Bad Credit Payday Loans – An Online Funding Solution
Did you know more than 60% of Americans have poor credit and a difficult time keeping well-stocked savings accounts for financial emergencies? If you find yourself needing cash fast to cover unforeseen bills, you are not alone. Vet expenses, natural disasters, illnesses, and medical emergencies can happen to anyone. The solution? Money. Unfortunately, on-hand cash to cover these costs isn’t always available for most of the population.
It isn’t just bad credit that can prevent you from getting the loans you need but also no credit. Would you believe that as many as 1 in 5 Americans lack any kind of credit history?
If you find yourself in a bind due to poor credit or no credit as well as no savings account, you may feel like your situation is hopeless. However, you don’t need to fret. There are funding options available to you; including numerous lenders willing and able to loan customers the cash they need regardless of their credit standing.
We’re talking about online bad credit cash advances: an unsecured short-term loan that can see you through until your next paycheck.
What is Considered Poor Credit?
Not everyone has a credit score. However, when you borrow money or take out a loan for things like a mortgage or a credit card, you will have a score assigned to you. The score changes as you do (or do not) pay off your debts. This number is relied upon by financial institutions to determine your financial worthiness. Or, in other words, how likely you are to repay loaned funds.
If you fail to make payments, your payments are considered late, or you overspend with a credit card, you will likely have a low credit score. This isn’t a good thing.
The actual number is decided upon using a range of criteria, but most credit scores are FICO scores. In this case, a number between 300 and 630 is considered a bad credit score while anything over 720 is generally good. Those with a low score are considered high-risk and usually have a hard time obtaining loans.
If you have a bad credit score a payday lender may still be able to provide you with funding. Simply fill out an online application for a guaranteed instant approval; made without considering your credit score.
Can I Get a Bad Credit Cash Advance Online?
More good news! You can apply for a poor credit payday loan online! From start to finish, the process is super simple. If you need a small sum of money, just fill out the request, get your cash, and then repay the loan on the following payday. Because everything is done online, you can expect a fast approval decision when compared to going through a bank or credit card company.
To start, make sure you are eligible with these requirements:
- You must be an adult, 18+
- You must be a U.S. citizen
- You must provide proof of employment and steady income
- You must have an active checking account older than thirty days
Next, navigate to our online form using your smartphone or computer. All we need is your basic details and bank account information. The approval process typically occurs on the same day. Then you can expect your money to be deposited into your bank account within one business day. The application is straightforward and takes barely any time to complete.
However, before submitting your request verify how much money you need and consider your ability to repay the loan on time. Borrowers who are delinquent risk incurring fees and penalties.
Then, your application will be sent to one of our hundreds of lending partners. When they are ready to extend an offer, usually shortly after receiving your application, you will be directed to their website. Here you will need to review the details of the loan contract before signing the agreement electronically. Once you e-sign the loan the lender will authorize the transaction of funds to your bank account.
Finally, you will need to repay the loan when it is due. On your repayment date, the lender will withdraw the loan amount plus any applicable fees directly from your account.
For most borrowers, this coincides with their next paycheck. But be mindful of how much cash you have in your account as honoring your loan contract is of the utmost importance. A failed withdrawal or delinquency can have negative effects on your ability to obtain future online payday loans.
What Is the Maximum Amount For a Payday Loans Online?
A few factors can affect how much money you can request, namely your state of residence and the particular lender. Generally, the maximum cash advance amount is $1,000. The lender will take into account your income and credit history before approving the actual amount to be loaned. Responsible borrowers who repay the first loan on time can usually expect to be approved a higher sum the next time they request a loan. Each time you satisfy a loan repayment without fault the amount requested and approved goes up by $100. If you need more money, a personal loan with a low-interest rate and payments in installments may be more suitable.
How Can a Bad Credit Payday Loan Help Me?
An online cash advance has many advantages for borrowers, especially those with less than stellar credit. You can expect:
- Fast and efficient process. You won’t be required to fill out multiple lengthy applications. Our lenders respect your privacy and won’t ask you numerous questions or your reasons for requesting a loan. Instead, all we need is one simple application that is easy to complete and done entirely online. In return, you will get a decision approval instantly and money as soon as the next business day.
- No collateral is required. Online payday loans are for a small sum of money and are unsecured. Which, as the name suggests, means we don’t require collateral in the form of an asset. Fill out your background info, verify your financials, and submit! It is as easy as that.
- Simple eligibility requirements. Most borrowers have no problem meeting our eligibility requirements. As long as you have a steady income, a bank account, and are 18 or older you are a candidate for an online payday loan! Our lenders don’t base their decision on your credit score alone and don’t run hard credit checks that could harm your score further.
- No hard credit check. We understand that you don’t want your credit score to go any lower. This is why our lenders use soft credit checks instead of hard credit checks. When they perform this type of review it doesn’t go through the major credit bureaus; keeping the check off your credit report, therefore not impacting your score.
- Safe and secure. Our lending services are confidential and we work hard to protect your privacy. By using security defenses such as encryption and regular purgings of data, you can be confident that your information is only available to you and your lender.
How Can I Find a Quality Payday Loan Lender?
Not all payday lenders are high-quality loan providers. There certainly are lenders out there who are accredited and legitimate but the opposite is also true; there are predatory lenders too. Shady lenders tend to make it difficult for borrowers to repay the loan, and trap borrowers with bad credit in high-interest loan debt circles. This often results in penalties and fees.
Don’t use one of these lenders. Only choose a quality, accredited lender from a verified and established loan service provider. Typically, these large companies have dedicated staff members, an efficient loan process, and follow the rules set forth by the Online Lenders Association (OLA).
We only work with legitimate direct lenders who have been vetted to ensure they follow strict lending practices. They only extend real loan offers and inform borrowers of all obligations and fees upfront. You don’t need to worry about being ensnared by a predatory lender. We do all the work of matching you with a first-rate legitimate lender so you can get your cash fast.