Online Loans for Bad Credit

If you have bad credit, you're not alone. According to the Federal Reserve Board, nearly half of Americans have credit scores that fall below 680.

If your score is below 680, most traditional banks won't approve you for a credit line, which means you have to look for other funding sources when the unexpected happens.

Many Americans looking for online loans for bad credit decide to apply for a cash advance. In every area of the U.S., there are payday loan lenders that can help you when cash flow problems arise, even if your credit score isn't up to par. At LendUp, we don't have a set credit score requirement. If you have bad credit, you could still be approved or an online loan through LendUp. Before applying for loans for bad credit online, though, first learn the ins and outs of payday loans.

What Does Bad Credit Mean?

According to myFICO, a company that calculates credit scores, breaks down your score like this:

  • Payment history: 35 percent

  • Amount owed: 30 percent

  • Length of credit history: 15 percent

  • Credit mix: 10 percent

  • New credit: 10 percent

So, if you consistently miss credit card payments, your score will decline. If you've recently taken out a car loan and financed a furniture purchase, all that new credit will lower your score. Over time, if such actions continue, your credit score will continue to drop -- and you'll lose access to credit from traditional lenders.

Obviously, personal things in life can prevent you from upholding a good credit score. While a low credit score affects your access to money, it's not the end of the world. There are still lenders willing to work with people with low credit scores. And you can get that score up again.

At LendUp, our mission to to provide a better, safe payday loan alternative that you can apply online through your phone or computer.

How Can You Find the Right Loan With Bad Credit?

If you have bad credit, you are probably aware of the less than desirable options available to you. Many of them are brick and mortar payday stores that you need to drive on the other side of town, and many online options are not much better. It’s difficult to know what site to trust when you’re inputting your sensitive information online. And sometimes, you will suddenly get emails from other unfamiliar lenders that you did not contact. Before applying, make sure of the following:

The lender is trustworthy and licensed in your state. Check online reviews and with friends and family (if applicable). Also, check for licensing in your state. Some lenders try to skirt state and federal laws by operating in tribal territory or offshore. At LendUp, we only do business in states where we have obtained applicable licensing.

The lender gets you the money quickly. Speedy delivery of funds ensures your needs are met. At LendUp, we make decisions instantly, as the application is completed online and only takes five minutes. The money can be in your account the next business day if you submit it on a weekday before 5 p.m. PT.

The lender recognizes responsible behavior. Many payday loan companies repeatedly give you the same rates and loan amounts -- even if you have established a history of repaying on time with them. At LendUp, we want to change this. That's why we have the Ladder.

The lender has clear terms and conditions. Some payday loan lenders get you with hidden fees, rollovers and unclear interest rates. At LendUp, we are clear with you from the start on how much the short-term loan costs.

What Are the Requirements for Applying for an Online Loan?

At LendUp, you must live in one of the states where we operate (see rates and terms here). You also must be 18, have a recurring source of income (proof required) and have an active checking account that accepts electronic transfers. During the application, you must provide an email, address and phone number.

For more information on LendUp Loans, check our FAQ.

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