Easy Online Payday Loans For Bad Credit

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Online Loans Bad Credit

With online loans bad credit is not a problem at all. You can still get the money that you want to borrow from payday lenders and it does not matter to them if traditional lenders are not paying any attention to your loan applications at all because of bad credit. If you need cash fast then payday lenders are the ones to turn to if your credit leaves a lot to be desired.

Why Payday Loans Do Not Require Credit Checks

Payday loans do not require credit checks because these financial products were really meant as alternative financial options for consumers. These loans are meant for those who cannot use the options being offered by banks and other traditional lenders. People with bad credits are mostly unable to borrow from banks and other traditional lenders. They are looked upon as high risk borrowers because their bad credit is a mark of poor performance when it comes to their finances. It signifies that they are not really financially responsible to some degree and lending to them would be more than just a bit risky.

But online lenders are not worried about bad credit or about lending to high risk borrowers. They are perfectly fine with that. All that they require is that the borrower should have been employed for a certain period with his/her current employer, that the borrower should be of legal age and has a bank account. Lenders can do their verification from that information and after checking they can approve a loan application right away. Normally the processing time, from filing the application down to the point where the money is going to be transferred to your account, should take just a few hours


Payday loans do not require credit checks because its market is made up of those with low credit scores. That’s the main reason and part of its appeal to many people right now is that it allows everyone to borrow some money. The lenders try to recover the high risk that they are running by charging high interest rates on the loans.

Other Reasons Why Payday Loans Are Appealing

There are other reasons why payday loans are very appealing to a lot of people. The speedy processing for example can be very attractive. Cash shortages involving very small amounts can happen without any warning and would need some fast solution. When you don’t have enough money on hand to meet that sudden expense then that can be a problem. A payday loan can be available within hours. You get the money that you need right away.

Another advantage of payday loans is that there are very few or no restrictions or rules that set on how or where the money borrowed can be used. You will be the one to decide on that and you can use this flexibility of this type of loan to your advantage.

Problems with Payday Loans

We have seen the reasons why payday loans are very appealing to many users. But before you think that cash advance loans are genuine options that you should try, there are a few things that you ought to know about how payday loans can lead to financial ruin.

From Bad to Worse

Sometimes you might feel that there is no other option left and that the only thing that you can do is to get a payday loan. But you should realize that this kind of loan for the most part does not help out. Instead of getting things fixed using payday loans can actually make things a lot worse for you. The high interest rate and the short terms would make it hard for you to pay the loan in time. That would force you to extend the loan which would also mean additional fees. You might use a cash advance loan to resolve the cash problem that you have, but instead or resoling things, it could only make it worse for you.

Preying on the Vulnerable

Payday loan companies are very visible on the internet now. We are always reminded that the solution to our cash problems are just a click away. But the problem is that many lenders are actually counting on borrowers to fall into a debt trap in order to make more money. According to research, lenders make the most money out of recurring users. They are the bread and butter of payday lenders. So while lenders would say that they only lend to those who can afford it, reality is that most users of payday loans are not ready for it.

Continuous Payment Authority

In the past, lenders would require borrowers to write checks for the full amount of the loan and the fee. The check is dated on the maturity of the loan. The lender can cash that check or deposit and it is the responsibility of the borrower to make sure that his/her account has enough money. Today, that is no longer required. Lenders have found a better way and that is through the use of CPA or a continuous payment authority. This authority allows the lender to take out a payment from your bank account or credit card.

Some lenders are very unscrupulous and they would abuse the use of the CPA and that leaves the borrowers in danger. The problem is that it is not easy to suspend a CPA. It can be a complicated matter.

Options to Consider

There are actually plenty of options that you can choose from on top of payday loans. There is no need for you to use a loan that has very high interests when there are options that you can try. Here are some of those options:

    • Credit Unions
    • Peer Lending Services
    • Cash Advance
    • Negotiating with Creditors

Credit unions were established in order to help the ordinary consumer to get a better deal than the ones offered by banks. That’s why you can be sure that you are going to get a low rate from them. Peer lending services is an interesting way of borrowing money. When you join a peer lending service, other members would be the one to lend you the money. The interest that you will be charged is a lot lower.

You should also consider talking to your boss. Think about the possibility of getting an actual cash advance. Most employers are okay with this and you can get your own money. Finally, if none of those options are working then you can just go ahead and talk with your creditors. There is a possibility that you can get an extension from them.

Signing Up for a Payday Loan

There are situations though when a payday loan is really the only option. But that does not mean that you should sign up for the first lender that you come across. There is still a right way and a wrong way of doing this. You can at least make sure that you are making the best move in a bad situation.

You have to do some comparisons. The thing about payday lenders is that they have different costs. What you need to do is to go shopping around in order to find the cheapest one that is available. Don’t just look at the cost of the fees. Different companies have different ways of arranging these fees so you should be smart and figure out which ones would actually cost you more in the long run. A good way to do this is to visit the website of two payday lenders and try to work out how much would be the final cost of the amount that you want to borrow.

Check the security risks involved with the websites of the companies offering these services. There are several services that you can use for this purpose including McAfee and VeriSign. Remember that not because you have seen a really good offer from a company that you should jump in and signup with them immediately. Don’t go for services that send you any email in an unsolicited manner. They might have bought or have gotten your email address through some unscrupulous manner.

Another thing to compare is the payback strategy. If the amount that you want to borrow is relatively large and would stretch through several paychecks then you really need to find the best option to pay it back in the way that would cause less trouble to you. Remember that you would still have to pay for other expenses while you are paying for your loan.

Look for Options

But we go back again to the fact that using payday loans is not the smartest move that you can make. So you should prevent yourself from ever being in a situation where a payday loan is the only thing that makes sense. Get your finances in order and have everything planned and follow a budget strictly and there will be little chance of you ending up using a payday loan in order to get by.

Payday loans are legal in: Alabama (AL), Alaska (AK), California (CA), Colorado (CO), Delaware (DE), Florida (FL), Hawaii (HI), Idaho (ID), Illinois (IL), Indiana (IN), Iowa (IA), Kansas (KS), Kentucky (KY), Louisiana, Michigan (MI), Minnesota (MN), Mississippi (MS), Missouri (MO), Montana (MT), Nebraska (NE), Nevada (NV), New Hampshire (NH), New Mexico (NM), North Dakota, Oklahoma (OK), Oregon (OR), Rhode Island (RI), South Carolina (SC), South Dakota (ND), Tennessee (TN), Texas (TX), Utah (UT), Virginia (VA), Washington (WA), Wisconsin (WI), Wyoming (WY).

Payday loans are illegal in the following states: Arizona (AZ), Arkansas (AR), Connecticut (CT), Georgia (GA), Maine (ME), Maryland (MD), Massachusetts (MA), New Jersey (NJ) New York (NY), North Carolina (NC), Pennsylvania (PA), Vermont (VT), West Virginia (WV), the District of Columbia (DC).

Amounts: $100, $200, $300, $400, $500, $600, $700, $800, $900, $1000


Representative APR 391%
Example: You borrow $100 for two weeks. Lender can charge you a $15 fee, which means you will have to repay $115 to the lender at the end of the term. The cost of the $100 loan is a $15 finance charge, which anounts to an annual percentage rate of 391 percent. If you decide to roll over the loan for another two weeks, lender can charge you another $15. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.
Implications of Non-Payment:
Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. None payment of a payday loan might negatively effect your credit history.
Consumer Notice:
A cash advance, also referred to as a payday loan or payday advance, is a small, short-term loan that is intended to cover a borrower's expenses until the following payday. Cash advances are intended for short-term financial relief and do not constitute long-term financial solutions. Consumers facing debt and credit difficulties should seek out debt and credit advisory help. Consumers are encouraged to consult our Rates and Fees page to learn more about the risks involved with cash advances, local laws and regulations that may be applicable to cash advances, possible loan alternatives and recent developments in their state.
Legal Disclaimer:
This website does not constitute an offer or solicitation to lend. We are not a lender, does not broker loans, and does not make loan or credit decisions. The operator of this web site is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. Our provides a service only and is not acting as a representative, agent, or correspondent for any service provider or lender. We are aim is to inform users of possible lenders who may be able to satisfy the needs of a particular consumer. We do not endorse any particular service provider, lender, nor loan product. You are under no obligation to use Our service to initiate contact, nor apply for credit or any loan product with any service provider or lender. Service providers or lenders will typically not perform credit checks with the three major credit reporting bureaus: Experian, Equifax, or Trans Union. However, credit checks or consumer reports through alternative providers such as Teletrack or DP Bureau, which typically will not affect your credit score, may be obtained by some service providers or lenders, in certain circumstances. You will not be charged any fees to use our service. Learn more on our Rates and Fees section.
Residents of some states may not be eligible for a short term cash loan based upon lender requirements. We do not guarantee that completing an inquiry form will result in you being matched with a service provider or lender, being offered a loan product with satisfactory rates or terms, nor receiving a loan from a service provider or lender.