Can I Get an Instant Payday Loan with Bad Credit?
The answer is, yes.
Payday loans are a type of unsecured loan, which means you don’t have to have assets or good credit to get one. Payday loans for bad credit look beyond your credit score and consider other factors such as your income and employment history.
Instead of solely relying on your credit score, payday loan lenders just want to know if you can afford the loan and if you’re capable of paying according to the repayment terms.
This is what makes payday loans a favorable option for people with bad credit that are in need of immediate cash. They are easy to apply for, quick in processing, and don’t require a hard credit check.
Do I Qualify for Quick Payday Loans?
Thinking of getting a quick payday loan but not sure if you qualify for one? Don’t worry, we've got you covered! Some loan lenders may have different requirements for qualifications, but in general, these are the requirements most lenders will ask of you when getting a payday loan:
To qualify for a quick payday loan, you need to be at least 18 years old.
Government Issued ID
You need to be a permanent resident of your state to qualify for a payday loan. To help the lenders verify that, you need to provide a government-issued ID.
Source of income
Payday loan lenders need to know if you have a stable source of income to verify whether you can pay the loan within its repayment terms. A stable source of income could either be from employment or a self-employed business.
Active bank account
To qualify for an instant payday loan, you need to have an active bank account so the lenders can easily transfer the funds as soon as they're available.
Valid contact details
When applying for an instant payday loan, you need to provide your reachable contact details for easier transactions.
How Fast Would Instant Payday Loans Be Processed?
The advantage of instant payday loans is that they can be processed as soon as all the required documents are submitted.
At WeLoans, after you submit your loan request form, our network of trusted loan lenders will immediately receive your application info. If you choose to avail of an instant payday loan using our platform, we ensure that our payday loan partner lenders all offer competitive interest rates and don’t hide fees.
After the lenders review your application, they will then approve your loan application and send out their offers in as little as 15 minutes. The subsequent process also will not take you much time and all be completed on the same day of your instant payday loan application!
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I Need a Payday Loan Immediately. How Can I Get It?
In deciding whether to get a payday loan, you need to first figure out if this is the loan you need and maybe consider other loan options as well. But if you have already set your mind to get a payday loan, then you can go ahead and follow these steps:
Step 1: Complete the loan request form
You can go to our homepage to get the loan request form and fill in the required information. Worried about your data privacy? At WeLoans, your information will remain secure and confidential as we follow information safety protocols.
Step 2: Receive Approvals
After you submit the loan request form, our partner payday loan lenders will get the application details. They will review your application and make a decision on your request.
Step 3: Agree on an offer
You can accept an offer after making comparisons and deciding on it. You can then sign the agreements with the lender you choose.
Step 4: Get your funds
Once the loan agreement is finalized and agreed upon by both parties, expect your funds to be deposited in your account the same day, or as soon as the next business day.
How much would you like?
How Do I Select the Best Instant Payday Loan Direct Lender?
In applying for a loan, it’s also equally important to look for qualities that signify a good instant payday loan direct lender. Here are things you can look for in selecting the best instant payday loan direct lender:
1. Lenders who provide loans even with bad credit
Compared to those with good credit, people with bad credit may have limited direct loan lender options. If you are a borrower with bad credit aiming to get a loan, look for lenders who also consider your income and employment history.
2. Lenders with competitive interest rates
To ensure you’ll get a loan that won’t end up being a burden to you, look at various direct loan lenders and compare their interest rates and repayment terms. Choose the one that offers the least interest rates and repayment terms that are within your financial capacity.
3. Lenders with no hidden fees
While you’re looking and comparing various interest rates, be careful of those with surprisingly very low interest— so low it sounds hard to believe. Those kinds of loans might be your entrance to an endless cycle of a debt trap.
Take a look at their reviews, ask around, or maybe ask directly to the loan lender why they have a very low-interest rate. Scrutinize it properly as they may have hidden some fees somewhere in their terms.
4. Lenders who fund quickly
Don’t forget that the purpose we apply for a loan is because we need money. Therefore, choose a lender who understands this immediate need for cash and will fund you quickly. All in all, choose a direct lender who will help you break free from your financial worries.
5. Lenders with high success rates
When choosing a direct loan lender, take a look at their overall success rate. Do they have stellar reviews? If they have high success rates, this only means their loan repayment terms are achievable and realistic as most of their borrowers can pay their loans.
6. Lenders with proper customer service
You don’t want a loan lender that evaporates out of nowhere when you need them most. Thus, they must have efficient and helpful customer service.
These are most of the things you need to look for when looking for a direct loan lender. Quite confusing and stressful, right? If you’re in a financial bind, the least you want is more stress when looking for a loan.
That’s the reason loan brokers are here! If you want to skip this stressful research, choose an efficient and trusted loan broker like WeLoans as we will be the ones who will research for you.
We take pride in our network of loan lenders as they offer competitive interest rates and no hidden fees. They qualify as the ideal loan lenders!
How Does WeLoans Compare?
|Why Use Us?|
|How much am I allowed to borrow?||Up to $35,000||No hidden fees or charges|
|What are typically the loan terms?||Up to 36 months||Various repayment options|
|Do lenders check my credit?||Yes||Soft search only|
|Do lenders take bad credit?||Yes||Bad credit considered|
|Chances of approval||Good||Quick turnaround|
|How to apply?||Apply online||No paperwork needed|
How much does a payday loan cost?
The cost of the payday loan depends on the loan amount and the loan agreement between the lender and the borrower. It’s important to note that the only fees you should be paying are those written on the agreements you signed with the lender.
How do I repay the payday loan?
Payday loans are short-term loans that can be repaid on or before your next paycheck. The method of payment can be settled and agreed upon by both parties during the agreement process but the most common repayment method is through a debit bank account.
Can I repay the loan amount later than the due date?
No, paying the loan amount beyond your due date will badly hurt your credit score. You might find yourself in an even more stressful situation when you have a bad loan history and have lost the trust of the loan lenders.
Is there a limit on the amount I can borrow?
With WeLoans, you can borrow money from $50 to $5,000 for payday loans, but the final amount you can borrow depends on the lender you choose. The lender will only let you borrow the amount they think you can afford based on your income.
Is instant payday loan legal?
It depends where you live. Some states allow payday loans, while some don’t because of their high interest rates. Before you acquire one, make sure you take a look at your state’s payday loan jurisdictions.