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Payday Loans – How to Get Fast Money With No Hard Credit Check

Payday Loans – How to Get Fast Money With No Hard Credit Check

Apply for a payday loan

How to get a payday loan

If you’re in a financial bind and wonder how to make ends meet, you may consider payday loans online. These loans offer fast approval and funding, helping you quickly manage your financial stressors.

With no hard credit check or collateral required, it’s easy to see why millions of Americans turn to payday loans during a financial crisis. Here’s everything you must know about how they work and what to expect.

Payday Loans Explained

Payday loans are small, short-term loans, usually used for emergencies. They get their name ‘payday loan’ because you usually repay the loan on your next payday; it’s like a bridge between paydays when unexpected expenses occur, or you can’t make ends meet.

Payday loans are unsecured loans. This means you don’t have to put down any collateral, such as your home or car. However, to qualify, you must have a consistent stream of income and a valid bank account, promising to repay the loan on your next payday.

How to Borrow and Repay a Payday Loan

Borrowing a payday loan is simple; most lenders provide an answer quickly after applying. You complete an application online with some basic information, and the lender responds within minutes with the loan terms, including costs, if approved.

Most lenders deposit funds directly into your bank account. This usually takes 24 hours (or less) from approval and they require repayment on your next payday. Most lenders automatically withdraw the amount borrowed plus interest and fees on your next payday.

How to Qualify for a Payday Loan

Payday loans have minimal requirements to qualify. Like bank loans, each lender has different requirements, but here’s what’s commonly required:

  • At least 18 years old
  • Own a valid bank account in your name
  • Proof of steady income (job, Social Security, pension, etc.)
  • Government-issued ID
  • Valid email and phone number

Reasons to Get a Payday Loan

A study by Pew Charitable Trusts showed that 12 million Americans secure payday loans annually, with the average person borrowing eight loans of $375 each. The study also found that most borrowers use payday loans for everyday expenses, not emergencies like advertised.

However, here are some common reasons consumers need payday loans:

  • Food
  • Unexpected car repairs
  • Unexpected medical bills
  • Home repairs or maintenance
  • Standard bills you can’t cover (utilities, mortgage, etc.)
  • Moving
  • Credit card (or debt) consolidation
  • Other financial emergencies

How Much do Payday Loans Cost?

The cost of payday loans varies by state, as each state has different laws. The average borrower pays $10 – $30 per $100 borrowed. This can equate to a 400% APR, but this varies by state.

The total cost depends on the terms offered and if you repay the loan as required or borrow another payday loan to repay what you borrowed. Many people land in a cycle of borrowing payday loans to repay what they borrowed because they don’t have extra funds to pay it off yet.

Are Payday Loans Legal?

Payday loan laws vary significantly by state. Some states outlaw them completely, such as Arizona, Arkansas, Georgia, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Vermont, and West Virginia.

Other states have strict interest rate caps or limit the amount a person can borrow. However, some states have much looser requirements, allowing payday loans, but have protections so consumers don’t get in over their heads.

Pros and Cons of Short-Term Payday Loans

Like any loan, payday loans have pros and cons to evaluate when considering your loan options to handle your financial situation.


  • Fast funding – You can typically receive funds deposited in your account within one to two business days after approval. This lets you handle your financial emergency without waiting until the next payday.
  • Easy to qualify – It’s easy to qualify for a payday loan with regular income and a bank account. You must agree to have the funds withdrawn from your account on your due date, but most payday lenders don’t run a credit check.
  • Instant answer – You’ll know instantly if you qualify for a payday loan. If you don’t qualify, you can immediately look for alternatives without wasting time and worsening your financial situation.


  • High-interest rates – Payday loans usually have much higher interest rates than traditional banks charge because of the convenience of no required collateral and fast funding. The interest rates increase the amount you owe and can make it difficult to repay.
  • Short-term – Borrowers must typically repay a payday loan on their next payday, which doesn’t allow much time to come up with extra money to repay it. If you aren’t careful, this can lead to a debt cycle if you must take out additional payday loans to repay the existing loan.

Where to Find Payday Loans Near Me

If you’re looking for payday lenders near me, and payday loans are legal in your state, you can find direct lenders online. Before choosing a payday lender, check their reviews with the Better Business Bureau to ensure they are legit and follow through on their promise.

Is it Possible to Get a Payday Loan with Bad Credit?

You may wonder if you’d get approved for a payday loan if you your credit is bad. The good news is that most payday lenders don’t check your credit. If they do, it’s a soft credit check that doesn’t appear as an inquiry on your credit report. They may do this to verify your identity or look at other factors; however, most lenders don’t consider your credit score when applying for a payday loan.

Same Day Payday Loans – Truth or Trick?

Payday loans can be helpful if you’re in a financial bind IF you use them responsibly. Don’t apply just to have extra money. Only request a payday loan if you’re having a serious financial crisis, and even then, only borrow what you need.

Before accepting the terms of a payday loan, consider exhausting all other options, including borrowing from friends and family, a personal loan, or mortgage refinance. If a payday loan feels right, check your budget to ensure you can repay it to avoid getting into another debt cycle.