Have bad credit history and want a loan? Get it through a direct payday loan lender.
There are a variety of situations where you could find yourself in need of a loan, and one of these is when your credit score is less than perfect. In this scenario, borrowers can find it difficult to secure financing from mainstream lenders.
An alternative option is direct payday loan lenders. These lenders provide short-term loans that you usually have to repay on your next payday, with the amount you’re approved for depending on multiple factors.
In your search for a payday loan you’ll find online direct payday loan lenders as well as loan brokers and matching services. You can also find lenders who offer their services from physical locations.
Trusted Payday Loans Cash Advance
The Trusted Loan Network allows you to apply for a payday loan and have your application matched with one or many lenders.
Min. Loan Amount: $100
Loan Term: Next payday
Turnaround Time: Same day - conditions apply
Total Costs: Rates and fees are determined by the lender who approves you.
Must be 18+
No security needed
Confidential and secure!
MoreGo to site
Read the Trusted Loans Payday Loan terms and conditions.
A selection of Direct Payday Loan Lenders that you can apply with
Rates last updated August 4th, 2015
Personal Loan
Max. Loan Amount
Term of Loan
Turnaround Time
Requirements
Total Cost of Borrowing $100
Trusted Loans Payday Loan
$1,000
Next payday
Next Business Day
You must be at least 18+, have a regular income and have an active open bank account.
Rates and fees are determined by the lender who approves you.
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Borrow Jet Loans
$1,000
Next payday
Next Business Day
You must receive regular income, be a US citizen and have a checking account
$25 to $30 for every $100 borrowed
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Trusted Loans Personal Loan
$10,000
2-60 months
Next Business Day
18+, have an open bank account, be employed or have regular income
APR ranges from 25-450% based on your credit score.
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Achieve Lending Personal Loans
$100,000
Varies
Next Business Day
You must be at least 18, have a valid checking account and a steady income
Varies
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LoanMart Car Title Loans
$50,000
1 business day
You must have a car and be able to make repayments and be 18+
Based on the value of the car and your ability to make regular payments on time.
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Trusted Loans Installment Loan
$10,000
2-60 months
Next Business Day
You must be 18+, be employed or have a steady income and a SSN.
APR ranges from 25-450% based on your credit score.
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CashLoansMax Payday Loans
$1,000
Next payday
Next Business Day
You must receive regular income, be a US citizen and have a checking account
$25 to $30 for every $100 borrowed
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US Payday Cash Fast Loans
$1,000
Next payday
Next Business Day
You must receive regular income, be a US citizen and have a checking account
$25 to $30 for every $100 borrowed
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More
How does a direct payday loan lender work?
Depending on the lender you select, you can apply online or in-store; in either case the application should take no more than a few minutes to complete. Most direct payday loan lenders take only a short amount of time to process applications and let you know whether you’ve been approved quickly.
Online applicants can get the money transferred electronically into their account, and in-store applicants can collect their approved funds in person after approval. You then have to repay the loan by your next payday.
Bear in mind that payday loan regulations are not the same in every US state. While direct lenders may be legal in one state, they could fall under different regulations or even be illegal in the state you reside. Be sure to check whether the lender you apply with complies with regulations. You’re also likely to pay different fees and rates depending on the state you reside in.
What to look for in a direct payday lender
Not all direct payday loan lenders are the same, and while customer service levels can vary significantly, there are other aspects that require your attention as well.
How easy is the process? Online direct payday loan lenders give you an easy way to apply for a payday loan, but not all online applications are equally user-friendly. Some lenders might ask you to fax certain documents to verify your credentials, while others have no such requirements. The overall time these lenders take to review applications, approve your loan and then disburse your funds can vary a lot.
Does the lender conduct credit checks? While many payday lenders don’t carry out credit checks using the big three credit reporting agencies, a large number still end up turning to Teletrack, a credit reporting bureau that specializes in providing credit history related information to short-term loan lenders. If you’re looking for no Teletrack direct payday loan lenders, you’ll have to limit your search to lenders who clearly advertise ‘no Teletrack payday loans’.
What fees will you pay? The amount you borrow, along with the state you live in, affect how much you pay in terms of fees, but this does not mean that all direct payday loan lenders would charge the same fees for a given amount. Check what fees come with the loan before you apply.
The benefits and drawbacks
Benefits
With you from start to finish. When you work with a direct lender you deal with a single institution throughout the process – from applying to the disbursement of funds and repaying the loan. This can make borrowing simpler for you.
Information is secure. Loan matching services can pass your personal information to various third-parties, and there is no telling how many marketing calls might follow.
Miss no opportunity. While a number of loan matching services boast of extensive lender networks, they still might manage to miss a few good ones. When you’re on your own, you can take the time to look for ones based on your specific needs and you don’t have to worry about missing out on any.
Drawbacks
Spend more time looking. If you limit your search to direct payday loan lenders only and refrain from using a loan matching service, you may end up spending more time in finding the right loan.
Disreputable lenders. In the online lending space there is always a chance of finding a disreputable lender. Make sure you check the reputability of the lender before you apply.
Costs and terms. A drawback of any payday loan is the cost. You’re likely to pay a high APR that can range from about 28% to 1000% and above when taking out a payday loan. You also won’t have much time to repay your loan with most loans due on your next payday.
Is there anything to avoid?
Even when you’re looking for direct payday loan lenders because you have an immediate financial need, bear in mind you’ll have to be able to repay the loan. If you’re not sure about repaying the loan as per the schedule you might want to avoid taking the loan in the first place.
When you make late payments lenders will charge late fees, and if there is no money in your bank account on the due date you could end up paying Non-Sufficient Funds (NSF) fees. Banks and credit unions charge these fees to cover the costs of a ‘bounced check’ when there aren’t enough funds in your account to cover the repayment.
Refinancing the loan is also something you should try and avoid, owing to the additional costs it adds to the loan.
Questions you might have about direct payday loan lenders
What is the maximum amount I can borrow?
The state you live in has a bearing on this, as does your monthly income. The maximum loan amount can also vary between different direct payday loan lenders.
How much time does it take for a lender to give me money?
Online direct payday loan lenders typically transfer money in nominated bank accounts by the next business day, but this can take longer with certain lenders.
Would not repaying a payday loan affect my credit rating?
Yes, upon non-payment your lender can initiate collection, which in turn would have an adverse effect on your credit score.
Given that there are dozens of direct payday loan lenders in the US, it is best that you compare a few before making any kind of a decision. See what options you have available and find the right lender for your borrowing needs.
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