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Loans for Bad Credit - what you need to know

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Loans for Bad Credit - what you need to know

Loans for Bad Credit - what you need to know

Do you have bad credit but still need a loan? There are options available to you.

If you have a low credit score, trying to find a loan can be difficult. Minimum credit score requirements can put conventional loans from banks out of your reach, but there are bad credit payday loans you can apply for. Find out about your options in our guide below.

“I have bad credit. How can I get a loan?”

You can still apply for loans when you have bad credit. Here are some things to keep in mind when finding a loan:

  • Compare your options. There are a few options available so it’s important to compare them to find the one that best fits your needs. Look at loan amount, features, the annual percentage rate (APR) and how quickly the loan is paid out to make sure the loan meets your needs.
  • Review the eligibility criteria. While these lenders accept applications if you have bad credit history, they still have criteria that will need to be met. Check the minimum age, income and residency requirements as well as the loan amount and terms that are on offer.
  • Only apply for how much you need and can afford. Lenders can’t offer you more of a loan than they think you can afford, but you should still work out what repayments you can manage and see the terms that are being offered. Then, apply for a loan that will work for you.
  • Budget to cover your repayments. When you are approved for a loan your repayments will generally start on your next payday, so make sure you have budgeted to cover the added expense.

What are the benefits of a bad credit payday loan?

  • There are a few advantages of taking one of these loans out, including:
  • You could get an easy online application.
  • You can compare lenders online and submit your application within minutes. There’s no need to visit a physical branch or fax copies of your paycheck.
  • There will be a quick turnaround time on your loan.
  • You can usually have your approved loan in your account on the same day you apply. Sometimes, depending on the lender you could get your cash within the same hour.
  • The loan term is generally short term.
  • Loan terms usually extend until your next payday, limiting the amount you pay in monthly fees and meaning you are in debt for less time. Just make sure you budget so you can repay the loan comfortably within the terms. You might not get being trapped into credit contract for longer than you need.

Questions you might still have about bad credit payday loans:

Do lenders still check my credit file?

Some lenders will still check your credit file when applying for a bad credit payday loan. However, other lenders will just need to see evidence of your income and your financial situation. You can confirm this before you submit your application.

 

How long will the loan take to be approved?

Generally, you will find out if you’re approved a few moments after submitting your application. This is for both online and in-store applications.

 

When will I receive the funds?

If you apply for a loan in-store you can usually receive your approved funds within the hour. If you submit your application online you can expect your funds to be transferred into your checking account on the same or next banking day, depending on when you submitted your application.

 

Can the loan be approved on a weekend?

Online and in-store lenders can both approve loans on weekends. However, you can only receive approved funds from a lender in-store due to being outside of banking transfer times.

 

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By submitting your information you claim you have read and understood and agree to Privacy Policy, Terms of Use, Responsible Lending and Marketing Practices