A low credit score does not automatically shut you out of a short-term loan. Payday lenders focus mainly on your income and bank account, which is why people with bad credit often look at them. The trade-off is cost.
How bad credit affects a payday loan
Because many payday lenders do not rely only on credit scores, applicants with fair or poor credit may still be able to apply. Approval, amount and terms still depend on the lender, and nothing is guaranteed.
The cost to expect
Payday fees are the same high flat rate for most borrowers, commonly about $15 per $100 for two weeks. That is why the APR looks so large. Use our APR calculation guide to see the true cost.
Options to check first
- A credit union payday alternative loan, with capped rates
- A payment plan with the company you owe
- An employer paycheck advance
- Local assistance programs for rent, utilities or food
See what is a payday alternative loan for more detail.
Protect yourself
Borrow only what you need, make sure the repayment fits your next paycheck, and avoid rolling the loan over. If you do run into trouble, read what to do if you cannot repay.
Check Your Options Online
Fill in the secure form below. You will see the lender’s costs and terms before you accept anything.
Disclosure: CredQualify is not a lender and does not make credit decisions. We connect applicants with lenders in a network. Loan amounts, rates, fees and terms vary by lender and state, and funding times depend on the lender and your bank. Payday loans are expensive, short-term credit and should not be used as long-term financial solutions. Read the lender’s terms and see our Rates and Fees page before you accept any offer.