Q:

Can you get a spot loan with bad credit?

A:

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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