Payday loans online are a great way to get a fast cash infusion for whatever cause. Everyone knows how tedious getting a loan from a bank can be. You need to fill out complicated application forms, wait for months, endure background checks and credit checks, and in the end, you will get rejected or won’t get the loan you wanted.
The whole process has forced people to avoid going to the bank more and more, especially with their unreasonably strict credit score requirements. Let’s face it, it’s become next to impossible to get a good loan from traditional lending institutions.
So what’s the solution? It’s simple, getting a loan through an online marketplace. If you’re searching for the best $255 payday loans, then we have just the thing for you. If you need a fast and small loan to cover some financial emergency, one of the smartest things you can do is go with an online platform that provides these short term loans for bad credit. To find the right one for you, read on through our article on the three best $255 payday loans on the market currently.
The lender that will give you the loan is going to try their best not to give you any penalties that will later go on your permanent record. If you miss a payment for some reason, the lender should be prepared to offer you a grace period that allows you to make your payment at another date. This way, the missed payment doesn’t go into your credit history and doesn’t ruin your score. The lenders that work with the sites on our list are always ready to help you out this way.
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MoneyMutual is an online marketplace that provides a place where lenders and borrowers can connect. Here you can find mainly short-term loans, like payday loans and installment loans, for which you can qualify even with a bad credit score. They offer some of the best $255 payday loans on the market.
After you fill out their very simple online form, lenders will review your information and will offer you a loan in a matter of minutes. The amounts they offer usually range between $200 and $5000. Since MoneyMutual is completely free to use and you are not forced to accept any loan offer, it can be a fantastic way to compare lenders and loan offers, especially if your credit score is less than perfect.
However, keep in mind that you should be careful before you commit to any loan agreement. MoneyMutual is not a direct lender; it only provides a platform where you can compare and receive loan offers. Because of this, they have limited control over the terms and conditions that a lender will provide. When you’re offered a loan, you need to look closely and carefully at the interest rates, terms, and fees that you will be paying.
Receive funds quickly
MoneyMutual’s process is incredibly fast. The application form takes about 10 minutes to fill out, and you can have your money in less than 24 hours after you get in touch with a lender. The speed that they offer makes MoneyMutual one of the best platforms for personal loans since one of the best parts about getting a loan this way is the speed. This makes them a great choice in case you’re getting your loan for an emergency.
No extra cost
You won’t need to pay any fees when applying through MoneyMutual. There is no entry fee and no additional hidden fees. It will connect you with countless lenders without charging you a single dime. However, keep in mind that any lenders you connect with might have fees of their own that are a part of their loan offers.
Can be used for whatever you need
Another great thing about MoneyMutual is that the reason why you’re getting a loan doesn’t affect the process. You might be asked about the reason why you’re getting a loan, but no matter what you answer, it won’t affect the terms. It can be for car repair, medical expenses, renovations, covering debt, or anything at all. This gives you a lot of freedom when getting a payday loan from MoneyMutual.
Educational information
MoneyMutual doesn’t only provide $255 payday loans. They also offer ways to make better financial decisions. On the website, you can find a lot of free reading material, including a guide on how to get a payday loan and information about loans and cash advances. By following the information provided, you can even repair your credit score more easily and plan out your loan better.
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BadCreditLoans is an online loan marketplace that offers a place where borrowers and lenders can connect. It is not a direct lender; it just simply provides a way for people that need a loan to send their application out to as many places as possible. Additionally, it offers the option to compare loan services in order to receive the best possible terms.
Their lenders offer loans ranging from $500 to a whopping $10 000. This makes it a great platform where people can get larger loans if they need to.
As the name suggests, this company specializes in providing loans for users with bad credit scores. The company accepts applications from users with scores as low as 500 or even lower, matching them with several lenders at once. If you don’t qualify for the $255 payday loan they offer, they also have many alternative solutions to your financial troubles.
Customer reviews show that this platform has helped hundreds of clients in search of a quality loan. It can be a great solution for people in an emergency that want a fast $255 payday loan that they can pay back in a month.
A very simple application process
It takes less than five minutes to fill out the application form online. After it’s done, BadCreditLoans will connect you with several lenders, send them your information, and check if they are willing to match your needs. After they find the ideal lenders for you, the lenders will get in touch through your provided contact information.
However, keep in mind that on their application there, you can select “not sure” when it comes to your credit score if you don’t know what it is. You should be careful about this part since usually choosing this option leads to the worst possible terms. The best thing to do is to request a free score report from one of the three major federal credit agencies in the US.
After that, you will need to fill in your basic information like address, name, phone number, current employment information, monthly salary, etc. The platform is extremely safe and keeps all this information encrypted. The whole process takes around five minutes and is so simple you can fill it out on your phone.
Simple eligibility requirements
One of the best things about these loans is that you can know if you can get them or not immediately. It’s extremely frustrating when you go to a bank. You will need to fill out countless documents, wait for months, and then end up getting rejected. You won’t have the same problem with these $255 payday loans.
BadCreditLoans will have all the necessary eligibility requirements made clear to you even before you apply. The requirements you will need to meet are to be at least 18 years old, have a source of steady income, be a US citizen, and provide banking information. This is truly the bare minimum, and these requirements are very easy to meet.
APRs and loan amounts
Of course, here we are looking at the $255 payday loans that this company provides, and the great thing about it is that their network is filled with lenders that offer these types of loans. This is confirmed by many past customers that have left reviews online, who often state that they had very little trouble finding lenders that had these types of loans on offer.
However, this is also a great company for larger sums if you’re interested, allowing loans of up to $10 000. The expected APRs range from 5.99% to 35.99%, though when getting a smaller payday loan, you should expect an APR in the lower percentile range.
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CashAdvance is owned by the Ute Indian Tribe under Hawk LLC and is a registered member of the Online Lenders Alliance. This self-regulating body sets some of the best standards and practices in the online lending market. This is a good sign in itself that can give you peace of mind when applying for a loan through this site. Additionally, we verified that the site uses 256-bit encryption, which is one of the best commercially available encryptions.
Most of the reviews online are positive and confirm that CashAdvance.com is a great platform for getting a $255 payday loan. However, if you look up reviews on your own, then be careful. We came across a few reviews calling this platform a scam.
But after we did some digging, we found that many people mix up CashAdvance.com and Cash Advance USA. The latter company has been declared a scam by the Department of Financial Institutions (DFI), and it has also issued a warning stating that Cash Advance USA is an advance fee scam.
Additionally, one user has reported a scam where a man claiming to be a representative called them and asked for a $120 payment as proof of ability to repay their loan. CashAdvance.com does not require any type of payment throughout the application process, like all top-level companies in the market.
Free-to-use services
Using CashAdvance.com is 100% completely free of charge, and you can use their service as often as you require. If you get offered a loan, the only cost you should pay is towards your lender and according to previously agreed-upon terms and conditions. So there will be absolutely no hidden fees concerning this company.
The fees that will be associated with your loan vary depending on your state, the lender that provides it, and the amount of your payday loan.
Large lender network
CashAdvance.com has one of the largest networks of lenders in the industry. Not only that, but they also have multiple networks available through their marketplace. After you fill in your information, your application form will be sent off to dozens of lenders in their direct network.
However, if they can’t connect you with a lender that works for you, your information will be transferred to the extended network of lenders so that they can review it and choose whether to offer you a loan.
If none of these lenders choose to make you an offer, then CashAdvance.com may pass some limited information to their marketing partners that will send you offers for credit repair, debt relief, or similar services that are related to your application form.
Keep this in mind when applying, so if you’re one of those people that get annoyed when they receive marketing offers in their email, it might be smart to make a burner email to use just this time.
Extra security
As mentioned before, we verified that CashAdvance.com uses 256-bit encryption in order to protect its users’ information. This type of encryption is one of the best that is available on the market. And you don’t need to take our word for it.
The encryption system is tested daily by Comodo to help ensure that their systems are always working correctly. You can even learn about how they treat your data in detail by going to their “Privacy Policy” section.
Great customer experience
CashAdvance.com is dedicated to providing users with a secure and simple experience throughout the lending process. They strive to make the process as personal as possible with their in-house customer service team, educational tools, and other resources that can be used to help customers make the best financial decision possible. Though keep in mind that they are not a direct lender and have minimal control over the customer service provided by the lenders on their network.
To make this list, we focused on a few crucial points that each company had to meet so that we could consider them suitable for you. Payday loans have skyrocketed in popularity lately, and naturally, many scam companies have tried to use that wave of popularity to make money.
However, by keeping in mind the crucial points mentioned before, we figured out what made the good companies good and the bad ones bad.
By using those points as a guide, we are sure that we picked the best possible platforms that offer one of the best $255 payday loans for bad credit on the market. All of the companies on our list adhere to these positive business practices, and this has led to their excellent reputation on the market. Since loans can be a relative thing, we focused on customer reviews and opticians online to find a certain middle ground of what to look for to find the best offer for users. Quickly after reading hundreds of reviews, we came to the conclusion the most important factors are:
Company reputation
It's normal to buy things from companies that we recognize. Everyone has that one TV, car, or computer brand that they always buy from, and for a good reason. Tried and true brands are always a safe bet, and when you are investing large sums of money, you want the safest bet possible.
The same goes for payday loans. The loan companies on our list offer the best $255 payday loans on the market. They’ve worked in the industry for many years, some even decades, and have helped thousands of customers.
By choosing a brand that has a long history in the market, you know that you will be getting quality and safety every time. When you’re getting a loan, you will need to enter sensitive information, like your address, contact, and financial information. To know that this information will be safe, the company that’s asking for it needs to be trustworthy. And the best sign that a company is trustworthy is if they have a positive history of working in the market.
For this reason, the company's reputation is the first thing we looked at. We wanted safe and good companies that we knew provided a good service. And if they had a lot of past customers, then even better, it made it much easier to check on the quality they provide by going through a larger pool of reviews.
The application process
When getting to the loan process itself, the first and most important thing you will come in contact with is the application form. It’s one of the most important things that make these loans so convenient. Instead of carrying your documents to every local lender one by one, the application form that you fill out on one of these platforms will be automatically sent to dozens of lenders that are in the platform's network.
Additionally, this application form should be fast and easy to fill out, taking about 10 minutes. This way, you save as much time as possible by cutting out all unnecessary information that banks usually ask for.
Usually, financial information and credit history are required of you later on by your lender. This is why the sites we picked for our list have a very simple application form that requires only basic information.
Fees
A few times, we came across platforms that asked for application fees or obligation fees, and both didn’t make any sense. An application fee is a payment that’s charged just to apply for a loan.
And why should you pay a fee before you even know if your loan is approved or not? That’s just bad business practice. These platforms make their money by charging the lenders, not the borrowers since they are providing a marketplace where lenders can offer their loans.
And then there are obligation fees, these are penalty payments charged when you don’t accept a loan offer, and again it just doesn’t make sense. Users should be able to reject any offer that comes their way if they’re not satisfied with it. Even if the fee is small, there should never be a penalty fee that forces you to accept an offer.
The companies on our list are 100% free of charge. There is no entry fee or penalties for rejecting offers. The only fees you could pay are fees concerning your loan, which you pay directly to your lender, and the fees are usually a part of the terms and conditions of the same loan.
Credit score repair
These loans aren’t popular only because of their convenience and speed. They can also be a great choice for people with bad credit scores. And often, for people with scores of 500 or less, it can be the only way to get a loan.
But these loans shouldn’t only be a fast cash infusion for people with bad scores or people that don’t want to go through the bank process. They should also be a good way to boost your credit history. And the best $255 payday loans are ideal for doing just that.
These loans are meant to last a short period, as the name suggests, until your next payday. Additionally, the amounts are much smaller than usual, and that makes them easy to pay off. So by combining these two factors, you get a great, easy, and fast way to boost your credit score.
If you’ve been searching for a great $255 payday loan for a while, then search no more. The companies on our list all provide some of the best loans that can be found on the market. The loans are secure, fast, and convenient. So if you need to get a loan of this type, definitely go with the brands on our list, and you won’t regret it.
However, maybe you want to go out and find a platform on your own. Maybe you’ve heard from a friend or neighbor about some great website that offers great loans, and that’s fine. But if you want to go with an unchecked choice, then please follow our user guide on how to get the best possible $255 payday loan.
Brand reputation and history
We talked about reputation in our “How We Made This List” section, and we’re putting it here again for a good reason. Reputation isn’t simply a mark of quality because a certain company is popular among users for whatever reasons.
When it comes to loans, reputation carries a lot of weight since you can’t have a good reputation in this industry by doing something bad. To be an established and liked company in the loan company, it's necessary to have thousands of users throughout your work history. And if these customers are happy with their choice, then that is good proof that the lenders working with these platforms offer good loans.
And sometimes, getting some advice from a person you trust isn’t quite enough. As we have already mentioned, maybe a friend recommends a site where you can get a loan, and they have used it before and have received a great loan with great terms.
But that’s not enough to go on; since every loan and lender is different from situation to situation, you can’t be sure that you will get the same service. If the company isn’t established enough, you can’t even be sure that they don’t have scammers in their network of lenders.
Security
When applying for one of these loans, it’s necessary to submit personal and financial information that can be very sensitive. In order to be sure that your information won’t be misused in any way, it is critical to make sure that the site you’re applying with is completely encrypted and doesn’t sell off your information to the highest bidder.
The companies on our list are all transparent about their privacy policies and marketing practices. You should check if this information is available at the company that you are looking into. If a company is open and transparent about how your information is used, then this is a very good sign that the people working there actually care about their customers.
Customer reviews
Customer reviews are a crucial thing to check when looking for an online loan marketplace. The first reason why you need to check them is to get an idea of the loan terms you might receive. Since terms and conditions are pretty hard to gauge because they are usually known only to the lender and borrower, the best way to get an idea about what they could be is to check reviews by past customers.
Of course, the second reason is to get a feel for how good the company works in general. How fast the application process is, the customer support, how fast you will get your funds, etc.
If you can’t find any reviews online, there can be one of two reasons. The first reason could be that the company is extremely new and untested, which could be problematic and could even lead to a scam. The second reason could be that the company actively blocks reviews online. In this case, it is a scam, and you should stay away.
Keep in mind that a general user score is a bad way to gauge the quality of these companies. Very often, people will leave a bad score or review just because they never got a loan offer because of their awful credit score. This isn’t a sign that a company is bad, so be careful and try to read through the reviews.
Upfront eligibility requirements
One of the most frustrating things that can happen while searching for a loan is to spend days applying for one, months waiting for instant loan approval and background checks, only to get denied in the end. This can be an incredibly annoying waste of time.
The eligibility requirements are the way that these online marketplaces cut down on the loaning process that most people don’t notice. By making them known ahead of time, these lending platforms let people know if they can get a loan or not even before they apply.
And to make these loans accessible, they have very minimal eligibility requirements. Usually, you need to be over 18, have an address in the United States, have contact information, a valid bank account, and be a US citizen.
And after that, lenders only ask for your credit history, and there is no collateral necessary or anything like that. So if a company asks for a lot more information than this, it could mean that it’s selling your info off to third-party sites.
We hope that we’ve provided enough information for you to get a $255 payday loan. Throughout our article, we included the most important information concerning the three platforms that we considered best for getting one of these loans.
However, possibly, we missed something, or you may have some lingering questions about these loans. In that case, please look through our FAQs in the hopes that you mind finding what you’re looking for.
Usually, the lenders that provide these loans automatically take the money out of your account when the due date comes. This way, they save you the hassle of going to the bank and waiting in line in order to make your payments. Additionally, this way, they minimize the risk of you missing your payment.
If for whatever reason, you don’t have enough funds in your account when the time comes, then the best thing to do is to contact your lender. This way, you can explain the situation to them and often will be offered a grace period that allows you to pay at a later date. This way, your score isn’t ruined, and there won’t be a need to pay a penalty fee.
It’s very common for people not to know their credit scores. Some people don’t even know that they have them. This is because the way people in the United States get their scores is very strange.
If you’ve ever had a loan or credit taken out at a financial institution, then you probably have a credit score. After you pay off your debt, the way you pay it back will be reviewed by one of three major federal credit agencies in the US.
The way you’re scored is very unclear, and the score itself could be very confusing. You are scored from 300 to 850, with the former being the worst score and the latter being the best. The numbers seem pretty random, and in actuality, if the worst score is 500, if you have a score below this a bank won’t even look at you.
Often people aren’t notified about their score, but if you’re planning on getting a $255 payday loan, then it’s a good idea to request your score from one of the federal credit agencies in the United States.
Absolutely yes, one of the best things about these types of loans is the flexibility they offer for repairing your credit score. Something that has been proven to affect how you get your score is the debt-to-savings ratio. This is defined by how large your loan is and how much of that loan stays in your account during the repayment period.
Explained simply, it requires people to keep 30% of the loan in their bank account. So if you get a $255 loan, you need to keep around $76 in your bank account that you will never touch. People claim that this is an excellent way to give your credit score a huge boost.
And since these loans last about a month, it’s extremely easy to leave that amount in your account the whole time. And since it’s not a considerable amount, often people can afford to leave it in their account.
Usually yes. These companies don’t do a credit check in the traditional sense. Two types of checks can be done on your credit history, a “soft check” and a “hard check”. A soft check only reviews the minimum information about your credit score.
This way, these platforms avoid damaging your score any further since soft checks don’t show up on federal credit agencies’ radars. They won’t go on your permanent credit history.
However, be aware that lenders tend to do a hard check from time to time. And this can be a little risky since if someone does a hard check on your history and then rejects you, this can knock your score a few points. However, hard checks don’t happen that often.
One of the best things about these online loans is that you can get them very quickly. The whole application process shouldn’t last more than 10 minutes. After that, you get contacted by a lender in a matter of hours.
At this point, it depends on how fast you can come to agreeable terms. When you’ve settled the terms, conditions, and loan amount, then the funds will be directly sent to your account in less than 24 hours. If you apply in the morning, you might have your loan the same day.
Not at all. The reason why you might be asking for a loan does not affect the loan terms in any way. That’s one of the things that makes these loans so great. You can get them for just about anything, and it can be a car repair, house renovations, or just spending money.
It doesn’t matter. You might be asked about the reason why you’re getting a loan by these platforms or the lenders themselves, but the answer won’t affect the loan terms in any way.
These online marketplace have been growing in popularity in recent years and for a very good reason. Getting a loan from a bank has become incredibly hard, especially as the economy keeps worsening.
Additionally, people need cash infusions in the form of a loan even more. The platforms on our list truly provide a service that you can count on; they’re safe, fast, efficient, and are considered by many users online as some of the best $255 payday loans. There is no unnecessary waste of time that will leave you stressed out.
If you’ve wanted to get a loan but just can’t find the right one for you, then go with one of the companies on our list. When you do, you can be sure that you’re choosing the best option possible.
Disclaimer: The loan websites reviewed are loan-matching services, not direct lenders, therefore, do not have direct involvement in the acceptance of your loan request. Requesting a loan with the websites does not guarantee any acceptance of a loan. This article does not provide financial advice. Please seek help from a financial advisor if you need financial assistance. Loans available to U.S residents only.
Disclaimer: This article is published in association Blue Ribbon Media and not created by TNM Editorial. Please do your own research before applying for loans from the above services and seek independent legal/financial advice if you are unsure.