What You Need To Know About Bad Credit Payday Loans
Payday loans are short term loans geared to get everyone from one paycheck to another. Their loan terms are usually no longer than a month and borrowers can often receive upwards of $500 to cover their expenses. While interest rates can be high, sometimes exceeding 300%, loans are meant to be paid off quickly so interest doesn’t have time to accrue. Bad credit payday loans are a safe and reliable option to cover surprise bills before your next paycheck!
How To Get A Bad Credit Payday Loan
Getting a bad credit payday loan is fast and simple, most people can get one in just a few short steps. To request a loan, requesters must be at least 18 years of age and a resident in the state in which they’re applying. The borrower must also have an active bank account with a physical address. Many lenders also ask for both a phone number and an email address for contact information.
Once you have checked off these boxes, gather the necessary documents and identifications to apply. Everyone will need an identification like a driver’s license, their social security number, a bank account number and proof of income. With this ready, go ahead and request a loan from a lender! These days borrowers have options, either head to a local payday lender in person or apply from the solace of your own home online!
After the application has been successfully processed, financiers can deposit the funds directly into your bank account. Once the next paycheck comes in, borrowers can pay off their loan early or pay it off at the end of the term. If an emergency arises and money is needed quickly, a payday loan may be the best option!
Examples of Payday Loans By State
While payday loans are the same no matter where they are, many states have different regulations surrounding them. Some of these states allow for borrowing more money over longer periods while others keep loans to low dollar amounts and short deadlines.
|MAX Loan Amount||$500||$300||$550|
|MAX Loan Term||31 Days||31 Days||31 Days|
|Credit Requirements||Not Required||Not Required||Not Required|
|Collateral or Guarantor||Not Required||Not Required||Not Required|
Frequently Asked Questions:
Do I need to have good credit to get a payday loan?
No, you don’t need good credit to receive a payday loan.
What if I don’t have any credit, can I get a payday loan?
No, some lenders give out bad credit payday loans where they don’t run your credit. So if you have no credit to run, no problem!
Are Bad Credit Payday Loans legal?
Yes! Bad credit payday loans are legal and available in almost every state.
Can I get turned down for a bad credit payday loan?
Yes, even though lenders won’t always do a credit check to process an application you may not be approved. Lenders look at a variety of factors when not looking at credit history, such as a borrower’s ability to pay back the loan.
What do I need to apply for a bad credit payday loan?
- Social security card
- Bank account information
- Physical address
- Phone number
- Email address
- Proof of income