Bad credit personal loans guaranteed approval direct lenders


Most number of borrowers, whose credit score is far from perfect, are sure that their past financial misfortunes are the verdict for the rest of their life. However, bad credit loans are the good refutation of this opinion. Designed specially for people, who need the second chance, payday loans for bad credit can be the great financial tool not only for solving urgent problems requiring certain amount of money quickly but also for building your financial reputation if used reasonably.

What will you get applying for bad credit loans?

Nobody is perfect, this is so-called moto of payday lenders who offer bad credit loans giving the second chance to those customers who have failed to repay their credits in past. Payday loans for bad credit have much to offer you:

  • Financial security.
  • 100% Guarantee of approval.
  • Chance to improve credit score.
  • Equal opportunities along with good credit borrowers.
  • Absence of credit check.
  • No unnecessary paperwork and faxing.

Is there any connection between poor credit score and an amount of money you can borrow?

The amount of payday loans ranges from $100 to $1000 usually. Any customer may apply for the sum of money within this range in case of having a steady income source, which makes it possible to pay money back during the period of 1-2 weeks. It is preferable to earn not less than $1000 per month to be eligible for the short-term loan. The maximum amount of loan will be approved depending on information provided.

How much will bad credit payday loan cost you?

The cost for the same day payday loan for borrowers with bad credit rating can be different depending on the type of the lender: the direct lenders may offer lower rates when the mediator companies have slightly higher rates. Moreover, the cost of a loan may vary from state to state. However, in most cases payday lenders calculate the cost of a loan using annual percentage rate (APR), which is usually high, however, don’t panic at once as you are not going to use payday loan for 12 months as this is a short term loan. Let’s consider the example of the most common interest rate: the borrower gets $200 for 14 days at the interest of 30$ in case APR is 396%. The sum of loan repayment will be 230$. Sometimes the annual percentage rate may be lower than 300% but in such cases you may face some other hidden fees. That’s why it is necessary to be very careful calculating the interest rate before you apply for the loan. By the way, it is not difficult at all even if you are not a mathematician as at the websites of most lenders you can find simple calculators designed specially for the borrowers to know immediately, if they are ok with the offered rates.

Which requirements should you meet to be qualified for poor credit loans?

In case you tried to get the traditional bank loan and were rejected, you will be pleasantly surprised that unlike banks, payday lenders don’t ask much for their financial help offering fair approach by evening all applicants in their right to enjoy benefits of instant loans. In order to be sure that you are able to conform to all obligatory requirements, it is recommended to check out them first.

Any bad credit borrower will be 100% approved in case of:

  • Being not younger than 18 years old.
  • Having constant source of income.
  • Being able to prove his/her current employment with a paycheck.
  • Having valid banking account.
  • Being able to provide the lender with the contact information( telephone number, e-mail).
  • Giving passport details and Social Security Number.
  • Being a resident or a citizen of the country.

If you have no problems meeting the requirements listed above, then nothing to care about as all restrictions are equal for any client, it doesn’t matter if a person applying for the loan can boast with the perfect credit score or it is the bad credit borrower. Bad credit loans provide completely the same opportunities for both categories of borrowers.

When will you know that you have been approved?

Usually it takes not more than 15 min till you hear the positive answer from the lender. However, the time spent for processing of your information may be longer in case you have made some mistakes while filling in an application form. In order to prevent such situations, it is recommended to check twice before you submit an application and provide only valid personal information. If you can’t understand something, it is better to spend time for the search of the answer in FAQ section or turn to the specialists in customer support service, which works round the clock usually.

What is meant by “bad credit”?

In order to understand what the bad credit loans are, first it is necessary to have a clear picture of what a poor credit score is. So, there is some scoring system that is used by lenders like banks. It is the criteria taken into account when lenders decide, if you look like a trustworthy borrower or not. There is even the standard formula created to score your credit. You can get acquainted with it here:

  • Payment history make up 35%: it tells lenders about your past failures to repay the loan or your successful loan repayments on time.
  • Amount owed is 30%: customers carrying much debt are considered to be risky and unreliable in repaying a new loan.
  • Credit history length is 15%: it is good in case you have a long history of borrowings repaid on time.
  • Types of credit (10%): here lenders are interested in what kind of credit you had, for example, mortgages, credit cards, etc.
  • New credit (also 10%): many new loan applications within the short-term period are viewed as credit risk.

These were the factors, which should be analyzed before you hear the verdict: “Bad credit score”.

How can bad payday loans affect your credit rating?

Some people worry that short-term loans may have a negative impact on their credit score, serving a sign of the fact, that they have tough financial situation. However, the only thing, which can really affect your credit history is the loan that wasn’t repaid on time. In case you borrow money and pay it back on the due date agreed in the contract no problems will arise. Moreover, payday loans may even help you to boost your credit score as in case of responsible attitude to this kind of borrowing, you can show lenders how reliable and trustworthy you are. The lenders who check your credit report are looking for the proof that you are unlikely to fail repaying the borrowed amount of money. If a borrower repays his/her loans in full and on time, the lender may report this information to the agency, which collects such data about customers and such information will be fixed serving the evidence of your ability to meet the requirements and fulfil your economical responsibilities.

It is easy to get fast approval for bad credit loans as the lenders provide no teletrack and no credit check. And then do you best to make the on time full repayment of the borrowed loan in order to strengthen your credit rating, which will open a range of new opportunities for you as a borrower in future.

Why is it a good idea to improve your credit history with payday loans?

You should understand that credit rating may have a negative impact not only on your loan options but also on financial activity in general. This may include medical insurance availability, employment management, etc. However, bad credit loans are able to support your financial reputation because of the following main reasons:

  • They are known to be the quickest way for solving unplanned issues. For example, medical bills that should be covered. That’s why unpredictable debt won’t appear in the credit history
  • Due to the fact that bad credit loan lenders have neither teletrack nor credit check guarantees 100% approval of any credit history
  • Applying for payday loan is beneficial with the aim to demonstrate positive dynamics and improve credit rating.

What should you know about bad credit loans before applying?

There are some things to keep in mind before you take a decision to apply for instant payday loans for bad credit:

  • First of all, you should access your situation very carefully and use short-term loans as your financial support only in case you can’t live till your payday.
  • Don’t forget that the loan should be repaid when you get your next salary. That’s why it is necessary to make sure that interest rates are not a problem for you. Being unsecured type of a loan, bad credit loans have higher interest rates than other types of financial help in traditional banks, for example, which offer lower rates but annoying time-consuming procedure of getting loans only for those customers who don’t have any stains on their financial reputation. In case you are a bad credit borrower, then the loan for 1-2 weeks at the higher interest rate is the only way to solve your financial problems.
  • Be ready to provide your pay cheque as this is the only evidence of your employment that bad credit payday lenders rely on. If you decide to apply for bad credit loans, then you will be able to enjoy your cash within one business day as it is going to be transferred directly into your banking account.

Advantages and disadvantages of payday loans for bad credit

Any thing has both positive and negative side. The same situation is here. Sure that short-term loans have more pros but there are still some cons.


  • 15 minutes-1 working day is the fastest time for getting financial help, which makes payday loans for bad credit instant cash source for any emergency.
  • Not many procedures are required in order to receive money quickly. No teletrack and credit check make this kind of loan available for any borrower who has faced unplanned expenditures.
  • Online application process helps to find the best match option according to your request.


  • Instead of benefits you may harm your situation using bad credit payday loans in case you don’t know how they work.
  • Despite considering no verification procedures like credit check as positive sides of the short-term loans, this point leads to some negative side of the same loan. Being unsecured loan, you will have to pay higher interest rates compared to other types of financial products.
  • In case of improper use, your credit score may worsen because the loan deals are fixed by Teletrack, despite the fact that the lenders don’t report to agencies.

Quiz “How well you understand bad credit loans”

The aim of the quiz is to prevent potential borrowers from misusing or miscomprehending bad credit loans. Answer the following questions:

  1. Bad credit loans are provided for everyone who is in need, despite imperfect credit history

    • True
    • False

  2. Getting payday loans online you will harm your credit score

    • True
    • False

  3. Bad credit loans have high interest rates because they aren’t risk free for the lenders

    • True
    • False

  4. You need to apply for bad credit loan if you have faced emergency situation and need to cover bills urgently

    • True
    • False

  5. Bad credit rating can be easily improved in case you repay your short-term loans in full and on the due date stated in the loan agreement

    • True
    • False

  6. Direct lenders report to the agency in case the borrower doesn’t make the loan repayments on time

    • True
    • False

  7. Bad credit payday loans can be used for several months

    • True
    • False

  8. If you fail to repay money on time, you may have problems with collector’s agency

    • True
    • False

  9. You can repay money via the automatic withdrawal system

    • True
    • False

  10. Being a bad credit borrower, you will be required to provide more documents and additional papers for being qualified for the bad credit loan

    • True
    • False

Answers: 1. A), 2. B), 3. A), 4. A), 5. A), 6. B), 7. B), 8. A), 9. A), 10. B).


Bad credit payday loans may be a perfect instrument for improving bad credit rating if used properly. However, they also can harm your credit history in case you ignore their principle of work. In any case, it is recommend weighing all pros and cons to take a reasonable decision, which will give you the chance to use all possible benefits of this kind of loans.