Having bad credit or no credit prevents you from qualifying for loans when you need cash to pay bills. Luckily, online payday lenders offer fast, simple short-term loan options that don’t require you to have great credit. Here’s a quick rundown.
Payday or Installment
There are two main types of short term loans you can qualify for: payday loans and installment loans. A payday loan is a short term loan that comes due by your next payday. An installment loan is a similar short term loan, except you can pay down the balance over time in installments.
Neither type of loan requires a credit check. Potential payday loan amounts you’re eligible for range from $100 to roughly $900 providing your loan amount does not exceed 22.5 percent of your gross monthly income. With an installment loan, you can borrow thousands potentially.
When you repay your payday loan promptly or pay down your installment loan successfully, online payday lenders often increase the amount you can borrow on future loans.
How to Apply
Apply for a payday loan or an installment loan online today. All you need is proof of income, proof that you’re over 18 years of age and a valid checking account. You can have funds directly deposited into your checking account or receive funds via Western Union in minutes.
Don’t be dismayed by surprise expenses and bad credit. Cash that you need is just one online application away. Have money in your hand by tomorrow and pay off vital, important debts like your rent, grocery bills, utilities or medical expenses.