Best Payday Loans Online: Top 4 Same Day Lenders for Fast Emergency Loans

(Ad) If you're short on cash and in desperate need of money, borrowing a payday loan could be a viable option to consider.

Payday loans are small, short-term loans with high interest rates and strict repayment terms. However, unlike other personal loans, payday loans are very easy to qualify for. They also allow you to receive your loan funds quickly, with little to no waiting periods.

However, if you're considering taking out a payday loan, you'll want to perform adequate research before choosing a lender. The payday lending industry is rampant with scammers and sketchy business practices. Falling prey to an unethical payday scammer could leave you in a cycle of debt that is challenging to get out of.

We've put together this guide to let you in on the best payday loans you can apply for and receive online. Read on to learn our top choices and everything you need to know about payday loans.

The Best Online Payday Loans of 2022

• ClearViewLoans: Best overall
• BadCreditLoans: Best for bad credit
• LendYou: Best for small payday loans up to $2,500
• PersonalLoans: Best for installment loans up to $35,000

#1. ClearViewLoans: Best Overall

ClearViewLoans is an online lending network that can connect you to a payday lender that suits your needs. This platform works with an extensive network of lenders who can provide loans ranging from $100 to $5,000. It uses a quick, easy process that allows you to secure almost instant loans from reputable lenders.

Requesting a loan through ClearViewLoans is simple. You'll just need to fill out a short, easy form on the platform's website, which ClearViewLoans will send to lenders in its network. Then, lenders will reach out to you with loan offers within a few minutes.

Once you find an offer that suits your needs, you'll need to fill out an application with more details about your financial situation. At a minimum, you'll need to meet the following eligibility requirements to qualify for a loan through ClearViewLoans:

• Be employed at your current job for at least 90 days
• Be a U.S. citizen or permanent resident
• Be 18 or older
• Have an income of at least $1,000 per month after taxes
• Have a checking account, phone number, and valid email address

Once a lender approves your loan application, you can review the loan terms, rates, and fees, before accepting the offer. Then, the lender will deposit your loan funds in your bank account as soon as the next business day.

ClearViewLoans uses private and secure processes to ensure users security throughout their loan applications. The company uses advanced encryption technology to protect your personal information and implements industry-recognized security measures.

This platform works with lenders who offer automatic payments, making it easier to make your loan payments on time. If you opt in to this program, your lender will automatically withdraw payments from your bank account, ensuring that you do not incur any late fees.

ClearViewLoans also allows you to take out personal loans for any reason. Once you receive your loan amount, you can use it however you see fit as long as you adhere to your lender's repayment terms and interest rates.

Overall, ClearViewLoans is a reputable payday lender platform that can make it easy to find a lender who meets your needs.

Pros

• Borrow between $100 and $5,000
• Fast and easy online application
• Get funds deposited into your bank account as soon as 24 hours
• Use money for auto repairs, home improvement, vacations, and more.

Cons

• Not suitable for loans over $5,000
• Interest rates vary depending on your credit score

Click Here to Check Rates or Apply Online with ClearViewLoans

#2. BadCreditLoans: Best Payday Loans for Bad Credit

BadCreditLoans is a lending platform for consumers with poor credit scores. This platform can connect you with lenders offering loan amounts ranging between $500 and $10,000.

This platform is a free service that can help you secure a payday loan or other personal loan with three easy steps:

1. Fill out the simple form on the website.
2. Compare your lending options from online lenders.
3. Review other non-loan offers, if applicable.

BadCreditLoans does not guarantee loan offers for every consumer who fills out an application. If your credit score is too low or you do not meet other eligibility requirements, the platform may instead send you offers for debt relief or credit repair services.

To qualify for any loans through this platform, you'll need to at least meet the following requirements:

• Be 18 or older
• Have proof of citizenship or legal residence
• Have a regular income from employment, disability, or Social Security benefits
• Have a checking account, work and home phone numbers, and a valid email address

This platform also uses ample safety measures to keep your financial information and personal data secure. The company utilizes advanced encryption technology and is available 24/7 to answer questions or address any concerns.

When you utilize this platform to request a loan, you will gain access to numerous different loan options and lenders, allowing you to choose one that suits your needs to a T. For example, if you have a specific repayment period in mind, you can search for a loan that offers those terms. You can also ensure that your loan meets your budget.

Altogether, BadCreditLoans is an excellent place to start if you have a bad credit score and are looking for a personal loan.

Pros

• The best personal loans for bad credit
• Request up to $10,000
• Flexible repayment terms
• Term lengths ranging from 3 to 72 months
• Choose between multiple loan options
• Fast, next-day funding

Cons

• Interest rates may be a little higher than other lenders, depending on your credit score
• Not a direct lender

Click Here to Check Rates or Apply Online with BadCreditLoans

#3. LendYou: Same Day Lender with Fast Approval

LendYou is another reputable platform that can connect you to online payday lenders and other personal loan lenders. This platform works with lenders offering loans between $100 and $2,500. Better yet, LendYou accepts all credit score histories, enabling you to qualify for a loan even if you have poor credit.

This platform uses an easy process to match payday loan borrowers with online lenders. You can get started at any time on a computer or a mobile device.

First, simply register on the LendYou website and fill out a short form with a few pieces of information. Then, the platform will connect you with a lender whose loan terms you qualify for. You can review the terms and conditions of the loan, then fill out a more in-depth application.

Once the lender approves your application, you could receive the money in your bank account as soon as the next business day.

While each online payday loan lender has its own loan terms and eligibility requirements, you'll need to meet these criteria at a minimum to qualify for a loan:

• Be at least 18 years old
• Have a valid checking or savings account with direct deposit
• Make a minimum regular income of $1,000 per month
• Not be a regular or reserve member of the military

LendYou offers fast approval and almost instant loans, making it an excellent platform to get emergency cash. Additionally, the company uses trusted practices to keep your personal information secure.

Altogether, we recommend LendYou for anyone looking for one of the best online payday loan options from a reputable lender.

Pros

• Great for smaller short-term loans up to $2,500
• Quick loan decision with no long waiting periods
• Get cash in your bank account as soon as the next business day
• All credit histories are welcome

Cons

• Not a good option for larger loan amounts
• LendYou is a loan marketplace, not a direct lender

Click Here to Check Rates or Apply Online with LendYou

#4. PersonalLoans: Best for Installment Loans up to $35,000

Payday loans are typically small loans of around $5,000 or less. However, if you need more than a few thousand dollars, you can apply for a personal loan through PersonalLoans.com.

This platform can connect you with personal loan lenders offering loans between $1,000 and $35,000. However, the exact loan amount you can qualify for depends on your financial situation and other eligibility factors.

To get started, select the reason you need a personal loan from the dropdown list, then fill out a short form with some personal information. Once you submit this form, PersonalLoans.com will connect you with lenders offering funding options that meet your needs.

While you can request a loan for any reason, PersonalLoans.com commonly works with consumers who need loans for the following reasons:

• Emergency expenses
• Home improvement
• Unexpected bills
• Family vacations
• Business startups

Payday loans can often come with high interest rates. Thankfully, PersonalLoans.com offers competitive rates through its extensive network of personal lenders.

If you do not qualify for any loans through the platform's direct lender network, PersonalLoans.com may send your request to its extended network of third-party lenders to increase your chances of finding a match. You may also receive offers for other credit-related products to help improve your financial situation.

However, many borrowers receive several loan offers through this platform. If you receive more than one offer, you'll be able to compare your choices and choose a loan that offers the best terms and rates for your needs.

Overall, PersonalLoans.com is an excellent platform to consider if you need a sizable loan and don't have much time to shop around.

Pros

• Borrow as much as $35,000
• Fast funding after loan approval
• Competitive interest rates
• Quick and easy online application

Cons

• Not suitable for smaller loans under $1,000
• Higher interest rates for borrowers with bad credit

Click Here to Check Rates or Apply Online with PersonalLoans

What Is a Payday Loan?

A payday loan is a short-term personal loan with high interest rates and strict repayment terms. Unlike many traditional loans, payday loans have generous eligibility requirements, making them accessible for people with poor credit histories or low incomes.

Historically, payday loans were only worthwhile in true emergencies, as their interest rates made them very expensive. However, these loans have changed significantly over the years.

A traditional payday loan is a small loan for the amount equal to your next paycheck. You could secure this short-term loan type through an in-person payday lender and follow this process:

1. Provide a post-dated check for your following payday amount, which the lender could cash on your payday.
2. Receive that amount in loan funds, minus interest and fees

Traditional payday loans come with incredibly high interest rates, sometimes making them cost double or triple the initial borrowed amount. If you don't have the funds you need now, you probably won't have them in a week or two either. As a result, you'd need to take out another payday loan to pay off your initial balance, creating a never-ending cycle of debt.

Today, however, you can secure an online payday loan with more generous interest rates and terms. The lenders on our list also do not require you to give them a post-dated check for your paycheck amount. Instead, you can pay them back in installments with terms that suit your needs.

Additionally, the platforms on our list do not offer only payday loans. Instead, most of these platforms provide several types of personal loans.

Overall, securing a payday loan online may be the best route to go if you need emergency cash and don't meet traditional loan requirements.

How We Ranked the Top Payday Lenders

The payday lenders on our list are only a few of the dozens of online lenders that offer payday loans. When we created our list of the best payday loans online, we reviewed numerous platforms closely, then narrowed them down according to the following criteria:

Loan Amounts

Payday loans are typically small loans of around $500. However, if you need a significant amount of cash on short notice, this small amount may not be enough to meet your needs.

When we searched for online payday loans to add to our list, we examined their loan amounts closely. All of the lending platforms on our list offer loans of at least $2,500, while PersonalLoans.com works with lenders offering up to $35,000.

Working with one of these companies can give you a better chance of securing the exact loan amount you need for your emergency expense.

Terms and Fees

Payday loans can have varying terms and fees that increase the amount you owe back in your loan payments. Typically, because payday loans have such generous eligibility requirements, their interest rates and fees are higher than other personal loans.

However, you shouldn't have to pay an arm and a leg to secure the emergency cash you need. When we searched for online payday loans for our list, we closely examined their terms and fees to determine how expensive they would be in the long run.

While all of the platforms on our list work with varying lenders, each website strives to provide clear, up-front terms for borrowers, ensuring that you do not agree to a loan you cannot afford. Additionally, using one of these platforms can allow you to compare interest rates and choose an option you can afford.

Eligibility Requirements

Payday lenders are notorious for accepting pretty much any borrower. In the past, these lenders preyed upon people who could not qualify for traditional personal loans, charging outrageous fees because they knew they were their borrowers' only options.

While online payday loan practices are more trustworthy and ethical today, these short-term loans still tend to have generous eligibility requirements, making them accessible for people who:

• Have no credit history
• Have a low credit score
• Do not qualify for traditional loans

If you meet one of the above criteria, you probably won't qualify for every payday loan on our list. However, using one of the platforms we reviewed, you can have a better chance of qualifying for a personal loan or payday loan.

Speed of Funds

Payday loans also have a positive reputation for quickly getting you the money you need. When you apply for an in-person payday loan, you can often walk away with your loan funds on the same day. As a result, these loans are excellent solutions for when you need fast cash.

However, the best online payday loans also allow you to secure your loan funds quickly, often within 24 hours. When we looked for the payday loans online to add to our list, we ensured that each lender offers fast turnaround times, allowing borrowers to receive their funds quickly.

Company Reputation

As we've mentioned, payday loans have a reputation for scamming borrowers out of their money and sending them into a never-ending debt cycle. As a result, when you apply for a payday loan online, you should ensure that the lender you choose is trustworthy, fair, and reputable.

We examined the reputations of each lender on our list to determine what types of experiences previous borrowers have had. We found that all of the lenders on our list have positive reputations overall, allowing you to feel confident that you will also have a positive experience.

Alternatives to Payday Loans

Payday loans are not the only online loans that you can secure quickly and relatively easily. Several other loan options can provide you with emergency funds. However, not all of these loan types are as affordable and fair as others.

Here are a few payday alternative loans you can consider if you need fast cash and have bad credit.

Auto Title Loans

Auto title loans are secured personal loans that use your car as collateral.

If you cannot qualify for traditional personal loans, searching for secured loan options could improve your eligibility. Secured loans use your valuable property — such as your house, car, or jewelry — as a safety net for lenders in case you fail to repay your loan. If you default on a loan, your lender can seize the property you put up as collateral to repay your borrowed amount.

As such, when you apply for an auto title loan, you must give the lender the title to your vehicle. Once you pay off your loan, you can receive the title back. However, if you fail to make repayments, the lender can claim ownership of your vehicle and sell it to repay your loan.

While auto title loans are easy to qualify for, they often carry high interest rates. These loans also have short repayment terms. If you cannot pay your emergency expense now, you probably will not be able to repay a loan with interest in a few weeks or months. As a result, you may default on your loan, losing your car as well.

If you're considering an auto title loan, think about whether you would be willing to sell your car to obtain the funds you need. We only recommend taking out auto title loans if you feel confident you can repay them.

Pawnshop Loans

Pawnshop loans are another type of secured personal loan that you can use to get fast cash.

In this loan type, you would bring a valuable item to a pawnshop. The pawn owner would assess its value and give you a loan in exchange for the item. If you failed to repay the loan in the agreed-upon time, the pawnshop could keep your item and sell it.

Pawnshop loans can allow you to receive quick funds. Often, pawn owners will give you your loan funds on the spot once you hand over your valuable item.

However, these loans have comparable interest rates and fees to the other payday loan alternatives on our list. Additionally, because they typically have short repayment periods, you may have trouble repaying your loan amount by the due date.

If you're willing to part with the item you bring to the pawnshop, you may want to sell it outright rather than trading it for a bad credit loan. However, if you don't want to part with the item, taking out a payday loan may be the smarter option.

Personal Installment Loans

Personal installment loans are simply personal loans that you pay back in installments rather than one lump sum. These loans are typically more affordable than the other payday alternative loan options on our list, but they also tend to have stricter eligibility requirements.

When you apply for an installment loan online, you will typically need to pay an origination fee, which comes out of your loan funds. Then, you'll need to pay an annual percentage rate (APR) or interest rate each time you make a loan payment. Most installment loans require you to make monthly payments until you repay your total loan amount.

The APR you pay on the loan increases the overall loan cost. For example, let's say your APR for a $1,000 loan is 10%, and you repay the loan over a year. You'll end up paying $1,100 total for a $1,000 loan. However, depending on your credit score and credit history, your APR may be closer to 20% or 30% for a personal installment loan.

Installment loan lenders state upfront how long you have to repay your loan. Often, these lenders give you up to three years to repay your loan in monthly installments. However, you can pay off the loan sooner if you'd like.

Personal installment loans are typically wiser choices than payday loans because they tend to be more affordable in the long run. We recommend checking your eligibility for online personal loans before resorting to payday loans to save more money in your loan process.

Credit Union Loans

Credit union loans are trustworthy personal loans that come from credit unions. If you're not familiar with credit unions, they're essentially financial institutions that provide the same financial products and services as banks.

However, while banks are for-profit institutions, credit unions are member-owned institutions. As a result, when you take out a credit union loan, your loan funds will come from other members.

You'll need to be a member of a federal credit union to secure a loan through it. Typically, your eligibility for federal credit union membership depends on your location, relationship to an existing member, or relationship to an organization involved in the credit union.

Once you become a member, you can take advantage of the affordable, trustworthy loans credit unions offer. You can typically expect credit union loans to have lower interest rates and fewer fees than other personal loans. Credit unions may also be more willing to work with bad credit borrowers than traditional financial institutions.

If you have a poor credit score and looking for a reputable lender, you can compare bad credit loans at Timesunion.com

Things to Avoid When Getting a Payday Loan

If you're considering borrowing a payday loan, you should do everything you can to act responsibly throughout your loan process. Even the best payday loans online can get expensive if you fail to meet all of their terms and conditions. Additionally, you should be aware of shady business practices that may make you more likely to lose money with these loans.

Here are a few things to avoid when getting a payday loan:

Avoid Making Late Payments

When you borrow a short-term loan, you should do everything within your power to make your payments on time. Making late payments can result in several penalties.

First, when you fail to make a payment on time, your lender may charge you a late fee, making your online loan more expensive overall. Additionally, loan providers typically report late payments to the three major credit bureaus, lowering your credit score as a result.

If you miss several monthly payments or fail to repay the loan altogether, your payday loan provider could pass your debt to a debt collection agency. These debt collectors use phone calls and letters to inform you about your debt and convince you to repay what you owe.

Altogether, making late payments on loans is a bad idea. If you think you won't be able to make a payment on time, we recommend calling your loan provider directly and asking for an extension. Often, these lenders are willing to be more flexible with your repayment terms if you explain your circumstances.

Avoid Not Reading the Terms

Many payday loan borrowers are in such a rush to receive their loan funds that they fail to read the loan terms and conditions thoroughly. While it will only take you a few minutes to read through these terms, doing so is essential to fully understand what terms you are agreeing to.

When an online lender sends you a loan offer, they should provide the following information in your loan terms:

• The loan repayment period
• Your interest rate or APR
• Any fees associated with the loan
• Penalties you may face, such as for late payments
• Other special conditions

Understanding payday loan rates, fees, and terms before accepting an online loan offer is essential to minimizing the financial impact of your loan. If you're short on cash now, imagine how much harder it would be if you faced exorbitant fees and penalties for defaulting on your loan.

Avoid Borrowing More Than You Need

Some borrowers think of payday loans and other personal loans as free money. However, not only do you need to repay these loans, but you also need to pay interest rates and fees on top of your borrowed amount. In reality, loans can be expensive.

As a result, you should avoid borrowing more money than you need through an online payday loan. Generally, the higher your loan amount, the more you will end up paying in fees, as your interest rates represent a fraction of your total borrowed sum.

If you really need only $500 to get through a rough patch, pay an unexpected bill, or make a rent payment, you should borrow only $500. If you end up needing more cash down the line, you can consider taking out another instant payday loan then.

The Advantages of Applying for a Payday Loan Online

Up until ten or fifteen years ago, you would have needed to visit a payday loan lender in person to secure this type of loan. While in-person payday lenders still exist, borrowing this loan type through an online payday lender offers several advantages.

Here are a few benefits of applying for a payday loan online:

Speed: Borrowing through an online payday lender can allow you to receive your loan amount faster than visiting a lender in person. You won't need to wait in line and spend time negotiating with the lender. Instead, you can simply fill out an online application and receive your loan amount within one business day.

Flexibility: Using one of the best online payday loan platforms on our list can allow you to review offers from multiple lenders to find the best deal. Instead of needing to agree to an in-person lender's terms, you can shop around and make a smarter borrowing decision.

Convenience: Borrowing money through online lending marketplaces is also simply more convenient than visiting an in-person loan provider. You don't need to leave your house, drive to the nearest payday lender, and wait in line to receive your loan. Instead, you can fill out an online loan request and receive your funds right in your bank account or checking account.

Frequently Asked Questions

Do Payday Lenders Offer Same-Day Loans?

Some online payday loans allow you to receive your loan funds the same day or within 24 hours. However, even companies that do not offer same-day loans should still provide your money within a few days. Payday loan lenders typically work quickly to provide you with these short-term personal loans soon after submitting a loan request.

Do Any Payday Loan Providers Offer Guaranteed Approval?

Payday loans are well-known for providing loan approval for a wide range of consumers. However, even the best online payday lender does not offer guaranteed approval for payday loans.

Most payday loan lenders have at least a few eligibility requirements you must meet to gain loan approval. For example, these lenders sometimes have a minimum credit score requirement, leading them to complete a credit check as part of your application.

At the bare minimum, you typically need to be at least 18 years old, have a checking account, and have some sort of regular income to qualify for these online loans. Because lenders typically carry these base-level requirements, they cannot offer guaranteed loan approval for every borrower.

Can You Get a Payday Loan with Bad Credit?

Payday loans are typically more accessible for bad credit borrowers than traditional personal loans. If you have a low credit score or no credit history, you may have a better chance of qualifying for a payday loan than another loan type. Payday lenders charge high interest rates and fees to ensure that they still make money even if borrowers default on their loans.

However, payday loans are not your only option if you have a bad credit score. We recommend researching more affordable loans that accept borrowers with bad credit scores before resorting to an expensive payday loan.

How Fast Are Online Payday Loans?

Speed is one of the primary appeals of borrowing a payday loan. Many of the direct lenders on our list offer next-day funding, allowing you to receive the cash you need quickly. Better yet, many lenders offer direct deposit, allowing you to receive your money in your checking account or other bank account and immediately begin spending it.

What Interest Rates Can You Get with Cash Advance Loans?

Payday loan interest rates are typically higher than other online personal loans. However, the exact interest rates and terms you can receive for a payday loan depend on several factors, such as your:

• Credit scores
• Credit history
• Current monthly income
• Debt-to-income ratio

With that said, the most expensive payday loans sometimes charge an APR of upwards of 400% to 600%. However, the online loan options on our list tend to keep APR below 36%.

Because interest rates and APR can vary significantly, reviewing your exact loan terms is essential to making a wise financial decision.

Are Payday Loans Easy to Get Approved For?

Payday loans are often very easy to qualify for. Many payday loan lenders have a lower minimum credit score requirement than traditional lenders, making these loans accessible for people with bad credit scores.

However, even the best online payday loan lenders make up for the risk of lending to bad credit borrowers in other ways. These short-term loans are typically expensive to borrow, allowing lenders to profit even if borrowers fail to make payments on time.

Typically, the easier it is to qualify for a loan, the stricter its terms will be. As a result, you may want to search for other personal loans you may be eligible for before paying for expensive payday loans.

Can You Borrow Money Online Instantly?

Even though some online lenders say they offer "instant loans," no online lender can actually give you money instantly. These lenders need to take at least a few hours to review your loan request and application, perform a credit check, and determine your creditworthiness.

While you may not be able to borrow a loan instantly, you can rest assured that multiple lenders on our list offer next-day funding, allowing you to receive your cash advance quickly.

Can I Get an Online Cash Advance Without a Credit Check?

Lenders usually perform a credit check as part of your loan application. During a credit check, lenders will review your credit score, credit report, and overall credit history. However, lenders can perform two types of credit checks — soft and hard checks — with varying consequences.

Some lenders only perform soft credit checks, which do not impact borrowers' credit scores. Other lenders perform hard checks, which can lower your credit score by a few points.

Because loan applications have the potential to hurt your credit score, you should only apply to one or two loans, if possible.

Do Online Payday Loans Hurt My Credit Score?

Any time you borrow money from a lender or use your credit card, you have the opportunity to either improve or hurt your credit score. Credit card companies and lending institutions report your activity to the credit bureaus each month. When you fail to make payments on time, your credit score may suffer.

However, making on-time payments and adhering to your terms can actually improve your credit score. If you currently have a bad credit score, acting responsibly with your loan can help you increase your score to the "fair" range with time.

What Can Payday Advance Loans Be Used For?

You can use personal loans for any expense you want. Lenders cannot see how you spend your loan money once you receive it, giving you the freedom to spend your loan however you see fit.

However, we recommend only taking out payday or cash advance loans when you desperately need money quickly. If you can afford to wait a while to take out a loan, you may be able to improve a bad credit score or raise your income in the meantime, allowing you to secure better interest rates and terms.

Final Thoughts

Altogether, taking out a payday loan is an effective option if you need emergency cash and can't qualify for another unsecured loan type. The lenders on our list offer affordable payday loans with generous eligibility terms. They also use responsible business practices, allowing you to feel confident borrowing through their platforms.

However, we always recommend approaching payday loans cautiously, reading your terms thoroughly, and understanding your budget before taking out this type of short-term loan. If you can give yourself some flexibility, you may be able to find a more affordable loan option instead.

*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)’s Investor.gov.