How to Get a Payday Loan with Bad Credit
Millions of Americans need help every year to cover unexpected expenses, like emergency auto repairs or medical bills. But they are worried because they have poor credit. Some people even think they will not qualify for a payday loan with bad credit.
However, bad credit payday loans are available and much more common than you think. These small, short term and fee-based loans are designed with bad credit in mind and are funded through online payday lenders. All you need to do is fill out the online payday loan application form, and if approved, you would get the cash deposited to your bank account in just one (1) business day.
Still, keep in mind that payday loans and even installment loans (larger amounts and longer terms) are both fairly expensive. Payday loans are fee-based but have higher APRs due to the higher risks the lenders must take. Plus, installment loans require better credit and higher incomes to qualify.
Here are some of the most common questions about payday loans with bad credit, the answers to which you should know.
What’s the best payday loan company for bad credit?
There are many options for getting a bad credit payday loan; it can either be from storefront lenders or online payday lenders. CashOne has been a leader in assisting consumers seeking payday loans on bad credit. In fact, CashOne has helped over 500,000 people who have requested loans over more than 10 years, so you know they are a trusted resource should you need a short term payday loan with bad credit.
Are payday loans with bad credit available in my state?
Well, every state has different regulations related to bad credit payday loans. Some states do not allow them at all, e.g., NY. Others regulate the term, maximum loan amount, fees, etc. The best way to find out is to go to your state website and the section ‘Secretary of State’ or do a search for ‘payday lending regulations.’
There you will find your state’s regulations. You can also do a general Google search to get information about your state.
Can I get a $500 loan with no credit?
Yes, it is possible. At CashOne, more than 80% of people get connected to a lender who will loan them a bad credit payday loan. However, the amount of your loan may be affected by your state laws and your qualifications. Not all applicants are approved.
How can I find the trusted direct lender for bad credit payday loans?
Go to one of the oldest companies for online bad credit payday loans, CashOne.com. Their long term record of servicing hundreds of thousands of people will be hard to find. CashOne is a referral source, but they have more than 120+ direct lenders to service you. Of course, you can also go to a storefront in your city, if your state allows them.
How do I improve my chances of being approved for bad credit payday loans?
Several things could increase your chances of approval for a bad credit payday loan.
- Complete all information on your loan request form and be accurate and truthful
- Have a steady income; the longer you have been at your job will really help
- Make sure you have paid any previous bad credit payday loans if you defaulted on a previous loan it would be more difficult to get a new one
- Make sure you provide a valid ID, telephone number (cell is fine), email and any other information requested
- Make sure you have an active checking account as loans are deposited directly into your checking account, and your repayment is also taken directly from the account
When will I receive money after requesting for a bad credit payday loan?
In rare cases, you may receive your money the same day. This can only happen if you applied and were approved very early in the day. Most commonly, you will get your cash in one (1) business day. This is because banks are closed on weekends and holidays, so they cannot process your deposit except when they are open.
Can I get payday loans for bad credit with no guarantor?
Yes, this is the most common way to get a bad credit payday loan. It is very rare that a payday lender will require a guarantor or other signer on your loan. Ask your lender why they need a guarantor if it is requested.
Can I get a payday loan with a credit score of 550 or less?
Yes, again, this is quite common. Lenders are not really worried about your credit score. What concerns them the most is your job status and income. Your income is the primary determinant of your ability to repay your payday loan. Another key factor is the time you have been in your current job. The longer the time in the job, the more stable your income and, thus, the safer it is to provide you with payday loans with bad credit.
If you require emergency cash, apply online for an affordable bad credit payday loan with CashOne today!
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