Everyone shares the same dilemma: we all need cash. Unfortunately, there are times when we’re brought to a corner by abrupt financial emergencies.
Some of us don’t have an attractive credit score to qualify for a loan from most lending companies. Luckily, there are platforms extending payday loans even to customers with negative credit history.
Payday loans equate convenience; you can apply in minutes and get approved shortly after. But many online websites are claiming to have the best payday loan online, only to find out that some of them are scams and fraudulent gimmicks.
That’s why we’re here to help you. We have compiled a list of the best payday loans online, including all the essential information you need to know before applying for a loan.
Top 4 Online Payday Lenders For Same Day Loans
- MoneyMutual: Overall Best Lender For Online Payday Loans, Editor’s Choice
- BadCreditLoans: Best For Online Loans For Bad Credit
- RadCred: Get Instant Approval For Cash Advance Loans
- CashUSA: Popular Loan Company For Emergency Loans & Personal Loans
#1. MoneyMutual: Overall Best Lender For Online Payday Loans, Editor’s Choice
First on the list is a pioneer lending platform trusted by more than 2 million Americans across the United States. MoneyMutual, a Las Vegas, Nevada-based company, was established in 2010 to help debt-ridden borrowers.
The owners understood the problem of bad credit borrowers–very few lending institutions are willing to extend credit to them. Their solution is simple: an online marketplace with quick and secure access to lenders and borrowers.
With MoneyMutual, you can easily apply for a loan, and the whole process takes only a few minutes to complete.
The platform boasts a three-step loan procedure:
- Step 1: Provide Your Information
You can fill out their easy-to-understand online application form with the necessary information such as your name, address, social security number, banking information, and employment status.
Giving them your employer’s name is not because MoneyMutual needs to contact your workplace. However, some lenders may feel the need to reach out to your employer and verify your employment status. That should be normal, considering the risk they are about to take.
- Step 2: Lenders Review
After submitting the fully accomplished online application form, MoneyMutual will send your request to their network of established and reliable lenders, who will instantly review your information and determine if they’d like to work with you. Of course, every lender has its own set of requirements before deciding.
If a lender is interested in extending a loan to you, they will require you to complete the form by providing additional information. Once done, the lender then sends you a proposal and its terms and conditions.
You may or may not accept their offer, so you have to read through everything and check each item on the document. If it works for you, then it’s time you enter a contract with them to finalize the loan.
Lenders will ask for your contact information so that they can easily contact you via email, telephone, or text messages about your loan status.
- Step 3: Get Your Money
The final step in MoneyMutual’s loan process is the release of funds. After the contract signing, the lender may deposit the funds directly to the bank account you provided within 24 hours. However, according to users, some lenders may release the funds after sealing the deal in just a few hours.
- Must be at least 18 years old
- Must be a U.S. citizen or permanent resident
- Must be employed for at least 90 days or have a consistent income stream from Social Security, pension, and disability benefits. Income must be at least $800 after taxes.
- Must own a checking account
- Must provide work and home contact numbers
- Must have a valid email address
- The platform is a proud member of the Online Lenders Alliance (OLA)
- The process involves three simple steps
- The borrower gets the money within 24 hours or less
- Their website is user-friendly and encrypted with a security program.
- They have hosted more than two million users since 2010
- MoneyMutual is not available in New York or Connecticut.
- You must prove you are earning over $800 per month.
BadCreditLoans is another leading loan marketplace that helps connect borrowers to the right lenders. They have a lender network that includes state and Tribal lenders, with each following a different set of rates and fees since the latter is subject to federal and tribal laws while the former follows state laws. Regardless, their lenders are ready to provide instant money as long as you pass their requirements.
Like MoneyMutual, BadCreditLoans offers a three-step loan application with a high approval rate. First, you must supply all necessary information to a simple application form on their website. Once submitted, they will send your form to their network of lenders, who will immediately review your request. Then, if they like to work with you, you’ll receive a loan offer within minutes or a few hours.
The more lenders willing to extend your credit, the more options you have. The good thing is, you can compare every offer with one another and choose which suits you best. In addition, you’re not compelled to accept the proposal if the terms are not favorable for you. After accepting a loan offer, you and your lending partner will enter a contract. Once the loan agreement is signed, you can wait for the lender to transfer funds within the day.
Another competitive edge BadCreditLoans have over others is its educational resources. You can navigate many articles and guides that will equip you with appropriate knowledge of the whole lending process. In addition, their website is filled with useful tips on various topics, including becoming a responsible borrower and budgeting properly.
Customers highly rated BadCreditLoans. Most emphasize the speedy fund transfer and user-friendly website, which helps them obtain instant funds for emergencies. In addition, some users comment on the company’s customer service, stating that they are readily available to respond to any loan-related queries.
- Must be at least 18 years old
- Must have proof of your U.S. citizenship or legal residency
- Must have a consistent source of income either from wages or disability, pension, or unemployment benefits
- Must have a valid checking account
- Must provide active work and telephone numbers
- Must have a valid email address
- You can request up to $10,000
- Their service is free of charge
- The average repayment period is 36 months.
- Funds are deposited in less than 24 hours.
- Accepts loan requests from bad credit borrowers.
- Bad credit borrowers may be charged with higher interest rates.
4) RadCred: Get Instant Approval For Cash Advance Loans
RadCred is a reputed and renowned lending platform that prides itself on helping debt-ridden Americans solve their financial needs. They offer online payday loans with low-interest rates and flexible terms.
But, more importantly, their application form is easy to accomplish. Thanks to their extensive network of lenders and third-party lenders, the whole application process usually takes only a few minutes.
You can easily access RadCred application form upon visiting their website. Don’t worry; the site is encrypted with high-end security to ensure the safety and security of all personal information provided.
In addition, since they have a wide network of lenders that are always available to review loan requests, you may start to receive offers within minutes after submitting your form.
You’re not obliged to accept the first offer you receive. RadCred gives you the freedom to choose which option is most favorable for you. For example, an offer may have low-interest rates but has additional charges–you can simply reject the proposal and move on to the next offer.
Similarly, you can compare all offers from one another, and there’s no time limit for this step. So take your time reading and scanning through the terms and conditions and make sure you understand every item in the document before making a decision.
Besides providing hassle-free financial assistance, RadCred offers flexible loan repayment terms, typically from 90 days to 72 months, depending on the lender’s terms and conditions.
- Must be 18 years or older
- Must have a valid Social Security No. and a U.S. citizen or permanent resident
- Must have a regular income from employment or government benefits
- Must have a valid checking account
- Must not have any active or recent bankruptcy
- Must not possess any charged-off accounts as of late
- Must not have an outstanding debt that you cannot pay with your current income
- Must not have any credit accounts that are 60 days past due
- The website doesn’t require charges or upfront costs. It’s completely free.
- The rates offered are competitive compared to other similar platforms.
- Interested lenders can send you proposals within a few minutes.
- Soft credit checks don’t impact your credit score.
- Millions of Americans trust them.
- They may charge an origination fee of 1 to 5 percent.
- Since you can request large amounts of money, loan requests undergo a thorough approval process compared to other similar lending platforms.
- Service may not be available in some states.
- Most lenders prioritize borrowers with attractive credit scores.
#4.CashUSA: Popular Loan Company For Emergency Loans & Personal Loans
CashUSA is a trusted online lending platform that works with a reputable and reliable network of lenders willing to extend credit with low-interest rates and flexible repayment terms. The company is one of the most trusted online resources in the country.
They offer a secure and convenient way of obtaining instant cash for your financial problems. The platform is famous for offering different loans, such as mortgage, business, personal loans, credit cards, home, auto, and student loans. You can simply choose which kind of credit you want to avail yourself of, and a lender will be quick to match with you.
With BadCreditLoans, you are sure to solve your financial problems in no time. You can apply for an online payday loan from $500 to $10,000, and the application is rather simple. After sending your application form, a lender will connect with you through an offer. Compare each proposal and choose the terms and conditions that work best for you.
A noteworthy feature of CashUSA is its quick processing time. Lenders usually don’t hold your funds long, and they immediately release them after quick verification, which usually takes a few hours.
That’s how quickly they process your loans because the platform knows how much you need your funds. In addition, there’s no need to worry if you have a bad credit score, as lenders are willing to provide financial assistance even if you have an unattractive rating.
The platform’s website is very easy to navigate; even first-time users can use the website without any difficulty. Additionally, the website is secured with industry-standard encryption to ensure that all data and information stored in the database are safe from any cyber-attacks.
- Must be at least 18 years of age.
- Must be a U.S. citizen or permanent resident
- Must earn at least $1,000 per month after taxes
- Must have a checking account in your name
- Must have a valid email and working phone numbers
- Repayment terms are flexible, with more options to choose from.
- Their extended network of lenders is reliable.
- The application form is straightforward.
- Website access is free.
- You can get your funds transferred to your account within one business day.
- Some lenders may have strict income requirements
- Not available in some
How We Made This List of Best Online Payday Loans of 2022
We completely understand how hard it is to struggle financially, particularly if you have a bad credit history. But don’t worry, we got you! In making this list, we factored in several things, such as a company’s reputation, transparency, turnaround time, reviews, eligibility, etc.
The selection process started with listing down popular lending platforms and websites and comparing them with our set parameters. Those who didn’t pass one or two criteria were automatically removed from the list. As a result, we are down to the four best lending companies for payday loans.
Let’s take a look at each requirement below.
Most providers of traditional loans require you to submit several documents when applying for a loan. The sad part is that they’ll automatically reject your application if you have a low credit score. And they wouldn’t even look at your application again or give you a chance.
So, we prioritized eligibility when looking for the best payday loans online. First, we chose companies with basic requirements such as name, age, income, location, credit history, loan purpose, and amount.
We highlight the importance of checking a brand’s reputation and reliability in creating this list. For example, many websites claim to offer loans at low-interest rates, but they are just a bunch of traps to lure borrowers. One of the factors we checked regarding its reputation is its history and customer reviews.
We looked at how long the company has been operating and checked if there are significant events worth noting that affect their reputation. Additionally, we read customer reviews since they are in no position to cover for the company if they are scammed.
Flexibility on Low Credit Scores
We consider flexibility another critical aspect in selecting the best payday loans online. For example, a platform is flexible if they accept loan requests from borrowers with an unattractive credit history or bad credit ratings.
Favorable Interest Rates
Interest rates are another critical factor we accounted for in creating this list. We only include those whose annual percentage rate (APR) ranges from 5 to 35.99 percent.
It will cause you more harm than good and is not good for your overall financial situation. The ceiling is already unattractive, but at least it won’t let you pay more interest fees.
Traditional lending institutions won’t grant bad credit applicants any dime when they see those low scores.
Fortunately, we have payday lending companies where you can get instant amounts of cash, ranging from $500 to $35,000. It is possible for these companies due to their huge network of lenders willing to lend their money to those who need cash.
Fair Repayment Terms
We only added companies offering various repayment options so that you can choose which works best. Of course, the more options you have, the better it is for your situation.
In addition, these companies provide short-term or long-term loans of up to 72 months, so you may factor in your monthly payment capacity and decide the best option that works in your favor.
Bad creditors attract borrowers with low-interest rates, only to reveal additional costs once the deal has been made. It’s completely understandable if they charge higher fees since, after all, they are also taking a huge risk by lending them your money.
However, some lenders are openly unreasonable and charge ridiculous amounts. The websites on this list are not bad credit lenders and are transparent to show you all fees and costs.
We checked each of the websites for negative reviews and customer experience. Websites with several complaints are automatically ruled out, leaving us with four of the best payday loan companies.
But, of course, we know companies can easily manipulate reviews and hide bad comments. So, we also checked different platforms to verify the authenticity of a website’s customer reviews. In addition, we checked for public online posts that express disappointment and frustrations over these companies.
Privacy and Security
Anything we input online is sent into a database of sorts. We give sensitive personal information that cybercriminals may use against our safety and security when applying for loans.
In addition, some companies are guilty of stealing and selling consumer data for behavioral marketing to surveillance capitalists.
For this reason, we see privacy as a critical factor in selecting the best lending platform. Our recommendations use industry-standard encrypted data security to prevent data hacking and breach.
Quick Cash Out or Faster Fund Transfers
What’s the purpose of availing of payday loans when you have to wait for a long time before the loan is released? One of the most important aspects we looked into when we made our selection is the length of time the borrower needs to wait before receiving the approved loan amount.
Reliable lenders like the four companies on the list transfer the money into the borrower’s registered bank account within 24 hours from when the contract was made. Some even take shorter, and borrowers can receive them within 6 to 12 hours.
Beginners Guide: Important Factors To Consider When Choosing The Online Lender For Best Online Payday Loan
Yes, you’re in a financial dilemma and want to get a hold of funds as soon as possible. But making quick decisions is sometimes detrimental for you, particularly getting a loan.
In addition, applying for a loan without equipping yourself with proper knowledge is getting you in trouble. So here are some essential things to consider before entering a contract with a lender.
Why do you need the money? You should only borrow the amount you need. Getting loan approvals from payday loan lenders is easy, so it might be tempting to borrow more than you need, but don’t forget about the skyrocketing interest that it may bring you.
You don’t want that to happen, do you? Make sure to think everything through before applying for a loan.
One of the reasons many people default on their debt is interest rates. Several factors affect interest fees, including loan amount, repayment schedule, and credit score.
It may range from 3.5 to 35.99 percent, so before accepting a lender’s offer, make sure you can afford to pay the interest fees on time.
Generally speaking, the higher the interest rate, the longer it takes for you to repay the debt; hence, it is important to compare the interest rates of one loan to another.
You will pay the lender in installments after receiving the money, and it depends upon your contract how long this lasts. Make sure your lending partner is open to giving you repayment options, the more choices you have, the better.
For example, you may pay lower monthly dues with long-term installment loans but higher interest fees. Consequently, you can finish a short-term loan with larger repayments. Select a schedule that won’t give you more problems.
Before applying for a loan, you must check the eligibility requirements of the lending platform you’re eyeing on. For example, some lenders prefer borrowers with high credit ratings over those with negative credit history.
They base their assessment on your Fair Isaac Corporation (FICO) score, current income, bank account, indebtedness level, credit history duration, past loan accounts, etc. These factors determine your creditworthiness and are used by lenders to decide if they should extend a loan or not.
If you have poor ratings, lenders usually look at other things, such as your employment status and income stream. For example, if you have a steady job but have a low credit score, they might still be interested in approving your loan request. There are also cases where lenders may request you to submit supporting details, but consider this as their protocol before entering a contract.
The eligibility requirements of a lending platform should be visible on their website. You may check and go through them before sending your loan application.
You should choose a lender that other customers trust. Many companies claim to be the best lending platforms in the industry, but in reality, only a few are reliable and trustworthy. Therefore, you should consider checking the lending platform’s history and reviews before applying for a loan with them.
You should run a background check on the lending website you’re interested in. We have already done that for you in the case of the four companies listed in the article. Among the things you should consider verifying, prioritize customer feedback, requirements, terms and conditions, and how long they are active. It never hurts to check first!
Since same-day loans advertise quick fund transfers, you should check if this is true on the platform’s record. You need the funds ASAP; delays can only add to your financial burdens. Our recommended platforms release funds within 24 hours, so you shouldn’t worry about it if you request a loan from any of them.
When looking for the most suitable lending partner, you should avoid those that impose hidden charges or additional fees. Bad lenders usually offer low-interest rates to shock you with unnecessary fees later.
The platforms in our list are transparent and disclose all related costs on their terms and conditions stipulated in the contract. So rest assured, you’ll not be charged more than you agreed.
Every detail you provide is put on record, and in the event of a website security breach, it may compromise your privacy.
You should check if the platform’s website is encrypted with the latest security programs that protect your information from leaks and hacks; as we all know, anything on the internet is attractive to digital criminals.
Remember, you’re giving several sensitive data such as your personal information, SSN, and banking details. Check the website’s privacy policies to ensure you have chosen the right lending platform.
Contrary to general belief, several institutions offer loans to bad credit borrowers. We’ve compiled a list of some of them below.
- Payday Alternative Loans (PALs)
The National Credit Union Administration offers these loans, and it is usually cheaper than most payday loans. In addition, interests on PALs are generally capped at 28 percent, and borrowers can repay their dues within a few months, making them an alternative you might want to consider.
- Borrow Money From Friends or Family Members
Borrowing from close peers is another method you can try since they don’t check your credit score before lending you money.
So yes, it may not be a great idea to mix business with personal relationships, especially if money is involved, but you can still consider approaching them as long as you pay your dues.
- Small-Dollar Loans
Some lending institutions offer small-dollar loans for emergencies. Like Bank of America and U.S. Bank, the biggest banks in the country run similar programs like Balance Assist and Simple Loan. However, they might only extend loans to existing customers with good reputations.
- Home Equity Loans
If you have home equity, you can easily apply for a home equity line of credit (HELOC). While they may not ask for your credit score, your home becomes the collateral for the loan.
In addition, HELOCs offer low-interest rates because the property acts as a security deposit for the credit. However, the greatest catch is if you fail to repay, you lose your home.
- Auto Title Loans
You can secure an auto title loan with your vehicle as to the loan collateral if you own a car. However, since this type of loan is generally expensive, you should only consider this as your last resort.
- Cash Advance Apps
Applications offering free cash advances on their paychecks with zero interest are trendy right now. Popular apps like Earnin, Chime, and Dave allow people with poor credit ratings to apply.
Frequently Asked Questions On Online Loans & Payday Loans
To further help you secure an online payday loan, we have gathered frequently asked questions from borrowers in similar situations. Read on below, as we might already answer some of your questions.
Do Lenders Impose Restrictions on How I Use a Payday Loan?
One of the good things about payday loans is that lenders don’t generally require you to give them your reason why you need instant cash.
You may spend the money for whatever purpose. But these platforms can only give you a limited amount of money since you need to repay them within a short time.
Will Lenders Check My Credit Score?
Yes, they will check your credit rating. Remember, creditors are taking a risk in lending you their hard-earned money, so it’s perfectly understandable and normal for them to look at your credit history.
They may not be interested in the story behind the low scores, but the numbers should give them a fair overview of how much money to lend you. Your credit score and other information, such as your income source and banking details, are mostly the factors lenders check to determine your creditworthiness.
How do I check my credit rating online?
Your score ranges from 300 to 850, with 300 being the lowest and 850 the highest. Any score below 670 is “bad,” and a score of 300 to 570 is labeled “poor.” Traditional lending institutions cater to and prioritize good borrowers with a score of 580 to 669 and excellent borrowers with 671 to 850 scores.
To check your credit score, visit the Annual Credit Report website and request a copy of the document showing your credit history and score prepared by the appropriate government agency. You don’t need to pay for it; it’s completely free.
I don’t have a job; can I still apply for a payday loan?
Yes, you can still apply for an online payday loan even if you are unemployed. You are still eligible for this type of loan if you are a receiver of government benefits such as Social Security, disability, and unemployment.
This is one of the reasons why many Americans resort to applying for online loans–lenders review all sources of income, not just salaries and wages.
How Do Payday Loans Work?
Payday loan platforms offer you instant cash by availing of their unsecured loans, which you need to repay on your next paycheck. Lenders usually require you to pay within 2-4 weeks from the day the contract is initiated.
The online payday loan process starts with your application form submission; then, their system will send your request to their network of lenders.
These lenders review your information and decide if they should grant your loan request or not. Interested lenders may send you an offer, but you’re not obligated to accept them if you don’t like the terms and conditions.
Once you find the lending partner with the best proposal, you enter into a binding contract with e-signatures. The lender should release your funds within 24 hours.
Are They Safe?
Yes, payday loans are safe, provided that you have a steady income to pay for your dues. However, relying on loans to pay for another loan will get you trapped in a debt loop, and it’s difficult to get out of such a situation. However, one can also seek credit counseling before applying for any online loan.
How Do Payday Loans Affect My Credit Score?
Online payday loans may or may not impact your credit score as most platforms do not relay your newly established credit information to major loan bureaus.
However, some lending companies report good credit standing, particularly on-time payments, to credit agencies, boosting your credit score.
Wrapping Up On Applying For The Best Payday Loans Online
Whatever your purpose for applying for an online payday loan–whether you need a small amount to pay for electricity bills, fix your car, pay for tuition fees, or go for a trip–the companies listed above will grant your wishes. You’ll get instant cash as soon as possible.
Every website mentioned is reliable and trustworthy; they should give you the answer to your financial problems. But if we are to recommend one, we’d say you go for MoneyMutual. They’re a platform with over a decade of experience, a solid user base, fast loan processing, and a highly secured website.