Can I Get a Loan With Bad Credit?May 06, 2019
Perhaps you’ve heard that it’s impossible to qualify for a loan if you have bad credit.
Well, you heard wrong.
If you’re thinking about getting a payday loan, bad credit (or no credit!) usually won’t have any impact on your ability to get the loan.
Many people are suspicious of payday loans, having heard terrifying things about high interest rates and other scams.
However, under appropriate circumstances, a payday loan might be exactly what you need.
Let’s dispel some myths surrounding payday loans and find out how the right payday loan might fit your financial needs!
Benefits of Payday Loans for Bad Credit
Many people turn to payday loans because they are in some kind of financial emergency, and they need money fast to pay off something that’s come up in their lives. That might be an unexpected medical expense, an unforeseen auto repair, or some other big, unplanned cost.
In those types of situations, payday loans offer a quick and easy solution until your next payday rolls around.
Some of the benefits of payday loans include the following.
- They’re fast. The application process usually only takes a few moments, and you’ll often find out right away how much money you’re qualified to borrow.
- They’re convenient. Because online payday lenders aren’t restricted to regular banking hours, it’s easy for you to apply when you are free to do so.
- They usually don’t require a credit check. This means that a poor credit payday loan can also be a solution for someone who just doesn’t have a credit history yet.
- They’re flexible. You can use the money for anything you need.
Find a Lender That Offers Low-Interest Payday Loans
Payday loans get a bad rap because of the high interest rates that many payday lenders have on their loans. Maybe you’ve heard some of the horror stories about uninformed borrowers paying outrageous interest amounts on a payday loan.
It’s true that high interest rates on any type of loan can hurt you. The longer you take to pay the loan off, the more and more you will pay towards that loan in interest fees.
However, not all “bad credit payday loan” providers are lying in wait to prey on you with their high interest charges. Many lenders simply want to provide a borrowing option to people with low credit or no credit.
You can avoid high interest rates on bad credit payday loans by taking a few precautionary steps.
- Shop around to find a lender with the best rates.
- Only borrow what you need, and don’t be tempted to take out a higher loan just because the lender offers it to you.
- Pay the loan off by your next payday, Treat it like an actual “payday loan,” and don’t let it sit around accumulating interest to pay back.
- Only borrow from lenders who are transparent about their fees and interest charges.
Still Have Questions?
Ready to get your money now? You can start the application process today, and have a decision within minutes!