Can you get a spot loan with bad credit?


Quick Answer

Often referred to as spot loans, payday loans are widely available to consumers with bad credit. These loans are typically approved with proof of employment, a post-dated check or bank account EFT information, and a government-issued ID.

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Full Answer

While they are easily available, payday loans come with exorbitant price tags. A study conducted by the Center for Responsible Lending in 2006 shows that the average payday borrower pays more than $790 in interest on a loan amount of $325. Due to these high rates and the payday lender practice of targeting low income borrowers, payday loan organizations are considered to be predatory lenders.

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