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A payday loan is a loan that is payable with the borrower’s incumbent paycheck. Payday loans are usually taken out to sustain mid-month cash flow shortfalls or deal with financial crises that cannot wait to be resolved on the next payday. Payday loans provide a convenient form of accessing loans but are prone to exorbitant interest rates. They are usually taken in small amounts and for a short period. Due to the deep-rooted risk associated with payday loans, strict regulations are placed on the rules guiding the practice to shield borrowers from predacious lenders. The payday loan regulation laws vary from state to state.


Payday advances are legal in most of the states. A person can either take a loan from one lender or have several loans from different lenders despite having any other pending loans. There is usually a limit on the amount per loan that one can take; lenders cannot give a borrower a loan that is over 25% of their gross monthly income. In most cases, the lenders are not permitted to lengthen the initial loan period for more than 60 days after the first loan period has run out. If a borrower defaults on the loan, the lender applies subsequent interest rates of not more than 10% of the rates at the interest regulation banking institutes.

Lenders are not allowed to intimidate or pursue any aggressive action on clients who default on their loans; however, they can file a civil lawsuit against the payday loan defaulters. Criminal charges can be filed on borrowers who took the payday loan without the intention of ever repaying it. Most state laws have provided the lenders with a safety net against theft or fraudsters masquerading as borrowers.





steps to get payday loans online





In most of the states, the maximum payday advance amount that one can take out is 500 USD. The repayment period was previously set at 40days though this was revised and the current period is set at four to six months. This was done so as to give the borrowers enough time to repay the payday loan in flexible distributed installments.

A payday advance can be taken online or at a physical lending institution. Most people go through the online process which is known to be faster and less complicated. Let’s see how to apply for an online payday loan.


The borrower applies for a loan by availing information that is then transferred to third party lenders who survey the information provided and decide to either approve or deny the payday loan request. The decision is made from the borrower’s background information that includes;

  • Outstanding payday loan payments
  • Previous payday advance repayment history
  • The borrower’s continuity of income

Typically, online lenders will require that the borrowers provide precise information such as proof of a regular income. Even if one is not employed, lenders will need you to show that you receive a continuous income from whatever source.

Despite all its advantages, borrowers must be on the lookout for certain pitfalls while applying for an online payday loan. These include the following:

  • Loan Aggregation

Loan aggregators are companies that compile a potential borrower’s personal and financial data to show the application to lenders who will then actually finance the loan if it is approved. They are different from going to a direct lender, who can lend a borrower the money they need without going through a go-between.

Often, loan aggregators sell the personal information included in the loan application without the borrower’s knowledge.

  • Unscrupulous Lenders

The Federal Trade Commission most recently files a suit against several online payday lenders for contravening federal laws. The offending lenders are alleged to have been less than forthcoming about exactly how much money the borrowers would be expected to repay a loan. They also made it necessary for loan applicants to allow the lenders automatically deduct funds from the borrower’s accounts before approving a loan. Further, these lenders attempted to intimidate borrowers with threats of arrest or legal action in case they default on the loan repayments.

So, how exactly did this scam transpire? These particular online payday lenders made it mandatory for borrowers to supply all their bank account details to enable the lenders to deposit the loan amount electronically, and to withdraw the loan repayment at a prescribed future time automatically. They also added what they called a one-time finance fee to the expected repayment amount, which would also be withdrawn automatically from the borrower’s account on a specific date. In reality, these lenders withdrew multiple times from the borrowers, taking on a new finance fee every time. This ultimately resulted in borrowers paying back much more for a loan than what they had agreed to.

Typically, someone borrowed 500 dollars with an agreed-upon one-time finance fee of 90 dollars. In this case, the borrower expects to repay the loan through a sole 590 dollar withdrawal. However, the lender went on to perform multiple withdrawals automatically, adding a 90 dollar finance fee in each instance. At the end of it, the borrower had repaid approximately 1275 dollars instead of the initial expected 590 dollars.

More concerning is that these unscrupulous lenders were not above threatening and intimidating borrowers in cases of late repayments or loan defaulting.

  • Risks inherent with sharing personal information online

One should always be wary when sharing their personal information. This is because there is a huge market for people who collect and sell others’ personal or financial data. This information is usually used by companies trying to sell goods or services, or even by people intent on committing identity theft.

Further, it is important to keep track of the types of websites one visits, as some nefarious ones capture your personal information using keystroke logging software, even if you never click ‘submit’ to complete a purchase.


It is common knowledge that payday loans are quite costly, but are the only accessible form of credit for some. If you are in need of a loan, begin by approaching traditional lending institutions such as banks or credit unions. However, these options are not accessible to many people, especially those with a bad credit score, or those in need of fast cash.

Therefore, it is crucial for a potential borrower to compare the various offers that are available online before settling on one. Some of the things you should look out for include:

  • Payday loans with the lowest cost – Consider factors such as the finance charge, including the interest rate and loan fees among other loan costs; and the annual percentage rate, APR. Choose options that have the lowest interest rates, APR, and additional fees.
  • Realistic repayment period – Select a loan that gives you enough time to make your repayments.

In case you are unable to make the repayments according to the schedule for one reason or another, it is important to communicate this to the lender and ask for an extension. You will be surprised to find that many are willing to accommodate your changing circumstances.

However, you will most probably have to pay a late fee, an extra finance charge, or a raised interest rate.

Once you are ready to proceed, applying for a payday loans online is a fast and easy endeavor. The process typically takes anywhere from five minutes to 24 hours to get a confirmed approval and receive the funds into your account.


Payday loans are not meant to be adopted as some sort of income or revenue. Getting a payday loan leaves the borrower in debt for up to six months, in some cases less. Research determined that the average person turns to payday loans to sort out their daily expenses. The typical borrower earns an income of about 25,000 dollars annually and a small percentage earning even less.

A bad credit payday loan commonly referred to as a no credit check payday loan is a situation whereby a company does not factor in your previous credit data. They depend on security like a steady income from your employment to give you the loan because lenders need to be sure that you can repay the loan regardless of your bad credit history.


Approaching the conventional lending institutes for a loan with a bad credit history is a challenge, and the results are always disappointing. When met with a financial emergency, it is imperative to find an institution that will cater to your needs.



Bad Credit Payday Loans Online 

Bad Credit Payday Loans Online



The first step to take when you are applying for a bad credit payday loan is to check your eligibility, as well as your ability to repay the loan. The rules for eligibility vary from one lender to another. However, the typical information required includes:


  • Proof of U.S citizenship
  • Proof that the borrower is over 18 years of age
  • Even if you are not employed, you will need to supply proof of a regular income
  • Proof of residence within the state that the borrower applies for the loan from
  • A valid Social Security Number or Individual Taxpayer Identification Number
  • A valid and active checking account
  • Current contact information such as a working phone number and email address

In the past, you had to visit a lender’s physical store to apply for a bad credit payday loan. However, recent technological advances allow that you can apply for such a loan online. The application process is a short one and, if the application is approved, you can receive the funds anytime within 24 hours.

Also, many lenders have a provision whereby you can reverse the loan transaction within a certain amount of times, mostly within 72 hours of receiving the funds. If you change your mind about the loan, you can fill in some forms and return the money to the lender without any additional fees.


The issue of payday loans is a contentious one among lawmakers and legislators, and even among the citizens. Critics of the practice offer up various disadvantages of bad credit payday loans, such as that they further impoverish low-income families, levy steep interest rates, use unethical advertising methods, and use predatory means of collecting on defaulted loans.

However, its proponents also point out some pros, such as:

  • Profitability – An analysis by the Fordham Journal of Corporate and Financial Law found that the average margin of profit for payday lenders ranged from between three to eight percent. These averages are much higher than those of traditional lenders.
  • The charges applied to cover all costs – Recent studies showed that the charges and fees levied by payday lenders were in line with their operating charges. When you remove the fixed operating costs, as well as the, loses such companies regularly accrue due to loan defaulters, payday lenders do not make exorbitant profits. Further, the high-interest rates levied make sense when one takes into account the short loan period.
  • Payday lenders provide a service that is unavailable to a wide swath of the population – Proponents of payday loans argue that traditional lenders have requirements that are quite difficult for most people to fulfill. However, just because of this, such individuals should not be denied access to affordable credit.
  • Studies have shown that payday loans improve the welfare of poor households. By relaxing constraints that are placed on such households by traditional lending institutions, payday loans actually allow them to meet their basic needs while repairing their credit.


Bad credit precludes a large percentage of the population from accessing loans. During the economic downswing which most economies are currently experiencing, it becomes even more important for people to be able to access funds in case of any financial emergency. Payday loans are a great way to ensure this.