* This article does not provide financial advice. Please seek help from a financial advisor if you need financial assistance. We may receive a referral fee from some lenders featured in this article.
(Ad) If you have unexpected emergency expenses, such as medical bills or auto repairs, getting an online payday loan is one of the fastest ways to borrow money.
A payday loan is a short-term loan that is usually processed within 24 hours. Most direct lenders allow you to borrow up to $5,000, using a fast and secure application that can be completed online within minutes.
We've reviewed the best payday lenders below on a variety of factors such as loan amounts, application process, repayment terms, funding speed, and credit score requirements.
10 Best Online Payday Loan Lenders
- ClearViewLoans: Best online payday loans overall ($100 to $5,000)
- BadCreditLoans: Best payday loans online for bad credit ($500 to $10,000)
- PersonalLoans.com: Best for personal installment loans ($1,000 to $35,000)
- CashUSA: Best payday loans for fair credit ($500 to $10,000)
- LendYou: Best for small payday loans ($100 to $2,500)
- MoneyMutual
- Speedy Cash
- Advance America
- Check Into Cash
- Ace Cash Express
Review of the Top Payday Loan Companies of 2023
#1 ClearViewLoans: Best Online Payday Loans for Fast Cash
If you’re searching for a short-term personal loan online, sorting through all of your options may feel overwhelming. ClearViewLoans offers a fast, convenient way to evaluate dozens of lenders at a time and choose the right loan for your needs.
ClearViewLoans is an online loan marketplace that can provide you with quick access to the money you need in an emergency. This payday loan site can connect you with lenders offering small loan amounts ranging from $100 to $5,000 and can give you access to your cash advance in as little as 24 hours.
The platform’s loan process is simple. First, you fill out a short form on the ClearViewLoans website with basic information such as your contact info, your desired loan amount, and your income. Online lenders will review your form to decide if they want to offer you a loan. If an online payday lender chooses to work with you, it will redirect you to its website to complete a more specific loan form.
Once a lender makes you an offer, it can deposit your loan amount into your bank account in as little as 24 hours.
ClearViewLoans’ form takes less than five minutes to complete, making it quick and easy to request a loan through this online loans platform. Additionally, because loan providers reach out to you instead of the other way around, you can feel confident that a direct payday lender will approve your application, saving you the hassle of applying to multiple online lenders.
Thousands of customers have utilized ClearViewLoans to gain access to online payday loans for expenses such as:
- Car repairs
- Unexpected bills
- Groceries
- Special occasions
- Medical bills
- Emergency cash
We recommend ClearViewLoans for anyone looking for a quick, easy way to connect with a suitable payday loan company.
Pros
- Quick and easy application process for online payday loans
- Get money deposited into your bank account in as little as 24 hours
- All credit score histories welcome
- Request loan funds up to $5,000
- Interest rates will vary by lender within the ClearViewLoans network
Cons
- ClearViewLoans is a loan marketplace, not a direct loan provider
- Not suitable for larger loans over $5,000
#2 BadCreditLoans: Best Payday Loans Online for Bad Credit
Having a bad credit score can make it challenging to qualify for any loan, whether you need it for an emergency or not. BadCreditLoans is an online loan marketplace offering loans for bad credit borrowers.
This company is not a lender; instead, it is a free service that connects bad credit borrowers with personal loan lenders who are willing to work with them. The BadCreditLoans marketplace can connect you with online payday loan providers offering loan amounts ranging from $500 to $10,000.
This online marketplace utilizes a simple application process. Just fill out the company’s online form with information about your income and location. The company will send your form to its network of lenders, who will review your information and determine if you are eligible for their loan terms.
Once a payday lender approves you for a loan, you can examine the loan terms and accept the loan agreement online. The lender will then send your funds to your checking account through direct deposit.
BadCreditLoans emphasizes privacy and security in its lender marketplace practices. The company’s website uses advanced encryption technology to keep your personal information secure throughout your loan application process. Additionally, its customer service team is available 24/7 to assist you with any issues that arise.
Overall, BadCreditLoans is an excellent lending marketplace for people with a bad credit score or those who do not qualify for traditional bank loans.
Pros
- Great option for online loans for bad credit
- Borrow up to $10,000
- 24/7 customer service
- Compare multiple bad credit loan options
- Reasonable interest rates for bad credit loans
- No minimum credit score requirement
Cons
- Not a direct lender
- Interest rates vary from 5.99% to 35.99%, depending on credit score
#3 PersonalLoans.com: Fast and Easy Cash Loans Up to $35,000
If you’re considering applying for a personal loan, you shouldn’t simply accept the first loan offer you come across. Instead, you should search for a loan that has low APR and generous repayment terms.
PersonalLoans.com is a personal loan marketplace that makes it easy to review the best online payday lender for your needs. This organization works with multiple online payday lenders that offer competitive rates and terms, giving you an all-in-one location to review the best personal lenders.
PersonalLoans.com utilizes a simple, straightforward process for you to secure a personal loan. Just fill out the organization’s online form, and PersonalLoans.com will send your information to its extensive network of lenders and other third-party networks for review. If you receive a loan offer from one of these lenders, you can have the funds in your bank account in one business day.
This service is free, with no hidden fees, upfront costs, or obligation to accept a loan offer. Its online form only takes a few minutes to fill out, making PersonalLoans.com a quick and easy solution to help secure the loan money you need.
PersonalLoans.com works with payday lenders who require minimum repayment terms of 3 months and maximum repayment terms of 72 months. However, the actual terms you will need to follow depend on the lender you work with. You should always review your terms closely before accepting a payday or personal loan.
The organization’s lenders each utilize a straightforward, fixed repayment process. As a result, you will clearly understand how much you will have paid by the end of the loan term compared to how much you borrowed.
Overall, PersonalLoans.com is a suitable personal loan marketplace for anyone looking for a fast and easy online loan.
Pros
- Fast funding with money deposited into your bank account the next day after approval
- Very competitive interest rates
- Loans for any occasion
- Flexible repayment terms between
Cons
- Hard to get approved if you have a really bad credit history
- Does not offer short-term loans less than $1,000
#4 CashUSA: Quick Loans with No Credit Score Requirement
If you need emergency cash, you probably don’t have time to wait weeks for loan approval from an in-person lender. CashUSA.com is an online lending marketplace that can connect you to fast, short-term personal loans, using a simple online form.
CashUSA.com works with an extensive network of personal lenders to connect borrowers with the fast cash loans they need during financial emergencies. The organization can connect you with a loan amount ranging from $500 to $10,000 and APR ranging between 5.99% and 35.99%.
CashUSA.com has a few eligibility requirements for borrowers to utilize its marketplace site. To connect with a loan through CashUSA.com, you must:
- Be at least 18 years old
- Be a U.S. citizen
- Make at least $1,000 per month after taxes
- Have a checking account in your name
Like the other marketplace lenders on our list, CashUSA.com follows a quick application process. Simply complete the online form with your information, and the company will connect you with a lender. If no lenders offer you a loan, CashUSA.com may connect you with an offer for debt relief or credit repair instead.
However, if you do receive an offer, you will need to provide additional information to the lender to finalize the loan. You can then receive your funds in your checking account as soon as the next business day.
We recommend CashUSA.com for anyone looking for a fast way to receive the extra cash they need in an emergency.
Pros
- Funds available as soon as the next business day
- Online payday loans up to $10,000
- Fast and easy online application
- Borrowers with a low credit score can apply
Cons
- Not recommended for bad credit loans
- Must be employed for at least 90 days
- Some lenders might have minimum income requirements
#5. LendYou: Best for Small Online Cash Advances up to $2,500
If you need a small payday advance loan or personal installment loan, this LendYou.com review describes a service that can match you with any of several third-party lenders, regardless of your credit history or credit score. While approval isn’t guaranteed, LendYou.com works with several flexible lenders in most states. There is no minimum credit score for payday loans.
LendYou.com is an online loan marketplace that allows customers to shop payday loans and bad credit installment loans from several third-party lenders. Loan amounts range between $100 and $2,500, and users don’t need perfect credit to get a loan. Neither do users need to put up collateral to get a loan. Loan agreements may have additional third-party requirements.
LendYou.com matches users to multiple lenders. If you need a loan through LendYou.com, you simply need to provide information about yourself and the type of loan you want. You’ll need to estimate your income and enter your current address so the service can compare eligible lenders in your state. You will also need to enter your bank information to receive your funds.
LendYou.com will send out your relevant loan-seeker information to third-party lenders and get you loan offers within minutes for you to compare. You have no obligation to accept any offer, and each lender may have additional requirements to apply for their loans. Note that each lender from which you apply for a loan will likely run a credit check to confirm your information, which could hurt your credit.
Rather than walking into a local payday advance store or seeking loans from other online lenders, there are several advantages to using LendYou.com, including:
- Fast approval for your loan and funding the next business day
- Quick, easy, and secure online application process
- Enabled on desktop or mobile
- Credit histories of all types welcome
To be eligible for a loan through most available lenders, you must meet at least these minimum requirements:
- Be 18 years old or older
- Have a bank account that allows direct deposit
- Have at least $1000 per month in income
- For personal loans, must have a fair credit rating or above
- Must not be a member or reserve member of the U.S. Navy, Marine Corps, Coast Guard, Army, or Air Force (or a dependent of a member or reserve member of the listed agencies) on active duty or on call for 30 days or more
What Is a Payday Loan?
A payday loan is a short-term, high-interest cash loan for the amount of your next paycheck. In the past, the only way you could receive a payday loan was by visiting a payday or cash advance lender. You would then follow this process to secure a loan:
- Request a loan amount.
- Write a post-dated check for the loan amount plus interest and fees.
- Receive your loan funds in your bank account.
- Authorize the lender to cash the check on your next payday or the post-dated check date.
The best online payday loans are typically much easier to acquire than other loan types, as the post-dated check acts as security that guarantees repayment. Payday lenders typically require very few qualifications of borrowers. As such, even those with low income and poor credit scores can often qualify for an online payday loan.
Today, many online payday loan platforms use the term “payday loan” interchangeably with “personal loan.” However, the lenders and marketplaces on our list can allow you to receive a loan for more than the amount of your upcoming paycheck. Additionally, you typically do not have to provide a post-dated check to receive these loans. For these reasons, you can think of a payday loan as a more general cash loan.
Understanding Payday Loan Rates and Fees
Payday loan providers charge various fees and interest rates depending on the exact loan you take out. Many loan places for bad credit adjust their costs based on your:
- Credit score
- Credit history
- Repayment history
- Loan amount
When a lender offers you a payday or personal loan, it will lay out your loan terms clearly to ensure that you know ahead of time how much interest you will pay on your loan amount. Typically, online personal loans can charge APR varying from 5.99% to 35.99%. If you aren’t familiar with loans, you may not understand what these percentages mean.
Let’s say you receive a loan for $2,000 from an online personal lender. The terms state that you must make monthly payments on the loan and repay it within 12 months. Additionally, your APR (or Annual Percentage Rate) is 24%. It is calculated monthly and added to your monthly payment. In this example, your required monthly payment will be $189.12, and at the end of the 12 months, you will have paid a total of $2,269.44 for your $2,000 loan.
Some lenders also charge origination fees, which increase your overall loan costs. In general, you can expect that the lower your credit score is, the worse your terms will be.
Requirements for Getting a Legit Payday Loan Online
Every lender has different requirements that its borrowers must meet to qualify for a loan. However, as we have mentioned previously, payday loans and other short-term cash loans tend to have fewer requirements than traditional loans.
Generally, you must at least meet these minimum requirements to receive a payday loan online:
- Be 18 years or older
- Have a checking account
- Have a valid ID and proof of income
Some lenders require that you have a minimum monthly income, such as $1,000, to qualify for a bad credit loan. Others only lend to US citizens. However, in general, online payday loans are relatively easy to qualify for, with many lenders approving your application in a matter of minutes.
Alternatives to Payday Advance Loans
Instant payday loans are not always the smartest option when you need fast cash. If you cannot come up with the money you need now, you may not be able to come up with it in a few weeks when the lender cashes your post-dated check or calls your loan due, leading to an endless cycle of debt.
We recommend considering all of your options before jumping into a payday loan if you’re short on money. In the best-case scenario, you want to be able to repay your loan without any issues and move forward without relying on more loans to help you repay your debts.
Here are a few payday loan alternatives to consider if you need emergency cash.
Auto Title Loans
An auto title loan is a personal cash loan that uses the title to your car as collateral. This alternative to a payday loan can have fast processing times, allowing you to receive your funds in just a few days.
Auto title lenders typically offer short-term loans ranging between 25% and 50% of the value of your vehicle. However, some online lenders may allow you to borrow up to $10,000 through an auto title loan.
The loan process applying for auto title loans is simple:
- Apply for the loan
- Gain approval from the lender
- Give the loan provider the title to your vehicle
- Receive the funds in your bank account or as cash
- Repay the loan in the specified loan term, along with interest and fees
If you cannot make your loan payments on time, the lender may offer for you to roll your loan over into another loan, leading to a cycle of debt that is difficult to escape. Alternatively, the loan provider could acquire ownership of your vehicle by claiming your car title.
Because these loans use your car title as collateral, most auto title lenders have generous qualification terms. You may be able to qualify for this short-term loan type if you have a bad credit score or no credit history.
However, we do not recommend taking out a title loan unless you are sure that you can repay your loan on time. These loans can be expensive and difficult to manage, especially when you begin taking out more loans to pay back your initial one. Many borrowers have lost their vehicles this way.
Pawnshop Loans
Pawnshop loans are short-term cash loans that utilize an item you bring to the pawnshop as collateral. The process to acquire this secured personal loan is typically as follows:
- Visit a pawn shop with a valuable item in hand, such as jewelry, electronics, or guns. Be sure to bring your ID as well.
- Wait for the pawnbroker to appraise your item. You can typically qualify for a loan amount equal to between 25% and 60% of the value of your item.
- Receive your cash loan.
- Repay the loan in the designated period. If you do not repay your short-term loan on time, the pawnbroker has the right to sell your pawned item.
Most pawn loans do not require you to meet a minimum credit score or any typical loan qualifications. Your pawned item will act as security to ensure that the pawn shop receives back the funds it loaned you.
Pawnshops can charge varying fees and interest rates on pawn loans, making these loan types relatively expensive. Depending on your state, pawnshops can charge anywhere from 2.5% to 25% interest on your loan each month. As with auto title loans, if you cannot pay your pawnshop loan on time, the shop may offer you a rollover loan that increases your overall costs.
Peer-to-Peer Lending Sites
If you'd prefer not to borrow from one of the online lenders on our list, another option to consider is peer-to-peer (P2P) lending sites. These sites match borrowers with people or businesses who want to loan money. Most P2P lending takes place on designated online platforms that follow responsible lending practices.
To obtain a P2P loan, you can typically follow this process:
- Submit an application on the online P2P platform.
- Receive a rating from the platform that indicates the type of loan you can qualify for.
- Wait for lenders to review your loan application.
- Accept a loan offer from a lender.
- Make monthly payments to the lender.
Even though P2P loans follow a slightly different lending process than other installment loans, they still have similar repayment processes and qualification terms. If you have a low credit score, you may only qualify for a loan with a higher interest rate. In some cases, a poor credit rating may prevent you from qualifying for a P2P loan altogether.
However, if you have good or excellent credit, P2P loans can sometimes offer even better terms than what you could find through a bank or credit union. Such a loan could save you money when borrowing small amounts in the short term.
Credit Union Loans
Credit union loans are a popular alternative to borrowing from a bank. These loans typically have low interest rates and flexible repayment terms, making them generally more favorable than payday loans.
Many credit unions offer both secured and unsecured personal loans. You typically need to be a member of a federal credit union to qualify for a loan. However, many credit unions allow you to join online with a small one-time membership fee.
Many borrowers choose to borrow through a credit union because these entities consider your whole financial picture when determining your loan eligibility. Even if you have a bad credit score, you may still qualify for an unsecured loan if you can show your financial responsibility to the credit union in other ways.
Federal credit union loans tend to have lower APR than other personal loans, with the average APR for credit union loans sitting around 8.86%. However, credit unions typically perform a hard credit check when reviewing your application, compared to online lending networks, which tend to perform a soft credit check.
Things to Avoid When Getting Payday Loans
Payday loans aren't for everyone. If you are struggling financially, taking out a payday loan may only send you further into debt and make it more challenging to save money for future expenses.
However, if you decide that applying for a payday loan is the right choice for your financial situation, there are a few measures you can take to avoid accumulating more debt and having a negative experience with a lender.
Here are a few things to avoid when applying for payday loans to create the most responsible borrowing experience possible.
Late Payments
With traditional loans from banks or credit unions, if you miss a payment, your lender may be generous enough to cancel your penalties and give you a chance to catch up on your payments. However, most payday lenders are not nearly as kind.
Payday loans and other online personal loans tend to have strict, unforgiving terms. When you miss a payment with these loans, you could receive harsh penalties, such as:
- A severe drop in your credit score
- Bank overdraft fees
- Wage garnishments
- Collections calls
At the very least, missing a payment will most likely lead you to owe more money in the long run, making it harder to repay your loan amounts. We recommend doing everything you can to make each of your payments on your payday installment loan on time.
Outrageous APR or Interest Rates
Payday and personal loans tend to have higher interest rates than traditional bank loans. However, some payday loans online charge higher rates than others. The most expensive payday loans can charge an APR of upwards of 36%, leading you to pay back hundreds or even thousands of dollars more than you borrowed.
Before accepting an installment loan from an online lender, take some time to calculate how much you will be paying back based on the interest rate you qualify for. Then seriously consider whether you will be able to make your loan payments each month with that interest rate.
Not Reading the Terms
Personal loans can have varying loan terms. Some loans that seem flexible and generous up front may actually be trying to trick you into a debt cycle by requiring you to meet excessive terms, such as extreme interest rates or short repayment periods.
Before you agree to a loan from an online payday loan lender, be sure to read through the terms carefully. Review all of the information the lender provides you with, including the fine print, to be sure that you fully understand what you are agreeing to. If any of the terms seem suspicious or confusing, you can always ask the lender for clarification.
The Advantages of Applying for a Payday Loan Online
Online loans offer a fast and easy way to secure the emergency cash you need for an unexpected expense. In the past, you would have needed to visit a credit union, bank, or other lender in person to fill out a physical application. In many cases, you would have then waited a few days for the lender to approve your cash advance loan request and send you the money.
However, applying for a payday or personal loan online offers several advantages compared to this old-fashioned method:
Convenience
Online payday loans are typically more convenient than in-person loans. Instead of having to leave your house to speak with the lender in person, you can complete the entire process at home. In many cases, you do not even need to talk to anyone on the phone to receive your cash advance.
Speed
Online payday loans also tend to be faster than in-person loans. Of course, you save time by not having to go to a payday lender location in person. But the process tends to be shorter, too: submitting an application on your phone or computer takes less than ten minutes, in most cases.
Additionally, the best payday loans online can provide you with the funds you need in as few as 24 hours, giving you fast access to your loan money. If you need cash during an emergency, having rapid access to your loan is crucial to making the most of your online payday loan.
Range of Options
Applying for a payday loan through one of the online lending marketplaces on our list gives you access to a broader range of loan options than you would see at an in-person lender. Marketplaces work with dozens of online lending companies to connect borrowers to the loan that meets their needs. Utilizing one of these networks makes it easier to identify a loan with the most flexible terms and lowest interest rate.
What Are Short-Term Cash Loans Most Commonly Used For?
Most people use payday loans when they have an emergency expense and desperately need cash to pay for it. The fast fulfillment of these loans makes them suitable for small, short-term financial needs.
Is There Such Thing as an Instant Payday Loan?
No lender, whether online or in person, can instantly provide you with the funds you borrowed. Lenders need at least a few hours to review your application and transfer the funds. Similarly, you should never agree to a loan term without scrutinizing the fine print, which takes time.
The fastest installment loans can provide you with your funds within 24 hours. If a lender claims to offer instant loans, you can assume it is trying to scam you.
Can You Get a Payday Loan with Bad Credit?
The best payday loans offer loans to those with bad credit scores. However, in most cases, the lower your credit score, the higher your interest rate will be.
Some payday loan lenders do not perform a credit check when reviewing your loan application, while others will only perform a soft credit check to verify your credit score. If you have bad credit, look for lenders that advertise their loans for those with a bad credit rating or no minimum credit score.
Is It Possible to Get a Payday Loan Without a Credit Check?
You may be able to find some lenders that do not perform a credit check. In the case of a traditional payday loan, lenders might not need to know your credit score, as they would have your post-dated check available as security for your loan. However, be aware that if a lender does not take your credit rating into consideration, it will probably charge a steeper interest rate and high origination fees.
If an online lender does perform a credit check, it can either be a soft check or a hard check. A soft check does not affect your credit scores, while a hard check alerts the three major credit bureaus and may lower your credit score slightly.
Be aware that state laws around payday loan interest rates, amounts, and approvals vary, and are illegal in some states. Options will vary based on where you live.
Summary of the Top Recommended Online Payday Loan Lenders
- ClearViewLoans: Best online payday loans overall ($100 to $5,000)
- BadCreditLoans: Best for bad credit loans ($500 to $10,000)
- PersonalLoans.com: Best for personal loans ($1,000 to $35,000)
- CashUSA: Best payday loans for fair credit ($500 to $10,000)
- LendYou: Best for small payday loans ($100 to $2,500)
- MoneyMutual
- Speedy Cash
- Advance America
- Check Into Cash
- Ace Cash Express
*This article is provided by an advertiser and not necessarily written by a financial advisor. Investors should do their own research on products and services and contact a financial advisor before opening accounts or moving money. Individual results will vary. Foreign companies and investment opportunities may not provide the same safeguards as U.S. companies. Before engaging with a company, research the laws and the regulations around that service, and make certain the company is in compliance. For comprehensive guidance on U.S. investments and financial regulations, visit the Securities and Exchange Commission (SEC)’sInvestor.gov.