Do you have bad credit and are worried about getting your payday loan request approved? Now you can have instant loan approval even if you have a bad credit score. The lender’s decision to lend a payday loan will depend on your income, credit history, and how likely you will pay back the loan.

Traditionally lenders use FICO score, which ranges from 300 to 850 to determine the likelihood of your repaying capacity. Banks, credit card lenders, and other traditional institutions consider a score of 620 or less as bad credit, and they generally turn down the loan request of bad credit borrowers. However, payday loan lenders will more likely approve a loan for you in spite of your bad credit history.

Advantages of Bad Credit Payday Loans

There are many advantages of bad credit payday loans such as:

  • Simple terms and conditions
  • Hassle-free request process
  • No long waits nor reams of paperwork
  • Convenience of completing the online application from anywhere

Payday loans help you handle emergency expenses as well as planned expenses like automobile repair, home improvement, and medical bills. You can practically use it for endless purposes.

Requirements for Bad Credit Payday Loans

To be eligible for online payday loans with bad credit, you must meet the below requirements.

  • You should be at least 18 years old and a citizen or permanent resident of the U.S.
  • You must be employed with a monthly income of $1200 per month, and the duration of the employment should be at least 90 days; however, preference is six months.
  • A borrower must have a valid email address, telephone/mobile number, and a checking or savings bank account to transfer the fund amount.

Here are some frequently asked questions on bad credit payday loans, give it a read to understand why these loans are a popular choice.

Are bad credit payday loans legit?

In the US, every state has its own rules and regulations for a payday loan, and some states do not allow it. However, payday loans for bad credit are legitimate in most of the states. Be sure to conduct research about payday loans in your state.

Can you get a payday loan with a bad credit score?

If you fulfill the essential eligibility criteria of nationality, age, employment, and income, then most likely, your payday loan will be approved even with a bad credit score.

How can you get a bad credit payday loan?

Payday loans are the easiest loans you can get with bad credit, and it takes a few minutes to fill in the loan request form. The lender transfers the fund into your credit or savings bank account soon after the payday loan is approved. However, remember that bad credit payday loans should be used only for emergencies, and if you have a steady income.

Author's Bio: 

Robin Williams is an Executive at CashOne, which serves to connect consumers across the U.S. quickly with its authorized lender network. Robin has more than 20+ years’ experience in Administrative Management, with several years in the lending industry.