A $600 payday loan is a short term loan that gives you instant cash to cover unexpected expenses like car repairs. These loans are targeted towards bad credit borrowers who can’t get traditional loans due to their low credit score.

To get a $600 loan you can apply online or visit a direct lender or credit union. Many lenders offer bad credit loans and do soft credit checks instead of hard credit checks which can affect your credit score.

Features

1. Bad Credit Loans. For bad credit borrowers who can’t get traditional loans.

2. Loan Request. Submit loan request form online or in-person to a direct lender or loan broker.

3. Minimum Credit Score. Some lenders may have minimum credit score requirement, others may not check credit score at all.

4. Loan Approval. Payday loans are approved instantly and cash is deposited within 1 business day.

Pros and Cons

Pros

1. Easy Approval for Bad Credit Score. Payday loans are perfect for bad credit borrowers as they have less requirements compared to traditional loans.

2. Quick Cash Access. With instant approval and fast funding, you can get a $600 loan within 1 business day, ideal for emergency expenses.

3. Online Loans. Many direct lenders and private lenders offer online loans so you can apply for a loan from your own home.

Cons

1. High Interest and Fees. Payday loans have high interest rates and fees so it’s an expensive way to borrow.

2. Debt Trap. Borrowers who can’t pay their loan on time may be forced to roll over their loan and get trapped in a cycle of debt that’s hard to get out of.

3. Hard Credit Checks. Some lenders may do hard credit checks which can affect your credit score. Only apply for loans with responsible lenders who do soft credit checks.

How to Get a $600 Payday Loan?

1. Choose A Payday Lender. Pick a reputable payday lender, online or physical location, that complies with state laws and federal regulations.

2. Prepare Required Documents. Gather necessary documents such as pay stub, social security number, bank account information and proof of income.

3. Fill Out The Application. Fill out the payday loan application form with personal details, employment information and loan amount. Submit online or in-person.

4. Review The Payday Loan Agreement. Review the payday loan agreement carefully, interest rates, fees, repayment terms and due date.

5. Get Loan Proceeds. Once approved, get the loan proceeds deposited into your bank account or prepaid card account within 1 business day.

Requirements

According to the U.S. government’s Consumer Financial Protection Bureau (CFPB), to qualify for a loan most payday lenders only require that you:

1. Age. You must be at least the age of majority, which is 18 in most states, some states require 19 or 21 years old.

2. Active Checking Account. A valid and active bank account for loan proceeds to be deposited and for the lender to withdraw repayments.

3. Proof Of Income. You need to show proof of regular income, such as pay stubs, to prove you can repay the loan.

4. Valid ID. You must present valid ID, which includes social security number, to verify your identity.

How to Get the Money

1. Direct Deposit. The most common is direct deposit into your bank account. Once approved, the payday lender will deposit the loan proceeds into your active checking account within 1 business day.

2. Prepaid Debit Card. Some payday lenders offer to load the borrowed amount into a prepaid card account. Good for those who don’t want to use their bank account.

3. Cash. In some cases, especially with in-person lenders, you can get the borrowed amount in cash. But this is less common than direct deposit or prepaid card.

4. Check. A few payday lenders may give you a check for the loan amount which you can cash or deposit into your bank account.

Payday Loan Rates

Payday loan rates typically range from $10 to $30 per $100 borrowed depending on state laws and borrowing limits. A typical fee is $15 per $100 borrowed which translates to an annual percentage rate (APR) of around 400% for a 2 week loan. For example, if you borrow $300 you would need to pay back around $345 by next payday. These rates are much higher than other types of loans like personal loans or secured personal loans.

Payday lending is allowed in 37 states, 11 states, including Connecticut, Maryland and New York have strict regulations or interest rate caps that limit or prohibit payday lending. Some states like Arkansas and North Carolina have repealed their payday lending laws and others like the District of Columbia have banned it altogether.

18 states and the District of Columbia have usury rate caps, often 36% APR, to curb high cost payday lending. States like Nebraska, Hawaii, Illinois and New Mexico have recently enacted such caps, it’s a growing trend to regulate payday loan rates.

The highest payday loan rates are in states like Texas (662%), Missouri (652%) and Delaware (639%). On the other end are states like Oregon (140%), Maine (228%) and Iowa (247%). Some states like Washington and Virginia have additional regulations to limit the number of payday loans or extend repayment terms to prevent debt traps.

$600 Payday Loans. Apply Online