There is a parallel between bad credit and poor financial management; at least, that’s what most lenders and financial institutions think. A bad credit score is thought to be a reflection of a borrower’s inability to responsibly handle debt. As a result, the approval rates for bad credit borrowers are usually low.
However, there are financiers, known as bad credit lenders, who judge a borrower’s creditworthiness or otherwise based on how much they earn and their perceived ability to pay back the loan they are requesting (affordability), rather than how they handled debt in the past (credit score).
These lenders, especially those with decent interest rates, may not be so easy to locate, however.
That’s why we have highlighted the 10 best payday loans online with no credit checks and instant approval services you can find. The lenders among them offer some of the best loan deals around while their broker sisters connect you with lenders you can trust.
- iPaydayLoans - Best Overall
- WeLoans - Best for High Approval Rates
- CocoLoan - Best for Favorable Loan Terms
- Fast Title Loans - Best for Large Loan Amounts
iPaydayLoans offers one of the easiest ways to access payday loans. To get started, complete its loan request form. This can be completed in under three minutes. Once done, the broker connects you to numerous loan offers with competitively low APRs. These lenders run only soft credit checks and process funding within the same day or the next.
This service unlike a few others has loan offers for unemployed Americans. You can qualify for a loan if you are out of work but get some consistent income like government unemployment benefits, alimony, or pension.
- Rich, wide network of licensed, reliable lenders
- High approval rates, up to 97%
- Competitively low APRs
- Partner lenders do not run hard credit inquiries
- Does not have a mobile application
WeLoans is another big player in the bad credit loan circle. This broker is known for connecting borrowers with high approval rate lenders. An applicant’s qualification for a loan hinges on if they can handle debt going forward rather than how they handled one in the past.
Their partner lenders are CFPB-compliant and provide borrowers with other loan options like car title loans, short-term loans, and installment loans. Although an applicant can request up to $5000 of bad credit or payday loans, how much they eventually get may depend on the lender’s assessment of their profile and their state’s lending laws.
- No prepayment fees
- Funding decisions are made in under five minutes
- Simple application process
- Offers joint signing
- Not suitable for people who do not receive paycheck deposits in their checking account
Looking for a nearby payday lender? If so, CocoLoan might just be the right place to be. Using this platform, you can find a nearby payday lender, apply for a payday loan, get approval in under five minutes, and get funded within a day or two after approval. CocoLoan users also get favorable loan terms, sometimes as long as 48 months.
Its partner lenders provide personal loans for bad credit, bad credit loans, same day loans, quick loans, installment loans, payday loans, and title loans. It has a representative APR of 49.7%.
- Has a lot of short and long-term loan options for borrowers
- Zero origination fees
- The website is easy to navigate
- Interest is a little higher than some others on this list
Fast Title Loans
Fast Title Loans is another reliable resource for some of the best payday loans and personal loans for bad credit you can find around. To begin with, its UI is clean, and non-cluttered, and its web pages very responsible both on mobile and on desktop. This makes it easy to navigate even for a first-time applicant.
The broker also promises bank-level confidentiality. All biodata, personal and financial information entered on the website is safe and secure. This information is strictly used for connecting you with best-fit lenders and nothing else. Finally, borrowers are encouraged to communicate with their lenders if they foresee missing a payment deadline. These lenders are open to re-negoniating.
- Lenders run soft credit checks
- Partner lenders are open to shifting payment deadlines
- Has unsecured loans like bad credit loans, as well as secured ones like car title loans
- Some features are not open to first-time applicants
CashAdvance is one of the best bad credit payday loan providers in the US. However, it is not like your regular lender. It’s a broker instead, connecting you to lenders with borrower-friendly bad credit loan deals.
The platform has no minimum score requirements. Therefore, the chances of the average bad credit borrower qualifying for a loan are high so far they meet the lender’s basic eligibility requirements.
An applicant can request anything between $100 and $10000. It’s therefore a great choice for borrowers who need small cash advances, as well as those who need medium loan amounts.
- Platform has industry-leading safety and encryption protocols
- Has no subscription fees
- No minimum score requirement
- It is not available in all states
BadCreditLoans lives up to its name as it concerns bad credit borrowers. Here, the approval rates for bad credit applicants are really high. Also, monthly payments are reported to the major credit bureaus to help the applicant’s credit ratings improve over time.
Borrowers are encouraged to bring along a cosigner when taking out a loan. With a cosigner, you are seen as a lesser lending risk and should get loan offers with lower interest rates. Users can request up to $10000 personal loans for bad credit
- Users get lots of offers on other credit-related products like banking, credit monitoring, credit repair and debt relief
- Lenders report payments to the major credit bureaus
- Has a wide, extensive network of lenders that also includes state and tribal lenders
- Maximum loan amount isn’t as high as some alternatives
It’s no mistake that Upgrade is on this list. To begin with, only a few services can get you enough cash (up to $50000) as Upgrade can. Also, it’s the best loan service for self-employed borrowers like freelancers and on-demand workers who may not get paid via direct deposit.
To verify income, the borrower only needs to provide their bank statements and copies of their tax returns for the last two years.
Upgrade is recognized by the Better Business Bureau and well rated on TrustPilot (4.7), a popular and highly-rated customer review website. Surely, it is no scam and its policies are borrower-friendly.
- Ideal for freelancers and contractors
- Monthly paycheck deposits in a checking account are not an eligibility requirement for its loans
- Runs only soft credit checks on applicants
- No prepayment fees
- May charge origination fees up to 8%
CashUSA is your trusted broker for personal loans to be used to consolidate debts, remodel homes or finance large purchases. This broker connects you to lenders who can fund you with anything between $100 and $10000 at 5.99% to 35.99% APR.
If you are particular about working with lenders within your state, you may enter your zip code and the site will provide you with a detailed list of licensed lenders around you. CashUSA provides other credit-related services like credit repair and debt relief.
- Applicants can set up auto payment
- Data entered on the platform is safe and secure
- Provides other credit-related services
- Industry-average APR
- Lender searching can be narrowed down to nearby lenders
- Some lenders charge prepayment fees on debts paid before the payment deadline
Payoff or Happy Money is a high loan amount bad credit lender. Users of HappyMoney can borrow anything between $5000 and $40000 and get it within the same day or the following business day.
This lender looks beyond the credit score in qualifying applicants for a loan. The applicant’s income is considered instead.
Using the HappyMoney app, you can monitor payment deadlines, payments and payment balances. You may also set up automatic payments. Setting this up may qualify you for a rate discount between 0.25% and 1%.
- Competitvely low APR
- High loan amounts, up to $40000
- Has a mobile app
- Borrowers can get financial management newsletters for free
- May charge origination fees
The advantage of Upstart over other bad credit lenders is its underwriting model. Applicants qualify for loans based on non-traditional metrics like job history, residence and college education rather than the usual credit score, debts, income and assets. This qualifying model makes it easy for, millennials and people with thin credit histories in general to qualify for a loan.
As with many others on this list, only soft credit checks are run on its users. Also, funding is processed quickly, typically, the next business day. Borrowers can apply for personal loans for bad credit up to $50000, which is considerably higher than what’s obtainable with many other lenders.
- Zero prepayment penalties
- Thanks to its hardship program, a borrower can suspend their monthly payments when they are going through a financially rough patch
- Multiple payment options. Borrower can make automatic payments, pay over the phone, online or via mailed check
- Fast funding
- Does not offer secured loans
Points to Consider When Taking Out a Payday Loan
Make payments on time
Paying late is one thing you don’t want to do if you are avoiding getting into that vicious cycle of debt. Depending on your agreement with the lender, you may incur increased interests, late payment fees, processing charges or a reduced credit score if this is reported to the major credit bureaus.
Read and understand the loan terms
Just like it is important to read the contents of every contract before appending your signature on it, you must read through and understand the loan terms from the lender to be sure about what you are getting into. Pay special attention to interest rates, late payment fees, origination and a few hidden fees. Also, go through the lender’s debt collection policies.
Go with licensed lenders
Unlicensed lenders also known as predatory lenders are not covered or bound by financial regulatory laws, so they use predatory practices to take advantage of loan applicants, especially the bad credit ones among them. To be safe, use only licensed lenders. With licensed lenders, you can also be sure your data is safe and you are at a lower risk of identity theft.
Payday Loans Alternatives
Bad Credit Loans
You may want to take out a bad credit loan if you have an ailing credit. Bad credit loans are loan offers specially set up for bad credit borrowers. They may be short or long term and their lenders generally have high approval rates for bad credit borrowers.
Payday loans characteristically have high interest rates, especially as it concerns bad credit borrowers. A title loan is one good loan option to consider if you outrightly own a car and want a loan with lower interest rates. It involves submitting your car title as collateral when taking out the loan. The lender cannot repossess your vehicle so far you don’t default on the loan.
Installment loans are lump sums of money taken out by a borrower and to be repaid as fixed, equal amounts each month over the life of the loan. These fixed small amounts calculated as the total cost of the loan divided by the loan term is known as installments.
Payday loans have characteristically high-interest rates and thus, should be taken out only to settle emergency expenses or bills. Their high-interest rates are no excuse for predatory lending though. You can still get good bargains online if you know where to look. Through services like iPaydayLoans you can connect with lenders with good payday loan offers for good and bad credit borrowers alike.
What conditions must be met to get a payday loan online?
They are quite basic and easy to meet. To qualify for a payday loan offer, you must be at least 18 years old, have a monthly income of at least $800, be resident in the country, have a government-issued ID, have a checking account, and be able to provide your contact information (phone or email).
Can I still get a payday loan with bad credit?
Yes, you can. Some payday lenders are not biased against people with bad credit. Payday loans are accessible to both good and bad credit borrowers. They may also be secured or unsecured. However, locating these bad credit lenders is key. A broker like iPaydayLoans can connect you with some of them.
Do no credit check payday loans exist?
They exist and are legit. However, ‘no credit check’ doesn’t mean zero credit checks. They mean soft credit checks are run on the applicant instead. Since the lender doesn’t pull your credit report from any of the major credit bureaus, the credit check doesn’t reflect in your report and so doesn’t drop your credit ratings. Soft credit checks are, therefore, as good as no credit checks; yes, they truly exist.