Bad Credit Payday Loans – Every Borrower's Lifesaver
Are you feeling hopeless to get loans because of your low credit score and bad credit history? What if we tell you that bad credit payday loan exist? Read on to find out more about these loans.
Some payday lenders check their applicants’ credit score (and other factors) to determine how much loan amount they will lend to you. This is also the same factor that helps lenders decide which loan applications to reject and accept.
But with this type of loan, anyone can apply regardless of their credit score. There is no need to worry if you have a bad credit history.
What is a Bad Credit Payday Loan?
A bad credit payday loan is specifically for people with poor credit scores and a bad credit history.
Unsecured bad credit loans are short term loans that offer a small loan amount to help people at times of emergency. In short, loans like this provide long term solutions to any financial situation.
In short, there are no limits when taking an online payday loan, even if you have a bad record!
How much loan amount can I borrow with a bad credit payday loan?
Basically, you can borrow a loan amount base on what you earn every payday.
How much is the interest rate?
The interest rate of bad credit payday loan vary from one payday lender to another.
On the other hand, a payday installment loan comes with a lower interest rate.
When is the repayment schedule?
Lenders usually charge a flat free (based on the loan amount) that borrowers (you) pay back on their next payday schedule. With that being said, the repayment schedule is solely based on the next payday schedule of the borrower.
As per a payday installment loan, a borrower can pay it over the loan term (often 1 year or more).
How to Determine your Credit Score
A FICO score (Fair Isaac Corporation), commonly known as the credit score is the numerical standing of a person’s creditworthiness. With that being said, this score comes from the clientele’s financial files that the credit bureaus and credit reporting agencies keep.
So, without further ado, here’s a table chart to determine where your credit score stands:
|The credit score chart|
|800 up to 850+||Perfect credit score range|
|740 up to 799||Very good credit score range|
|670 up to 739+||Good credit score range|
|580 up to 669+||Fair credit score range|
|450 up to 579+||Poor credit score range|
|300 up to 400+||Bad credit score range|
What are the Contributing Factors of a Bad Credit Score?
Having a bad credit (may it be your credit score and/or credit history) represents how irresponsible a person is when it comes to his finances. Having said that, below are the following contributing factors to a bad credit score:
- Payment history – A person with poor credit score is irresponsible to repay the loan on time. If for instance, the borrower repays the loan, it is more likely to be way past the loan maturity date (due date) – Contributes 35% of the total FICO score
- Credit utilization – How much credit has been borrowed. – Contributes 30% of the total FICO score.
- The length of credit history – Shows the length of time each account is open plus its most recent transaction. – Contributes 15% of the total credit score.
- New credit – Contributes 10% of the total credit score.
- Credit mix – Contributes 10% of the total credit score.
Can I Get a Payday Loan with Poor Credit Score?
Don’t feel too bad about your current financial situation. If you ever need a personal loan and you have a bad credit score, don’t worry about it. The payday lender will simply verify your proof of employment and compensation.
If you have pending bills that you need to pay before your next payday comes, always remember that you can always get unsecured bad credit loans.
How to Apply for Bad Credit Loans?
Applying for bad credit payday loan only takes just a few minutes. The application process can be done at home and decisions are made the same business day.
With that being said, there are some basic eligibility criteria that all loan applicants must meet:
- Must be at least 18 years old (or 21 years old as some local state law require)
- Must have a regular job (must be 3-6 months in your current job; 6 months up to years the better)
- Have an active bank account
Benefits of Bad Credit Payday Loan
Bad credit payday loan bring the best benefits. Especially to those people who are currently struggling in their financial situation. With that being said, here are some of the benefits of payday loans bad credit:
- Bad credit history is OK
- Lifesaver to any borrower’s financial situation
- Helps improve your credit score
- You can get a large loan amount
Where to Find Trusted Payday Lenders for Bad Credit?
We do not mean to brag, but you can find the most trusted payday lenders here on Purple Payday. Having said that, the lenders we work with accept loan applications regardless of the applicant’s credit score.
How Purple Payday Can Help you Get Loans even with Low Credit?
Purple Payday is a financial referring service company in America. We offer bad credit payday loan online for applicants with poor credit scores. Here’s why you must choose us:
Easy application process
When you put your good faith on Purple Payday, we guarantee you an easy application process. Not only that, you can get your cash advance the same business day!
Bad credit is OK!
Here on Purple Payday, we don’t give loan applicants a hard time to get a payday loan. As a matter of fact, bad credit score and credit history is definitely okay with us. We have payday lenders who accept bad credit.
Apply now on Purple Payday!
Rudi is a credit analyst who writes articles about credit scores, building credit, and consolidating debt. His know-how on poor credit and credit unions make his input invaluable to our company. There is no credit score out there that Rudi can’t help with.