Bad Credit Online Payday Loans Guaranteed Approval from Direct Lenders upto $2000

Are you looking for bad credit payday loans with guaranteed approval? If you have a low to average income, it is likely that you face financial problems from time to time. However, you are not alone. As per a survey, about 25% of the American population lives paycheck to paycheck. More often than not, you may run out of money after paying all the bills and before the month is even over. Because of this, fulfilling responsibilities and saving money at the same time may not be possible. With barely any savings to rely on, you may struggle to deal with emergencies.If a sudden expense crops up when you are most strapped for cash, you would have no choice but to take out a loan. However, finding a suitable loan fast may be challenging, especially if you have a poor credit history. Banks and other traditional lenders look for borrowers with impeccable credit ratings. If your scores are low, your applications are sure to get rejected. That is when you can look for bad credit payday loans for immediate access to cash. These loans are designed for people with poor credit scores. If you are planning to apply for an instant approval payday loan for bad credit, make sure to learn all about it to make a well-informed decision.

Basics of Payday Loans Online No Credit Check from Direct Lenders

Simply put, a payday loan is a short-term and high-interest loan that offers a small amount of money. The amount may range anywhere from $100 to $1000 depending on your income and the lender. To obtain a payday loan online no credit check instant approval, all you need is a bank account and a stable income. Lenders often do not care about credit scores and they approve applications from people with bad to no credit. online Payday loans from legitimate direct lenders also go by many names such as deferred presentment, deferred deposit, and cash advance loans. When looking for loans, you can find both in-store and online providers.

If you visit a legitimate payday loans lending store, the lender will verify your income and bank account information and hand you the money. The online process is just as simple, but it typically takes 1 or 2 business days for the money to be directly transferred to your bank account. In exchange, you need to provide the lender with a signed check that will allow him to withdraw money from your account on your next payday. That is how the loan gets repaid. The loan for these loans typically lasts about 2 weeks, but it can also stretch up to a month in some cases.

Borrowing online has many advantages. There is the convenience of applying for the legitimate payday loans online no credit check from home and getting the money directly in your bank account. Moreover, when you work with legitimate lending platforms such as LendingSumo, you can get the payday loans bad credit offers from trusted direct lenders. It gives you access to the best and most affordable loan products. Responsible online lenders also provide a great level of security.

Legitimate Payday Loans Online from Trusted Direct Lender

Surveys show that about 65% of Americans save little to no money, and most of them may struggle to cover for a $500 emergency. In most cases, sudden expenses may leave such an individual financially paralyzed. It can take a toll on your monthly budget and create long-term difficulties that take years to overcome. For example, the public transport system is fairly weak and insufficient in most parts of the United States. If your car breaks down suddenly, you have to get it fixed as soon as possible regardless of your financial situation or you will have to take time off of work. Now, that is a luxury that not everyone can afford. Missing work means loss of a paycheck and you can even get fired!

In such dire situations, you may have no choice but to take out an legitimate online payday loan. The quick injection of funds can not only take care of these emergencies, but it can also save you a ton of associated issues. However, as with any financial decision, you need to evaluate your needs and think about whether you actually need a loan. Here are some situations where getting online payday loans with no credit check direct lender makes sense:

You should use a payday loan for

You should NOT use a payday loan for

Urgent vehicle repairBusiness investments
Sudden medical billsHaving dinners or parties at fancy restaurants
Recovering lost wages due to illness or injuryTraveling for leisure or fun
Emergency travel to visit an ailing loved one or attending a funeralPurchasing new gadgets and luxury items
Purchases related to work such as buying new tools or a transit passUnnecessary things such as a new watch, jewellery, shoes or clothes
Putting the down payment on a new rental home or apartmentNon-urgent home improvement projects
Paying a large utility billRenewing your gym membership

As you can make out from the above comparison, you should only always borrow a payday loan for dire emergencies. If you have some non-urgent purchases or expenses, it would be better to save some money and fulfil them at a more opportune time. Here at LendingSumo, we deal with direct payday lenders no third party no teletrack and they will never ask about where or how you intend to spend the money. However, we always advise our borrowers to be mindful of their needs and current financial standing before making such a significant decision.

Features of Payday Loans Online No Credit Check Instant Approval Schemes

Payday loans have a number of great features that make it highly popular among borrowers. If you believe the CFSA or the Community Financial Services Association of America, there are over 20,000 member locations. That means there are more payday lending stores than McDonald’s or Starbucks! Nearly 1 in every 6 individuals in America have borrowed at least one payday loan in their life. If you are thinking about applying for payday loans online same day approval schemes, make sure to find out about its features. Here are a few critical ones to take note of:

Small amounts:

As mentioned above, payday loans come with small amounts of money. The borrowing limit may be dependent on factors such as your income, lender’s policies and the state laws. Though $500 is the most common, a payday loan amount can range anywhere from $100 to $1000. According to a Pew report, the average amount is $375.

Short repayment terms:

You need to repay the full sum of the payday loan when you get your next paycheck. That is why payday loans typically have a short repayment term of 2 weeks. However, in some special cases, the tenure may stretch up to a month or even longer.

Steep interest rates:

When it comes to traditional loans, the interest rate depends on the type of loan and your credit rating. If you have an excellent credit history, you can expect to get loan offers with a low APR. Bad credit borrowers, on the other hand, have limited options when it comes to loans and they even have to pay much higher interest rates and fees. It is especially true for payday loans.

No installment payment:

A unsecured personal loan for bad credit allows you to make regular and monthly payments when it comes paying off the sum. However, with a payday loan, you need to repay the entire loan amount (principal and interest) at once at the end of the loan term. You cannot break the payment down in several installments.

No credit check:

Traditional lenders always conduct hard credit checks to know about a borrower’s creditworthiness. If you have bad credit ratings, a hard credit inquiry will not only lead to the rejection of your loan application, but it will also damage your credit rating even further. That is why payday loans no credit check online approval schemes are beneficial for borrowers with bad credit or no credit.

Most payday lenders do not carry out credit checks, and even if they do, it is mostly soft credit checks. A soft credit inquiry does not affect your credit record in any way, and it mostly reveals partial credit report. Legitimate lenders that offer payday loans online no credit check schemes may conduct this soft credit check to be sure of your repayment capability.

Automatic repayment:

When applying for a payday loan, you need to provide a signed check stating the total amount of the loan. In most cases, lenders cash this check or simply withdraw money from your account when it is time for repayment. However, some in-store payday lenders may require you to visit their store and make the payment in person.

Hassle-free renewals:

If you cannot pay your online payday loan lender, you should talk to them in advance about getting an extension. Payday lenders often agree to a renewal right away. Here, you need to pay a fee that is equal to the interest on the payday loan. In exchange, you get another two weeks with additional interest for paying off the sum. Where renewal is prohibited, lenders provide another loan to pay off the original loan.

People who are most likely to apply for 1 Hour payday loans from direct lender

As mentioned above, payday loans are wildly popular and 5.5% of Americans have taken out at least one payday loan in the last 5 years. Borrowers come from different sections of the society, but they are mostly low to average income earners with less than remarkable credit ratings. Typically, people who rely on 2nd chance payday loans from direct lender may belong to the following categories.

Young individuals:

Over half of the payday loan borrowers fall between the ages of 25 and 44. 9% of these borrowers are in their 20s, whereas 7% to 8% are in their 30s. People above the age of 60 are highly unlikely to go for a payday loan.

Low-income earners:

According to a report released by the Census Bureau, the median income in 2014 was $53,657. However, most payday loan borrowers have a lower income than that. More than 70% of these borrowers have a household revenue of below $40,000.


One may argue that most payday loan borrowers are white. However, that is only because they make up the greater section of the American population. African Americans, on the other hand, only make up for 12% of the population. However, they borrower about a quarter of all instant same day payday loans online.


People who live in a rented apartment or house are more likely to take out a payday loan than homeowners. Approximately 35% of the adults in America are renters, but 58% of payday loan borrowers are. Roughly, 1 in 10 renters has taken out a 1 hour loan in the previous year.

Disabled or unemployed:

Most payday lenders will agree to lend you the money against your disability or unemployment benefits. About 12% of disabled people have taken out a payday loan in the last 5 years. On the other hand, 1 in 10 unemployed individuals decides to borrow payday installment loans.

Comparatively uneducated:

More than 50% of all payday loan borrowers have high school education at the most. Borrowers with a 4-year college degree only make up for 15%.

Divorced or separated:

Divorced or separated adults make up for nearly 13% of the American population. They also create a massive chunk of payday borrowers. About 25% of all payday borrowers are either divorced or separated.

The risks of  payday loans online with no credit check

As with any financial scheme, there are risks associated with payday loans as well. Payday loans are designed for emergencies, but surveys show that most people do not use it for its intended purpose. About 70% of first-time payday loan borrowers obtained the loan to pay for basic expenses involving credit card bills, utilities, food, and rent. Though payday loans are of great help in times of need, they also have some downsides. Make sure to learn about the possible pitfalls of payday loans before making the final call.

The combination of steep interest and short tenure:

Payday loans not only have steep interest rates, but they also have short repayment terms. You also need to repay the entire sum at once as installment payments are not allowed. In most cases, borrowers of payday loans near me no credit check policies struggle to come up with the large sum of money within a short period of two weeks. That increases the possibility of them defaulting on the loan.

Repercussions of non-payment:

Failing to pay a loan has some serious repercussions. However, since payday loans mature faster than traditional loans, the chance of you defaulting is much higher. If you are unable to pay off the sum on time, the lender may offer a “roll-over” or “renewal.” Though it offers you more time to repay the loan, it comes at a significant cost. The rollover fees and charges are often higher than the original amount. You should think about how you would afford that payment with an extension of another two weeks.

If you do not talk to your lender about a possible extension and then end up defaulting, the lender may take legal action against you, charge hefty penalties or resort to unpleasant loan collection practices. On the other hand, your already dismal credit ratings take a significant damage, making it that much harder to improve it in the future.

Possible debt trap:

Most experts see payday loans as the perfect way to get a borrower into a debt trap. Most lenders that offer guaranteed payday loans no matter what want you to believe in them. In desperate situations, you may even feel like they are doing you a favor by providing you with the loan. However, predatory lenders never have good intentions. They approve your loan application without checking your repayment capability in the hopes that you will default. When you inevitably fail to repay the loan, they can introduce costly rollover schemes that suck you into a debt trap. Getting out of such a mess can be challenging and may even take years!

Why choose LendingSumo for online payday loans for bad credit?

LendingSumo is one of the leading online lending platforms today. We specialize in guaranteed payday loans online of all types including same day payday loans with no teletrack, installment loans for , short-term loans, no income verification personal loans and much more. Unlike most alternative lending institutions that deal with brokers and third-parties, we work exclusively with direct lenders. It allows us to offer you the best loan products at the most affordable rates. We also properly vet our direct lenders to ensure that they are trustworthy and that their policies are fair. Despite taking measures to ensure that all our lenders are responsible, we urge the borrowers to maintain caution. You must read the fine prints of the loan documents before signing on the dotted line.

LendingSumo also has a fairly simple and easy application and approval process for legitimate payday loans online policies. Our user-friendly website interface allows you to browse through the different sections and arrive at the application page. All you need to do is submit the application and wait to hear from us. We will send you a quick response and start processing your application right away. We will then match you with multiple direct lenders who will provide you with 2nd chance payday loans direct lender with no credit check. You can compare the various choices and go with the best one.

Once you choose the loans product, we complete the process of approval. Once your loan gets approved, we transfer the money directly to your bank account! The whole process may even take place within a matter of 24-48 hours. Get in touch with us and get the financial help you need!