$255 Payday Loans Online With Same-Day Funding
It’s true that savings can help you out in dire need, but in reality, most people hardly have any savings. Typically, when people save money, it’s for a specific purchase, not for an unexpected emergency.
Why not keep your savings and get a short-term loan to take care of your immediate needs?
An online $255 payday loan can do just enough to settle you temporarily until you restore your financial footing again. Get started with iPaydayLoans and we will connect you with lenders who can fund you the same day or the following business day.
How to Apply For A $255 Payday Loan Now?
In an emergency, the last thing you want to worry about is waiting in long lines at the bank or filling out tedious paperwork. A payday loan is one of the best loan options to explore. Here’s how to apply for a payday loan and get funded right away:
Fill out the information on the payday loan application page
Fill out the form here. You’ll need to provide basic information, such as your full legal name, date of birth, address, email, and contact information. You may also need to state the purpose of the loan and other financial information. This should take you no more than five minutes.
Get approved
Once you submit the form, we will connect you with numerous lenders that will offer you loans based on your financial profile. They will review your application, assess your eligibility, and approve you for a loan.
Receive and sign the quote
You will get loan offers (quotes) from a number of lenders. You’ll get a chance to sift through them and pick a lender whose loan terms you like the most. Then, sign the quote.
Get paid
Once you sign the quote, you can expect to get paid soon after. It could happen the same day, even moments after signing, or the following business day.
How much would you like?
Can I Get Payday Loans Online With No Credit Check?
You do not need good credit to get a payday loan. This is because payday loans are designed for people with bad credit or those without a credit profile at all. Established payday lenders do not need to conduct hard credit checks on their prospective clients.
Hard credit checks leave footprints on the borrower’s profile. Your credit score can even drop by a few points after a hard credit check.
Payday loan lenders base the borrower’s credit affordability on their current income instead of credit checks. The borrower’s spending history and debt-to-income ratio may also be considered.
Learn more: Top 5 Loan Companies That Offer No Credit Check Loans with Guaranteed Approval >>
What Are the Requirements for $255 Payday Loans?
Unlike with bank or credit union loans where you must be a member, the eligibility requirements for a $255 payday loan are simple. The borrower must have
- A valid, government-issued ID or social security number
- Email address
- A current salary of more than $1,000
- An open checking account
- A physical address
- A valid phone number
- Attained the legal age of 18
Although these are the basic requirements, the Central Financial Protection Bureau (CFPB) also recommends that the lender assess the borrower’s ability to repay the loan by considering their assets, income, financial obligations, outstanding debts, and credit history. The CFPB recommends using the loan’s terms, including the interest rate, monthly payments, and total cost of the loan to assess the borrower’s ability to repay the loan.
 | Why Us | |
|---|---|---|
| How much can I borrow? | $50-$35,000 | No hidden fees or charges |
| I have bad credit. Can I apply? | Yes | Bad credit is considered |
| Over how long can I spread the repayments? | 1-36 months | Fast decisions |
| Are credit checks involved? | Yes | Soft credit checks only |
| Chances of getting approvals | Good | 256-bit encryption protocol |
| How to apply? | Apply online | Easy application |
Benefits Of Online Payday Loans
High approval rates
Many borrowers take out online payday loans because of how easy it is to obtain them. The eligibility criteria are more lenient than banks or other lending institutions. Hence, the high approval rates. As long as you fulfill the basic requirements, such as being at least 18 years old and having a government-issued ID, you stand a good chance of getting approved for a payday loan.
Near-instant approval
You can get approved for a payday loan in as little as five minutes. The eligibility and affordability checks that need to get done before approval are quick. This near-instant approval for a loan request gives borrowers peace of mind, compared to the experience at a bank where a borrower may wait for days and still get rejected.
Bad credit is not a hindrance
When you’ve got bad credit, it’s easier to get a loan from payday loan lenders rather than traditional lenders. This is because payday lenders are less interested in your financial past or what your credit history says. Payday lenders are more interested in whether you can afford to repay the loan within the required loan term. These kinds of loans are called payday loans with bad credit.
Unsecured
Payday loans are unsecured, which means you do not need to provide your car or property as collateral. Even people with bad credit do not need to provide any collateral. A stable income is already good confirmation that you’ll be able to return the borrowed amount plus interest. However, some lenders will allow you to borrow more if you do provide collateral.
Several lending options
This benefit is mostly relevant if you are applying for a loan through a loan broker. With a loan broker like iPaydayLoans, submitting one application gets you access to many lenders with high loan approval rates. Whereas, with credit unions and banks you need to be a member to apply for just one potential loan at a time.
Can boost credit score
Most payday loans are taken out to finance emergencies. Therefore, they are mostly borrowed for a short period of time. A borrower can boost their credit score by a few points quickly, assuming they repay the short-term loan on time.
Get Cash When You Need It Most
Get StartedAlternatives To $255 Payday Loans
Car title loans
Car title loans are funds people take out while using their car as collateral. However, the car is not confiscated or withheld by the lender. The borrower is free to use the car as long as they do not fail to pay for the loan based on the terms. If you’ve been looking for a way to slash your loan’s interest rate by almost half, a car title loan is worth considering.
Installment loans
Installment loans have some of the most convenient payment terms! Many borrowers struggle to keep up with their normal financial commitments when it comes to paying back a loan in a lump sum, in full, at the end of the term.
Installment loans fix that by allowing the borrower to pay back in fixed monthly payments instead. This eases the strain on the borrower, allowing them to more easily meet their other financial commitments while paying back the loan smoothly over time.
Personal loans
No car or property to turn in as collateral? No problem. You can get an unsecured personal loan to pay for financial emergencies, weddings, or large expenses in case your savings are insufficient. Personal loans can be used for any financial expense or need.
Bad credit loans
In financial need, but have a poor credit history? A bad credit loan may be the right option. A lender offers bad credit loans to borrowers by considering their ability to pay the current loan rather than their credit history. If used properly, a bad credit loan can help in dire need. As a bonus, paying back on time can improve your credit score by a few points.
Short term loans
Are you in a financial emergency or need to pay rent or utility bills that can’t wait too long? Then, short term loans might be the easiest and least stressful way to get some funding. Short-term loans are borrowed cash taken out to meet obligations and repaid in a short time period.
Quick loans
Short-term borrowing needs can be taken care of with quick loans. They are called so because of how quickly they are disbursed. Unlike bank loans that can take days or weeks to be approved and disbursed, quick loans can be processed as quickly as 15 minutes. They are easy, quick, and with easy-to-meet requirements.
FAQs
Can I Get A $255 Loan on The Same Day?
Yes. Usually, you get your loan in as quickly as 24 hours. However, this depends on a number of factors including the lender, your bank’s processing speed, and the time of the day when you turned in your loan application.
Are There Any Differences Between A Payday Loan And A Personal Loan?
A payday loan is a short-term loan usually due within two weeks to a month. It’s usually used to fund an emergency until the borrower’s next payday. A personal loan, on the other hand, has a longer payment term, usually at least two years. It can be paid in installments and has a lower interest rate.
Can My Credit Score Hinder Me From Getting A Payday Loan?
Traditional lenders like banks and credit unions may not consider loan applications from borrowers with bad credit scores. Whereas, non-traditional lenders like payday lenders have less strict requirements and can approve your application even if your credit score is poor.
What Happens If I Can’t Pay Back My Loan?
Usually, there are consequences for defaulting on a loan. In most cases, you will be required to pay late payment fees. However, if for any reason you foresee a late payment, contact the lender directly. They may be more lenient with the late payment fee and work out a more comfortable payment plan with you.