Have bad credit history and need a loan? Get it through a direct short term loan lender.
If you’re in need of a loan but don’t have the credit score for a traditional lender like a bank, an alternative option is a direct short term loan, also known as a payday loan. There are loan-matching services available that can connect you with multiple lenders, but if you’re in a rush, it might be easiest to go directly through the lender rather than through a matching service.
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 does a direct short term loan work?
Depending on the lender you select, you can apply online or in-store, and the application should only take a few minutes to complete. Most lenders process applications quickly and let you know if you’ve been approved soon after. Once you sign the contract, you typically have to repay the loan by your next payday.
Online applicants can get their money transferred electronically into their bank account, and in-store applicants can collect their approved funds in person shortly after approval.
Keep in mind that payday loan regulations are not the same in every state. While direct lenders may be legal in one state, they could be illegal in your home state.
Short term loan lenders you can apply with
What to look for in a direct short term lender
Not all direct short term loan lenders are the same. Pay attention to these points while comparing lenders:
- How easy is the process? Online direct short term loan lenders are an easy way to apply for a short term loan, but not all online applications are equally user-friendly. Some lenders might ask you to fax certain documents to verify your credentials, and the overall time these lenders take to review applications, approve your loan and disburse your funds varies significantly.
- Does the lender conduct credit checks? While many short term lenders don’t carry out credit checks using the big three credit reporting agencies, a large number still end up turning to Teletrack. If you’re looking for direct short term loan lenders who doesn’t use Teletrack, you’ll have to limit your search to lenders who clearly advertise ‘no Teletrack payday loans’.
- What fees will you pay? The amount you borrow and the state you live in affect how much you pay in terms of fees, but that does not mean all direct short term loan lenders charge the same fees for a given amount. Check what fees and charges come with the loan before you apply.
Benefits and drawbacks
- With you from start to finish. When you work with a direct lender, you deal with a single institution throughout the process – from applying to the disbursement of funds and repaying the loan. This can make borrowing much simpler.
- Information is secure. Loan matching services can pass your personal information to various third-parties, and there’s no telling how many marketing calls might follow.
- Miss no opportunity. While a number of loan matching services boast extensive lender networks, they might still manage to miss a few good ones. When you’re on your own, you can take the time to look for ones based on your specific needs. You don’t have to worry about missing out.
- Spend more time looking. If you limit your search to direct short term loan lenders and refrain from using a loan matching service, you may end up spending more time in finding the right loan.
- Disreputable lenders. In the online lending space there is always a chance of finding a disreputable lender. Make sure you check the reputability of the lender before you apply.
- Costs and terms. A drawback of any short term loan is the cost. You’re likely to pay a high APR that can range from about 28% to 1000%, or higher when taking out a short term loan. You also won’t have much time to repay your loan with most loans due on your next payday.
Is there anything to avoid?
- Avoid taking out more than you can afford. Even when you’re looking for direct short-term loan lenders because you have an immediate financial need, keep in mind you’ll have to be able to repay the loan. If you’re not sure about your ability to repay on time, you may want to avoid taking the loan in the first place.
- Avoid late payments. When you make late payments, lenders will charge late fees. If there is no money in your bank account on the due date, you could end up paying non-sufficient funds (NSF) fees. Banks and credit unions charge these fees to cover the costs of a bounced check when there aren’t enough funds in your account to cover the repayment.
- Avoid refinancing. Refinancing the loan adds additional costs in the form of charges and fees. You’ll have to repay the original loan amount, the fees accrued from the first loan period, and the fees from the second as well.
- Avoid settling. Given that there are dozens of direct short term loan lenders in the US, it’s best that you compare a few before making any kind of a decision. See what options you have available and find the right lender for your borrowing needs.
Eligibility and how to apply
Applications can easily be completed and submitted online. In order to secure a loan you will need to meet some qualifications:
- Be a US citizen or permanent resident
- Meet the age requirements (usually 18-21)
- Have a steady income
If all of the requirements are met there are just a few steps to apply:
- Provide your name, date of birth, address, and email address
- Fax state-issued ID or enter the information if applying online
- Give details about your employment status and income
Are payday loans available in my state?
Compare short term loans in your state
Frequently asked questions
What is a personal loan?
A personal loan is one without collateral, meaning lenders rely on your credit score instead of your property, like your home or car.
What can I use the money for?
Like all short term/payday loans, getting money directly from a lender means you can use it for whatever you want. If you’re late on bills, rent or anything and are in need, a short term loan can help pay your expenses.
What is the maximum amount I can borrow?
The state you live in and your monthly income determine this. The maximum loan amount can also vary between different direct short term loan lenders.
How much time does it take for a lender to give me money?
Online direct short term loan lenders typically transfer money by the next business day.
Does a late payment or not paying at all damage my credit?
Yes, upon non-payment your lender can initiate collection, which in turn would have an adverse effect on your credit score.
What is Teletrack?
Teletrack is credit reporting service agency that collects information for businesses like short term loan companies, rent-to-own, and furniture stores that offer financing. Your Teletrack report will note your loan history with these types of lenders as well as if your contact information matches up with what you’ve reported in the past.