Need Funds Today?
Easy Application - Quick Decision - Safe & Secure
Need cash fast? Payday loans for bad credit seem appealing. But you need to know how these loans work and the risks. Let’s get to it.
Payday loans are short term loans you pay back by your next payday. They’re usually for small amounts, like $500 or less. They’re meant to help you cover unexpected expenses when you’re short on cash.
Here’s the catch: payday loans have super high interest rates. You end up paying back way more than you borrowed. For example, if you borrow $300, you might have to pay back $345 or more in 2 weeks.
The application process is fast and easy. Many lenders have online applications you can fill out in minutes. But this ease of access can make you borrow without thinking it through.
Many people use payday loans because they have bad credit. Bad credit means you’ve had trouble paying back loans or bills before. This makes it hard to get other types of loans. Payday lenders don’t check your credit score which is why they’re easier to get.
At SlickCashLoan we know bad credit happens. We work with lenders who look at more than just your credit score. They consider your job and income when deciding on your loan. This way they get a better idea of whether you can pay back the loan, not just what your credit score says.
But just because you can get a payday loan with bad credit doesn’t mean it’s a good idea. The high interest rates can make it even harder to pay back which could hurt your credit more.
Payday loans don’t help build your credit score. Even if you pay on time, this isn’t reported to the credit bureaus. So they don’t offer the credit-building benefits that some other loans do.
Discover our bad credit loan options
Applying for a payday loan with SlickCashLoan is simple. Here’s what you do:
Remember, we try to make approval fast and easy even with bad credit. We want to get you money fast with as little stress as possible.
If you decide a payday loan is your best option, here’s how to increase your chances of getting approved:
Payday loans have super high interest rates. We’re talking up to 400% APR or more. APR is the total cost of borrowing money for a year.
To put it in perspective, a credit card might have an APR of 15-30%. So payday loans are way more expensive. And there’s often extra fees on top of the interest.
For example, on a $500 payday loan for 2 weeks at 400% APR, you’d owe $576.92. That’s $76.92 in interest and fees for 14 days of borrowing. If you can’t pay back and need to roll over the loan, these costs can get out of control fast.
Before you decide on a payday loan, consider these:
Each of these has its own pros and cons, but they’re generally better than payday loans. Worth looking into before getting a high interest payday loan.
If you do take out a payday loan, follow these:
Payday loan laws vary by state. Some states don’t allow payday loans at all, while others limit how much you can borrow or how high the interest rates can be. Knowing your state’s laws will help you make an informed decision and protect your rights as a borrower.
State | Payday Loans Allowed | Maximum Loan Amount | Maximum Loan Term | Maximum APR | Rollovers Allowed |
---|---|---|---|---|---|
California | Yes | $300 | 31 days | 391% | No |
Florida | Yes | $500 | 31 days | 391% | No |
New York | No | N/A | N/A | N/A | N/A |
Texas | Yes | No limit | No limit | No limit | Yes |
Ohio | Yes | $1,000 | 12 months | 28% | No |
Payday loans for bad credit can seem like a quick solution when you’re in a pinch. But the costs and risks mean they should be a last resort. Before you apply, make sure you understand all the terms and have a plan to pay back the loan. If possible, look into alternatives that are cheaper and less risky.
Your financial life matters. Sometimes taking a little more time to find a better solution can save you a lot of stress and money down the line. Look into financial advice or credit counseling to help with money problems and improve your long term situation.
Simple Steps - Fast Approval
Apply in just minutes
Your data is protected
Money when you need it
Safe Process - No Obligation - Takes Minutes
Complete your application in minutes. Get a quick decision without the hassle.
Your information is protected with bank-level security measures.
Get funds transferred directly to your account once approved.