Jan 19, 2022 12:25 PM EST By David Thompson, UniversityHerald Reporter

How do you deal with being denied access to a loan due to your bad credit score? 

Most lending companies and financial institutions are keen on issuing loans and are unlikely to approve your loan with a bad credit score. This can be downright frustrating, especially when you are in dire need of instant cash.

The good news, though, is that we have a remedy that'll help you navigate such a situation and bag the money you need in a loan.

This guide will help walk you through some of the 5 best payday loans offering loans to individuals with bad scores. 

1. Gday Loans

Gday Loans ranks top of this list for payday loan Australia lending websites considering borrowers with poor credit scores.

Here, you get a variety of choices on the amount guaranteed to gain approval, between $200 and $5000, with a payment period of two to twenty-four months. Since it's a broker site, you'll have to fill out an application form available online, which should be approved within two minutes.

If your loan application goes through, you will gain a direct connection to the direct lenders offering payday loans for people with a poor credit score. They will lend you the amount you need and process its disbursement. You may be required to produce more information and necessary receipts such as income evidence, bank statements, proof of address, among others.

After receiving and verifying your application papers, the lender issues you with loan agreement forms. You are required to read and understand the terms and conditions, putting your signature on the forms to show that you agree. The next step is for the lender to make a direct deposit of the approved loan into your bank within a short period.

Different lenders offer varying interest rates but most range between 5.99 and 35.99 percent. 

Pros 

• Same day payout.

• It offers you a substantial loan amount ranging between 200 and 5000 USD.

• An easy and quick process that sums up to less than 30 minutes, from application to loan approval.

Cons 

• Gday Loans lenders don't offer you prior information on interest rates which are always relatively high.

2. Heart Paydays

Heart Payday Loans is a popular loan app in the United States. The lenders have a user-friendly website that's easy to use for first-time borrowers without causing any complications.

You can start this quick procedure at your home's comfort or anywhere else since it doesn't take long to go through. If you have a poor credit score and are seeking to borrow any amount between 200 and 500 dollars, the Heart payday portal should be your next stop.

Filling the provided loan application forms takes less than two minutes, and the lender's response follows soon after. This is to confirm whether or not your loan request was approved and to issue you with the steps to follow before the money is sent to your account within one hour.

The Heart Paydays Loans is unbiased between borrowers with a low credit score, the unemployed, or those under government assistance. After disbursement, you can start paying back the money after the specified period, normally within 24 months. You'll also be informed of the interest charged on your borrowed amount, which you should pay back with the principal.

Pros 

• The process is done online without any phone calls or paperwork.

• You can pay back the loan within the shortest period if you have the money. This reduces interest accrual.

• You receive the disbursement within 60 minutes.

Cons

• Some loans are costly after compiling all the requirements.

• The longer the loan repayment period, the more interest it attracts.

3. Bad Credit Loans

The primary aim of this loan-lending service is to help borrowers with bad credit scores to get loans during emergencies. Bad Credit Loans offers a wide range of options for bad credit loans, given its extensive network.

Despite your poor credit score, Bad Credit Loans has your best interest and is always ready to help you out in case of emergencies. They are barely concerned to ask why you are requesting the loan, whether you're going to spend it on groceries, booking a vacation, or settling other bills.

This platform is also reliable and dedicated to serving, explaining its popularity. It connects borrowers to lenders who can give up to 10,000 dollars without bothering about your poor credit scores. You should consider making an application whenever you are stuck with financial problems.

Suppose the available lenders don't satisfy your loan requirements; Bad Credit Loans is ready to connect you with more lenders by presenting you with the corresponding ads and offering multiple choices. They also offer links to service providers who can help repair your credit scores to make you more viable for loans.

Pros 

• The service does not accrue any charges or application fees.

• It's available at any time.

• User-friendly platform with quick services.

• It presents you with transparent terms and conditions.

• The website is secure for your data safety.

Cons 

• Extremely high interest rates.

• The platform has no verification or accreditation from Better Business Bureau.

4. CashUSA - Best for Small Amounts

CashUSA ranks as the most chosen loan provision platform by many borrowers. It has more than 20 years in the lending industry, confirming its ability to offer premium services. The platform is among the earliest online loan lenders, and it has been resourceful to poor credit score clients in need of small loans.

CashUSA is your go-to lender for an instant loan. It's easy to apply, qualify, and get connected to a willing lender. The process is quick and effortless. You can apply for a loan for whatever reason. 

The process takes about five to ten minutes and the waiting period before approval is equally short. You can apply for an amount between 500 and 10,000 USD, with an interest rate range of 5.99 to 35.99 percent. After approval, the money is transferred to your account within a single working day.

Pros

• The platform offers free services.

• Your data and personal information are highly secured.

• It connects you to different lenders.

• It offers a loan range of 500 to 10,000 US dollars.

Cons 

• It requests a lot of personal data.

• The platform has low ratings on Better Business Bureau.

5. Very Merry Loans

This lending site connects loan lenders to borrowers whose credit scores may not be appealing enough to get approvals from other monetary institutions. 

It helps you acquire payday loans with quick approval and disbursements within one day. The process consumes less than one hour, with a user-friendly experience suitable for first-time borrowers.

Very Merry Loans work in a quick and simple way. The platform connects you to a lender compatible with your loan request and prompts you to begin the application process instantly. Very Merry Loans presents you with a list of renowned loan providers in the US, and you can pick it from there.

You can apply for $200 to $5,000 by selecting a lender who offers you the most suitable terms. They charge a varying interest rate with a common range between 5.99% and 35.99%. 

Before you're approved, you must prove to be a citizen of America, with a monthly earning of not less than $1000. You are also required to verify your identity and show that you are above 18 years of age.

Pros 

• It's accommodative for jobless and poor credit score  

• You can select the option for a longer repayment period.

• You can borrow up to 5,000 US dollars.

Cons 

• Loans repayable in 30 days attract a higher interest.

Final Thoughts 

Going through the above compilation, it's notable that you can still get a loan despite the low credit score in your records.

The listed platforms are precisely meant to help you in desperate financial situations. Don't shy away from giving them a try when emergencies come knocking.

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