* This is not a financial advice article. Please contact a financial advisor if you need financial assistance. We may receive a referral fee from some lenders featured in this article.
When you need emergency cash to pay for unexpected expenses, an online payday loan may help you get the money you need, when you need it. The process of getting a payday advance can be fast and easy, with funds being deposited into your bank account in as little as 24 hours.
Finding the best payday loans online isn’t easy though. Not all online lenders are created equal and some charge outrageous interest rates, especially if you have bad credit.
To help you find the best online payday loans, we’ve reviewed the top personal loan companies. We took into consideration their loan amounts, repayment terms, interest rate, speed of funds, and eligibility requirements.
If you’re ready to get the money you need for unexpected expenses, here are the best payday loan providers to check out.
Best Online Payday Loan Companies
- ClearViewLoans: Best overall
- BadCreditLoans: Best for bad credit
- CashUSA: Best for installment loans up to $10,000
- PersonalLoans: Best for larger personal loans up to $35,000
#1. ClearViewLoans: Best Payday Loan Company Overall
ClearViewLoans knows that sorting through dozens of lenders, varying interest rates, maximum loan amounts, and repayment terms can get complicated quickly. Luckily, ClearViewLoans makes it easy to get the money you need with its user-friendly, secure lending platform.
When you submit a loan request application through ClearViewLoans’ online platform, the loan provider will review your request, verify your information, and connect you with a licensed, approved lender. Then, the lending partner will provide you with customized APRs and repayment periods. If you choose to accept the loan, your ClearViewLoans’ lending partner will fund your loan in as little as 24 hours.
ClearViewLoans has earned its reputation as a fast, flexible, and fair payday loan lender, thanks to its consumer-centric platform and hassle-free lending process. Through ClearViewLoans, you can choose from advances ranging from $100 to $5,000, APRs that suit your budget, and repayment terms that enable you to get one step ahead of your debt. As a result, you can effectively manage unexpected financial circumstances with enhanced peace of mind.
Simply fill out a short form with your contact information and the requested loan amount. Then, ClearViewLoans will submit your request to its network of lending partners. In many cases, a lending partner will approve your request within minutes if you:
- Are at least 18 years of age
- Have had a job for 90 days
- Make at least $1,000 per month
- Have an active checking account
- Can provide a valid telephone number and email address
Once you receive the money, you can use the funds for expenses or purchases of any kind. That said, remember that ClearViewLoans and its lending partners may verify your Social Security or Individual Taxpayer Number, review your creditworthiness, and perform a credit pull before approving your loan. You may experience a slight dip in your credit score following the pull, though it will typically recover if you repay your loan on time.
- Minimum Loan Amount: $100
- Maximum Loan Amount: $5,000
- APR Ranges: Varies
#2. BadCreditLoans: Best for Bad Credit Borrowers
BadCreditLoans knows that a poor credit score can prevent you from qualifying for emergency loans. The lending marketplace created a user-friendly online marketplace where you can browse payday loan options, repayment terms, and interest rates perfectly suited to borrowers with poor credit scores.
Like ClearViewLoans, BadCreditLoans connects you with payday loan providers who may be able to fund your loan and offer you the cash you need when you need it. After submitting your application on the BadCreditLoans website, the platform will share your request with multiple lenders to fulfill bad credit loans ranging from $500 to $10,000.
Simply fill out BadCreditLoans’ five-minute, encrypted online application to check qualification for a loan. Provide your contact information and details on your income, debts, and assets and request your desired loan amount. Once you’ve completed the request, BadCreditLoans will process your application and forward it to its network of lenders for approval.
Typically, a lender will approve your application if you:
- Are 18 years of age or older
- Have a steady income
- Can provide proof of employment
- Are a U.S. citizen
- Have an active bank account
To make the approval process even simpler, BadCreditLoans has eliminated a minimum credit score requirement. That means borrowers with extremely low scores may be able to receive the funding they need from a trusted, reliable, and experienced source.
Depending on your circumstances, you may even receive approval from multiple lenders. If so, you’ll have the opportunity to compare terms, repayment periods, interest rates, and more. Then, you can select your preferred loan and enjoy funding within 24 to 48 hours.
If you run into roadblocks during the application or funding process, you can reach out to BadCreditLoans’ customer support team any time of the day or night. In addition, you can browse BadCreditLoans’ borrower resource center for information on budget, loan repayment, and money management.
Alongside its stellar customer service, BadCreditLoans prioritizes borrower security. When you use the lending platform, you can trust that BadCreditLoans and its lending partners are there to protect your personal information and financial details while helping you build a healthy financial future.
- Minimum Loan Amount: $500
- Maximum Loan Amount: $10,000
- APR Ranges: 5.99% to 35.955%
#3. CashUSA: Fast Cash Advances up to $10,000
Whether you’ve received an unexpected medical bill or have to repair your car, you likely need to receive your payday funds quickly. With that in mind, CashUSA created one of the fastest online loan platforms on the market.
The lending platform makes it easy to submit your application in minutes. After you’ve provided your contact information, requested loan amount, and financial details, CashUSA will perform a soft credit pull to verify your credentials. Unlike a hard credit pull, a soft pull won’t impact your credit score, which means you can receive the funding you need without worrying about your credit report.
In addition, CashUSA can help you navigate a financial crisis without the risk of soaring interest rates. For example, CashUSA’s payday loan APRs range from 5.99% to 35.99%, placing them well within the averages for most major lines of credit, including credit cards and bank loans.
With a loan from CashUSA, you can secure between $500 and $10,000 to pay for medical bills, student debt, or credit card debt. Further, you can enjoy a stress-free repayment process. CashUSA will even manage loan repayment on your behalf by withdrawing the total loan amount, plus any applicable fees, from your account. Thanks to the automatic repayment option, you won’t have to worry about missing a payment deadline or garnering late fees.
Most importantly, CashUSA will fund your loan within 24 hours, thanks to its streamlined application and approval process. After you select your desired loan through a lending partner, the lending platform will transfer the funds to your account, as long as you:
- Are 18 years of age or older
- Are a U.S. citizen
- Make at least $800 per month
- Have an active bank account
Depending on your circumstances, you may even be able to negotiate the terms of your loan with one of CashUSA’s trusted lending partners. Keep in mind that negotiations may extend the funding process, so choose your loan wisely if you need funds immediately.
- Minimum Loan Amount: $500
- Maximum Loan Amount: $10,000
- APR Ranges: 5.99% to 35.99%
#4. PersonalLoans: Best for Personal Loans up to $35,000
Last but not least, PersonalLoans.com offers a comprehensive marketplace and a vast network of payday loan partners for borrowers who want to consider their options before accepting a loan.
Through PersonalLoans.com, you can submit a single application and enjoy access to multiple providers, competitive terms, and consumer-friendly rates. Then, you can choose an option that suits your needs without compromising your financial security through high rates or hidden fees.
To apply for a payday loan through PersonalLoans.com, complete the platform’s straightforward application by providing your personal information, required loan amount, and a few financial details. Once you’ve submitted your application, PersonalLoans.com will share your information with its lending partners. You may receive your funds in 24 hours or fewer if you:
- Are 18 years of age or older
- Are a U.S. citizen
- Have a valid Social Security number
- Have a bank account registered in your name
That said, PersonalLoans.com will consider your credit score before approving your loan. Some borrowers with low scores may not be eligible for funding, while others may only qualify for loans with high APRs. Finally, state laws may limit your total loan amount, depending on your location.
Regardless, PersonalLoans.com offers unrivaled flexibility when it comes to the amount of your payday loan. Unlike the other top payday loan platforms, you can choose from amounts ranging from $1,000 to $35,000, plus repayment terms between three and 72 months.
Perhaps most importantly, PersonalLoans.com prioritizes a clear, fixed loan application and repayment system. You’ll know exactly how much you’ve borrowed and how much you’ll pay back, including interest rates and applicable fees. As a result, you’ll feel more confident in your current and future financial circumstances.
- Minimum Loan Amount: $1,000
- Maximum Loan Amount: $35,000
- APR Ranges: 5.99% to 35.99%
What Is a Payday Loan?
Payday loans are short-term personal loans that you can use for unexpected expenses. Typically, borrowers receive loan amounts between $500 and $5,000, though some providers offer amounts up to $35,000 or higher.
Don’t let the limited loan amounts fool you, though. Payday loans often come with high interest rates, making it even more critical to pay off your loan within your repayment period or risk adding hundreds or thousands to your total amount.
Often, financial advisors recommend avoiding payday loans due to the high rates and fees. However, borrowers with bad credit scores are often unable to secure another type of loan, making the limited cash advance loans a popular way to get vital cash in 24 hours or less.
With that in mind, ensure that you can repay your loan as quickly as possible to minimize your interest expenditures and reduce the risk of getting trapped in a debt cycle. Speak to a financial advisor to ensure you are making the right financial moves for yourself.
How Do Payday Loans Work?
When you apply for a payday advance, an online lender will review your personal information, including your income and bank account details. After verifying your identity, your payday loan lender may approve your loan request and fund your loan within 24 hours, as long as you meet certain requirements.
You will also need to provide permission for your payday lender to withdraw money from your bank account to repay the loan. In some rare cases, you may need to send a signed check, which your online payday lender will cash on your repayment deadline. Always double check that you are working with approved lenders before giving out your personal information.
Each payday lender sets its own repayment deadlines. Nevertheless, your deadline will usually range from two weeks to one month. At the end of your loan term, your lender will withdraw the loan amount, plus interest and any additional fees, from your checking account.
Understanding Payday Loan Rates and Fees
While an online loan can offer a quick, effective solution for unexpected expenses, the fast cash advances come at a cost. Unlike other personal loans, payday loans often feature interest rates ranging from 391% to 600%.
Some states have placed caps on payday loan interest rates. For example, 18 states have limited interest rates to 36% on a loan of $300. Still, you could pay as much as 663% on a $300 loan in states without an interest rate ceiling.
Rates may increase with larger loan amounts, too. Alongside high interest rates, payday loans often come with hidden fees. A traditional cash advance may include charges such as processing fees, bounced-check fees, late fees, rollover fees, or other penalties added to your total repayment amount.
Alternatively, payday loan borrowers may face flat fees for every $100 borrowed. For example, instead of charging interest rates, you may receive a charge of $15 for every $100 of funding you receive.
With that in mind, it’s critical to understand the terms of your loan and ensure that you can repay a payday loan in full within your payment period. If not, you could owe $1,000 or more in interest, depending on your loan terms.
Requirements for Getting a Payday Loan Online
For many borrowers, obtaining personal loans isn’t easy, especially for borrowers with low credit scores. Most personal loans require a credit score of at least 600. While the average American’s credit score is typically higher, other factors — including creditworthiness and income — can influence your ability to qualify for installment loan funding after your loan provider runs a credit check.
Fortunately, most borrowers can qualify for a cash advance with a low credit score. Some payday loan provider services don’t even run a credit check. Instead, you must provide proof of only the following:
A Steady Income
To obtain a payday loan online, you’ll need to show your loan provider that you can repay the unsecured loan. Most online payday loan platforms don’t require you to have a full-time job, though. Instead, you can show evidence of a recurring income from disability, retirement, self-employment, or a job.
Depending on the lender, you may need to meet a minimum monthly income requirement as well.
A Bank Account
Most borrowers have to prove that they have an active checking or savings account to qualify for a loan. In many cases, you’ll need to prove that you’ve had the bank account for at least a month, too.
A Form of ID
Finally, you’ll need to supply some form of identification along with your contact information. You may use your driver’s license, passport, state-issued ID, or another approved form of identification to qualify for a short-term loan.
If you apply for online payday loans, you may also need to provide additional documentation and information, such as:
- Your birthdate (you must be at least 18 years of age)
- Your address
- Your Social Security number or Taxpayer Identification Number
- Your contact information
Finally, you may need to prove that you haven’t filed for bankruptcy or ensure your lender that you don’t plan to do so in the near future.
Alternatives to Payday Loans
If you’ve got a bad credit score, you may think that getting payday loans online is your only option for fast cash. Payday loans aren’t always the best choice, though, even for borrowers with a poor credit report.
As mentioned above, payday loans typically come with sky-high interest rates and fees. While the loans work well for emergency cash funding, other types of personal loans or installment loans may provide the relief you need without the potential risks of even the best online payday loan.
Before applying for payday advances through personal loan lenders, it’s always best to speak to a professional and to consider the following payday alternative loans.
Auto Title Loans
Auto title loans, or car title loans, are a type of secured personal loan in which you use your vehicle as collateral for funding. Auto title loans and payday loans are similar in that they are usually short-term loans of $100 to $5,500. Auto title loans and payday loans often have a much lower minimum credit score than other online personal loans, too.
However, auto title loans differ from a payday personal loan in two key ways:
- You may qualify for lower interest rates from auto title loan providers since you secure, or guarantee, the loan with your vehicle.
- Because you’ve tied an auto title loan to personal collateral, a defaulted payment could result in the loss of your vehicle.
To apply for an auto title loan, you can visit a local loan provider or browse online lending marketplaces for virtual loans. Then, you’ll need to submit your contact details, information about your vehicle, and photos. Finally, the loan provider will evaluate your automobile before approving or denying your loan request.
Keep in mind that you must own your car outright to qualify for auto title loans. In addition, you will likely receive a loan amount worth only 25% to 50% of your car’s value. With that in mind, you may need to compare interest rates and loan funding from other sources.
Pawn Shop Loans
Like payday loans and auto title loans, pawnshop loan providers often appeal to borrowers with a poor credit history or no other options for quick cash. Generally speaking, pawnshop loans may be less risky than auto title or payday loans and include a flat fee instead of interest rates.
To qualify for a pawnshop loan, simply bring a personal item to your local pawnshop to use as collateral. The pawnshop staff will assess the condition and resale value of the item. Depending on the state of your property, the pawnshop may offer you a loan, though you will likely need to provide proof of ownership before the shop approves the temporary swap.
If you choose to accept the loan terms, you will receive your loan funds in cash, along with a pawn ticket. Make sure to put your pawn ticket somewhere safe since you’ll need it to retrieve your item after repaying your loan. Depending on the loan term, you’ll likely have 30 to 60 days to repay your loan and reclaim your property.
Peer-to-Peer Lending Sites
Want to avoid the insecurity of payday loans, auto title loans, and pawnshop loans? Payday loan alternatives like peer-to-peer lending sites may be suitable options, especially if you have a fair to good credit score.
Peer-to-peer lending marketplaces make it easy to match your needs with an individual investor. After verifying your identity and undergoing a hard or soft credit check, you could qualify for a loan up to $40,000.
Borrowers with good to excellent credit scores may enjoy rates as low as 5.955%. That said, a bad credit score won’t preclude you from a peer-to-peer personal loan. You may still qualify, though you could pay rates as high as 35%.
While peer-to-peer loan APRs are higher than those found on most credit cards or credit union loans, they are significantly lower than the interest rates of many online payday loans.
Credit Union Loans
A national bank or federal credit union often has strict guidelines for short-term loans, funding amounts, and interest rates. That said, your local credit union or bank branch may have more flexibility regarding your loan term, APR, and monthly payments.
Depending on your scores from all three major credit bureaus, you could qualify for rates as low as 10% on a short-term loan through a local credit union.
Things to Avoid When Getting Payday Loans
Like any personal loan or installment loan, even the best online payday loan has its downsides. From hidden fees to unfixed interest rates, you could stumble into countless pitfalls with online payday loans if you’re not careful.
If you’ve considered every payday alternative loan on the market and still believe a cash advance is the best option for your needs, ensure that you’ve educated yourself on the six most common dangers of online payday loans.
Making Late Payments
Late monthly payments are one of the most common and devastating dangers when it comes to personal loans. Depending on your interest rates, you could incur hundreds or thousands of dollars in interest, late fees, defaulted payment fees, processing charges, and more with even a few missed loan payments.
Not Reading the Loan Terms
Even if you’ve found the best online payday loan available, it still pays to read and understand the loan terms thoroughly. Some providers include hidden fees and complicated interest rates, while others attempt to confuse borrowers with longer loan terms, lower APRs, or fixed charges.
For example, consider a $500 loan with a 450% interest rate and a two-week repayment period and a $500 loan with a 200% APR and a six-month repayment period. While an APR of 200% is significantly lower than the first option, the extended payment period may be more expensive.
Not Considering Other, Less Expensive Options
A payday loan may be able to help you navigate difficult financial seasons — if you repay the installment loan on time. If you feel uncertain about your ability to do so, consider finding the financial assistance you need through other, less expensive, avenues, such as:
- Credit card advances
- Personal loans
- Loans from credit unions
- Employer advances
- Emergency funding from churches or charitable organizations
- Loans from friends or family members
If you’ve already considered the options listed above, you could try reducing your expenses and incorporating budget management practices to minimize impulse shopping. Taking on short-term, part-time work may also provide the funds you need without the hassle of the loan approval process.
Finally, consider selling old or unused possessions or pawning them at a pawnshop for cash without hidden fees or high interest rates.
Borrowing from Unlicensed Lenders
Also known as loan sharks, unlicensed lenders use predatory practices to take advantage of borrowers in need. Often, unlicensed lenders charge excessive interest rates and may catch borrowers in a debt trap, resulting in a vicious cycle of defaulted payments, rolled-over loans, and extra charges. This is never advised and recommended talking to a financial professional before considering any options.
Instead, turn to licensed, direct lenders for payday loans. Unlike an unlicensed lender or a middleman, direct lending services send you the money without going through multiple lenders. As a result, you’ll save more on brokerage fees and minimize the risk of identity theft or fraud.
Getting Trapped in the Debt Cycle
More than 80% of payday loan consumers have to roll over their loans. When you roll over a loan, you pay an additional fee to extend your loan term. After paying the fee, you may not have enough money to repay your loan, resulting in another rollover fee and the dreaded debt cycle.
- To avoid the debt cycle and avoid rollovers, ensure that you:
- Can repay your payday loan in full on or before its due date
- Work with a direct payday lender that doesn’t offer rollovers
- Understand the payday loan laws in your state
- Select a lending service that offers extended repayment terms
- Compare offers from multiple lenders to find the best repayment terms and rates for your needs
The Advantages of Applying for Payday Loans for Bad Credit Online
Thanks to modern technology, you can now obtain loan funding from a federal credit union, national bank brand, or lending platform from the comfort of your home. If you have a bad credit score, you may have believed that online loans are out of reach, though.
Think again. You can apply for many of the best personal loans online, even if you have a bad credit score. Online payday loans have several advantages over traditional payday loans, too. If you find yourself in a financial crisis, a payday loan may provide you with the funding you need plus additional benefits, such as:
Faster Loan Approval Process
Unlike a traditional loan from credit unions or bank branches, a lending service can often process online payday loans in less than one day. While payday loans don’t offer instant funding, most providers understand that borrowers need the loans for financial emergencies. With that in mind, you can usually access your money within 24 to 48 hours.
Minimal Qualifications for Same-Day Loans
Payday loan processing is often faster than the traditional loan application process for one major reason: You don’t have to meet strict guidelines to qualify for funding. Typically, anyone over 18 can obtain a payday loan after providing identification, proof of income, and checking account details.
Flexible Cash Loan Funding
When you apply for payday loans online, you choose the loan limits. For example, if you need to pay your mortgage, you can often access a larger loan. Alternatively, you could borrow as little as $100 for minor unexpected expenses.
In addition, you can use payday funding for any type of expense. Some online lenders set restrictions for your loan and only allow you to use it for certain expenditures, such as credit card debt or large consumer purchases. With a payday loan, only you can decide how to use your cash.
Faster Credit Check — Or None at All
Bad credit score? With payday loans, your credit history usually doesn’t affect your ability to obtain funding. In some cases, your lender may not even require a credit check, as long as you can provide proof of regular income and an active bank account.
Automatic Access to Loan Proceeds
Finally, payday loans enable you to access your loan funding almost instantly. After your lender approves your application, they will send your money directly to your account. That means you can pay your bills, repair your car, or handle unexpected expenses with ease.
What Are Payday Loans Most Commonly Used For?
Despite their prevalence, borrowers rarely use payday loans for discretionary spending, vacations, or entertainment. In many cases, the short-term loan represents a final effort to make an important payment.
Borrowers should consider other, more affordable types of personal loans before taking out online payday loans. However, if you find yourself in financial distress with no other options, a payday loan can help you recover — as long as you pay it off on time.
With that in mind, some of the most common uses for payday loans include:
- Unexpected car payments
- Family expenses
- Childcare costs
- Student loans
- Medical charges
- Payments for another loan
Simply put, borrowers primarily use payday loans for costly, unavoidable transactions or expenses. For instance, most Americans rely on a car to get to and from work. Without a functioning vehicle, they could lose their jobs and sole source of income.
Instead of risking their employment, they turn to payday loans for quick cash, especially if they have a poor credit score or minimal credit history.
Is There Such a Thing as an Instant Payday Loan?
If you’re looking for the best online payday lender, you likely need cash quickly. While you can often get loan approval for a short-term payday advance, you can’t obtain instant loans for one major reason: Your lender will need to review your application, perform a soft credit check to verify your credit score, and ensure that you have an active checking account.
Due to the application process, you may have to wait several hours before receiving your loan funding. Most payday lenders can provide financing within 24 hours of approval, though, which means you may have money deposited into your checking account on the same day you submit your application.
Can You Get a Payday Loan with Bad Credit?
You can obtain loan funding even if you have bad credit. Applicants with credit scores of 450 or lower can qualify for fast funding. However, you may have to pay higher interest rates.
You may also have limited access to larger loans, though each lender’s guidelines vary.
Can I Get an Online Loan without a Credit Check?
Every payday lender will perform a background check on borrowers after they apply. However, many lenders avoid a hard credit pull when doing so.
Hard credit checks appear on your credit report and cause your score to dip slightly. When you’re navigating a difficult financial situation, you don’t need to worry about your credit score too. With that in mind, payday lenders often turn to a soft credit check.
Soft credit checks allow lenders to verify your credit history without impacting your credit score.
Summary of the Top Recommended Online Payday Loans
- ClearViewLoans: Best overall
- BadCreditLoans: Best for bad credit
- CashUSA: Best for installment loans up to $10,000
- PersonalLoans: Best for larger personal loans up to $35,000