Direct Payday Loans For Bad Credit
Bad credit can be a big problem when applying for an online payday loan. But having a poor credit score doesn’t mean you can’t be approved for a payday loan. When you apply for a payday loan, most lenders will want to look at your ability to repay the loan and your employment and income information. That’s why you can still get approved with a direct payday lender even with bad credit. Payday loans are designed to help borrowers in a financial emergency. Yes, they have high fees and a huge annual percentage rate, but you can take advantage of the loan offer even with bad credit.
You’ll want to pay off the bad credit payday loan quickly to avoid the hefty interest rates. Contact your lender if there’s even a chance of falling behind. Bad credit payday loans are available in the right situation. But it pays to know if you need one and why you may want to avoid seeking out a direct payday loan offer.
How To Get Direct Payday Loans With Bad Credit
Odds are that if you’re looking for some payday loan or cash advance, you likely have already tried to qualify for a more traditional type of personal loan. These other loan offers include a bank loan and lower-interest tribal installment loans from direct lenders. Even though the rates on installment loans are often higher than the prime amount, they won’t get near what you see with a payday advance. Another way to find out if you have bad credit is to check your three bureau credit reports. There’s no exact number or range of credit scores to know if you have “poor credit.” But a credit score less than 600 will be a problem and prevent you from getting a bank loan, likely a personal loan.
That’s not to say you can’t fix your credit score and qualify for funding with a direct loan company. We’ve seen applicants increase their scores by over 100 points monthly by contacting their creditors regarding inaccurate information. Look at different credit repair services and consider building your credit score by removing negative or false items. Also, consider taking out a secured loan to rebuild your score and avoid a direct lender payday loan. With a secured loan you put up some type of collateral for the amount you borrow and avoid the high interest you see with many of the largest direct payday lenders.
Direct Lender Payday Loans With Bad Credit
The good news is that most direct payday loan lenders will look past your bad credit or poor credit report. Payday loans are often given to borrowers with credit scores that are less than average. Usually, this is because the direct lenders will look at your entire financial situation. Yes, you may be late on a few cash advances or loans in the past. Or you may have a past bankruptcy or charge off that went to collections. But it’s worth repeating, payday loan companies are used to people applying for loans with poor credit! They want to know if you can afford to pay back the loan. Lenders want to verify and look into an applicant’s job history and confirm their banking information.
The high-interest rate with a payday loan gives a direct lender more options in their loan options. Of course, it’s not ideal that you may have missed payments in the past. But if everything checks out with your job verification, direct deposit information, and bank details, you should be ready for a payday loan. Even with a bad credit score and missed payments, you should have no problem applying and being approved for a payday loan with a credit check.
Consider bad credit payday loans from direct loan lenders
Just because you can get a payday loan doesn’t mean you should take the offer. The rates are high, and you don’t want to get stuck making high interest payments longer than needed. Check on all other lending resources available before you move forward with a direct payday loan lender. Can you borrow money from a friend or relative? Are there any local or federal programs you may qualify for that can help you with a short term financial emergency? Also, do you need the money in the first place? Run the expected loan details through an interest calculator to get a good feel for exactly how much money you’re going to pay on a direct online payday loan that’s probably only going to get you a few hundred dollars. Payday loans are great for those with bad credit or payment issues in the past. But make sure you need the money and understand you may still qualify for other loans and financing options, even with bad credit!