Best Payday Loans, Top 4 Lenders For Quick Emergency Cash in 2022

1:49 PM, Jul 06, 2022
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Sometimes, additional expenses come up when you least expect them. If you don’t have enough savings to cover emergency expenses, you might need to apply for an online payday loan. 

For borrowers with no credit history or bad credit - cash advance loans are sometimes the only option.

Loan companies usually charge higher fees and interest rates than other personal loan providers.

However, the application process only takes just a few minutes, and you may receive your money within 24-48 hours after applying.

Are you interested in applying for a payday loan?

Check out our review of the best online payday loan sites today.

Best Online Payday Loans:

1. MoneyMutual – Best Payday Loan Overall

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Money Mutual Pros

  • Simple, quick, secure application
  • Used by over 2 million customers
  • Funds are processed in as little as 24 hours
  • Easy to unsubscribe from marketing communications

Money Mutual Cons

  • The maximum loan is only $5000

When you just need a modest amount of extra cash to get you to the next payday, you don’t want to spend a lot of time applying for a loan or waiting for your account to get funded. That’s where MoneyMutual comes in.

They quickly connect you to an extensive list of trusted lending partners and can help you receive a loan in as little as 24 hours.

In addition to the streamlined application process, the platform is trusted by over 2 million customers and provides a higher standard of service compared to many other lending marketplaces.

Money Mutual Loan Amount – 5/5

The minimum amount you can apply for with MoneyMutual is $200, while the maximum is $5000. While they don’t offer the highest loan amounts out of the providers on this list, smaller loan amounts are better suited to payday loans because they require less approval and speed up the funding process. This is ideal for borrowers who just need a small amount of emergency cash that they can pay back within a short period.

Money Mutual Application Process – 5/5

Compared to some of the other companies on this list, such as BadCreditLoans and CashUSA, MoneyMutual has lower approval criteria. This makes it an excellent choice for applicants with lower income or bad credit history.

To apply for a loan, simply select the loan amount you need by using the slider on the homepage. Then fill out a few simple questions regarding your personal information.

To be eligible for a loan from MoneyMutual’s lending partners, you must:

  • Be a U.S. citizen and over 18 years of age
  • Be employed and make at least $800 per month
  • Possess an active checking account in your name

If you meet these requirements, you’ll be connected to an eligible lender who is interested in offering you a loan.

Money Mutual Interest Rates & Repayment Terms – 4.5/5

MoneyMutual is not a lender; they just connect you to a long list of eligible lenders.

As a result, they don’t set the interest rates or repayment terms themselves. However, we do wish they were more transparent with the range of interest rates offered by their lending partners. To view potential lending terms, you’ll have to go through the application process.

Money Mutual User Experience – 4.5/5

MoneyMutual’s website is focused on offering a straightforward loan application process. As a result, it leads borrowers through the process without distractions or confusing offers of additional financial products.

There are also some educational materials available regarding payday loans and bad credit loans, though this section isn’t as extensive as other websites on this list.

However, one of the best features is how easy it is to unsubscribe from marketing communications. Since many customer complaints related to payday loans revolve around spam marketers, this is a welcome feature.

Fast Loan Approval Rate

2. CashUSA - Online Payday Loan With Fast Approval

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CashUSA Pros

  • No restrictions on credit score
  • Works everywhere
  • Secure, transparent website
  • Trusted company

CashUSA Cons

  • The application process is longer than competitors
  • Sells your data to third parties

CashUSA is a trusted payday loan provider that connects you with an extensive network of large and small lenders who may offer a loan of up to $10,000. One of the biggest advantages of working with CashUSA is that they can connect you with lending providers that don’t have any credit restrictions.

CashUSA Loan Amount – 5/5

Borrowers may apply for loans between $500 to $10,000 from CashUSA’s lending partners. This is a higher loan maximum than many other lending marketplaces, especially for those that have low or no credit requirements. However, borrowers with low credit scores often receive limited offers or offers with higher interest rates.

CashUSA Application Process – 5/5

CashUSA’s loan application process only takes a few minutes to complete, even if they do include a couple of extra steps compared to other platforms. If you meet the initial requirements, you’ll be connected to a lender who offers your personal loan terms.

This makes CashUSA one of the best platforms for emergency funds because approved applications receive offers in just a few minutes.

If no lenders choose to make an offer, CashUSA will connect you with other financial service providers that may offer debt relief or credit repair services instead.

CashUSA Interest Rates & Repayment Terms – 4.3/5

As a lender marketplace, CashUSA doesn’t set the interest rates or loan terms. However, they do make an effort to be transparent about the possible rates and repayment periods offered by their lending partners.

According to the website, CashUSA lending partners often approve loans with interest rates between 5.99% - 35.99% APR, with repayment periods of three months to 6 years. These are fairly generous repayment periods compared to other providers with higher interest rates who demand payment within a few weeks after borrowing.

CashUSA User Experience - 4/5

An advantage to CashUSA’s website is that it contains an extensive educational resource section dedicated to helping borrowers understand topics like credit, personal finance, and debt.

While the website is slightly outdated in terms of design, it’s still easy to navigate and apply for a loan. It also features industry-standard encryption and security measures to protect your data from hackers.

Last but not least, CashUSA is transparent about its data collection policies. Unlike many websites that attempt to obscure dishonest practices in legal terms, CashUSA lays out its terms and conditions in simple language that anyone can follow.

No Restrictions On Credit Score

3. BadCreditLoans – Best User Experience

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BadCreditLoans Pros

  • Excellent user interface
  • Streamlined application process
  • Up to $10,000
  • Helpful educational resources

BadCreditLoans Cons

  • Poor Better Business Bureau rating
  • Bad credit limits your loan amount

BadCreditLoans is a lending marketplace with over 24 years of experience. Their lending partners offer all types of loans, including but not limited to payday loans. Where BadCreditLoans stands out is its user experience. The platform is well-designed, easy to use, and connects borrowers to a wide network of professional loan providers.

BadCreditLoans Loan Amount – 4.5/5

Borrowers can apply for loans between $500 to $10,000 from BadCreditLoans’ lending partners. This is a wider range than offered by some of the other lending marketplaces on this list and should be sufficient for most payday loan borrowers.

BadCreditLoans Application Process – 4.5/5

BadCreditLoans offers a streamlined application process that only takes a few minutes to complete.

After you’ve submitted your information and received any potential offers from their lending partners, you can compare the offers and decide which one is best suited to your needs. Once you accept, the funds will be directly deposited into your account – usually within one business day.

Even if a personal payday loan isn’t right for you, BadCreditLoans offers access to many other types of loans. You can use the same application process for a business loan, auto loan, student loan, or even home loan.

BadCreditLoans Interest Rates & Repayment Terms – 4.5/5

Like the other platforms on this list, BadCreditLoans doesn’t set the loan terms themselves. However, they typically connect you with lenders who offer loans with interest rates between 5.99% - 35.99% APR.

In terms of repayment periods, BadCreditLoans generally only displays loans with repayment periods of three months to six years. This is relatively generous as far as industry standards go.

BadCreditLoans User Experience - 5/5

Out of all the lending marketplaces on this list, BadCreditLoans has the best website. It’s easy to navigate, uncluttered, and intuitively designed. In addition, it features an extensive educational resource section where you can learn about different scams and how to avoid them.

In an industry where many scammers fraudulently take on the names of lending platforms to mislead borrowers, this shows that BadCreditLoans is committed to going the extra mile for their clients and ensuring that they’re well-informed before applying for a payday loan.

Loans Up to $10,000

4. ZippyLoan – Top Payday Loan Online For Larger Loans

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ZippyLoan Pros

  • Maximum loan amount of $15,000
  • Different options for users with bad credit
  • Allows you to build credit with certain lenders
  • Excellent user interface

ZippyLoan Cons

  • Not available in some states
  • Some fees are unclear

If you require a payday loan above $10,000, then your options are limited. Most financial institutions won’t loan someone this amount of money if they have poor credit.

However, ZippyLoan is a trusted lending platform that can connect you to lenders offering up to $15,000. Applying for a loan with ZippyLoan is a fantastic user experience.

ZippyLoan Loan Amount – 4.5/5

For borrowers who need a loan to cover larger expenses, then ZippyLoan offers a loan range of $100 to $15,000. This is the most flexible range among the companies we reviewed, making it an excellent choice for all borrowers. However, accessing the lenders who offer higher loan amounts requires a fairly high credit score.

ZippyLoan Application Process – 4.3/5

ZippyLoan’s application is quick and simple – it should only take around five minutes to complete. Despite the high credit required for large loan amounts, the platform also has several options for people with poor credit.

They can even connect you to lenders to help you build your credit score. This could be a positive factor for some borrowers since most payday loan lenders don’t report payment history to credit bureaus.

ZippyLoan Interest Rates & Repayment Terms – 3.5/5

ZippyLoan provides example loan calculations that show sample interest rates. Most of these rates fall between 12% - 35.99%, which are reasonable rates in the context of payday loans.

And in terms of repayment, most of ZippyLoan’s lending partners generally offer a period of six to sixty months. This is above average in terms of payday loan repayment flexibility.

ZippyLoan User Experience – 4/5

Like BadCreditLoans, ZippyLoan has focused a significant amount of effort on building a well-designed user experience. The website is attractive and leads all clients through the application process with ease. There is also an educational resource section to help borrowers navigate the payday loan and personal finance market.

Flexible Loan Ranges

5. 247DollarLoan – Top Payday Lender For Smaller Loans

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247DollarLoan Pros

  • Loan amounts start at just $100
  • Verified by Online Lenders Association
  • Simple application process

247DollarLoan Cons

  • The maximum loan amount is only $1000
  • User experience is lacking

If you’re just looking for a small loan to get you by until payday, 247DollarLoan offers the lowest loan range out of the companies on this list. Since it isn’t the most credible company compared to the competitors we mentioned, you may want to try other options first.

However, if you struggle to get approved on other lending platforms, 247DollarLoan is still a legitimate lending marketplace that can connect you to a loan provider who may meet your needs.

247DollarLoanLoan Amount – 3.5/5

247DollarLoan offers a loan range of $100 to $1000. If you’re looking for quick cash and don’t want to jump through a lot of hoops to get it, this company might be able to help. However, if you need to cover larger expenses, you’ll have to look elsewhere.

247DollarLoan Application Process – 4/5

247DollarLoan advertises one of the fastest payday loan application procedures. To apply, you only need to fill out a short questionnaire that should take 2-3 minutes. So, this could be a great option for emergency funds.

247DollarLoan Interest Rates & Repayment Terms – 3/5

There aren’t any explicit interest rates or repayment terms listed on the website. While 247DollarLoan doesn’t set the interest rates or repayment terms themselves, it would still be helpful for borrowers if the company offered a higher degree of transparency.

To see what kind of loan terms are on offer, you’ll first have to apply.

247DollarLoan Website – 3/5

247DollarLoan is a legitimate lending marketplace that connects you to genuine lenders. However, the website isn’t as professional as other companies on this list and doesn’t exactly inspire confidence. It also lacks educational content that is often provided by competitors.

Easy Application Process

6. SoFi – Online Personal Loans For Good Credit

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SoFi Pros

  • Zero fees
  • Offers co-sign options
  • Mobile app available
  • Loans of up to $100,000

SoFi Cons

  • High minimum loan amount
  • High credit score required

SoFi personal loans are not what most people would classify as payday loans. In fact, they’re more similar to traditional loans that borrowers can receive from banks. However, in terms of application processing and funding speed, SoFi loans can help borrowers receive funding in as little as 24 hours after the loan is approved, just like payday loans.

SoFi Loan Amount – 4/5

On the one hand, SoFi personal loans far exceed the other loans on this list in terms of funding amounts.

Borrowers can take out a loan of up to $100,000, making SoFi loans particularly well suited to people who have considerable expenses to cover. On the other hand, this is prohibitive to people who don’t want to take on so much debt. The minimum loan required is $5000.

SoFi Application Process – 4/5

SoFi makes it easy to apply for a personal loan. You can apply in just a few minutes and receive access to rates that don’t affect your credit score.

However, where the company differs from other options on this list is its credit score requirements. Since the loan amounts are much higher than typical payday loans, SoFi requires a credit score of above 680 to apply. This effectively prevents most borrowers with below-average credit from applying.

SoFi Interest Rates & Repayment Terms – 4.5/5

The interest rate you are offered depends on your credit score. Most of the loans are offered at an interest rate between 6.99 – 21.78%. In addition, the loan repayment period is typically between 2 to 7 years. As far as payday loans go, these are generous terms.

SoFi User Experience – 4.5/5

SoFi offers excellent features that make it stand out from other companies on this list, such as a dedicated mobile app and seven-day customer support. The website is well-designed and offers educational resources, member benefits, and even free career and financial advising.

How We Chose the Best Payday Loan Lenders

There are plenty of cash advance services out there, and many have negative reputations.

Borrowers should beware that many scammers are taking advantage of people who need a quick loan.

So, we’ve only included legitimate payday lenders such as MoneyMutual and CashUSA, while also removing the companies that didn’t appear trustworthy or have enough customer reviews to warrant a second look.

All of the payday loan sites recommended on this list are lender marketplaces. 

Payday loan lender marketplaces do not directly loan you the funds themselves. Instead, they simply gather loan offers based on your criteria and offer you a selection to choose from. These sites exist to help you find the lowest rates and best loan terms on the market. Then, it’s up to you to choose your preferred option.

Your loan terms are determined by the lender, not the sites listed above. So, we looked for payday loan lender marketplaces that facilitated this process in the best way possible. Some of our main selection criteria were:

  • What are the customer reviews?
  • What kind of fees do they charge?
  • How easy is the loan application process?
  • What rates do they offer?
  • How is borrower information handled or sold?
  • What are the credit restrictions?
  • How large is the lender network?
  • How useful is the website to borrowers even if they don’t accept a loan offer?
  • How smooth is the website’s user experience?

Finally, we’ve done our best to eliminate any obvious scams or websites that don’t operate legally.

That said, it’s important to distinguish between scams and legal loan companies with high-interest rates.

Payday loan providers can legally charge high-interest rates because they’re exempted from restrictions that apply to banks and other traditional financial institutions. This does not make them scams, but it does mean you should be careful about your borrowing decisions.

If you do decide to accept a loan offer from a payday lender found on one of the marketplaces above, be sure to read through all the terms and conditions so that you’re aware of the repayment terms and aren’t surprised by any hidden costs and fees.

Guide To Choosing the Top Payday Loans

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What Is a Payday Loan?

A payday loan is a short-term loan usually processed within 24 hours, making them one of the fastest ways to borrow money.

Payday loans may offer funds up to $10,000 but are mostly used for loans below $1,000 and have lower approval requirements than banks and traditional lending institutions.

They also tend to have much higher interest rates and shorter repayment terms than other loans.

What Are the Advantages of Payday Loans?

Despite their high-interest rates, payday loans have some advantages over other types of loans.

For one thing, they are one of the most convenient, quickest loan options. You don’t have to leave your house to access payday loans and can complete the entire process online in a matter of minutes.

For borrowers with a poor credit history or no bank account, payday loans have the lowest barrier to approval and may be the only option besides borrowing money from family or friends.

How Fast Are Payday Loans Approved?

Payday loans are usually the fastest loan option. Some loans such as from MoneyMutual are approved instantly if you meet the application requirements. Others may take up to 24 hours.

What Is the Average Annual Percentage Rate (Apr) For Payday Loans?

Payday loan lenders are often exempt from laws that limit high-interest rates. As a result, some lenders charge over 700% in annual percentage rate (APR). The average payday loan has an APR of around 400%, so be sure you understand the terms of your loan before applying.

My Payday Loan Says It Has an Interest Rate of 10% – Isn’t This Good?

Pay close attention to the repayment period when applying for a payday loan. Many payday loans appear to charge reasonable interest rates below 20%, but the repayment term is very short. This leads to a much higher APR than it might first appear.

For example, a 10% interest rate with a repayment term of 14-days translates to around 260% APR. This is one of the crucial things to consider during your payday loan lender selection process.

Do Payday Loans Have Additional Fees?

Yes, if you don’t pay your loan back in time, you’re likely to be hit with additional fees. These can include:

  • Non-sufficient fund charges if your lender attempts to withdraw funds from your account and you don’t have sufficient balance. 
  • Late fees if you don’t submit payment on time get compounded on top of your principal amount.
  • Rollover fees are added on top of your principal if you push back your loan’s due date.

Do Payday Loans Build My Credit?

No. Usually, payday lenders do not report your payment history to credit bureaus, so it won’t help you improve your credit score. However, if you fail to pay on time or default on your loan, the lender may report your account to credit bureaus, which will lower your credit score.

Do Payday Lenders Perform a Credit Check?

It depends on the lender and the state. Many lenders don’t perform a credit check if they have your post-dated check available as security. Other lenders perform a soft credit check that doesn’t affect your credit score. If they don’t do a credit check, they’re likely to charge higher interest rates and fees.

How Do Payday Loan Marketplaces Make Money?

Many of these payday loan lending marketplaces do not charge for their services of connecting you to lenders and listing loan offers. However, they collect your data, which may be sold to lenders or used to market non-loan products.

When you submit your requested loan details, the lender marketplace broadcasts this information to its network of lenders. If a lender reviews your information and wants to offer you a loan, they pay a fee to the marketplace in exchange for getting connected to you.

Therefore, the order in which you see the lenders’ offers may be directly related to the amount the lender paid to be included in the offer list.

In addition, the loan marketplace may display ads or receive compensation for sharing your information with non-lenders.

What Do These Payday Loan Platforms Do With My Personal Information?

It’s important to understand what these companies do with your data so that you’re fully informed should you decide to proceed with the loan application process.

While it varies from company to company, many payday loan lending platforms share your information with all the lenders in their primary network. Then, they often share it with non-lender networks, partner services, and advertisers.

This is done to market other financial products to you in the future, whether you’ve applied for them or not. If you want to remove yourself from these marketing lists, you’ll need to contact the lending platform directly.

Can You Get a Payday Loan Without a Bank Account?

Yes. Some payday loan lenders will approve your application even if you don’t have a bank account. Sometimes, all you need is a prepaid card account.

However, lenders who don’t require a bank account often charge higher interest rates.

How Do I Choose the Top Payday Loan for Myself?

When choosing a payday loan, first understand that you should only use it as a last resort. Other types of loans for people with bad credit scores offer lower interest rates and more security.

However, if a payday loan is your only option, be sure to choose a legitimate company, such as the ones listed above.

The other main thing to consider when choosing a payday loan is the repayment terms. Since payday loans can have extremely high-interest rates, it’s best to use a lender marketplace like MoneyMutual. This will allow you to assess which lenders offer the best repayment terms.

In addition, be sure to read online reviews from customers who have used the lender’s services in the past. It’s the best way to judge the lender's legitimacy and learn about how they’ve treated their customers in the past.

When reading online reviews, keep in mind that payday lenders are likely to have many negative reviews from people who’ve gotten caught up in a cycle of debt. Unfortunately, this is a common scenario with payday loan borrowers, so be a wise borrower and don’t take on more debt than you’re able to repay.

Finally, remember that the offers you see on payday loan websites may not be the best available option for you. We are not offering financial advice, only suggesting which online payday loan lenders are better than others.

Best Online Payday Loans - Conclusion

Payday loans are a quick and easy way for borrowers to access money to cover emergency expenses. However, they do come with risks to watch out for.

If you are already in debt or at risk of going into debt, payday loan payments can quickly add up.

This is especially true if you miss a payment or submit a late payment. Always be sure to carefully read the terms and conditions before accepting any offers. In addition, you should only use payday loans for essential items, not unnecessary purchases.

Before applying for a payday loan with one of the providers listed above such as MoneyMutual - do your own research.

Explore each platform thoroughly, read online reviews, and speak with their customer support if you have any questions or concerns.

Thank you for reading!

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