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Bad Credit Payday Loans: How to Get Them

Bad credit will follow you everywhere. You’ll struggle to be approved for auto loans, mortgages, and personal loans. Bad credit can even keep you from renting an apartment.

If you find yourself in a crunch, though, you can look at bad credit payday loans to help you navigate through an emergency. Some lenders will only take into account your income, and not check your credit at all. Others will risk lending to higher risk customers by imposing a higher interest rate.

Let’s take a look at a few resources available to you if you need a quick payday loan.


Before we talk about LendingTree, let’s make something very clear. There are websites which will collect your information (social security, bank account numbers, and employer phone numbers, just to name a few) and offer you access to their network of lenders. The end result of using these sites is that you don’t end up with a loan at all. You’ve just supplied your personal data to hundreds of other websites.

Now, while we certainly don’t normally advocate using these sites, LendingTree is an exception. The company works with real lenders, and can actually give you referrals to real companies like OneMain, Capital One and others.

The LendingTree application process is pretty simple; you’ll enter your name, birthday, address and the last 4 of your social to be matched with products which you might qualify for. At that point, it’s up to you to choose products, but you can be assured that they’re legit companies and not data mining.

You can filter the results by product, by your credit score or by the issuer. LendingTree refers customers to credit cards, personal loans, mortgages and others, so no matter what you’re looking for, you can probably find a product to help you out.

Credit Karma

Credit Karma has been around for a decade, and has a solid reputation as a resource for consumers. Like LendingTree, Credit Karma doesn’t offer bad credit payday loans, but there are a few features of the site that will help you to get approved for one.

First of all, Credit karma is free to use. You’ll enter your personal information and your SSN, and will instantly be given your credit score from Equifax and TransUnion. Credit Karma will break down exactly what’s impacting your score, whether the impact be positive or negative. You’ll be able to see your outstanding balances on student loans, collections and any credit card debt. All in all, it gives you the same info that a credit report does, but doesn’t charge you for the information.

Secondly, Credit Karma’s website includes a community. The community is a great resource for tips on how to improve your credit score. But more importantly, it’s a great place to ask people with a similar credit profile to yours where they were approved. Nothing beats talking to a peer about bad credit payday loan options.

Finally, Credit Karma includes another nifty tool. Both the desktop site and the mobile app include a “suggested products” feature. A drop down menu will ask you whether you’re seeking a credit card or a personal loan. Choose personal loan, and Credit Karma will populate a list of products you may be interested in, as well as a rating of your approval odds. Like LendingTree, you’ll now apply for the products on your own or through the site. But because the products are suggested based on your credit score, you’ll need to submit to fewer companies in order to get your bad credit payday loan.

Private Lenders

Individual lenders are always a good bet for bad credit payday loans, but reputable companies are as easy to find as chalk in a snowstorm.

That said, you’ve got two choices. You can search online, or you can visit a local business.

If you search online, you’ll have to do a bit of research before you enter your personal information. The first thing you should always do is scroll all the way down to the bottom of the page and read the fine print. If you see any phrasing such as “third-party lender” or “lending network”, close the tab. It’s a data mine, and it’s out to get you.

Try, instead, to go to the Google homepage and search “bad credit payday loans” using your location. You’ll see a map, and the businesses listed beneath the map are a good place to start. Many times you’ll see banks listed, or even check cashing companies. While it’s not a guarantee that the business is legit, Google does make a solid effort to weed out the scams.

Other Bad Credit Payday Loans

We mentioned check cashing stores. Like payday loans, check cashing stores aren’t available in all states. But if you can find one, it might be worth the trip. Check cashing stores have high interest rates, but usually in the ballpark of 15%, as opposed to the higher rates charged by online lenders. A lot of times, they’ll charge a lower interest rate for a higher loan amount.

The process is fairly simple, and some check cashing stores allow you to start the application online. Call the store before you show up, though because you’ll want to make sure you have all the documentation you need. Usually you’ll need a few pay stubs as well as a bank statement and a social security card. And you should always bring your driver license or other state ID – check cashing stores won’t lend to you if you reside in a state where payday loans are illegal.

If you do happen to live in one of the 18 states that ban payday loans, you’ve got other options, but they require collateral. You can visit a pawn shop or take out a vehicle title loan. As with any loan, be absolutely sure that your collateral isn’t at risk. You don’t want to find yourself suddenly unable to pay your loan and have your car towed away.

Looking for a bad credit payday loan can be quite confusing. You want to always be aware of who’s getting your personal information, and you don’t want to offer up collateral that you wouldn’t want to lose. Always read the fine print before initiating any transaction. If you don’t have a network of people you can ask for help, you’ve got options. Just be sure you do your research before applying for a loan.

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