Factors to consider before applying for a payday loan with bad credit:

Most payday lenders will always indicate the minimum and maximum loan amounts they can provide an individual with a bad credit score. Some will even specify the loan amounts available to first-time applicants.

APR: The Annual Percentage Rate of a loan takes into account the interest and other associated charges on a loan. You are better going for the loan lender with the lowest/most affordable APR. Possibility of an extended repayment period: Theoretically, the payday loan is supposed to help carry you until the next payday at which time it should be paid in full. Some bad credit payday lenders are however empathetic to your situation and allow extended repayment periods but this will be charged at a premium. Credit score checking: If possible, go for the ‘No Credit Check’ loan providers. Repeated credit checks from other lenders looking at your FICO score will leave a digital footprint that other lenders may use to deny your loan, especially if it’s done over a short period. Reporting to the credit referencing bureaus: You should also only go for a bad credit payday lender who helps you build or rebuild your credit payday loans Caldwell score. Ensure that they explicitly promise to share your stellar loan repayment record with the referencing bureaus.

Can I get a bad credit payday loan with no bank account?

While most payday lenders for bad credit require you to have a bank account, some online payday lenders have the ability to approve payday loans with no bank account. Payday lenders for bad credit usually require you to submit a bank statement and provide a bank account for their security, however, you can still apply for a secured credit card and get a cash advance loan. While cash advance loans are quick and easy, they are much more expensive than a regular payday loan.

Another solution to when it comes to no bank account payday loans is to apply for a prepaid card loan, which is is a short-term loan that is automatically installed to you on a prepaid debit card and can be useful if you don’t have a bank account.

Can I get a bad credit payday loan with no direct deposit?

Fortunately, payday loans for bad credit with no direct deposit are not impossible. There are ways to get an online payday loan without having to have your funds directly deposited. The best option is to apply for a cash advance loan, which requires you to give the lender a check for the amount of money you want to borrow, without any direct deposit. Cash advance lenders will either hand you cash or will transfer the money into your prepaid debit card.

Bear in mind that cash advance loans are quite risky and much more expensive than the cash advance loans you would take out on your credit card.

Many payday lenders also provide a directly deposited loan into a customers’ employer’s bank account so another option is to ask your employer to enroll you in their direct deposit program.

Summary of bad credit payday loan findings

A bad credit score should no longer be a hindrance to loan access, especially in the case of time-sensitive cash emergencies. Bad credit payday loan lenders are out to make this a reality by advancing loan services to different individuals irrespective of their current credit rating. When assessing your eligibility for a traditional or online payday loan, these brands look into more than just your credit score and credit history. Some don’t pull your credit record but still help you build a credit history by reporting your loan repayment progress to the credit reference bureaus, effectively helping you gain access to better loan services and high street lenders in the future. Some of the upsides of these payday bad credit references are the fact they have some of the fastest loan application and processing services. This can be a double-edged sword in that without proper financial discipline, you will end up hooked onto these expensive loans, especially if you get into a habit of relying on them for non-emergencies.