Unexpected emergencies and expenses pop up all the time, like large medical bills, home repairs, major car fixes, unemployment, etc. If you need the money right away, but payday isn’t for another couple of days (or weeks), what should you do?
There are plenty of ways to get your hands on cash quickly. For example, a payday loan can create a financial buffer and help you stay afloat during difficult times. These are small, short-term personal loans usually processed and funded within a few business days. Some are even approved on the same day that you applied.
It can be tricky to decide with multiple lenders and online payday loan platforms. That’s why we created a list of the best online payday lender sites available today.
In this article, we compare and review several factors – including the application process, maximum loan amount, interest rates, and the speed of loan approval. As a result, we found nearly instant payday loan services that are reliable, secure, and very fast!
Best Online Payday Loans
Here are the top online payday loan providers for 2022.
|BadCreditLoans||Best for bad credit loans|
|CashUSA||Most effortless loan approval process|
|PersonalLoans.com||Best for higher loan amounts|
|MoneyMutual||Best for fast funding|
|Upstart||Best for those with no credit history|
BadCreditLoans is one of the best lending platforms for payday loans, especially for those with a bad credit score. This online marketplace provides payday loans that range from $500 up to $10,000. The interest rate will largely depend on your credit score and credit history. However, most have APRs between 5.99% to 35.99%.
You need to meet a few qualifications to qualify for a payday loan application. You must:
- Be 18 years or older
- Provide proof of citizenship or legal residency
- Have a steady monthly income
- Have an active checking account
- Provide a valid phone number and email address
The process of applying and getting approved is straightforward. It should only take around 5 minutes. You will be required to provide some basic information, so the site can connect you with payday loan lenders that will cater to your needs. If you get an offer and accept the loan, they will deposit the money in your bank account in as little as 24 hours.
- Estimated interest rates: 5.99% – 35.99% (varies by lender)
- Loan terms: 3 to 36 months
- Min. creditscore: none
- Payday loans ranging from $500-$5,000
- Easy sign-up process
- No credit score required
- An extensive network of payday loan lenders
- Quick money transfers to your bank account
- Longer application process
- Reduced loan amounts for bad credit borrowers
If you need a cash advance and don’t have the time to wait weeks for approval, check out CashUSA. With an extensive network of online lenders, it’s fast and easy to get a payday loan on CashUSA.com.
This online lending platform connects you with payday loan lenders who offer fast personal loans and other short-term loan options.
CashUSA uses one simple online form to qualify borrowers, and there are only a few eligibility requirements. You must be at least 18 years old, a US citizen, have a checking account, and make at least $1,000 per month (after taxes).
You could get a loan offer ranging from $500 to $10,000. Once the details are finalized, you should receive the money in your bank account within a few business days.
CashUSA also offers debt relief and credit repair services for those not approved for a payday loan.
- Estimated interest rates: 5.99% – 35.99% (varies by lender)
- Loan terms: 3 to 72 months
- Minimum credit score: Not specified
- Quick funding for payday loans
- Easy application process
- No minimum credit score required
- Personal and financial information is encrypted
- No loan offers less than $500
- No mobile app is available
Personal Loans is another lender network that functions as a middle-man and connects borrowers and payday loan lenders.
This site offers loans ranging from $1,000 to $35,000. However, the amount will vary by lender and loan type. Payday loans, for example, might be limited to lesser amounts. Personal Loans also offers installment loans, peer-to-peer, and bank loans.
Personal Loans makes an effort to deposit the funds into your bank account as quickly as possible, which is unique compared to other online loan sites that offer high loan amounts. Transfers are usually initiated right away, and the funds can hit your bank account within one business day.
- Estimated interest rates: 5.99% to 35.99% (varies by lender)
- Loan terms: 90 days to 72 months
- Min. credit score: 580-600 depending on the loan type
- Personal loans up to $35,000
- Simple online app
- Flexible repayment terms and conditions for payday loans
- Payday loans for bad credit borrowers may incur higher interest rates
- Loan amounts vary by state
MoneyMutual provides various loan options by connecting you with their network of online lenders. You can use this online lending marketplace to find all different personal loans – including installment loans, payday loans, same day loans, and more.
Even if you have a poor credit score, you may qualify for payday loans up to $5,000. You will need to fill out a quick online form on the website to apply. Multiple lenders will review it and decide whether to make a loan offer.
It’s still important to check the interest rate and review the terms before accepting a loan offer. If you choose to accept, you will then work directly with the online payday loan lender (not MoneyMutual) from now on.
- Estimated interest rates: varies by lender
- Loan terms: varies
- Min. creditscore: none
- No added fees
- Some funds are sent within one business day
- Safe and secure platform
- User-friendly site
- Payday loans are only available for US-based residents
- Not a direct lender
Upstart offers fast funding for all personal loans, lower interest rates (compared to its competitors), and the site has thousands of positive customer reviews.
It is one of the first online companies to use artificial intelligence and alternative data points when evaluating borrowers’ creditworthiness and approving personal loans.
Even with no established credit history, you can still get approved for a payday loan or another type of personal loan. For example, if there isn’t enough information to generate a FICO score with one of the three major credit bureaus, Upstart will consider other requirements when evaluating your application. You will need a steady source of income, a bank account, and a valid email address.
Upstart is a good option for those with limited credit histories and bright financial futures.
- Estimated interest rates: 3.22-35.99% (varies by lender)
- Loan terms: 3 to 5 years
- Min. creditscore: none
- No credit history required
- No prepayment penalties
- Rate check available without a hard credit inquiry
- Funds available in 1-2 business days for payday loans
- Flexible payments
- Origination fee: 0% – 8%.
- Charges late fees: 5% of the past due amount or $15, whichever is greater.
- No loan co-signers allowed
- Only two repayment term options
FAQs for payday loans online
What are payday loans?
A payday loan is a short-term, unsecured loan that provides emergency cash until you get your next paycheck. These small-dollar loans typically have high-interest rates, and payments are usually due within two to four weeks after initially taking out the loan.
Many payday lenders do not require a credit check, making this a viable option for bad credit borrowers. For instance, if you need to borrow money quickly but don’t qualify for a traditional personal loan, you might want to consider taking out a payday loan.
How do payday loans work?
Most people can get a payday loan either online or in person.
Payday lenders will require you to complete an application and provide some basic information about yourself and your financial health to take out the loan. Most will also ask you to write a postdated check for the amount you borrow (including fees and interest), which guarantees that the lender will get the money back by your next payday.
If you cannot afford to fulfill the repayment terms by the agreed-upon due date, some lenders will give you the option to renew or extend. However, this will result in additional fees and interest owed.
What are the interest rates on payday loans?
It will largely depend on your payday loan lender and your state. Several states regulate payday loans – including the repayment terms, loan amount, and interest rates.
Even with regulations, payday loan interest rates can be very high. Some even approaches 400%.
It’s crucial to follow the repayment terms as closely as possible. Payday loans often require you to repay the loan amount within 14 to 31 days after taking it out. Ensure that you can pay it back within this time frame.
Who should take out a payday loan?
A traditional personal loan from a bank or credit union may not be an option for borrowers with bad credit scores or limited credit histories.
While payday loans come with higher interest rates and stricter loan terms, this may be your only option if you need emergency cash quickly. A payday loan is an excellent way to get the money in your hands as fast as possible.
What are some payday loan alternatives?
You can also look toward some payday alternative loan options – such as personal loans, credit cards, or possibly borrowing the money from friends or family.
Some personal loan lenders will approve borrowers with fair to bad credit scores.
Furthermore, some credit unions even offer payday loan alternatives, allowing bad credit borrowers to take out loans up to $1,000 (depending on the lending institution).
If you have a credit card, you could consider using that payment method instead. Annual percentage rates (APRs) on credit cards are usually lower than payday loans.
If you don’t have a credit card, it is advisable to apply for one that has a 0% APR intro offer, as it could give you 12-18 months to pay it off before the charge starts increasing interest.
Some cards even offer cash advance loans, allowing you to withdraw cash from an ATM. However, these cash advance transactions often come with high-interest rates and fees.
Rather than opting for a payday loan, you could consider asking friends or family to cover the expense until you can afford to pay them back. This option will give you more flexibility to repay the loan and often doesn’t come with any interest.
If you go this route, it’s still vital to agree on specific terms and conditions, including how and when you intend to repay them.
Payday loans can provide quick cash when you need it most. If you have emergency expenses – such as medical bills or home repairs – an online payday loan is one of the fastest ways to get your hands on the money.
It can be challenging to find a loan provider that will offer you same-day loan approval and funding. Many online lenders, banks, and credit unions can take several days – or even months – before the personal loan is finally approved. On the other hand, most payday loans are processed within 24 hours, and the online applications are typically approved within minutes.
The online payday loan sites listed above are great options if you need instant access to money. Good luck! We hope this article helps!