No matter your credit history, you may still qualify for a loan.
Your credit doesn’t have to cut you off from a loan. Payday loans can be a useful tool when you’re facing an emergency expense or trying to make ends meet, but you’ll want to make sure you know exactly how much it’s costing you before you sign on the dotted line.
Our top pick: CashNetUSA Loan
Our top pick: CashNetUSA Loan
- Turnaround Time: 1 business day
- Loan Term: Varies by state
- Requirements: Regular source of income, bank account, US citizen or permanent resident, ages 18+
Can I get a payday loan with bad credit?
Yes, your credit history likely won’t prevent you from qualifying for a payday loan. In almost every case, lenders that offer payday loans — as well as other types of short-term loans — are more concerned with your ability to repay than with your credit history. As long as you have a steady source of income and meet a lender’s other requirements, your credit likely won’t play a major role in the decision process.
However, this does mean that you will likely face much higher fees and interest rates that you would with a personal loan. This can easily add hundreds of dollars to your loan if you aren’t careful, so read over the terms you’re given and compare your options below to make sure you’re getting a good deal.
What are the benefits of a bad credit payday loan?
- Apply without a checking account. Most lenders require you have a checking account when you reply because they use it to deposit your funds and withdraw your payments. However, you can find some lenders that offer cash loans to borrowers without bank accounts.
- Apply if you’re unemployed. Some payday loan lenders will consider you for a loan if you’re unemployed, as long as you’re receiving some sort of income, such as government benefits or income from pension.
- Quick turnaround. When you apply, you can have your loan deposited into your bank account in as little as one business day. If you opt for cash pickup, you may be able to get your funds on the same day.
What to watch out for
- High interest. Lenders charge borrowers with bad credit higher interest rates. Because of this, payday loans may not be legal in your state. If they are, you could have to pay an APR well above 300%.
- Short repayment terms. Payday loans are known for being costly because of their quick repayment schedule. Many are due two to four weeks after being borrowed, so you’ll need to be sure you can afford it by checking your budget and the lender’s fees carefully.
- Disreputable lenders. Not all lenders follow state laws. Check to make sure yours is licensed and clearly outlines its terms. If you’re unsure, learn how you can spot a payday loan scam.
Payday loan providers that accept bad credit
How do I improve my chances of being approved?
Although lenders that offer bad credit payday loans don’t focus on your credit score, you’ll still want to be sure you’re eligible. Follow these four steps to reduce your chances of rejection and to be sure you’re getting an affordable deal.
- Compare your options. It’s important to compare payday loan lenders before you settle. You’ll want to look at the loan amount, repayment terms and the total cost in order to find a loan that meets your needs.
- Review the eligibility criteria. While many payday loan lenders do accept applicants with bad credit, they still have minimum requirements that need to be met. Many require a certain monthly income or proof of employment.
- Only borrow what you can afford. Although lenders can’t offer you more than you can pay for, the terms may still be difficult if the repayment period is too short. You should determine what you can manage and find a loan that works with your budget.
- Budget to cover your payments. When you’re approved for a loan, your repayments will generally start on your next payday. Make sure you’ve budgeted to cover the added expense, which can be anywhere from $10 to $25 in fees for every $100 advanced to you.
What do I need to apply?
Most lenders require you to at least be 18 years old, a US citizen or permanent resident and have a steady source of income. Beyond that, you may need to provide some of the following information:
- A valid form of ID
- Your contact details
- Proof of income
- Your bank account details
What are my other short-term loan options?
Payday loans aren’t the only option for borrowers with bad credit. These other loans could be helpful for you if you need money but don’t have the credit for a loan from a bank.
- Installment loan. Installment loans last longer than payday loans. If you know you won’t be able to pay back your loan in a few weeks, this may be a better option. However, you may end up paying more in interest and fees over the long run.
- Auto title loans. If you have a car, you could use your title as collateral for a loan. This often results in a lower interest rate, but you run the risk of losing your car if you can’t afford to repay your loan.
- Bad credit ersonal loans. Personal loans are harder to get if you have bad credit, but there are bad credit personal loan options. However, you’ll likely need to borrow more money at once to be approved.
- Payday alternative loans. Payday alternative loans are offered by credit unions. PALs are one of the best options for borrowers in need of short-term financing, but you will need to be a member of a credit union to qualify.
- Other short-term loan alternatives. There are other ways to get quick cash, like asking a family member or picking up a second job. And if you’re still struggling, there are multiple state-run programs to help you balance your budget and avoid paying the high fees associated with a short-term loan.
Are payday loans available in my state?
Bottom line
A payday loan can be a good option if you’re facing an unexpected expense and have bad credit. However, high costs and quick turnaround may make one difficult to afford. Before you jump into a big loan decision, compare more payday loan options to find one that fits your needs.
I am trying to find out best how to best be approved for a bad credit installment loan. Can you help?
Hi Phillip,
Thank you for reaching out to Finder.
If you check the requirements under the 4th column of the comparison table, you would need to meet those to be eligible in applying for a loan. Please see the steps below as well on how to improve your chances in getting approved:
Compare your options. – It’s important to compare payday loan lenders before you settle. You’ll want to look at the loan amount, repayment terms and the total cost in order to find a loan that meets your needs.
Review the eligibility criteria. – While many payday loan lenders do accept applicants with bad credit, they still have minimum requirements that need to be met. Many require a certain monthly income or proof of employment.
Only borrow what you can afford. – Although lenders can’t offer you more than you can pay for, the terms may still be difficult if the repayment period is too short. You should determine what you can manage and find a loan that works with your budget.
Budget to cover your payments. – When you’re approved for a loan, your repayments will generally start on your next payday. Make sure you’ve budgeted to cover the added expense, which can be anywhere from $10 to $25 in fees for every $100 advanced to you.
Hope this helps!
Cheers,
Reggie
Hi, I live in California. Low 500s credit score. No credit check loan for 4k. I make 5,500 a month gross. Thanks.
Hi Dee Boy,
Thanks for getting in touch with finder. I hope all is well with you. :)
You are on the right page, Dee Boy. What you need to do is compare your options using our table above. Enter your state and from there, you should be able to see available lenders in your area. Click on the “Go to site” green button once you found the right lender for you.
When having a low credit score, it might be tempting to seek for the help of lender who doesn’t do credit checks. While this can be an appealing option, you need to know of the dangers of no credit check installment loans.
I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.
Have a wonderful day!
Cheers,
Joshua
I recieve a benefit check each month and work full time.I live in Arkansas and need to know if I can get an installment loan.My credit score is only 517. I need a loan desperately to get my bills caught up Any advise?
Hi Cathey,
Thanks for leaving a question on finder.
If you have low credit since and you are from Arkansas, the only lender who can help you is BadCreditLoans.com. To start your application, please click HERE.
To be eligible for this loan here are the criterias:
– Be at least 18 years old.
– Provide proof of citizenship, such as a Social Security number, or legal residency.
– Have a regular income, either from full-time employment, self-employment, or disability or Social Security benefits.
– Have a checking account in your name.
– Provide work and home telephone numbers.
– Provide a valid email address.
Since you receive pension, whether it’s an employer retirement benefit or Social Security, you are eligible for loans HERE.
Once you have decided on the suited loan for your needs, you may click on the green ‘Go to site’ button to submit your application or know more about the loan offer.
Cheers,
Joel
I have very bad credit and receive SSI benefits.Every place keeps deny me. I am looking for a installment loan of $500 for a emergency situation. I have direct deposit, could you point me in the right direction plz?
Thanks
Hi Rhonda,
Thanks for leaving a question on finder.
If you rely on a pension, whether it’s an employer retirement benefit or Social Security, you may find your loan options somewhat limited. That’s because many lenders require you to have a steady job to be eligible.
You do have some options, however. We take you through what those are and show you how to compare these options so you can choose the right loan for you. Please click HERE to compare and be guided.
Cheers,
Joel
Hello, I have a few questions about a payday loan. My credit isn’t the best. Which site is the best legitimate one to use?
Hi Krystin,
Thanks for your inquiry. Please note that we are not affiliated with any company we feature on our site and so we can only offer you general advice.
You’re actually already on the correct page for payday loans for people with bad credit. Please select your state and it will show you a list of loans that you can compare.
Please click the name of your preferred lender to find out the details and the minimum eligibility. You may then click the green “Go to Site” button to submit your loan application online.
We cannot recommend a specific loan or what is the best. All loans that are listed on our site are legit and safe.
Best regards,
Rench
How can I get a loan with bad credit and no bank account. I get SSI monthly on a debit card direct deposit.
Hi Alicia,
Thanks for your inquiry.
No bank account? No problem. Get a loan without a checking or savings account. Please check out this page.
Hope this information helped.
Cheers,
Arnold
I don’t have a bank account, but I have a prepaid debit card all I need is $100.I do recieve SSI each month, I have direct express. Can I please get help with a loan
Hi Patricia,
Thank you for your inquiry.
You may want to consider a prepaid debit card payday loans. You can loan from a minimum amount of $50, but please keep in mind that the max loan amount may vary depending on the lender. You can review and compare your options here.
I hope this information has helped.
Cheers,
Harold
Is it possible to get a loan after bankruptcy without waiting 2 yrs
Hi Sue,
Thank you for your inquiry.
During your bankruptcy or after you’re discharged, you may find yourself in need of a loan. But are there lenders who’ll be willing to consider you for a second chance. You may want to consider the options available here.
I hope this information has helped.
Cheers,
Harold
I have a job..my money is on a card from my job..I DO NOT HAVE MT OWN PERSONAL Account with this company except a prepaid card separately from this job..but I would prefer for the money to come from my jobs Debit card account set up from me to guarantee that the pay day loan is paid weekly from my job…can I get a loan with this information? Please help me to stop putting in all my personal information to these loan companies please.
Hi Martha,
Thanks for your question.
The lenders on this page may consider you for a loan even if you don’t have a personal bank account.
Before submitting your application, kindly review the eligibility criteria of the loan and check with the lender if the particular prepaid card you have meets their criteria.
Cheers,
Anndy
I need a loan without a checking account I have a prepaid card.
Hi Sandra,
Thank you for your inquiry.
Most lenders require that you have a checking account, as this makes it easy to check your credentials. However, you can find some lenders that offer cash loans to customers without bank accounts. You can check the list of offers here.
I hope this information has helped.
Cheers,
Harold