Enduring financial strain can be stressful. It gets worse if you cannot get money because of bad credit history. Many traditional lenders will consider a person with bad credit a risky borrower, so they avoid lending to this group of people. However, having bad credit does not mean an individual cannot repay the debt. This is why bad credit payday loans are becoming a preferred choice among borrowers.

Whether you need money to keep your lights on or for a medical emergency, you can rely on bad credit payday loans to solve any urgent problems. It will keep you afloat until the next payday, so the product is typically marketed for those who have a regular income. A bad credit payday loan is your friend if all other options are not available.

What Does a Bad Credit Payday Loan Mean?

A bad credit payday loan is a short-term credit available to people with bad credit. The loan is repaid on the next payday. Many lenders use the FICO scoring system, which combines financial data from major credit bureaus to calculate a borrower’s credit rating. The credit score is tied to one’s decisions, including paying loans and credit card bills without delays.

To decide if you qualify for a loan, lenders use the following FICO classification:

  • 800 to 850 credit score – Exceptional
  • 740 to 799 credit score – Very good
  • 670 to 739 credit score – Good
  • 580 to 669 credit score – Fair
  • 300 to 579 credit score – Poor

Payday loans for people with bad credit cater to the last group, considered risky borrowers by conventional providers, so they are locked out. Payday loans for bad credit are relatively easy to get as companies don’t review your credit rating to decide whether to lend to you.

» COMPARE: Bad Credit Installment Loans

Basic Requirements for Payday Loans for Bad Credit

Getting payday loans with bad credit does not require a lot of documentation. Most lenders need a few details to approve your application. If you are planning to borrow, you need to meet these basic requirements for payday loans with bad credit:

  • At least 18 years old
  • An active checking account
  • Proof of income – have a steady monthly income
  • Must be a permanent resident of the US
  • Identity verification (state-issued ID, driver’s license, etc.)

When you apply for a payday loan online for bad credit, you can receive feedback in as few as 20 minutes. The lender will approve your request and start processing the transaction. After approval, you will normally receive the money in your bank account within 24 hours, unless it is a holiday or weekend when service can be slow.

How to Apply for a Bad Credit Payday Loan

Applying online payday loans for bad credit takes a few steps, which you can complete from the comfort of your home. Of course, some people prefer to do this in the local office, so decide which option you find most convenient. The online procedure is as follows:

  • Online Loan Application Form – The first step is visiting the lender’s website to review their terms for bad credit personal loans. Use the application form and fill in the required information, including personal details such as your address, checking account, and name.
  • Verification of Information – When they receive your information, the provider will check it for accuracy and ensure you qualify for the loan.
  • Loan Decision and Processing – The lender will make a decision, and if you are qualified, they will begin processing your request. At this stage, you may be instructed to provide additional details, so keep in touch.
  • Money Received – Once approved, the cash is transferred to your checking account. Usually, bad credit payday loan lenders will process the funds within 24 hours after accepting your application.
  • Repayment – When you borrow from bad credit payday loan lenders, you are taking a short-term credit that you need to pay in a few weeks. Repayment usually coincides with your next paycheck. Depending on the terms, the company can automatically withdraw what you owe from your bank account.

Can I Get Direct Lender Payday Loans for Bad Credit?

Payday lenders don’t use your credit rating when reviewing your eligibility. You can apply for payday loans online with bad credit and still get money if you meet their basic requirements. What the lender wants is proof that you can afford to repay on your next paycheck, so IDs and income certifications are what matters most.

Getting approved depends on the lender and factors other than your credit rating. You can find different organizations that offer payday loans for poor credit. RKS Loans is one of the most trusted companies in this industry that you can address to borrow quick cash.

The Best Alternative to Payday Loans With Bad Credit

If you are looking for an alternative to payday loans with bad credit, there are several options you can use:

  1. Unsecured personal loans
  2. You could look for an unsecured personal loan if you don’t have an asset you could use as collateral. Most lenders will lend to you if you can offer proof of regular income.

  3. Title loans
  4. You can use your vehicle to get a loan. The lender holds the title until you clear the debt.

  5. Help from family
  6. Family and friends are other options if you need money. But be careful when going this way, as you must pay them back to ensure you don’t ruin your relationship.

  7. A salary advance
  8. If you are hit by a financial emergency, you can explain your situation to your employer and seek a salary advance. This helps you avoid costly debt and solves your problem.

  9. Peer-to-peer lending
  10. Find peer-to-peer lending services that match borrowers to lenders. The system ensures lower interest rates and charges lower fees.

Tips to Improve Your Credit Score

The best way to boost your credit score is to pay your bills on time. This includes debts and other obligations. Also, make frequent payments throughout a month to lower your credit card balances. If you get credit report errors, immediately file a dispute.

Advantages of Borrowing From RKS Loans

A few of the reasons you should borrow from RKS Loans include the quick approval process and the fact the lender does not consider your credit score when evaluating your application. You also get affordable rates and fewer charges. Most importantly, the company is a licensed and legitimate lender.


Are Payday Loans Bad for Your Credit Rating?

Payday lenders generally don’t report to credit bureaus, so you will not suffer any worse rating if you pay as agreed. However, if you default and the case escalates to the court, you may attract the attention of the bureaus, which could affect your rating.

What Are the Best Payday Loans for Bad Credit?

This depends on the terms given by the lender. Always review all the conditions to know if their service is right for you. Check interest rates, charges levied on transactions, and other hidden fees.

Where Can I Find Payday Loans With Bad Credit?

You can apply for payday loans online through the lender’s website, or you can visit their in-store location.