Are you in a financial pickle? Do you need money fast, but want to avoid asking family or friends for help? If so, you definitely aren’t alone. Millions of people around the world find themselves in this same type of financial situation all the time.
If you are struggling, then you may be considering a payday loan. The fact is, this can be a great option. However, not all lenders are created equal.
If you need money fast, then it’s going to be necessary to find the easiest payday loans to get approved for. Here you can learn about some companies that offer fast approval – even for those with less than stellar credit.
In addition to finding some fast-acting lenders, you can also learn a bit more about payday loans, how to get a cash loan with bad credit and more.
How You Can Get a Loan with Bad Credit
The majority of short-term lenders are going to be more concerned with whether or not you can repay your loan, than your credit history. Also, the process to apply for one of these loans is much easier.
You can go to a brick and mortar location, which is a popular option. You can also go online. Usually, the applications are quick. When you receive approval, you may be able to get your funds in as little as one business day.
However, before applying for the loan, keep the steps here in mind.
Compare Your Options
There are several options available. You need to compare them all to find the one that best suits your needs.
Make sure you look at the amount of the loan, the repayment terms and the total cost of the loan. This will allow you to find the loan option that best meets your needs.
Review the Lenders Eligibility Criteria
While most of the payday lenders are going to accept applications from you if you have bad credit, you still have to meet their other requirements.
Be sure to know what the minimum age is, the residency requirements and any income specifics. This can help you avoid being rejected for the funds you need.
Only Apply for an Amount You Can Afford
While lenders won’t offer you more than what you can realistically pay back, the terms may still be difficult if the repayment period is short.
It’s important that you figure out what you manage. This will help you get a loan that works with your set budget.
Budget to Ensure You Can Cover Your Payments
When you are approved for a loan, the repayments will typically begin on your next scheduled payday. This means you need to ensure you have budgeted enough to cover this additional expense.
Benefits Offered by Bad Credit Payday Loans
If you are planning to take out a short-term, payday loan, you may want to get to know some of the benefits they offer.
Easy Online Application
You can compare various payday lenders online and then you can also submit an application online. This means you don’t have to worry about visiting a physical branch.
If more information is needed, you can fax or email it to the company. This prevents the need to leave your house.
When you apply for the payday loan online, you will find the approval process is much faster. In fact, you can get your loan deposited in your account in as little as one day, in some cases.
Keep in mind, this will vary based on your state and situation, but it makes payday loans much faster than other types.
Drawbacks of Bad Credit Payday Loans
If you are thinking about taking out a payday loan, there’s no question that there are quite a few benefits. However, to make an educated decision, you also need to know the potential drawbacks, which are listed here.
Unfortunately, not all lenders are going to follow the set laws and requirements. You need to make sure the lender you choose is licensed. This is the best way to ensure they aren’t trying to scam you.
Short Repayment Terms
A payday loan is known for being more expensive because of how fast you have to repay it. Make sure you are able to afford the payments before applying.
Other Options for Funding
While payday loans are a viable option if you need money quickly, there are other options, too. Many of these options are offered by payday lenders.
Some of the most popular types of fast financing options, besides payday loans, are listed here.
Auto Title Loan
If you have a vehicle, you may want to consider an auto title loan. This loan is secured with the title of your car.
With this type of loan, you may be able to get a lower rate and still drive your vehicle. Just make sure to repay the loan on time to avoid losing your vehicle.
This loan is similar to the payday loan, but they will be repaid in installments over a longer period of time. This loan may be a smart option if you aren’t able to get a payday loan in your state due to the laws in place.
Tips for Applying
After you have found the lender you want to use, you need to ensure you are eligible by reviewing the company’s requirements.
While each company is different, some of the eligibility criteria that are generally required include:
- Be 18 years or older (this may vary by state)
- Be a citizen of the U.S. or a permanent resident
- Be able to prove a steady source of income
- Provide a valid form of identification
- Provide your bank account and contact information
It’s a good idea to collect all the needed information before applying to ensure the process is as streamlined as possible.
A List of the Easiest Payday Loans to Get Approved For
Now that you know how to find a lender and other important information about payday loans, it’s a good idea to learn about some of the easiest loans for you to get approved for.
Here are some top picks for you to consider.
Check into Cash Loans
This company lets you directly apply for a payday loan and get your cash quickly. The minimum loan amount this company provides is $50 and the term of the loan varies based on your state.
In most cases, you can have your money in just one to two business days. The application is guaranteed confidential and you can complete the entire process online.
With OppLoans you can borrow from $500 to $4,000. Loan terms range from nine to 36 months based on your state and the loan requirements.
The application can be filled out online and you will receive approval and your funds (in some cases) in as little as one business day.
The requirements of a loan from this company are that you are employed and that you have a bank account with direct deposit.
Jora Installment Loans
With this lender, you can borrow up to $2,600. You must have a regular source of income, active checking account and email address to apply.
The application can be filled out online, and you can have your money in just one to two days in many cases. The repayment terms vary, but some loans offer repayment of up to 30 months.
LoansByPhone Payday and Installment Loans
With this company, you can receive up to $3,000 in just one to two business days. This is a mobile lender, and they offer cash loans.
You can apply for funding online or over the phone. The only difference in this lender is that the age requirement to apply is 21.
Finding the Right Payday Loan: The Lender Matters
If you need cash quickly, then any of the above-mentioned companies will be able to facilitate that need. This is true even for those who have bad credit.
When it comes to finding the easiest payday loans to get approved for, being informed and knowing what to look for is important.
If you need more information and help with your finances, be sure to consult our blog. We offer resources and loan options for everyone – regardless of your current credit situation.
Being informed and taking your time to find the right lender will pay off. It will help ensure that you get an affordable loan that meets your needs. It will also ensure you don’t go over budget when it comes to repaying the loan.