Best Bad Credit Payday Loan Companies (UPDATED Dec. 2024)

Best Bad Credit Payday Loan Companies

Payday loans are generally small and given for a short period of time, usually until your next payday, hence the name. They are quite expensive and often viewed as a last resort in times of sudden financial crisis. Therefore, it is a very good idea to compare as many different payday lenders as possible before borrowing money. Here is our list of the best bad credit payday loan companies:

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Bad Credit Loans

Bad Credit Loans is a veteran among loan brokers, with more than 19 years of experience on the market. A wide spectrum of affiliated lenders guarantees the perfect loan for every request.

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MaxLend

MaxLend is a lending company owned and operated by the Hidatsa, Mandan, and Arikara Nation American Tribes. It was launched in 2013 and it presents an alternative solution to costly payday loans.

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Check Into Cash

Check Into Cash is a direct lender offering payday loans, allowing you to get some instant cash when you absolutely need it. You can apply either online or in-store.

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Net Loan Express

Net Loan Express is a company that specializes in matching individuals in search of fast payday loans with lenders that offer the best loan terms. The maximum payday loan value is $1000.

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CashNetUSA

CashNetUSA is a direct lender that does not only offer fast payday loans but also lets you open a line of credit so you can easily borrow cash anytime you need, without reapplying.

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Check City

Check City is a popular loan company that offers quick, easy, and convenient payday loans both online and in one of their stores in a stress-free and transparent manner.

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ACE Cash Express

With ACE Cash Express, you get an instant response to your request when you apply for a payday loan. The cash is transferred to your account overnight or you can pick it up at a nearby store.

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LendUp

If you are in need of some quick cash, with LendUp you can get a loan of up to $250 and repay it over 30 days or you can opt for a long-term loan and pay in installments at lower rates.

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Choosing The Best Bad Credit Payday Loan Company

Since payday loans are such a delicate matter, we’ll share our list of the most important factors to note when choosing one in order to help you make the best choice available at any given moment.

Fees vary from state to state, but you can expect around 400% APR or more for these types of loans. As we mentioned, the cost of payday loans is astronomical, but they are given for periods of around 2 weeks, so you can do the calculations yourself depending on the amount you intend to borrow. High interest rates stem from the fact that these loans are unsecured and lenders don’t check your credit rating. On the topic of credit rating, it is rumored that payday loans can actually damage your credit score, so be mindful of that fact as well.

Company reputation is also essential since the market for expensive short-term loans is filled with relentless loan sharks, which will turn your payday experience into a true financial nightmare. You’ll need to find a company that’s in business for a long time and has proper corporate credentials. Sifting through some user experiences is also a good idea. Banks have also entered the payday arena, looking to gross more insta revenue. Their payday loans might even be worse than those of online lenders since they are authorized to pull funds from your checking account.

Compliance with regulations determines whether the company will act within the boundaries of the law. For each state in the US, there is a prescribed maximum for loan amounts and interest rates. Some states even regulate the minimal amounts allowed. Explore these laws and don’t let the lender charge you more than allowed.

The terms of the loan vary from one lender to the next and are very important since you can only return the funds after your payday. They usually go from 2 weeks up to a month.

Security is definitely an issue with so many online payday lending scams. Be very careful about who you share your personal info with and do a thorough research before disclosing your information.