Are you interested in getting a payday loan, but you don’t know where to start? Here are 4 payday loans bad credit online lenders. With these lenders, you can quickly get the amount you need in your account within one business day.
1. MoneyMutual
- Minimum Loan Amount: $250
- Maximum Loan Amount: $5,000
- Loan Terms: Varies by lender (typically ranges from a few weeks to months)
- APR Range: Varies based on lender and state laws but can range from 200% to 2,290% APR
- How Soon to Get the Funds: As soon as the next business day after approval
Eligibility Criteria:
- Must be 18 years old or older
- Have a regular source of income ($800/month minimum)
- U.S. resident with a valid checking account
Brief about MoneyMutual
MoneyMutual is not a direct lender but a marketplace that connects borrowers with a network of payday and installment lenders. The application process is simple and involves filling out an online form, after which MoneyMutual matches you with a potential lender based on your information.
2. CashUSA
- Minimum Loan Amount: $500
- Maximum Loan Amount: $10,000
- Loan Terms: 90 days to 72 months (3 months to 6 years)
- APR Range: 5.99% – 35.99%
- How Soon to Get the Funds: Typically within one business day of approval
Eligibility Criteria For CashUSA
- Must be 18 years or older
- U.S. citizen or permanent resident
- Earn at least $1,000 per month after taxes
- Valid checking account and working phone number
Brief about CashUSA
CashUSA is another loan marketplace, connecting borrowers with a variety of lenders who offer payday and installment loans. The online application takes a few minutes to complete. After submission, your loan request is shared with multiple lenders, and you’ll receive offers if eligible.
3. BadCreditLoans.com
- Minimum Loan Amount: $500
- Maximum Loan Amount: $10,000
- Loan Terms: 3 to 36 months
- APR Range: 5.99% – 35.99%
- How Soon to Get the Funds: Funds can be available as soon as the next business day
Eligibility Criteria For BadCreditLoans.com
- Must be 18 years or older
- U.S. citizen or permanent resident
- Must provide proof of income
- Valid checking account
Brief about BadCreditLoans.com
BadCreditLoans.com serves as a connection platform for people with bad credit to find lenders offering payday and installment loans. The application is free and fast, and the site connects users with lenders willing to work with those who have poor credit.
4. LendYou
- Minimum Loan Amount: $100
- Maximum Loan Amount: $2,500
- Loan Terms: Typically up to 30 days, but it varies by lender
- APR Range: Typically 200% to 2,290% (can be state-dependent)
- How Soon to Get the Funds: Typically the next business day
Eligibility Criteria For LendYou
- Must be at least 18 years old
- Have a regular income (often at least $1,000/month)
- Valid checking account and proof of residency
Brief about LendYou:
LendYou is a marketplace that helps connect borrowers with lenders offering payday, personal, and installment loans. The process is simple—fill out a form with basic personal and financial information, and LendYou will attempt to match you with a lender.
General Drawbacks Across All Lenders
- High-Interest Rates: Payday loans for bad credit typically come with extremely high APRs, sometimes exceeding 1,000%, making them a very expensive form of borrowing.
- Short-Term Focus: These loans are designed for short-term needs, often requiring repayment in a short period, which can lead to debt cycles if not managed carefully.
- Potential Hidden Fees: Some lenders may charge additional fees for things like early repayment or processing, so it’s essential to read the terms carefully.
- Limited Availability: These services may not be available in all states due to varying state regulations on payday lending.
Before choosing a lender, it’s critical to evaluate your financial situation and consider other alternatives. You can check these top alternatives to payday loans here.
Bottom Line
Payday loans for bad credit online can offer quick access to cash when you’re in a financial bind, even if you have poor credit. Platforms like MoneyMutual, CashUSA, BadCreditLoans.com, and LendYou connect borrowers to lenders who specialize in providing payday and installment loans to those with less-than-perfect credit.
These services make it easy to apply online and receive funds as soon as the next business day. However, the convenience comes at a high cost. Payday loans often carrying extremely high-interest rates and short repayment terms which might lead to debt-trap cycle.
