If there’s one thing you need like a hole in the head, it’s an unexpected bill. Especially if you are not financially prepared for such an inconvenience. Maybe you had medical bills to pay or a car repair that blew a hole in your pocket.

Do not be afraid, You’re not the only one. Millions of hard-working Americans like you need emergency funds every day. Even if they have bad credit ratings, they are still able to get payday loans for bad credit to help make ends meet. So can you!

Our top resource for payday loans:

MyUSALoans

1. High credit availability
2. Easy to use platform
3. Fast application process

MyUSALoans is the best payday loan broker we’ve found. They provide a free and transparent service; giving applicants with even the lowest credit scores the ability to borrow up to $5,000 and receive the funds within 24 hours.

Apply here on the official MyUSALoans website

Opportunities:

• Up to $5,000 available
• Decision in minutes
• Funds deposited the next day

Obstacles:

• Service not available for residents of AK, NY, VT, WV
• Payday loans can have high interest rates

Eligibility criteria

MyUSALoans requires that you meet the following criteria:

• Must be at least 18 years old
• Have a current account with direct deposit
• Regular income and pay frequency

Is it easy to get a loan?

You’ll need to provide some basic information about yourself, but the forms don’t take more than a few minutes to complete.

Once you complete your application, your details will be presented within seconds to available lenders who can provide you with a payday loan.

When you’ve agreed to the terms and finalized your loan, your lender will deposit your money into your bank account, usually within 24 hours.

Benefits of payday loans and how they can help

Payday loans are short-term, high-interest loans that are usually designed to be repaid on the borrower’s next paycheck. They often get a bad rap due to their high interest rates and are generally considered an option of last resort for people in need of short-term financial assistance.

HoweverThe reality is that due to the difficulties many Americans face getting a loan with bad credit, payday loans still hold their place as a helpful resource for covering essential costs. Typically, core costs include things like:

• Medical fees
• Car repairs
• Unexpected bills
• Home repairs

Accessibility

All you need is a phone or computer to apply. If you can read this article, you can claim up to $5,000 in minutes. No matter the time of day, you can log in and submit your application 24/7.

Convenience

Besides the advantage of easy access to payday loans, it is convenient to apply.

You can borrow up to $5,000 and have it deposited into your checking account in as little as 24 hours. You’ll get your approval decision within minutes of completing the application form, and best of all, MyUSALoans doesn’t charge you anything for their service.

You can improve your credit score

Repay the loan on time box increase your credit score. No different to any other loan; you show an ability to make structured repayments, and that may well reflect on your report.

No restrictions on how you use it

Although we only advocate the use of payday loans to cover unavoidable emergencies, there are no specific rules as to what you should use the loan for.

During your application phase, you may be asked what you are taking the loan for, but if you want to spend it on something else, you can. Just be reasonable and make sure you only borrow what you need. More on this in the next section.

What are the costs?

The first cost to consider is obviously going to be the interest rate. Beware that payday loans have interest rates of up to 841%. Generally, the less you borrow, the less interest you will pay. However, your credit history will also play a role in this.

The ideal is to find the lowest possible interest rate. You should also use good judgment when checking your lender’s terms and conditions. It is common to encounter processing fees, late refund fees and other charges related to non-payment.

Processing fees are industry standard and are added to the total cost of the loan, normally at a rate of approximately 1-2% of the loan amount.

Late repayment fees are exactly what they say they are. If you don’t repay on time, you’ll be charged exorbitant fees, in addition to having to pay back the money you owed. It is essential that you do not allow this to happen. The best way to protect yourself is to always follow the golden rule; borrow only what you absolutely need and always repay on time.

What other loan options do I have?

Payday loans aren’t the only way to get short-term credit. If you’re not sure if a payday loan is right for you but need financial help, there may be another solution.

Guarantor Loans

Secured loans are a type of unsecured loan that requires a friend or family member to promise to repay the loan if the borrower does not.

They are a great way to access credit if you have bad credit. Repaying on time will boost your credit history, but make sure you are fully confident in your ability to repay so you don’t jeopardize your trusted friend’s credit score!

Secured loans

Secured loans require you to appoint collateral which will be used to recover the cost from the lender if you do not repay. As you can probably imagine, secured loans are often involved in obtaining large sums of money.

Here are some examples of warranties:

• Home/Mortgages
• Autos/Vehicles
• Valuable objects
• Investments

If you default multiple times on your loan, the lender can repossess your collateral without notice. Also, if the value does not match the amount of the debt, you will still be responsible for the remaining balance.

Loans for family and friends

This makes the bottom of the list, as loans between family and friends can often cause distress in personal relationships. However, if you have people willing to help you with a short-term loan, you will find it to be a much cheaper solution than payday loans.

It’s usually a good idea to write up a spreadsheet or document detailing the specific amount borrowed and repayment dates. Just make sure you stick with it, or you’ll jeopardize your relationship.

Our most frequently asked questions

Will my credit report be affected when I apply?

When you apply with MyUSALoans, you voluntarily provide them with your score during the application phase. As such, they have no reason to check your score when finding you lenders.

Some lenders, however, will check your score. Some won’t. The lender will normally make it clear before you apply whether or not they will verify your score. If they say they will do a “soft search”, don’t worry because it won’t show up as a credit inquiry on your report.

Can you get approved if you have bad credit?

These lenders make their living by providing loans to people with bad credit. There is no credit score that will stop you from applying, just be aware that you may have to pay higher interest rates if your score is very bad.

However, if you need money, it is better to have the option of the loan than not to have it. Just make sure that you will be able to pay the repayments, otherwise you should look for alternative loans.

Are you allowed to borrow twice from the same lender?

Yes. If you have already successfully repaid a loan on time, this lender is more likely to offer you favorable repayment terms. This could include lower interest rates or better access to credit.

Our final thoughts on payday loans

Overall, we find that when used responsibly, payday loans are a good resource for obtaining emergency credit when needed.

By using a reliable broker like MyUSALoans, you eliminate the hassle of finding and verifying your own lenders. With their simple and efficient application process, they do all the heavy lifting for you and make the whole process seamless.

If you’ve been hesitating about getting a payday loan, we hope this information has given you the confidence to tackle your financial needs head-on. Whether you have great credit or bad credit, apply for a payday loan today!