Poor Credit Payday Loan Alternatives
Get approved for a poor credit payday loan alternative, with our professional direct lenders. Also known as an installment loan. Complete the short application and you will know instantly if you have been approved.
If you are approved the funds could be sent direct deposit to your checking account. Even if you have bad credit you may qualify for a monthly installment loan.
Can I Get a Payday Loan if I have Bad Credit?
Of the 325.7 million people in the United States, about 30% have a poor credit score. That puts the count to more than 97.7 million!
With such a huge number, it's likely that you belong in this group. And that you've suffered the consequences of having poor credit. Credit that ranks anywhere lower than 601.
Poor Credit Payday Loan Alternatives
One such effect of bad credit you've possibly encountered is difficulties in having a loan approved. You may even have received multiple rejections because of this.
You don't have to give up though. Payday loans with bad credit can still get you the financial help you need.
What exactly is a payday loan for bad credit though? In this post, we'll discuss the basics of such services and how you can benefit from it. Especially if you find yourself in a sudden financial pinch.
So, make sure you read on!
Why Payday Loans Alternatives are Necessary
Before we continue discussing payday loans for hard working, blue collar folk, let's get into the nitty-gritty of credit scores first. And how it can make your life more difficult in today's already-difficult economy. These days people are fighting the Covid-19 Virus, unemployment, scare groceries, stay at home orders, it just never ends.
Say you have an Experian credit score lower than 670 but higher than 579. Did you know that lending institutions already consider you a "subprime borrower"? In other words, lenders look at you as a higher-risk borrower.
Can I Get a Payday Advance Alternative with No Credit Check?
If you have a bad credit score, you have low chances of receiving approval for traditional loan applications. And even if the lender does approve it, you'd still face seriously high interest rates.
Bring the score down further, say between 300 to 579. According to Experian, 17% of consumers in the U.S. fall within this range, referred to as "Very Poor." Our lenders do not run a hard credit check when you submit your cash advance application. Most short term lenders do not require a credit check when you apply.
Your chances of getting a loan application rejection is really high if you look for a traditional credit union or bank loan. In the unlikely event the lender does give you a green light, you should prepare yourself to pay the highest interest rates. That and/or fees and deposits.
But that's not all. The impact of poor creditworthiness goes beyond loan applications.
Payday Lending Alternatives with Direct Deposit
If you receive an offer from one of our direct lenders, and you accept the terms of the loan. The payday loan alternatives will be sent direct deposit to your bank account. You do not have to wait around for days or weeks to get you cash. The money is usually in your account by the next business day, many times within 24 hours.
What Else Does a Poor Credit Score Affect?
For instance, a bad credit score also affects your chances of securing that apartment you want to rent. It can also lead to skyrocketing car insurance rates. You may even feel the consequences when you see the very limited options you can select from when choosing cellphone services!
As you can see, bad credit is something more than just a low score. It's a measurement of your trustworthiness in repaying your debts after all. A set of numbers indicating whether you can rely on lenders for help in times that you need financial aid.
We're talking about traditional lenders though. The good news is, you'll find other financial institutions that'll offer you short term loans with bad credit. And those are the installment loans we've mentioned in the beginning of this article.
Payday Loans with Poor Credit Near Me
Depending on where you live, a payday loan with poor credit near me is usually a possibility. Now that you know how massive (and many) credit score-related problems are, it pays to know what and how you can get a payday loan with bad credit.
Payday loans, at their core, are short-term funding programs. You'll find these in varying terms, although most of them require you to pay back the capital with the interest within your next salary. Hence, the term "payday" in its name.
Approvals Even with Really Bad Credit
Short term loans with bad credit, as the name already suggests, are specifically for people with poor credit. These financial services don't take into account the borrower's credit score. Even with a credit score of say, 500 (which traditional lenders already consider very poor), payday loan lenders will still qualify the borrower.
The biggest benefit of alternatives to payday loans is their quick approval process.
Just think about it. When you apply for conventional loans from banks and credit unions, you'd have to wait many days, weeks, and even months to receive an update. And if you have poor credit, then you most likely will receive bad news.
How Long Does it Take to Get a Quick Online?
With a $1000 payday alternative loan, you'll know right away the status of your application. Some lenders will shoot you a message about your application usually the instant you submit the application.
The best part? The news is often good - which means you're approved. You'll get the funds you need soon after, or within the next business day.
How's that for quick and easy access?
Another Big Advantage: Minimal Loan Requirements
Because payday loan lenders don't factor in bad credit scores, then you can already expect minimal requirements. This means much fewer documents and paperwork to gather and submit.
At the very least, you only have to complete the application form and provide details of your current employment. You'd also need to give them your bank account info. The lender will use this to send your requested funds to.
Again, the terms and conditions of such quick and easy loans vary. But in most cases, you don't have to deal with a lot of strict and rigorous loan processing must-haves. And there's also the fact that you'll know right away whether you qualify or not.
Disadvantages of Payday Loans
All these good things about payday loans for people with poor credit, may have had you excited. Before applying for one though, it's vital you also know their drawbacks.
First and foremost: Make the repayments on time. As you would with a traditional loan, you need to pay back the money you owe on or before the due date. This is even more important for a payday loan, since these services usually come with higher interest rates.
Borrow Only What You Need
Next, keep your loan applications at a minimum. While payday loans are really helpful, especially in times of emergencies, you shouldn't put complete reliance on them. Again, they're short-term loans, so use them only as needed.
Applying for payday loan alternatives with is an option if you suddenly find yourself facing an emergency. Think sudden hospitalization or a soon-overdue bill. At the same time, you should still practice care and caution, seeing as you don't want to wallow in more debt you can afford.
Get More Information
Want more info on payday loans? Then check out this blog. You'll find more tips and tricks there when it comes to securing a signature loan even with poor credit.
March 16, 2021
All loan terms are between you and the lender that may offer you short term credit. We have no access to the interest rate, loan duration, payment amounts, or annual percentage rate (APR). Not all lenders are able to offer you the amount you request. Annual percentage rate may be dictated by the laws of the state where you reside. This may limit your ability to access credit. All lending decisions are made by lenders, not us. Read all terms and conditions provided by the lender prior to accepting a legally binding loan agreement.
Short term credit is not a long term financial solution. It should only be use in an emergency until a less expensive option is available. Void where prohibited.
We receive compensation from lenders for providing your information in an attempt to help you get a funded by one of these lenders. We make no guarantee you will receive the amount you request on your application or that you will receive any loan offer with specific terms. Everything on our website should be considered an advertisement that we may be compensated for.
Most of the lenders in our network do not use a typical credit check, meaning with the 3 main credit bureaus. They may review an personal loan industry specific report such as DataX or Teletrack.
Services on our website are free to use. You will not be charged to submit an application. Installment loans and payday loans should be use only as a temporary solution.
Must be 18 years old to apply and be a full time citizen of the United States.
If you have any complaints about a lender you can contact the Consumer Financial Protection Bureau (CFPB) at:
Mail a complaint
Consumer Financial Protection Bureau
PO Box 2900
Clinton, IA 52733-2900
or call: (855) 411-2372