When you need an emergency loan, and run out of options, you can apply for Online Loans. If you need to buy groceries, fund your medical bills, or pay your car repairs, Online Payday Loans will come to your rescue.
The good thing about Payday loans is that you won’t have to physically go around trying to get your application approved. Instead, you can get a payday loan from online lending networks without stepping out of your home.
From finding different networks to submitting documents, you can do everything online, including making your monthly payments.
The Online lenders working with the networks we have short-listed here, will transfer funds to your account in less than a day and offer you an unmatched experience from start to finish.
Top 4 Online Payday Loans Companies:
- MoneyMutual – Best Overall & Same Day Loan Provider
- BadCreditLoans – Top Payday Loan Provider
- CashUSA – Easiest Loan To Get
- Personal Loans® – Best For Bad Credit Score
How We Made The List
As families continue to grow and expenses keep increasing, people are in need of more loans.
Finding a loan can be easy. However, finding a reliable and trusted network that will connect you to a lender can be hard. Therefore, we have made a list of networks leading the industry with their efficient customer services and credible practices.
Making a list wasn’t as easy as it sounds. We decided to consider every little detail to ensure the list is free of errors, and we present you with the best borrower-friendly networks. Therefore, we thoroughly looked into every factor and visited each company’s portal to learn more about their services.
Firstly, we gathered names of companies offering online payday loans. We wanted to give a fair shot to all of them; therefore we put every company on the list regardless of its size and status. Then we checked each company’s network of lenders, customer reviews, and service speed.
These three factors helped us learn about each company’s strengths and weaknesses. At this point, we cut out some names.
Customer reviews are of great help. They provide a completely honest perspective. However, to add more reliability, we checked whether anyone in our team had first-hand experience with any online payday loan networks.
Fortunately, some team members had personal experiences to share. This helped us even further in understanding the quality of services provided by each network.
At this point, we had cut down several more names. However, the list was still long. So, we visited each network’s website, considered multiple factors to check the effectiveness of each network, and subsequently shortlisted the best ones.
The factors that we considered are mentioned below:
- Penalties And Different Fees
Lenders at different networks charge different kinds of fees. None of the networks that we selected charge a service fee at the beginning. However, we must consider different fees like origination fee, processing fee, and penalty fee on late payments.
The lender charges an origination fee to process the loan. This fee is usually deducted from the loan amount you get. Therefore, make sure you always request a higher loan amount. However, every lender doesn’t charge this fee, so we tried selecting networks where direct lender loans charged no or little origination fees.
The prepayment fee is when you pay before the monthly payment date. In contrast, a late payment fee is charged when you miss the deadline.
We chose networks that charged the least fees and gave borrowers a grace period in case they missed the deadline to make monthly payments.
When your loan request is approved, your lender provides you with the terms of the loan. These terms include APR, repayment period and method, loan restrictions, and the loan amount. You must understand each term before accepting the loan offer.
We shortlisted companies with the most flexible terms and conditions. In addition, some of the companies even allowed their customers to reevaluate terms before accepting the offer.
Every company has eligibility criteria. And you can’t get a loan if you fail to meet the criteria. Some companies have basic requirements. These requirements are that you should be 18 years and above, have a steady income and be a US citizen.
However, other networks might require you to have a certain debt-to-income ratio or a good payment history. Sometimes, companies require a cosigner to reduce the chances of default.
Eligibility criteria is essential for companies because it helps them minimize the risk level. However, eligibility criteria might also be the reason for people not getting loans.
Therefore, we reviewed the eligibility criteria of each company and picked companies with the most relaxed eligibility requirements.
Many people hesitate when applying for loans online because they are unsure about the repayment methods. However, at online networks, repayment is as easy as getting a loan.
The networks we chose provide multiple repayment methods to their customers. For example, you can repay through your checking account, mailing checks, or paying online through the bank’s app.
After carefully reviewing each factor, we shortlisted the four best companies. Scroll down to learn about each network and its services.
4 Best Payday Loans Online Lenders To Help You Out In 2021 [Reviews]
#1. MoneyMutual – Best Overall & Same Day Loan Provider
This network is your guardian friend during financial emergencies. You can easily get a loan here if you meet the company’s eligibility criteria. In addition, MoneyMutual guarantees quick loan approval and protection of information.
- Customers can find loans up to $5,000
- You can get a loan in less than 24 hours
- Flexible credit requirements
- The easy online application process
- Money Mutual has experience of more than 20 years
- Loan services aren’t available to people of New York and Connecticut
The Quick And Easy Application Process
MoneyMutual has been operating in the industry for years now. Therefore, the network has learned to bring changes that the customers want. The online form at the website is designed using utmost attention. Moreover, the form won’t take more than five minutes to complete.
MoneyMutual has worked hard to ensure that the application form isn’t too wordy. Likewise, the network ensures clarity to each applicant.
The network connects you to the lender once you submit the application form. MoneyMutual forwards your application to multiple lenders. So, the chances of you finding a lender increase. Once you are connected to the lender, MoneyMutual steps out of the process.
From now onwards, the deal is between you and your lender. Therefore, make sure you have effective and strong communication with your lender. Ask questions if you are unclear regarding the terms.
Funds are transferred to your account once you accept the loan offer. Most lenders usually transfer funds in less than 24 hours. So, MoneyMutual is a safe bet if you are in an emergency.
At MoneyMutual, you can get up to $5,000 in loans. The rate of interest charged mainly depends on your credit score.
Highly Recommended By Customers
More than 2,000,000 customers trust MoneyMutual. The customer reviews are a sight for sore eyes. If you think a network can’t be showered with customer love, you should visit the reviews section on Money Mutual’s website.
The website features reviews from customers from different states. In this section, customers share their experiences and explain how easy it was to get a loan. You must read customer reviews if you are confused regarding the procedure, repayment method, or anything related to payday loans.
Payday Loan Information
MoneyMutual’s website has a payday loan information section. You can learn everything about payday loans in that section. The section mentions all relevant details, including:
- Different types of payday loans
- How payday loans work
- How to find and get a payday loan
- Qualifications required for a payday loan
- How to find the legitimacy of websites offering payday loans
- Advantages of online payday loans
Moreover, this section highlights the importance of payday loans. These loans are for you if you are looking for funds in an emergency. Payday loans aren’t the same as loans for bad credit score holders. However, people with bad credit scores can apply for payday loans.
To qualify for a payday loan at MoneyMutual, you must submit proof of your monthly income showing that you earn at least $800 per month, are 18 years or above, and you must have a checking account at the bank.
#2. BadCreditLoans – Top Payday Loan Provider
BadCreditLoans isn’t a direct lender. So, the network won’t offer you a loan. Instead, it will connect you with multiple lenders to help you find a loan. BadCreditLoans is known to have a collection of reputable lenders. Therefore, you will find a variety of offers despite your bad credit score.
BadCreditLoans doesn’t only connect customers with the lender. Instead, the company educates its customers throughout the lending process.
- Offers loans up to $10,000
- Customers can receive loans within 24 hours
- The online form is easy to fill
- Works with reputable money lenders
- The application form asks for a lot of information
Convenient Online Form
The online system at BadCreditLoans allows you to check whether you qualify for the loan or not. Therefore, make sure you check the eligibility before applying for a loan. It will save your time, so that you can apply elsewhere.
You have to submit the online application form available at BadCreditLoan’s website to apply for the loan. The form is easy and simple. Once you submit the form, your request will be approved in mere minutes.
In addition, your form will be forwarded to different lenders. So, within minutes of approval, you will receive loan offers from multiple lenders and financial service providers. This is where BadCreditLoans will step out of the process.
Now, the dealing will take place between you and your lender. Therefore, make sure you discuss everything with your lender. For example, ask your lender about each loan term and additional fees that he might charge you.
After thoroughly reviewing each term, you can accept the offer. Once you accept the offer, the lender will electronically deposit funds to your account in less than 24 hours.
Multiple lenders at BadCreditLoans are also willing to lend funds to people with a bad credit score. The only requirement is that each one of them should meet the eligibility criteria. Thus, the network is providing equal opportunities for everyone to help them fulfill their financial needs.
However, the type of loan and terms of the loan might vary depending on your credit score. Your loan terms or interest rate might not be as favorable if you have a bad credit score.
But the good thing about this network is that it is free to use. You don’t have to pay a penny to use this platform. Moreover, at BadCreditLoans, you aren’t obliged to take a loan offer. So, you can reject the offer any time you feel like it isn’t suitable for you or your pocket.
To qualify for a payday loan, you don’t need a good credit score. However, you must meet the eligibility requirements before applying for the loan. Your request will be discarded if you fail to fulfill any of the requirements.
Firstly, you must be 18 years or above to qualify for the loan. Companies keep an age restriction to ensure that applicants are mature enough to make financial decisions. Furthermore, you must be a US citizen, have a social security number or proof of legal residency.
Moreover, you must have a stable income each month. Therefore, you are required to submit proof of full-time employment, tax returns if you are self-employed, or social security benefits.
Lastly, you must have a checking account at the bank, an email address, and a valid phone number. You will have to provide this information in the online form. So, it is preferred to gather all information beforehand to save time.
#3. CashUSA – Easiest Loan To Get
CashUSA is a renowned name in the industry. The network has an updated website and does not charge any fee to its customers. One of the best features of CashUSA is that the network provides personal loans to its customers.
A personal loan is the type of loan that allows customers to repay the loan in installments. So, rather than repaying in the lump sum, which can be heavy on the pocket, you can repay in bits from time to time.
- Customers can get a loan of up to $10,000
- You can get the loan transferred to your account within 24 hours
- The network approves loan requests in mere minutes
- Works with high-class money lenders
- Applicants must earn at least $1,000 per month
Fast And Convenient
At CashUSA, you can get a loan within one business day. To begin with, you will have to fill the online form. The form is easy and asks for basic information like name, email address, and why you want a loan.
After you submit the form, CashUSA will approve your request in mere minutes and forward your application to multiple lenders. Once you agree on the terms set by your lender and accept the offer, the lender will transfer funds to your account in less than 24 hours.
You can complete the whole process even faster if you have your banking information and personal details handy before starting your application.
Make sure you pay utmost attention to the terms and conditions set by your lender. CashUSA won’t step in if you have an issue with the terms. This is because CashUSA isn’t a lender but a network that connects you to the lender.
Simple Eligibility Requirements
You can complete the online form in less than five minutes. But make sure you fulfill the eligibility criteria for obtaining a loan. To be eligible for a loan at CashUSA, you must be 18 years or above. Moreover, you must be a US citizen or a permanent resident of the country.
In addition, you must have a stable income of at least $1,000 after tax per month. However, don’t worry if you aren’t employed. You can qualify for a loan at CashUSA if you are self-employed or receive benefits from the government.
Furthermore, you must have a checking account, an email address, and a phone number. You must meet all these requirements to become eligible to apply. However, this doesn’t guarantee that you will be connected to a lender.
CashUSA’s website features an education center. The page offers guidance over setting your financial priorities, managing your debt and liabilities, and helps you budget your expenses accordingly. The education center can be accessed by anyone willing to visit the page. Moreover, you don’t have to pay anything for this additional service.
#4. Personal Loans – Best For Bad Credit Score
This virtual money lending network ensures that customers find the most suitable lenders in no time. Lenders working at Personal Loans are reliable and have to abide by the network’s terms and conditions. So, you are in safe hands.
- Availability of multi-purpose loans
- Approves loan request in mere minutes
- Offers loans as big as $35,000
- Strict eligibility criteria restrict a lot of people from applying
Easy Loan Application
At Personal Loans, the loan amount that you can borrow ranges between $1,000 and $35,000. You can apply for the loan using your laptop or your mobile device. Moreover, the network allows customers to borrow loans for home improvement projects, payday loans, bad credit, and more.
A payday loan is a small loan. This type of loan comes in handy when you need instant cash.
At Personal Loans, you can apply for a payday loan by submitting the request for a payday loan. You can request a payday loan online or by visiting the lending office. However, the former is convenient.
Once your request is approved, and you are connected to a lender, you will receive funds in your account in less than 24 hours. These funds can be in the form of a check, prepaid bank deposit, fast cash, or a deposit to the bank account. So, choose the option which is most convenient for you.
Lenders require secured repayment before funds are transferred to your account. Therefore, you might have to submit a post-dated check to your lender. The amount in this check must include the loan amount and interest rate.
The fourth step of the process is repayment. You must repay the loan amount in a lump sum on the due date. The due date set by your lender is usually the date when you are expected to receive your income, pension, or child support.
Unfortunately, if you fail to repay on time, your lender will most likely withdraw the amount. However, if laws in your state encourage lenders to work out a rollover plan, then your lender might grant you a grace period.
Remember that you might have to pay extra interest charges or penalties if you don’t make a repayment on time.
Personal Loans accept loan requests of customers without checking anyone’s credit score. However, there are some requirements that the network expects you to fulfill.
Firstly, you must be 18 years or older to be eligible to get a loan. In addition, you must be a legal US citizen and must have a social security number. Furthermore, Personal Loans requires a pay stub to ensure that you can repay the loan. Therefore, you must earn at least $2,000 each month.
Moreover, you must have a checking account at the bank. Lenders at Personal Loans will directly transfer funds to this said account.
Services of Personal Loan are available 24/7. You can request a loan anytime you want, and you will get your request approved in a few minutes. The 24-hour availability holds for each state of the country.
However, terms and conditions might differ depending on the rules and regulations set by each state.
How to Get a Payday Loan Safely
Payday loans are short-term loans with interest rates. You might also have to pay additional fees while getting a payday loan. Usually, the repayment period of a payday loan is less than a month long.
A payday loan should be your option only if you want cash in an emergency. This is because payday loans are usually charged with high interest rates, extra costs, and penalties. However, if there is no other option but to get a payday loan, you must consider the following factors before submitting a request for a payday loan.
- Payday Loans Come In A Small Amount of Money
A payday loan won’t fulfill your financial needs if you want to borrow a big amount. On average, the maximum amount lent out in a payday loan is $500. Therefore, it is highly unlikely that you will find a payday loan that offers a bigger amount.
Moreover, $500 is the cap set in most states of the country. So, the lenders have no choice but to offer payday loans of $500 or less. Therefore, if you need an amount bigger than $500 to pay for expenses like medical expenses or car repairs, you might want to consider other loans.
- High Costs Of Getting A Payday Loan
You have to pay the interest rate on your loan. However, the interest rate charged on a payday loan is usually higher compared to the interest rather charged on other loan products. Moreover, you must pay additional fees and penalties if you fail to make interest payments or repay on time.
On average, you have to pay the interest rate between $10 and $30 if you have taken a payday loan of $100. For example, you borrowed $500 from your lender. So, you will have to pay the lender’s fee of around $20 and make interest payments.
As a result, you might be required to repay an amount between $570 and $670.
The payday loan is considered a short-term loan because you usually have to repay the loan within 2 to 4 weeks. Mostly, you have to repay the loan amount when you receive your next paycheck. This is because a payday loan is supposed to help you financially until you get your pay.
So, if you are willing to obtain a loan for a longer period, then a payday loan shouldn’t be your option. Instead, you can research the types of loans offered in the market and choose the one which is best suited for you.
- Geographical Restrictions
You can apply for a payday loan from wherever you live. If you choose the networks mentioned above, the application process will be online, and you will receive funds electronically.
However, different states have different rules regarding payday loans. Some of the states might impose caps on the fees, loan amount, and interest rates. In addition, lenders might have to abide by the terms and conditions set by the state.
Therefore, you should do your research before settling for a payday loan. Some payday loans might be desirable; however, they might not be available in your state. Therefore, make sure you learn everything about the terms before submitting the loan request.
For example, the state of Georgia has fully banned payday loans; whereas New York requires payday lenders to charge interest rates ranging between 25 and 30%.
- Eligibility Requirements
Make sure you meet your lender’s eligibility criteria before applying for a loan.
Moreover, make sure you gather the required documents beforehand. This will save your time while filling the application form. The online form for a payday loan usually asks for a copy of your driving license, social security number, and bank account details.
So, you can collect these documents before filling the form if you don’t want to spend a lot of time on the online application form.
- Learn About Each Loan Type
Before applying for a payday loan, make sure you know each loan offered in the market. Don’t go for a payday loan just because others are obtaining this loan. Instead, check if the interest rate and the amount of the payday loan are suitable for you. If not, then you should go for another loan.
Consider all these factors before submitting a request for a payday loan. Payday loans are popular among borrowers, but this kind of loan should be your last resort. This is because a payday loan is costly and carries strict terms and conditions.
FAQs About Online Payday Loans
Q. What Is A Payday Loan?
A payday loan is a short-term loan. You can get this loan if you want to borrow a small amount to pay for your expenses. People usually obtain this loan when they have run out of their monthly income, and there’s time left on their next payday.
You can use a payday loan to prevent checks from bouncing back. However, remember that payday loans are costly, and this type of loan comes with numerous terms and conditions. You will have to pay a high-interest rate and additional fees while going for a payday loan.
Q. How Often Can I Request A Payday Loan?
The answer to this question depends on your state’s laws. Each state might have different guidelines concerning a payday loan. For example, you can get from $100 to $500 in Alabama. The frequency of obtaining loans depends on your monthly income.
Q. What Are The Benefits Of Getting A Payday Loan?
Payday loans have several benefits. Firstly, these loans offer funds to you during desperate times. If you use reliable and renowned networks like MoneyMutual, then your personal information will remain secure. Moreover, the application process to request a payday loan is easy.
Q. What Happens If I Don’t Repay My Amount On Time?
If you believe your paycheck will arrive after a month or you won’t be able to repay the loan amount on time, then you should inform your lender.
The lender is most likely to consider your problem and grant you a grace period. As a result, you can repay the loan amount after a certain date. Moreover, your credit score won’t deteriorate.
However, if you fail to inform your lender or if your lender doesn’t grant you an extended time, then you will be charged with a penalty. Borrowers are charged with penalties when they fail to repay on time. This penalty could be in the shape of a high-interest rate or additional payment along with the interest payment.
Therefore, you should run the numbers before getting a loan. This will help you repay the loan amount on time.
You can get bad credit loans, car repair loans, or mortgages if you want a loan with a longer repayment period.
Q. Are Payday Loans Secured Or Unsecured?
Payday loans are an unsecured form of debt. Therefore, you don’t have to put up any of your valuable assets as collateral.
The lender will ask for your permission to electronically withdraw funds from your bank account on the day of repayment. However, if your account doesn’t have sufficient funds when the lender tries to withdraw the amount, then you will be charged with a penalty for overdrawing your account.
Moreover, your lender can charge you an additional fee if you fail to repay on time. Therefore, you should make sure your account has enough funds when the date of repayment is near. Otherwise, you will be forced to pay a higher amount than already decided by your lender.
Q. Are Payday Loans Risky?
Yes, payday loans are risky, mostly because of their cost. As mentioned above, a borrower might have to pay $75 in interest for a loan amount of $500. This doesn’t sound too bad if $75 was the interest amount charged for the year.
In the above example, the fees and interest rate amounts to 15%. This is a reasonable interest rate for someone with a bad credit score. However, this interest rate is not for the year. Instead, it is just for two weeks.
If you annualize this interest rate, it will amount to approximately 300%.
Moreover, payday loans are considered risky because a high interest rate is charged to people with the least affordability. In simple words, if a person doesn’t have five hundred dollars today, then he is unlikely to have $575 towards the end of the month or after two weeks.
Therefore, you shouldn’t opt for a payday loan if your income level isn’t high enough to finance high-interest charges.
Q. How Do Payday Loans Work?
Similar to other loans, you have to apply for a payday loan first. Once your request is approved, the online network will connect you to a lender. You must discuss everything from the terms and conditions to the interest rate with your lender. Once you accept the offer, the lender will transfer funds to your account in less than a business day.
One thing that is different in getting a payday loan is that you have to write a post-dated check. You have to submit this check with your lender before funds are transferred to your account.
In addition, the amount written on the check must include the loan amount and interest charged on your loan.