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Payday Loans for Emergency Needs

It is extremely uncomfortable to have no options when you need emergency cash fast. For instance, if you don’t have a bank account with savings, cash stashed away in a safe, or shares & bonds that can be quickly liquidated. It’s even more troubling if you have a poor credit score, which disqualifies you from most peer-to-peer loans, traditional personal loans, or lines of credit.

Applying does NOT affect

your FICO® credit score!

All hope is not lost. You have one last resort. It entails borrowing payday loans for people with bad credit. “I heard payday loans are dangerous!” They are not harmful, provided that you manage them correctly. It’s estimated that 12 million people use payday loans every year.

What counts as bad credit?

Credit entails borrowing money with an expectation that you’ll repay on a future date. Having good credit means that lenders see you as most likely to repay the loan with no issues. Conversely, possessing bad credit means that lenders see you as less likely to abide by the terms and conditions of the loan agreement, for instance, not making repayments on time.

Remember it is in the lender’s best interest to give out loans to people that have the highest capacity and probability of repaying them. To remain profitable, the money they make from interest payments must be more than the number of bad loans. Speaking of which, what happens if you default on payday loans no credit?

Well, the lender hands over or sells your loan to a collection agency. The role of the agency is to recover the loan, and they use a combination of tactics. First, most start out by calling you multiple times.

Some annoyingly call your family or even the workplace. There is no law stopping your creditors from knocking on your door to demand their money.

The worse comes to worst when they report your default to credit bureaus. Remember, when seeking out an online payday loan, the lenders don’t mandate a hard credit check to protect your report. However, the collection agencies will damage your standing.

How does a lender know if a customer has good or bad credit?

Easy, they just look at your score. This credit score is calculated based on the information in your credit report. There are three major credit reporting agencies in the US. The files they maintain on you serve as a repository of all your current and past credit accounts. For instance, you’ll find all the activity on a credit card account you opened last year in your report.

Paying off your balances as per schedule is good. Delaying with the lender’s cash and racking up late payments is bad.

Borrowers with the highest scores tend to have some distinguishing characteristics. Similarly, borrowers with poor scores have their distinguishing features.

Here is a table comparing the two:

Borrowers with good vs. Consumers with bad credit scores

Borrowers with poor & fair credit Consumers with good credit
Have scores of 300 to 679
Have histories of late payments
May have frequent hard credit checks in the report
Late payments of bills
High-credit utilization such as maxing out credit cards
Credit rating of 680 to 850
No histories of late payments
May have fewer hard-credit checks
They pay all bills on time
Maintain a low credit utilization

How to borrow cash with bad credit

It’s not all doom and gloom for consumers with poor credit. They can borrow from no credit check lenders. These lenders will not even bother to conduct hard credit checks during pre-approval. Therefore, if you have a bad credit score, they will not be impacted further when you apply.

Applying does NOT affect

your FICO® credit score!

Two of the most popular loan options offered by no credit check lenders include:

Personal loans for bad credit

They are installment loans offering amounts of up to $35000. However, bad credit personal loans offer lower amounts, commonly $500 to $5000.

Suitable for:

  • Customers who want larger loans above $1000.
  • Borrowers looking for loans repaid over several months.

2) Payday loans

Also called cash or small-dollar loans, they have lower loan amounts and shorter loan terms. They are commonly repaid after 14 days. Unlike personal loans paid in installments, these forms of credit are paid in one lump sum payment out of your next paycheck. An online payday loan once approved can reach your bank account in one business day.

Suitable for:

Paying for small-expenses like car repairs, small home repairs, etc. Customers who don’t want to be indebted for an extended period. Borrowers looking for instant cash with few borrowing requirements. Customers with bad credit but who can repay the loan from their next paycheck

An Instant payday loan for bad credit can be life-saving tools. However, before you borrow them, you must realize that some borrowers end up in vicious debt traps. It’s predicated by failing to pay the loan when it’s due.

Some lenders will offer to roll over the loan. It’s when you’re offered a new loan to pay off the first loan. The loan fees keep piling up and that might trap you in a circle of borrowing one loan after another. Therefore, only go down this path if you’re certain that you’ll have no problems repaying what you owe.

Where to get a payday loan for bad credit

The web is rife with bad credit payday loans. It’s essential to sort through the noise and find the most genuine loan companies. Honestly, some lenders are just out to rake in profits and not help borrowers out of their financial hiccups.

Applying does NOT affect

your FICO® credit score!

That’s why at Realistic Loans, you’re matched to the best online payday loans. We save time and money with the fast service we provide. Fill out our application form and start receiving offers from direct lenders.

How to choose an instant online payday loan

Before you apply for an online payday loan here are some of the ways to sort through lenders:

  • Check out their APR: The lower the APR the cheaper the loan.
  • Look at the loan amount: Is it manageable? Can you meet other monthly financial obligations such as fueling your car after the payday loan is taken out from your next paycheck?
  • Legality: Is the lender legally licensed to offer loans in your state? Most lenders have a “Rates & terms or Licenses” page on their website. Check it to see details on all states where they offer loans.

Applying for bad credit loans online

This is the information that you are required to have before starting the process. You’re ready to start your loan application if you have:

  • Stable monthly income from part-time, full-time, or benefits.
  • A government-issued ID, and you’re at least 18 years old.
  • A permanent address and living in a state where payday loans are legal.

What if I have never borrowed a loan before?

You can still find payday and no credit loans meant for people with no credit at all and get approved when you apply through Realistic Loans. Just click “Apply Now” to get started.

Frequently Asked Questions:

1. Can you get a payday loan if you have bad credit?

Yes, bad credit payday loans are specifically tailored to people with poor credit caused by late payments, defaults, and other negative marks in their credit reports. As we have mentioned the only bad thing is that the interest rates may be higher than for other alternative loan products like personal loans given by banks or credit unions.

2. What’s the best payday loan company for bad credit?

As you prepare to make a loan application, one of the questions you may be asking is which is the best company for an online payday loan. Well, there is no right answer. Customers should instead focus on evaluating different lenders to get the best terms.

For instance, by applying through a loan matching service like Realistic Loans, you receive offers from different lenders. It is then quite easy to proceed with the loan application to find out the loan amount each is offering and the best possible interest rate.

Remember before you sign the loan agreement electronically, you can abandon the loan application process at any stage and face no consequences from the lender. Therefore, the best payday loans are offered by companies that you have specifically vetted and found to conform to your needs.

3. Where can I get a guaranteed payday loan?

Guaranteed payday loans don’t exactly exist, and here is the reason: “Not everyone who makes a loan application for an online payday loan is guaranteed to get it.” Though the bar is set pretty low, some people still don’t have what it takes to get approved.

or instance, the lender will just need to prove that you’re earning a monthly wage regardless of its source. If your income is irregular, getting rejected by lenders is quite possible. What we can guarantee is that by completing your loan application on our service, you will get loan offers from a wide range of lenders.

4. How can you improve your credit score?

Before you get started with online payday loans or personal loans, think of improving your scores. There many techniques you can use including applying for credit builder cards, checking your report for errors, etc.

Applying does NOT affect

your FICO® credit score!

Do you have any further questions?