When you are stranded and need cash urgently in an emergency, payday loans with bad credit and no checking account can really come in handy. Indeed, it can be rather challenging to get a loan when you have a bad credit score. This is because most lenders and creditors check your credit score to determine the risk they might be taking by lending you money.
What Really Is a Bad Credit Payday Loan?
A bad credit payday loan is a service that allows you to get short-term loans to cover unexpected financial emergencies when you have a poor credit history. Today, you can get a payday loan with a repayment period of up to 12 months.
» COMPARE: No Checking Account Payday Loans
The Pros of Bad Credit Payday Loans
The following are the key advantages of bad credit payday loans:
- They Are Easily Accessible
- They Have Relatively Fewer Requirements
- Have an active bank account
- Have a regular source of income
- Have a government-issued Social Security number or ID
- Be 18 years of age or older
- You Don’t Need a Good Credit Score
- Bad Credit Payday Loans Are Unsecured
A lending decision is usually given right away, and you can access the cash within 24 hours. You can also apply online for your loan any time or day of the week. What’s more, the application process can take as little as 5 minutes.
Unlike traditional lenders who ask for your credit report, proof of income, photo ID, and Social Security number, bad credit payday loans typically have fewer requirements. You only need to:
Bad credit payday loans offer guaranteed payday loan approval with bad credit. This means that you do not need to provide your credit history to be eligible for the loan.
You do not need to provide personal property such as a title deed to secure a payday loan. This, in effect, prevents the lender from seizing your property in case you default the loan. However, keep in mind that there are other measures that the lender can take to recover the loan, such as taking you to court.
How Can You Easily Get Bad Credit Payday Loans Online?
RapidLoan is a trusted network of lenders from different cities and states who offer payday loans for bad credit guaranteed approval. We offer access to over 1000 lenders with at least a 90 percent approval rate. You can apply for a loan within a few minutes and, once approved, get your money within 24 hours. You don’t have to wait in long queues or drive long distances to find a loan storefront.
We keep your information safe and confidential using secure internet connections. What’s more, you do not have to worry about hidden fees because we only deal with trusted lenders. Therefore, if you need instant cash, a guaranteed payday loan for bad credit is an excellent option.
When Applying for Bad Credit Payday Loans, What Are the Few Requirements?
There are very few requirements for applying for a bad credit payday loan. Before you get started, you should:
- Be Employed
- Not Borrow Too Much
- Pass Certain Checks
There is very little background information needed when applying for a bad credit payday loan, but you will typically have to be gainfully employed for your application to be approved. This helps to provide some insurance on the money you receive.
Applying for too big of a loan can discourage the lender from approving your request, especially if it seems like you may not be able to repay the amount you are asking for. To be on the safe side, be sure to read the loan terms and conditions before you apply. If the interest rates turn out to be way more than you can handle, you may find yourself in a vicious cycle of debt that will be difficult to maneuver out of.
You may have to fill out a certain form designed to check your background information, fraud alert, and in some cases, your credit history. It is advisable, to be honest in your answers because your loan application may be rejected if there are any red flags.
If your loan application is denied, it could be due to several reasons. Either way, it means that your potential lender is credible and does not just give out loans to every person. Some of the reasons that may cause your payday loan to be rejected include.
Where to Get Bad Credit Payday Loans?
It is not hard to find a vendor for such loans. Please choose the best lender near your location because they are all over the states and the various cities.
This review has revealed everything you needed to know about bad credit payday loans. Thus, if your credit rating is poor, you should not worry. You can still get a guaranteed payday loan for bad credit on a minimum of $1000 from various trusted lenders. However, you will have to fulfill some requirements to get approved for the loan.