Payday Loan Options for Low FICO and Credit Score Problems

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Can you get a payday loan with a low FICO score? We tested 4 sites with a FICO of 500-600. Here's what we experienced.

I had terrible credit during a past divorce and found it impossible to borrow money when I needed it. Luckily these days there are a lot of lenders who lend to people with credit problems based on current employment and paychecks. I've used these sites to borrow money and repay them on my next paycheck, and found some good ones who lend to people with credit history problems. Here are the best ones which offer quick turnaround time, and have relatively simple and easy application processes:

#1 - Cash Central: CashCentral is fast and has good live support. The signup process is no-frills, 3 steps from basic contact information to employment information. The website is easy to navigate and it is easy to find contact information to call and talk to a live rep if needed. We received funds via wire transfer securely within 24 hours. Cash Central has a bit of a higher bar to qualify in that you must be employed at your current job for over 3 months and you must provide a valid checking account - but we feel that this is bare minimum information that you should provide either way when applying for a loan. You can borrow from $1,000 to $5,000 with CashCentral. more >>

#2 - PayDayOne: PayDayOne is a well-known loan provider with an easy to navigate signup process and quick turnaround. We like the website as well as the faxless 3-step process. We've received four positive experience reports from readers, Dale C from Minneapolis writes: "This was my first time using a payday loan provider, and my experience with Pay Check Today didn't scare me away. I'd use them again when I'm in a similar situation." They have a secure website, and it's easy to speak with someone live via 800 number - this is a key component to keep in mind when evaluating payday loan providers. You can borrow up to $6,000 with PayDayOne. more >>

#3 - Team Quick Cash: Team Quick Cash is no-frills and fast. The company gets good feedback from consumers: Donna Cartwell from Orlando says "Quick turnaround time and good customer service. I was able to speak with someone on the phone when I had a question during the registration process. The loan was processed within 24 hours with no major hiccups, would recommend them." We were able to go through the application process in 30 minutes and had ash delivered in 2 days into our account. One tip, don't sign up for the cash card offers during the process, you'll get spammed. You can borrow from $1,000 to $3,000 with Team Quick Cash. more >>

#4 - OnlineCash911: After filling out our application, we had funds deposited into our account within 48 hours. Turnaround time is a bit longer than with other loan sites, but the site works well and the application process is quick and easy. OnlineCash911 offers loans in the amounts of $1,000 and $1,500. more >>

#5 - Secure Money Store: One reader has reported that this site does not live up to its promise of a "30 second turnaround" and "$1,000 in cash in one day." Jason Collins says "it took more than one week to get the cash into my account, and only after a tedious back and forth process where the company asked for additional documentation." Other readers have reported more positive experiences, but it appears that this site overpromises on timing and convenience. We applied and were rejected once and approved once. Upon approval though it took 3 days to receive our funds. You can borrow only up to $1,000 with Secure Money Store. more >>

1 comment

David Smith
Posted on Jul 17, 2010