Editor's choice: OppLoans Installment Loans
- Easy online application
- Quick approval
- Fast funding
- Long repayment terms
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There are plenty of instances where people are caught short and need extra money, but finding a short-term loan when you have bad credit can be difficult. If you need money quickly, you could turn to a payday lender to get a loan.
Some lenders advertise guaranteed loans. Take caution. There is no such thing as a guaranteed payday loan. While some lenders don’t require great credit, they still have other eligibility criteria you need to meet in order to be considered.
“Guaranteed” payday lenders offer more flexible lending criteria than a traditional bank or credit union. This doesn’t mean you’ll be approved. Instead, a “guaranteed” lender is more interested in your ability to repay than your credit history–a steady source of income is usually the most important factor.
To apply, submit your application online or in-store. The lender will review your credentials and inform you soon after submission if you’ve been approved.
If you are approved, there are different ways to pick up your loan. In-store applicants may receive funds within a few hours of approval in the form of cash, check or prepaid debit card. Online applicants can have their money transferred to their bank account as soon as the next business day or choose to have an in-store pickup.
These are short-term financial solutions, meaning you have to repay the loan on the scheduled due date, typically your next payday. If you decide to take out a payday loan, keep in mind the interest can be quite high. You’ll need to budget your repayments before you borrow, otherwise you may be stuck in a cycle of bad debt.
When comparing payday loans to find the best offer, keep in mind some of the following features:
A payday loan can help you get by in times of financial need, but if you’re not able to repay on time, there could be consequences. Late or missed payments generally mean more fees, higher interest and a possible mark on your credit rating.
Go through the loan contract carefully before accepting to learn your due date and how much the loan will end up costing you. Sometimes a loan may seem like a good offer, but the extra fees and short turnaround mean you won’t be able to pay on time.
If you don’t like the terms of your loan, you aren’t obligated to sign. It’s better to walk away from money and work out other ways to finance emergency costs than adding on more debt.
Most lenders will want you to meet some basic eligibility criteria:
Your application will also require some information to verify your qualifications.
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