but always no more than 90 seconds.
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.