Online Payday Loans for Bad Credit

How to get Online Payday Loans for Bad Credit

Sometimes unexpected expenses can throw us for a loop. Maybe its a major automobile repair, or a hole in the roof, or maybe a trip to the emergency room. If you don't have the cash or a credit card to put the expense on, what can you do? Then, to top it off, what if you have bad credit? Forget about a loan, right? Well, maybe not.

If you are struggling with bad credit and are faced with an unexpected expense, you may (and let me repeat may) want to consider looking into online payday loans for bad credit.

Before we get into the advantages of payday loans, let's first talk a bit about the disadvantages, because there is a big one. Payday loans and cash advances are expensive. On average, you can expect to pay at least 25% interest on any loan. So, for example, if you borrow $500.00, you would owe $625.00 when you have to repay the loan. In most cases, you are required to repay the loan in 7-14 days. Someday payday loan interest rates can translate to annual percentage rates (APR) of where from 390-780%. Any if for any reason you are unable to repay the loan in the agreed upon time, these rates can really get out of control. 

Many in the government view payday loans with scorn, going as far to pass a law in 2006 that limits the APR on loans to people in the military to a maximum of 36% APR. Payday loans are also illegal in a number of states, although there are loopholes that many online payday loan providers can take to assist people who really need the help.

That's enough with the disadvantages. Is it possible to get online payday loans for bad credit if you live in a state where it's legal?

One major advantage of online payday loans is that they are issued to anybody regardless of their credit situation. So, it doesn't matter if you have good credit, bad credit, or no credit at all; as long as the payday loan lender feels you have the income to repay the loan, you'll have no problems being approved from one of many instant approval payday loan companies online.

Typically, to get approved for an online payday loan (for bad credit or not), you will need the following:

  • Job - The online payday loan lender will want to see proof of employment before giving any loans or cash advances.
  • Bank Account - Most online payday loan lenders will require you to have an active checking account and some will force you to provide you last three months statements. 
  • Documentation - The final thing you will be required to provide is documentation such a drivers license, social security card, and proof of residence.

If you meet the above requirement of being employed and you can provide the necessary documentation, then your next step is to apply for a loan online. Your first step should be to simply shop around. There are many reputable payday loan lenders that offer online payday loans. You should visit their websites, compare their interest rates, and look for reviews by other customers online.  Searches like "My experience with XYZ payday loan lender" or "XYZ instant approval payday loan store scam" or "is XYZ payday loan lending service legit?" or "do not use XYZ payday loan lenders" in google should give you a good idea if the lender is someone you can trust. One or two negative reviews for any company might be okay, but I'd certainly be concerned if you find a large number of negative comments on a company.

No hassle payday loans come with price, but can be the answer for anybody needing fast cash, regardless of their credit history. Do your homework, compare company rates, and choose the online payday loan company that gives you the best overall deal.