$100 to $25,000*
Representative Example: $500 borrowed for 5 months
Apply For $50 - $1,000
Your payday is a few days away but your pocket is already empty? Do you want to get a small amount of money to help tide you over for the next few days?
What is a Payday Loan?
A payday advance loan is a type of credit that is meant to provide instant financial relief. It is a short-term loan which means the borrower must pay back the loan by his or her next paycheck.
Nowadays, there are plenty of online lenders that offer payday loans. Since the application is done over the Internet, you can submit a no credit check loan request anytime and anywhere – at home, at the office, as long as you have an Internet-connected device.
Are you wondering if you are qualified to get a payday consolidation loan online? The requirements are very similar to banks and traditional lenders but a tad lenient and more flexible. In order to qualify for an online payday loan, you should be of legal age, employed or receiving benefits. Having a steady source of income is important, it may be from work or government benefits. A good credit score is also a qualifying factor, but if your credit rating is not good, there are lenders who cater to payday loan borrowers with bad credit.
You should remember that a payday loan is only meant to tide you over until your next paycheck arrives. Do not get a payday loan on a whim. Use it wisely so that you don’t fall into a continuous cycle of debt which can ruin your budget and give you financial stress.
Are Payday Loans Legal?
Payday loans are loans that are paid on the borrower’s next payday. These online loans aim to provide immediate financial relief when you need a small amount of extra money. You may be wondering whether payday loans are legal – well, the answer is yes. Unless, of course, you took the loan from a loan shark, but that’s an entirely different story.
Personal loan providers realize the need for quick cash solutions which is why payday loans became popular. Add to that, many consumers seek convenience in getting a payday loan so most payday loans are available online. An online lender offers a variety of loan products, and payday loans are usually present in their suite of offerings.
Most payday loan providers offer their product as an unsecured form of borrowing which means there’s no need for a guarantor or any form of collateral to secure the loan. Some will even extend payday loans to borrowers with bad credit as long as a regular source of income, either from employment or benefits can be clearly established.
Payday loans are completely legal which is why you will see numerous payday loan advertisements everywhere. A word of caution: payday loans have very high interest rates which is why you should never get into the habit of taking out payday loans for no reason. Also, you should remember that a payday loan must be settled by your next payday or else you will be slapped with penalties and higher interest rates. Payday loans must be regarded as a last resort if you have exhausted all your resources.
Searching for the Best Bad Credit Payday Loan
Sometimes you just need quick cash for an emergency expense, or you simply don’t have enough money left and your payday is nowhere near. The best solution to take is to get a payday loan. If you are hesitant to take out a loan because your credit is bad, don’t despair because there are loan providers online who accept loan applications from individuals with bad credit.
Unlike most banks and traditional loan providers, online lenders will look past your bad credit in order to accommodate your loan request. Online lenders understand the demand for bad credit payday loans which is why they offer payday loans to borrowers with fair and bad credit. Applying for a payday loan online is hassle-free and quick.
In looking for the best payday loan for bad credit, it is important to verify that you are dealing with an authorized and legitimate loan provider and not a loan shark. There are unscrupulous companies who pretend to be legit online payday lenders in order to prey on desperate individuals. It is best to seek the recommendation of a relative or trusted friend, especially those who have experienced getting a payday loan online.
It is important to remember that although payday loans provide quick financial relief, a payday loan must be obtained with caution because it has very high interest rates and fees. Make sure that you are able to pay back the loan on your next payday in order to avoid additional fees and charges.