Are you looking for a loan but have bad credit? You may feel like you’re out of options, but that’s not the case. There are a number of lenders who offer payday loans to people with bad credit.
In this article, we’ll show you the best online payday loans for bad credit in 2022. We’ll also give you some tips on how to improve your credit score.
Don’t despair – there is hope!

1. Universal Credit
Universal Credit is a government scheme that provides financial support to people who are on a low income or out of work. If you’re eligible for Universal Credit, you may be able to get a loan through the scheme.
Pros
- The interest rate is relatively low
- You can use the money for any purpose
Cons
- The application process can be complex
- It can take up to six weeks to receive the money
2. Oportun
Oportun is a US-based lender that offers loans to people with bad credit. You can apply for a loan online and may be able to get the money within a few days.
Pros
- Offers loans of up to $5,000
- The interest rate is relatively low
- There are no hidden fees
Cons
- You may be required to provide collateral
- The application process can be complex
3. LendingPoint
With LendingPoint, you can get a loan of up to $2,500 with an APR of 34.99% to 149.99%. You’ll need a credit score of 585 or higher and minimum annual income of $20,000 to qualify. There’s no origination fee, but there is a late fee of up to $10.
Pros
- There are no hidden fees
- The application process is quick and easy
Cons
- The interest rate is relatively high
4. Upstart
With Upstart, you can get a personal loan with a credit score of 600 or higher. Loan amounts range from $1,000 to $50,000, and you can choose a repayment term of three to five years.
Pros
- Offers loans of up to $50,000
- The application process is quick and easy
Cons
- The interest rate is relatively high
5. OneMain Financial
OneMain Financial is one of the best online lenders for bad credit. They offer personal loans to people with bad credit scores as low as 580.
OneMain Financial offers loans from $1,500-$20,000 with APRs starting at 18.00%. They also have a fixed rate loan option where your interest rate will not change over the life of the loan.
Pros
- Offers loans of up to $20,000
- The application process is quick and easy
Cons
- The interest rate is relatively high
These are just a few of the best online payday loans for bad credit in 2022. If you have bad credit, don’t despair – there are still options available to you. Talk to a financial advisor to see what your best option is. And remember, always pay your loans back on time!
How to get a bad-credit payday loan online
To get a bad-credit payday loan online, you’ll need to:
1. Find a lender that offers loans to people with bad credit
2. Fill out an online application form
3. Wait for the lender to process your application and deposit the money into your account
4. Repay the loan on your next payday
How payday loans affect your credit score
Payday loans can affect your credit score in a few ways. First, if you default on the loan, it will go on your credit report.
Second, taking out a payday loan will usually result in a hard inquiry on your credit report. This can temporarily lower your credit score by a few points.
Third, if you repay the loan on time, it can actually improve your credit score. If you’re considering a payday loan, make sure you understand how it will affect your credit score.
Bad-credit installment loans vs. payday loans
When you’re looking for a loan with bad credit, you may be wondering if an installment loan or a payday loan is the best option. Here’s a quick overview of the differences between these two types of loans:
- Installment loans are typically larger loans that you repay over time in monthly payments
- Payday loans are smaller loans that you typically need to repay in full within a few weeks
- Installment loans can help improve your credit score if you make your payments on time
- Payday loans can damage your credit score if you don’t repay them on time
- Installment loans typically have lower interest rates than payday loans
Other easy loans to get with bad credit
In addition to payday loans, there are a few other types of loans you may be able to get with bad credit. These include:
1. Personal loans
2. Credit cards
3. Auto loans
4. Home equity loans
5. Title loans
Each of these has its own pros and cons, so make sure you understand the terms before you apply.
FAQs
What is a bad credit payday loan?
A bad credit payday loan is a loan specifically designed for people with bad credit. Lenders offering these loans typically have lower credit score requirements than traditional lenders.
How do I get a bad credit payday loan?
You can get a bad credit payday loan by finding a lender that offers them and applying online. Make sure you understand the terms of the loan before you apply.
Will taking out a bad credit payday loan hurt my credit score?
Yes, if you don’t repay the loan on time, it will damage your credit score. However, if you do repay the loan on time, it could actually improve your credit score.
What are some other types of loans I can get with bad credit?
Other types of loans you may be able to get with bad credit include personal loans, credit cards, auto loans, home equity loans, and title loans. Each has its own pros and cons, so make sure you understand the terms before you apply.
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