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Online Payday Loan for Bad Credit – Direct Lender Options

When you face a financial emergency and seek extra cash to solve it, getting an online loan can help you fix your budget. By turning to online direct lenders, you can reduce loan processing times and get an almost instant approval decision. But first, make sure you deal with a credible loan provider.

At 15M Finance, we partner with trusted direct lenders only to ensure your pleasant borrowing experience. You’re welcome to get a payday loan for bad credit from a direct lender within one business day! Enjoy our no credit check options with guaranteed approval decisions and pay no fees for intermediary services.

What Are Bad Credit Payday Loans from Direct Lenders?

Direct lender payday loans for bad credit are small short-term loans offered by first-hand loan providers. Borrowers with any credit scores can access them directly from a loan provider. As there are no intermediaries involved in the process, you don’t need to pay any fees to third parties or undergo lengthy verification processes.

In other respects, these loans don’t differ much from regular payday loans. You can get up to $1,000, depending on your income and state of residence, and return the funds in several weeks, typically after your next paycheck arrives.

How Do Direct Lender Payday Loans for Bad Credit Work?

Direct lender payday loans have a simple loan process. After you submit a filled out application form, your personal data gets straight to a payday lender. The lender reviews your data for eligibility and sends you a final decision. Your credit score is not a determining factor, so you can get a positive decision even with bad credit. The loan amount will be transferred after signing the loan agreement. Typically, the funds arrive in a checking account within one business day.

The repayment is typically made in full via an automatic withdrawal from your bank account. All you need to do when the due date comes is to ensure your account balance is enough to cover the total loan cost.

What Can I Use Bad Credit Payday Loans for?

Bad credit payday loans can be used for whatever you like. Payday lenders never track the way you spend the borrowed amount. However, payday loans are small loans with short repayment terms and often high interest rates. Therefore, they should not be considered a long-term solution. Here are some popular ways people use payday loans:

Unexpected bills; Medical expenses; Car breakdowns; Groceries and other daily essentials.

We recommend borrowers be realistic about their ability to repay the borrowed amount. Make sure you really can afford debt before getting a $100, $500 or even $900 loan. Otherwise, you can get trapped in an endless debt.

Am I Eligible for Payday Loans from a Bad Credit Direct Lender?

Specific payday loan requirements often vary by lender. However, there are some general criteria that bad credit direct lenders use to determine a borrower’s eligibility. Check yourself for meeting them:

Age: at least 18 years old; Citizenship: permanent US residents only; Income: official employment or other sources of regular, verifiable income; Financial information: have an active bank account in your name; Personal details: provide some basic personal information (email, mobile phone number, address, etc.).

Apply online for bad credit payday loans from direct lenders

Considerations Regarding Online Payday Loans

Although online payday loans may be a great solution for unexpected emergencies, they should be approached with caution. The first and most important consideration is their high price. Although the lender’s fees itself may seem reasonable, in terms of an annual percentage rate, it becomes a significant amount.

In some states, a payday loan APR can be close to 500% or even over it. This, along with short repayment terms, often creates conditions for a debt cycle, which can be pretty hard to break. We recommend you approach payday loans responsibly to avoid this scenario.

How Can I Get a Bad Credit Payday Loan from a Direct Lender via 15M Finance?

We offer a streamlined application process that is convenient and extremely fast. Just follow a few simple steps described below:

Apply online by completing our simple loan request form.

You need just some basic personal information and 5 to 10 minutes to complete the application procedure.

Stay in touch.

After a lender gets your form, it will make a soft credit check to determine your creditworthiness. It may also contact you via email or by phone and ask questions about the information provided in the application form. If you get approved, you will get confirmation via email. This verification process usually takes less than 1 hour.

Assess an offer.

Read your loan contract carefully and pay attention to your loan terms, such as interest rate, extra fees, and the repayment period. If you find them appropriate, accept an offer by signing a loan agreement.

Get much-needed relief.

You can access the money in your bank account within 24 business hours after signing the contract.

See also: Guide to what debts are forgiven at death

Benefits of Getting Payday Loans Online from a Bad Credit Direct Lender

Our online payday loans from bad credit direct lenders come with several advantages, including:

No extra fees for intermediary services; Almost instant approval decisions; Speed of disbursement; Easy online application process; No faxing or paperwork; Our direct lenders are bad credit friendly.

How Much Does a Bad Credit Loan Cost?

There are several factors that can affect the cost of your bad credit loan. These parameters include:

A borrower’s credit score; State of residence; Requested amount; A certain lender you’re dealing with.

Typically, bad credit loans with guaranteed approval decisions are more expensive than traditional loan options. By setting a higher interest rate, lenders try to prevent themselves from financial risks and losses. Typically, you will be charged an additional $10 to $30 for each $100 borrowed.

However, some states may set caps on payday loan interest rates, limiting them to 36% APR. Before applying for a payday loan, check out your state law regulations to understand what interest rate you can expect to get.

Alternatives to Direct Lender Payday Loans

Even if you have bad credit and want to borrow money with no third parties involved, payday loans are not the only option. Below are some alternatives for longer-term or less expensive financing.

Installment Loans

An installment loan is a longer-term debt that suits people with limited budgets. It allows you to get a lump-sum deposit of up to $5,000 and repay it in affordable installments. The payments are usually made on a monthly basis, and their number can be up to 24.

Just like payday loans, online installment loans for bad credit don’t set an acceptable minimum for your credit score. Borrowers usually choose them as they are much easier to handle due to extended loan terms. However, a longer repayment period may also be a drawback in terms of the loan cost. Despite offering lower interest rates, installment loans turn out to be more expensive than short-term loans in the long run.

Title Loans

A title loan is a secured short-term loan that provides you with money in exchange for a pledged asset, typically a car or RV. You retain ownership of your vehicle and can use it as usual within the whole loan term. However, if you fail to repay the money on time, a lender can repossess your car.

Car title loans need to be repaid by your next paycheck, so repayment terms are usually up to 31 days. The amount you can get depends on your vehicle’s cost and can be up to 50% of the estimated amount.

Cash Advance Apps

A cash advance app is a great option if you need to access a small amount on the go without being tied to your laptop. You can simply install one on your device and use it when unexpected expenses suddenly pop up. Just choose an app that will meet your needs, as many of them offer amounts limited to $300. Also, some cash apps check your timesheet and allow you to borrow only the amount you’ve already earned based on the hours you’ve worked.

Borrowing from Family/Friends

If you don’t want to go into expensive debt, consider asking your close friends or family members to lend you a helping hand. You can discuss loan terms and set the ones that will be convenient for both of you. Also, it can be a great way to save money on interest.

More: Find information about responsible alternatives to payday loans here.

Why 15M Finance

At 15M Finance, we know what you’re looking for in payday loans and are ready to give it to you on demand. We can link you with a legitimate direct lender in minutes and help you get the money you need regardless of your credit ussies.

Thanks to our fast loan application process and no hard credit checks performed, the funds can reach your bank account within a day. We share your data with direct lenders only, so your personal information is 100% safe. Just fill out the online loan request form to get started!


Can I Get a Payday Loan from Direct Lenders with a Bad Credit Score?

Even if you have a poor credit score, it’s not a big deal. Our lenders are not focused on your credit history as long as your income is enough to repay your loan timely.

Do Direct Payday Loan Lenders Guarantee a Loan?

Although guaranteed payday loans have a high approval rate, payday lenders still need to ensure you’re solvent. Therefore, they can’t provide a 100% guarantee in advance.

How Long Does It Take to Get a Payday Loan from a Direct Lender?

It’s typically a one-day matter, provided that you apply Monday to Thursday. Some direct lenders also offer same-day payday loan funding for applicants who get approved before noon on a weekday.

Do Direct Lenders for Bad Credit Run a Credit Check?

Most bad credit direct lenders don’t make a hard screening. This means that neither your application nor your on-time payments will be displayed in your credit report. However, defaulted payday loans can be reported to major credit bureaus, affecting your credit score.

How Can I Get a Direct Lender Loan with Bad Credit?

It’s quite simple! Start with filling out our online application form to access offers from trusted direct lenders in your area. You’re more likely to get approved if you meet our basic requirements.

Shania Brenson

by Shania Brenson

Last updated on April 29, 2024