Best Payday Loans: Top 8 Online Payday Lenders in 2022
When it rains, it pours is an old proverb that resonates true in today’s economy, which is struggling mightily. The plus side is that having additional cash on hand makes life easier, regardless of the difficulties that you are now experiencing.
When you have poor credit, it can be extremely difficult, if not impossible, to obtain a loan from a financial institution such as a credit union or a bank. You are in luck since hundreds of lenders are willing to ignore your prior credit problems in order to give you the money you rightfully deserve.
Whether you need emergency surgery or need to repair your car, deciding to seek out a payday loan online is a huge decision – don’t let scammy, unregulated lenders take advantage of you by giving you the runaround.
Although the interest rates are greater than normal and are included in the package, some of the loan terms are more lenient than others. Within minutes, you might have approval for a $100 float loan, a $500 short-term loan, or a $35,000 instalment loan through one of our highly rated platforms.
In this article, we will be discussing the 8 best online payday loan providers based on their specific interest rates, credit score requirements, minimum income allowances, and reputation. We will do this by comparing the providers’ interest rates, credit score requirements, minimum income allowances, and more.
MoneyMutual was our number one choice among lenders offering payday loans. This online marketplace is the one that made the most sense to go with because of their 24-hour approval speed, hundreds of active lenders, and fair interest rates.
Best Online Payday Loans for 2022:
- MoneyMutual – Best online lending marketplace overall
- CashUSA – Payday loans for reasonable interest rates
- BadCreditLoans – Payday loan marketplace for low-income borrowers
- PersonalLoans – Marketplace for online personal loans
- ZippyLoan – Designed for poor credit loans
- 247DollarLoan – For small cash advance loans
- Funds Joy – Great for a varied network of lenders
- 247CreditNow.com – Excellent for large installment loans
Caution is strongly advised when considering the usage of payday loans as a solution to a long-term financial problem. Customers who are having financial issues can seek out the assistance of a credit counsellor.
- MoneyMutual – Best Online Payday Loans Overall
MoneyMutual came out on top due to the fact that their website is simple to navigate, they offer almost guaranteed loan approval, they have a solid client record, and they offer accelerated direct transfers.
Pros
- Virtually guaranteed approval
- 24-hour direct deposits
- Loans ranging from $100 to $5,000 Borrowers’ satisfaction in the millions
- 150+ direct lenders accessible
Cons
- Does not resolve the problems between lenders and borrowers.
Loan Sizing: 4.8/5
MoneyMutual is able to provide you with the funds you require within one business day, regardless of whether you are looking for a rapid cash float or a mid-tier instalment loan. The amount you may borrow with a payday loan can range anywhere from $100 to $5,000, and filling out the application takes less than five minutes.
MoneyMutual touts an acceptance rate of 95–99% despite the fact that it works with more than 150 direct lenders to process loan requests. No matter what difficulties you are facing, you can take comfort in the fact that you will soon receive further financial support.
Although MoneyMutual does not have control over the interest rates or payback terms that are associated with your specific loan, the company does only business with respectable lenders that will not charge you an arm and a leg for their services.
Minimum Requirements for Credit Score and Income: 5/5
You will be required to provide evidence of your income in order to get approved for an online loan from MoneyMutual. You’ll need a monthly salary of at least $800 in order to be considered for the position, but thankfully, their income criteria aren’t too stringent.
This income could come from a work, unemployment benefits, or Social Security payments as long as it was consistent.
MoneyMutual does not mention any minimum credit requirements; nonetheless, having a higher credit score will likely result in your application being granted with a lower interest rate than the average.
If your credit score is in the 300s, 400s, or 500s, you have the opportunity to apply for an emergency cash loan of up to $5,000.
5 out of 5 stars for Customer Support and Reputation
MoneyMutual has been providing its consumers with 24-hour direct deposits, simple income restrictions, and acceptable interest rates for the past 12 years and counting, to the delight of millions upon millions of customers.
Since the company’s founding in 2010, MoneyMutual has amassed two million overwhelmingly positive client evaluations and collaborated with one hundred fifty online lenders who have the intestinal fortitude to get you approved today.
They are a respected member of the Online Lenders Alliance, and as such, they provide information to customers that teaches them how to identify websites that engage in identity theft or thinly veiled fraud.
Borrowers who need assistance can get it by writing a letter to MoneyMutual, getting in touch with the company via email, or calling the specific help number.
- CashUSA – Top Payday Loans for Reasonable Interest Rates
Borrowers have the ability to examine and contrast different loan options on the CashUSA website before they are required to sign any virtual documents. You will, on the whole, benefit from exceptionally low interest rates, regardless of whether you take out a smaller instalment loan or a shorter-term payday loan.
Pros
- A relatively low interest rate
- Instantaneous authorization of the loan.
- No credit score requirement
- 1-2 day money transfer
- The maximum loan amount is $10,000.
Cons
- You are not permitted to ask for less than $500.
- Larger loans demand lengthier transfers
Loan Sizing: 4.5/5
The process of applying for a payday loan is made much simpler and less stressful by CashUSA, which is similar to MoneyMutual in this regard. Their application may be completed in fewer than five minutes, and you can expect to start receiving loan offers within minutes of submitting it.
You have the ability to request monetary amounts of up to $10,000, although the lowest amount you can request is $500. The money will be deposited into your bank account by CashUSA within one to two business days after you have accepted an offer.
Having said that, the approval and transfer of loans with a balance that is greater than $5,000 may take up to one week.
CashUSA, in contrast to many other online lenders who offer payday loans, makes it easy for borrowers to evaluate the merits of various lending options. In addition to this, their interest rates are widely regarded as the most competitive in their industry.
CashUSA’s lenders offer rates that range from 5.99% all the way up to 35.99%, in contrast to the majority of other loan sites which demand you to spend up to 400% in fees and interest.
4.9 out of 5 stars is required for both income and credit score.
This particular online payday loan provider does not mandate a minimum credit score as a prerequisite for obtaining a loan. You can get paid today even if you have a history of credit problems.
Borrowers need to demonstrate that they have a consistent income of at least $1,000 per month in order to be eligible for a short-term loan. To be eligible to use CashUSA, you need to be at least 18 years old and a citizen of the United States.
In order to apply for a loan, you do not necessarily need to have an excellent credit history; however, you will be required to have an active checking account that is registered in your name.
4.8 out of 5 stars for Customer Support and Reputation
CashUSA was established one year before to Google. As a point of clarity, this company that offers payday loans has been in business since 1997, and they have been successfully operating their business for the past 25 years.
Over the course of the past quarter of a century, they have garnered an excellent reputation thanks to the high percentage of applications that are approved and the flexibility of the terms of repayment. You have the ability to repay your debts in manageable amounts over the course of up to seventy-two months without being subject to any late payment fees.
CashUSA provides borrowers with a phone line that is staffed around the clock, in addition to email and a native contact form on their website.
- BadCreditLoans – Loans Online for Low-income Borrowers
BadCreditLoans is here to assist you even if you have a low credit score or a job that does not pay very well. They have no criteria regarding your income or credit score, and they are willing to work with virtually everyone.
Pros
- No minimum salary requirement
- There is no requirement for a credit history.
- Get up to $10,000 in cash deposited directly into your account within 24 hours.
- 20 years or more in the industry
Cons
- Reduced loan amounts for debtors with poor credit
- You are not permitted to ask for less than $500
Loan Sizing: 4.3/5
With BadCreditLoans, obtaining loans to cover an unexpected expense is now simpler than it has ever been.
You are able to receive up to $5,000 in advance, however borrowers who simply require $100 or $200 should search for another option. In order to submit a loan request, you will need to borrow a minimum of $500.
Customers with poor credit won’t be able to borrow the full $10,000, but they will be approved for a short-term loan ranging from $500 to $5,000 regardless of their credit history.
Having said that, even if your credit history is spotty or nonexistent, you won’t be able to walk away with less than $500 to tide you over until your next paycheck.
Because the money for your payday loan will be sent into your bank account within twenty-four hours, you won’t have to worry about being short of money for an extended period of time.
Minimum Requirements for Credit Score and Income: 5/5
You won’t have to meet any minimum income restrictions, which is in contrast to the majority of online lending marketplaces. If you have a reliable source of income each month, there is a good chance that your application will be accepted.
In addition, BadCreditLoans does not stipulate any minimum credit standards for its applicants. In point of fact, a credit score is not required for qualification purposes.
Having said that, the application procedure will require you to supply a greater amount of your personal information, such as your email address, phone number, and residential address.
BadCreditLoans is able to work with you so long as you have a bank account that is opened in your name and is in good standing. To borrow money online, you need to be at least 18 years old, a citizen of the United States, and meet the age requirement.
4.4 out of 5 stars for Customer Support and Reputation
BadCreditLoans offers round-the-clock customer service through its website’s built-in contact form, email, and telephone.
Over the course of the past two decades, they have assisted thousands of customers in securing emergency loans at rates of interest that are very low and with flexible repayment schedules.
Their lightning-fast approval speeds, nonexistent income criteria, and 24-hour financing timings have all been praised favourably by hundreds of satisfied customers who left reviews on their website.
If you’ve hit rock bottom, you should give BadCreditLoans a chance to help you out. Their network of more than 100 active lenders is prepared to provide you with the cash that you so desperately require and is eager to do so.
- PersonalLoans – Top Payday Lender for Online Personal Loans
PersonalLoans considers your entire financial situation, not just the immediate one, when determining how much money to lend for things like expensive auto repairs or new business ventures.
Pros
- Funding of up to $35,000 is available.
- There are no requirements pertaining to credit or income.
- 24-hour direct deposit
- Rates of interest that are competitive
- Extended lender network
Cons
- You won’t be able to borrow any less than $1,000.
- When a person has poor credit, their interest rates are higher.
Loan Sizing: 3.9/5
Borrowers have the option of requesting any amount of funding between $1,000 and $35,000, and should their request be approved, they will have their money deposited directly into their accounts within twenty-four hours. However, there is a possibility that PersonalLoans will not be able to lend more than $5,000 at one time in certain states.
You won’t be able to borrow any less than $1,000 at a time, but you will have access to a wider network of financial institutions to choose from.
In the event that you do not receive an offer from one of their suppliers within a reasonable amount of time, PersonalLoans will submit your inquiry to more than 150 reputable third-party lenders.
As a direct consequence of this, you will get to take advantage of interest rates that are significantly lower than average and approval times that are extremely short. In general, these characteristics aren’t very frequent among websites that offer significant amounts of money as loans.
Minimum Requirements for Credit Score and Income: 4/5
Surprisingly, PersonalLoans does not conduct a comprehensive credit check on applicants nor do they require a certain minimum annual income to qualify for a loan. This happens very infrequently with larger loan sites!
To get approved for an instalment loan, all you need to do is give the lender your Social Security number and the details for a bank account you have. To be eligible to borrow money, you need to be at least 18 years old and hold a citizenship status that is current in the United States.
The one catch is that if you have poor credit, there is a possibility that you will not qualify for the best-in-class interest rates; hence, it is in your best interest to remain with loans for people with low credit rather than looking for other options.
In addition, applicants with a low credit score may find that they are not qualified for the entire amount of money, which is $35,000. On the positive side, regardless of your previous financial history, you won’t be left with less than $1,000 that you are free to spend anyway you like.
- out of 5 stars for Customer Support and Reputation
This company has its roots in the state of Utah and was founded in 2001. They are one of the most established online marketplaces that is solely devoted to the provision of monetary services such as payday loans, bank loans, and long-term instalment loans.
Renovating your kitchen or fixing the air conditioning in your car can both be accomplished quickly and easily with the help of PersonalLoans.
Over the course of the past two decades, they have built up a very favourable image thanks to the accommodating nature of their loan terms, the adaptability of their repayment plans, the low minimum credit score need, and the maximum financing amount of $35,000.
- ZippyLoan – Payday Loans for Bad Credit
Before sending your loan request to their network of lenders, ZippyLoan does not undertake a credit check, in contrast to the majority of online payday lending services. Get a ZippyLoan as soon as possible if you are prepared to take the next step in improving your credit score.
Pros
- No checks on the credit
- No income requirements
- Get cash payments of up to $15,000.
- Borrow as little as one hundred dollars.
- Very flexible repayment plans
Cons
- Exorbitantly high interest rates
- May take longer to get approved than typical
- There is no means to contact the market.
Loan Sizing: 4/5
It has never been easier to “rob Peter to pay Paul,” regardless of whether you need $100 to cover your rent or $15,000 to cover your debts. This is because borrowing money from other people has become increasingly convenient.
ZippyLoan, a market leader in the payday lending industry, provides incredibly adaptable repayment plans that won’t force you to scramble to avoid incurring late fees.
If you find yourself in a financial bind and need some quick cash to tide you over until your next paycheck, you should know that you will be expected to pay back the entire amount when that check arrives.
Having said that, their most significant instalment loans come with payment plans that might last anywhere from six to seventy-two months, depending on the borrower’s capacity for debt repayment.
When your application for a loan has been processed and approved, the money will be deposited into your account within the next day.
Minimum Income & Credit Score: 4.3/5
Your application for a loan with ZippyLoan will be processed without a credit check being carried out first.
They will connect you with lenders who are able to work with your current financial situation, even if you have a credit score that is below average. If you have a poor credit history, you should be prepared to pay interest rates in the range of 19.95% to 35.99%. These rates will be higher than average.
Although it is virtually certain that you will find a lender who is eager to work with you, the approval process for negative credit applicants on ZippyLoan can take significantly more time than is typical.
To be eligible, all you will need is confirmation that you have a regular monthly income, a valid Social Security number, and an open bank account. ZippyLoan provides you with options regardless of how much money you make each month, even if it’s only $100.
3.9 out of 5 stars for Customer Support and Reputation
ZippyLoan makes it simple to connect with a person who is able to provide assistance. Each lender is required to publish their direct contact information so that you can get in touch with them if you have any urgent inquiries or concerns.
If you find that you need assistance, you can contact your lender by sending them an email or giving them a call.
Regrettably, there is no means to get in touch with the marketplace’s administrators or other personnel. Having said that, ZippyLoan will not have access to the relevant information in order to assist you in resolving any issues that may emerge with your lender.
The fact that ZippyLoan is an accredited business by the Better Business Bureau should put your mind at ease despite the fact that they are a relatively new player in the market for lending (BBB).
- 247DollarLoan – Reputable Online Payday Lender for Short-
Pros
- Acceptance within the next five minutes
- Receive up to a maximum of $1,000 in cash.
- Borrow as little as one hundred dollars.
- No credit score requirements
- 24-hour direct deposits
Cons
- No loans past $1,000 $800 monthly income requirement
- Interest rates that are significantly higher than the norm
If you need cash quickly, you might want to consider sending a request to the online lending service 247DollarLoan. As soon as you agree to the terms of your loan, the money will be transferred into your account within one business day.
You will only be able to request a maximum of $1,000 in funds from an unsecured loan, but you have the option of requesting as little as $100. When you go looking for a lender for a no credit check online loan, on the other hand, you won’t have to worry about having your credit checked.
Your loan application will be processed and authorised in three to five minutes, regardless of the score on your credit report. In light of the aforementioned, you will be required to provide evidence of a monthly income that is equal to or more than $800.
Obtaining a loan with bad credit comes with a number of drawbacks, unfortunately. If you have a credit score that is lower than 600, you will be required to pay interest rates that are greater than the average. Although in some circumstances these rates can be higher than 35.99% annual percentage rate (APR), the majority of lenders will not require such a high interest rate.
One positive feature of 247DollarLoan is that it communicates with your credit union. As a consequence of this, working together with your lender to ensure that your payments are made on time will help boost your credit score.
- Funds Joy – Marketplace For Payday Lending Variety
Pros
- 200+ online lenders
- Get cash payments of up to $5,000.
- Borrow as little as $200 Interest rates that are competitively priced
- There is no minimum required monthly income.
Cons
- Loans for those with bad credit can be difficult to obtain.
Borrowers who are adamant about not lowering their desired annual percentage rate (APR) should give Funds Joy a shot. It is simple to analyse the many loan offers that are available to you and decide which one is the best option for you given that there are over 200 active lenders willing to work with you.
You have the option of borrowing anywhere from $200 and $5,000 all at once. Their vast network of online lenders, all of whom are competing against one another to offer the lowest possible rates and the most adaptable repayment programmes, is what makes them so successful.
To put it another way, Funds Joy is the location of a market that caters to borrowers. You will have your money within the next day when it has been approved. Funds Joy does not stipulate any monthly requirements as long as you can provide evidence that you are earning an income.
However, because of the low interest rates that this organisation offers, it will be more difficult for customers with poor credit to obtain a loan. Even while it is possible, you might have to wait or be willing to accept a higher interest rate than usual.
- 247CreditNow.com – Best Network of Lenders for Large Installment Loans
Pros
- A minimum of $800 in monthly revenue is required.
- Request as little as $100
- Borrow up to the maximum of $35,000
- Low interest and service fees
- Receive approval in the next three to five minutes.
Cons
- Borrowers with poor credit histories are unable to secure larger loans.
When applying for a large instalment loan at your local credit union or bank, you might have to go through a number of hoops before being approved. If you have a good credit score, obtaining a larger loan amount through 247CreditNow.com may be much simpler and more convenient for you, provided that you have a good credit score.
You will only be required to show proof of a stable monthly income of $800 in order to qualify for any loan offered by 247CreditNow.
Although they offer payday loans with amounts ranging from $100 to $1,000, this organisation will enable you borrow up to $35,000 in a matter of minutes, despite the fact that their minimum loan amount is only $100. After your application has been reviewed and accepted, you will be able to benefit from direct transfers that can be made into your savings account within 24 hours.
Once more, in order to take advantage of the same low interest rates and costs that are associated with credit union loans, your credit score needs to fall somewhere between 660 and 750.
Users with poor credit won’t be able to borrow more than a few thousand dollars, but qualified borrowers will be able to get approval in as little as three to five minutes and enjoy flexible repayment plans.
How We Determined That Certain Online Payday Loan Platforms Are the Best
Loan Sizing
Payday loan markets that score highly on our list can help you obtain an emergency cash advance of a few hundred dollars, a loan for a short period of time of up to $10,000, or a long-term instalment loan for a value of up to $35,000.
Our top priority was placing our business with payday loan companies that operate similarly to credit unions in that they charge fair interest rates on substantial personal loans.
Minimum Required Credit Score and Annual Income
We only recommend online lenders who are ready to look beyond your credit history when making lending decisions. Even if you have a low credit score, you can expect the same level of respect from your community credit union as you would from any other financial institution.
In addition to this, we provided a higher score to payday loan providers who required the least amount of money each month as a minimum income.
Help for Customers and a Good Reputation
The best companies that offer payday loans have a solid reputation in the industry and provide all of the documentation required to back their business.
Our personal loan providers make it simple for you to get in contact with somebody who can assist you, whether you want to make an early payment, extend your repayment terms, or obtain answers to your queries in a manner that is clear.
A Walkthrough of the Online Payday Loan Application Process for You
Visit the website of MoneyMutual.com.
Visit the website for payday loans offered by MoneyMutual. You should see a bright orange button that says “Get Started” at the very top of your screen. After you have selected your state of residence from the dropdown menu, you can proceed by clicking on the link.
Please share any personal information you have.
On the following screen, you will be asked to provide your first and last names. The next step is to fill up the appropriate areas with your selected email address. In the final step, you will be asked to enter your five-digit zip code and confirm that you are at least 18 years old.
You will be required to submit your bank account information as well as your Social Security number after you have specified the amount of money that you would want to borrow.
Make contact with the lender of your choice.
After you have provided your personal information, the network of lenders that MoneyMutual works with will evaluate your credit history as well as your monthly income to help them match you with the best possible payday loan. You should start receiving proposals from various payday lenders within the next hour or two at the latest.
It’s important to note that different companies offering payday loans will have varying conditions and interest rates for repayment. You are not obligated to accept any offer that is made to you because you are free to decline it. You should get your money!
The amount of a cash advance loan that MoneyMutual is willing to approve ranges from $100 to $5,000. After electronically signing the terms of the personal loan that best suits your needs, the funds for the loan will be deposited into your account via direct deposit within the following day. The application process for payday loans obtained online actually is as simple as it seems.
Cash Advance Loans: FAQs
I have bad credit; is it possible for me to get a payday loan?
Absolutely! It is currently much simpler than ever before to acquire an unsecured loan even if you have a credit score ranging from 300 to 500. Online lenders are willing to look past your poor credit history so long as you are willing to make regular monthly payments regardless of the amount.
Having said that, it is of the utmost importance to understand the terms and conditions that you are agreeing to before moving forward. Although some lenders may provide payday loans with interest rates of 521% or higher, our top-ranked lenders may be able to reduce your annual percentage rate (APR) to as low as 6%. You should never enter into an agreement with glorified loan sharks to pay them excessive interest rates since you don’t want to get robbed.
How Does the Process of Payday Loans Work?
Instant payday loans can be referred to by a variety of names. You have most often come across these financial products under the names payday loans, instalment loans, or personal loans.
In spite of this, each one operates in the same manner. To begin, you select an internet loan provider that meets your needs in terms of the loan amount, your credit score, and the typical amount of your monthly income. After that, you will be required to include your Social Security number and the details of your bank account together with your application for a loan.
After that, different online lenders with differing interest rates and conditions of repayment will get in contact with you. When you have finished reviewing the terms of your cash advance loan and given your approval, the money will be transferred into your bank account.
Does Getting a Payday Loan Require Me To Have A Bank Account?
To be eligible for a personal loan through a marketplace for online lending, you will need to be in possession of a current bank account that is opened and maintained in your own name. In order to be eligible, you need to be a citizen of the United States, have reached the age of 18, and be at least 18 years old.
If you want the best chance of getting payday loans at rates that are appropriate for your situation, you should have a consistent monthly income of at least $800. This money could come from disability benefits, freelancing, a job, or any combination of the three.
On the due date, lenders will automatically remove their sum from your checking account in order to cover their costs. By adhering to this strategy, you can avoid paying expensive late fees and speed up the repayment process. In the event that you do not have the funds to make the repayment on time, you should make a request for an extension well in advance of the due date.
Where can I get the simplest personal loan to apply for online?
Payday loans, which are often for shorter terms and lower amounts, are the personal loans that are the easiest to secure.
There are numerous direct lenders who are willing to provide you anything from $500 to $1,000 with no questions asked, regardless of your credit history or the consistency of your monthly income.
Even though almost every citizen of the United States is eligible for a quick payday loan, the interest rate you are offered will be based on your credit score as well as the amount of money you bring in each month.
Is Obtaining a Payday Loan Legal in Each of the 50 States?
Payday loans are prohibited by law in thirteen states around the US. Residents of the following states and the District of Columbia are unable to obtain loans from our providers: New York, Arizona, Arkansas, Connecticut, Massachusetts, Maryland, Georgia, New Jersey, North Carolina, Pennsylvania, West Virginia, Vermont, and Washington, D.C.
Payday lenders refuse to operate in these states because interest rates are capped at such low rates that there is little opportunity for them to generate a profit from late payments.
Comparing The Top 5 Online Payday Loans
- MoneyMutual
- Direct deposits available within 24 hours and virtually guaranteed approval
- Loans ranging from $100 to $5,000 Borrowers’ satisfaction in the millions
- 150+ direct lenders accessible
- CashUSA
- A relatively low interest rate
- Instantaneous authorization of the loan.
- No credit score requirement
- 1-2 day money transfer
- $10,000 max loan amount
- Loans for People with Awful Credit
- No minimum salary requirement
- There is no requirement for a credit history.
- Get up to $10,000 in cash deposited directly into your account within 24 hours.
- Twenty or more years in the industry
- Individualized Loans
- Funding of up to $35,000 is available.
- There are no requirements pertaining to credit or income.
- 24-hour direct deposit
- Rates of interest that are competitive
- Extended lender network
- ZippyLoan
- No checks on the credit
- No income requirements
- Get cash payments of up to $15,000.
- Borrow as little as one hundred dollars.
- Very flexible repayment plans
Should You Apply for an Online Payday Loan? That Brings Us to Our Final Thoughts
Even if your poor credit history was brought on by circumstances that were beyond your control, major credit bureaus will not have any compassion for you in this situation. To tell you the truth, if you have a low credit score, it can be very difficult to get the loan approval you need from any federal credit union. This is especially the case if you have a history of defaulting on loans.
Who can you turn to for assistance if you get your name removed from the list of people eligible to receive emergency cash? The good news is that the best online payday loan lenders do not worry about your credit score when deciding whether or not to lend to you.
If you need money right now, you shouldn’t give credence to the untrue myths you’ve heard regarding the process of applying for a payday loan. They will not have a negative impact on your credit score.
You may actually grow your credit using a payday loan as long as you are prepared to move forward with the loan and dedicate yourself to making payments in a timely manner.
You might also look into some excellent credit repair services if you want your score to improve.
Don’t put it off—apply for a loan that meets your needs right away!