Do you have bad credit but still need a loan? There are options available.
If you have a low credit score, trying to find a loan can be difficult. Minimum credit score requirements can put conventional loans from banks out of your reach, but there are short-term loans for people with bad credit you can apply for.
Find out your options in our guide below.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
- Min. Loan Amount: $50
- Loan Term: Varies by state
- Turnaround Time: 1–2 business days
- Total Costs: Varies depending on the amount and your state of residency.
- Must be 18+
- No security needed
- Confidential and secure!
How can I get a loan with bad credit?
Short-term lenders are more concerned with your ability to repay than with your credit history. Applying for one of these loans is simple. Either go online to a lender website or visit a storefront near you. The applications are usually quick, and when you’re approved, you can have your funds in as little as one business day.
Keep in mind these crucial steps before you apply to save yourself time and money.
- Compare your options. There are quite a few options available so it’s important to compare them and find the one that best fits your needs. 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 these lenders do accept applicants with bad credit, they still have criteria that needs to be met. Check the minimum age, income and residency requirements to avoid being rejected.
- Only apply for how much 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 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 so make sure you’ve budgeted to cover the added expense.
A selection of loans you can apply for with bad credit
Here are some loan providers that you can apply to. Note that the maximum loan amount is based on the lender’s maximum amount and will vary based on your state of residence. Check the websites of any providers you’re interested in to confirm they operate in your state.
A selection of lender-matching services you can apply with
These lender-matching services are not lenders, loan brokers or agents for any lender or loan broker. They focus on trying to match you with a lender that might be able to provide you the funds you seek. Note that the maximum loan amount is based on the lender’s maximum amount and will vary based on your state of residence. If you proceed with one of these services, confirm that the lender is reputable by checking with your local government.
What are the benefits and drawbacks of a bad credit payday loan?
When taking out a short-term loan, consider these points before applying.
- Easy online application. You can compare lenders online and submit your application within minutes. There’s no need to visit a physical branch or fax copies of your paycheck.
- Quick turnaround. When you apply online, you can have your loan deposited into your bank account in as little as one business day.
- Disreputable lenders. Not all lenders follow state laws. Check to make sure yours is licensed and isn’t a scam.
- Short repayment terms. Payday loans are known for being costly because of their quick repayment schedule. Be sure you can comfortably afford payments before you apply.
Amanda's emergency car repair
Amanda’s car broke down on her way to work. She took the morning off to visit the mechanic, who estimated her repair costs at $250. As a shift worker, she had already missed out on that morning’s pay and her paycheck wasn’t due to come until the following week.
She needed her car repaired to get to work, but with her low credit score, she wasn’t eligible for a personal loan.
Instead, Amanda looked at how much a bad credit payday loan would cost her. There was room in her budget for the high fees, and since she was going to be paid soon, Amanda knew she could afford it. By the next day, she had enough to pay for the repairs and was able to pull an extra shift to make up the difference.
What other options do I have for a loan?
Depending on what you need the loan for and how much you want to borrow, there are other loan options available:
- Auto title loan. If you have a car, you could get an auto title loan. The loan is secured against the title, so you can get a lower rate while still being able to drive your vehicle as you repay the loan.
- Installment loan. These loans are similar to short-term loans, but they are repaid in installments over a longer term. These loans could be an option for you if short-term loans are banned in your state.
How to apply
Once you find a lender, make sure you’re eligible for the loan by reading our review pages.
- Be at least 18 years old (varies by state)
- Be a US citizen or permanent resident
- Have a steady source of income
- A valid form of ID
- Your contact details
- Proof of income
- Your bank account details
Consider a bad credit payday loans if your credit is less-than-perfect. Always compare your options before you submit your application.