10 Best Payday Loans Online – Compare Trusted Companies 2020

Looking for a payday loan for some quick cash? See our top 5 recommended online payday loans in 2020.
Vidal Arias
Author: Vidal Arias

Last Updated: August 7, 2020
Debt consolidation loans | Leanbonds
Debt consolidation loans | Leanbonds

What happens when you need urgent cash, but don’t qualify for a credit card?

There are a number of options, but top on the list are some of the best payday loans online. With Payday loans, the cash will be deposited in hours. And that is not all, you do not need that excellent credit score to qualify for one.

On this Page:

    Apply for a Payday Loan Now! | Best Payday Lender 2020

    Our Rating

    Viva payday loan app company logo
    • Loans From $100 to $15,000
    • Instant Application & Approval
    • Bad Credit Considered
    • Lenders From All 50 US States Onboard
    Viva payday loan app company logo

    Payday loans come with convenience, you can easily compare payday loans, apply, get the loan approved online and receive the funds from the comfort of your home.

    In this article, we have tested the payday loan providers in the US. We then came up with a list of what we consider the top 5 best payday loans in 2020 for the US market.

    But first, what are my options if payday loans are prohibited in my state?

    Pro tip: Where payday loans are prohibited, then the Opploan instalment loan is your next best bet. These loans come with quick approvals, fast funding and affordable repayments. It all begins with a quick online application, instant approvals and next day funding. 

    What are the Pros and Cons of Getting an Online Payday Loan?


    • Payday loans come with an easy and straightforward application process.
    • Most of the best payday loan companies will in most cases not consider your credit score when awarding a loan. And if they do, it will be used to determine your interest rates.
    • With payday loans, the money will be credited to your bank the same day, or next day.
    • Interest rates are capped in most states reducing cases of customer exploitation by rogue providers.


    • Due to the low credit scores allowed, most firms will charge unbelievably high-interest rates for these loans.
    • Payday loans come with punitive late repayment charges
    • Some of the small providers will apply crude methods when collecting payments.

    Best Online Payday Loan Companies: Summary

    Reviewers Choice
    Viva Loans
    Available Loan Amount
    $100 - $5,000
    Available Term Length
    3 months
    Representative APR
    5.99% to 35.99%
    Visit Now
    Loan Solo
    Available Loan Amount
    $100 - $1,000
    Available Term Length
    6 - 9Months
    Representative APR
    200% - 2290%
    Visit Now
    Extra lend
    Available Loan Amount
    $100 - $ 3,000
    Available Term Length
    6 months - 2 years
    Representative APR
    4.99% - 1386%
    Visit Now
    Available Loan Amount
    $ 100 - $ 5,000
    Available Term Length
    up to 1 year
    Representative APR
    4.99% - 1386%
    Visit Now
    Fundsjoy – Personal Loans
    Available Loan Amount
    $100 - $5,000
    Available Term Length
    2 weeks to 12 months
    Representative APR
    4.99% - 1386%
    Visit Now

    Best Online Payday Loan Companies in 2020

    1. Viva Payday Loans | Best overall

    If you are looking for payday loans online, you are sure to bump on a page that suggests Viva Payday Loans.

    This service is highly reputable and offers some of the best rates for payday loans online. The number one distinguishing aspect when it comes to Viva Payday Loan is the straightforward application process. Viva Payday Loans homepage is very responsive and easy to maneuver. There are clear fields for you to fill in your information. There are also icons that guide you in making a decision on the amount you want to borrow.

    Additionally, you can select the loan repayment period from this same page. With Viva Payday Loans online, you can access between $100 and $5,000 loans. These amounts come with a repayment period that ranges from 90 days to six months. The APR on the loans from this service ranges between 5.99% and 35.99%. It will, therefore, cost you between $6 and $36 for every $100 borrowed.

    Our Rating

    • It has an easy to navigate interface.
    • Available in all states in the USA.
    • The cost of your loan can become expensive depending on the state you are in when applying.

    2. Loan solo | Best for on-phone payday loan application processing

    Loan Solo payday loan services provider prides itself on innovativeness. It, for instance, is one of the few payday lenders processing both online and over-the-phone loan applications.

    Note however that Loan Solo isn’t a direct lender but a loan marketplace that links lenders to poor and bad credit score borrowers. And that you can borrow up to $1,000 on the platform and pay with your next paycheck.

    How much you qualify for will, therefore, depend on your monthly income and credit score.

    Our Rating

    • Connects borrowers to a wide range of lenders
    • You can apply for the loan online or over the phone and have the response within a few minutes
    • Access up to $1,000 cash advance against your next paycheck
    • Maintains high loan APR rates and late fees
    • The $1,000 limit and low interest are only accessible to creditworthy borrowers

    3. Extra lend |Best for the protection of the borrower’s personal information

    Extra Lend – yet another bad credit loan marketplace – prides itself on three key features. Its ability to offer relatively high personal loan limits of up to $5,000, the fact that they have fairly extended loan repayment periods, and that the tight grip the company maintains on its user’s data with 256-bit encryption.

    'The loan application process is relatively easy and starts with filing a personal details form after which you can request a loan and receive a qualification response within minutes. If you qualify, the funds will be deposited into your bank account within the next business day.

    Our Rating

    • Maintains a relatively high loan limit
    • Exposes your request to many lenders which increases your chances of qualifying for a loan
    • Easy loan application process and extended limits
    • One may consider its 1386% loan APR quite expensive
    • No guarantee you will qualify for the maximum loan limit

    4. Indy Lend | Best for the highest online loan limits – up to $5,000

    Like most loan marketplaces on this list, Indy Lend matches poor and bad credit borrowers to lenders.

    Unlike other platforms, however, one can qualify for more than $5,000 in different types of loans. Plus it maintains one of the most convenient loan application processes where completing the registration form and getting a response about loan qualification takes minutes. And if approved, funds are disbursed as soon as the next business day.

    Importantly, some lenders on the platform will automatically renew your short-term loans (not charge late fees) upon the expiry of the loan repayment period without having cleared the advance.

    Our Rating

    • Helps rebuild your credit score by reporting loan progress to reference bureaus
    • Fastest loan application processing, approval, and disbursement – within minutes
    • Possibility of loan renewal
    • The maximum loan limit and competitive rates are only available to high credit borrowers
    • No guarantee of loan renewal

    5. FundsJoy | Best for competitive interest rates and highest loan limits

    FundsJoy is an online lender that maintains some of the highest maximum loan limits of up to $5,000. The loan application process is wholly online in an easy and relatively straightforward loan process. It also prides itself of speedy loan processing where funds are disbursed either the same day or during the next business day.

    You also don’t need a stellar credit report to qualify for a loan here, just proof of employment and regular income. The interest rate on loan is also quite competitive with the APR ranging from 4.99% to 1386% depending on your creditworthiness.

    Our Rating

    • Expedient online loan processing with a next business day funding option
    • Offers relatively extended loan limits of up to $5,000
    • You don’t need an excellent credit score to qualify for a loan
    • There is no guarantee you will qualify for the maximum loan limit
    • The low interest rates are only available to individuals with high income levels

    7. Check Into Cash | Best Onshore Lending

    This is among the best payday loan companies that allows you to borrow a minimum of $50 and a maximum of $1,000. Depending on the state that you are in, with each $100 costing you $12 to $35.

    This loan app is different from others because it also has physical locations you can walk into and apply for a loan. The application procedure is however similar to other best payday loans. You will submit your details to the lender including your contact and work information. Check Into Cash will then process your application and respond via the contacts provided. If approved, Check Into Cash deposits the money into your account within two business days.

    The APR on loans availed by Check Into Cash is about 390%. This may seem a little on the higher side when you compare payday loans but the convenience of accessing funds in 30 states makes it worth it.

    Our Rating

    • Have physical stores to complement the online application process.
    • Deposit funds within two business days.
    • Have relatively high APR of up to 390%.

    8. CashNet USA | Best for fast processing

    CashNet is among the best payday loan sites in the USA currently. It is quite popular because of its fast application process that takes a little less than five minutes to complete. This loan app deposits the funds into your account thereafter the following day. In times of urgent need for funds, this is the best bet for you. To apply for a loan on CashNet, submit your details as prompted when you start the process. One thing CashNet ensures is that your credit score will not affect your chances of getting a loan significantly.

    On CashNet, you can apply for payday loans between $255 and $500. Loans on this platform will cost you between $10 and $45 per $100 borrowed. Although typically a payday loan requires you to pay in full on your next payday, on CashNet you can negotiate this. CashNet then gives you a loan with a repayment period of between two weeks and 15 months. The APR ranges between 205-800%.

    Our Rating

    • Next day deposits.
    • Fast application process averaging five minutes only.
    • High APRs of up to 800%.

    9. Earnin | Cheapest Option

    If you dive deep and analyze how many Americans are living paycheck to paycheck, you would be surprised. Apps like Earnin are playing a crucial role to help individuals who are employed but are having a hard time. The idea behind the app is to allow individuals to withdraw money on a daily basis( up to $100), providing access to instant cash based on the hours worked that day.

    This ain't really a full payday loan scheme but it is working incredibly well for many individuals. At the end of the day, it will only allow you to cash out what you have worked for, this will not let you go in debt for borrowing more than you can pay. The model also fixes one of the biggest problems with other payday loans companies, and it is the fees and commissions charged for the loan. Instead of having to deal with expensive interest rates, you are charged a tip that can be anywhere from $1 to $15. This is a steal compared to traditional firms. It is important to mention that Earnin is an App available on both Android and iOS.

    Our Rating

    • You will not be charged to access their service, they just give you the option of paying a voluntary tip for their services.
    • The overall platform is very standard and easy to use, with no hidden features.
    • Same day or next day funding
    • Low Borrowing Limit upto $600
    • Not available for freelancer or self-employed individuals as it is based on hours worked.
    • The tips per withdrawal could be costly in the longrun

    Conclusion – What are the top payday loan sites?

    The list of payday loans online that you can apply for is extensive. The confusion that comes with such an abundance needs to be addressed by looking at the details of each service. We recommend Viva Payday Loans because it has instant approvals, is available in all states and has an easy to navigate homepage. The amounts it allows you to borrow are also flexible and you can borrow between $100 and $5,000. Bearing this in mind, Viva Payday Loans is the best service to use among those listed above.

    Note: If you’re looking for UK payday loan providers, head over to our UK site here.

    Apply for a Payday Loan Now! | Best Payday Lender 2020

    Our Rating

    Viva payday loan app company logo
    • Loans From $100 to $15,000
    • Instant Application & Approval
    • Bad Credit Considered
    • Lenders From All 50 US States Onboard
    Viva payday loan app company logo

    Glossary of Loan Terms

    A scale showing a high Credit Score
    Credit Score

    A credit score shows your creditworthiness. It's primarily based on how much money you owe to loan or credit card companies, if you have ever missed payments or if you have ever defaulted on a loan.

    A green tick stamp showing Guaranteed Approval
    Guaranteed Approval

    Guaranteed Approval is when, no matter how bad, your credit score its, your loan application will not get declined.

    A stack of coins and notes to show Cash Advance
    Cash Advance

    A Cash Advance is a short-term loan that has steep interest rates and fees.

    A secured padlock and document showing Collateral

    Collateral is when you put up an item against your loan such as your house or car. These can be reposessed if you miss payments.

    A scale with coins showing a high Credit Limit
    Credit Limit

    A Credit Limit is the highest amont of credit a lender will lend to the borrower.

    5 gold stars showing a high Credit Rating
    Credit Rating

    Your Credit Rating is how likely you are to fulfil your loan payments and how risky you are as a borrower.

    A silver cog with a gold star inside

    If you default on your loan it means you are unable to keep up with your payments and no longer pay back your loan.

    A coin with a green arrow showing Interest Rates

    The Interest is a percentage based on the amount of your loan that you pay back to the lender for using their money.

    Piles of coins showing Fixed Interest Rate
    Fixed Interest Rate

    Fixed Interest Rate is when the interest rate of your loan will not change over the period you are paying off you loan.

    A calendar with an exclamation mark showing late payment
    Late Fee

    If you miss a payment the lender will charge you for being late, this is known as a late fee.

    A printed document with a crest showing a Principle

    The Principle amount the borrower owes the lender, not including any interest or fees.

    A tag with a dollar symbol highlighting Prime Rate
    Prime Rate

    This is the Interest Rate used by banks for borrowers with good credit scores.

    A and holding a pile of green cash
    Secured Loan

    A Secured Loan is when you put collateral such as your house or car up against the amount you're borrowing.

    A hand holding cash with an unlocked padlock
    Unsecured Personal Loan

    An Unsecured Personal Loan is when you have a loan based soley on your creditworthliness without using collateral.

    Two hands holding an changing interest rate
    Variable Rate

    A Variable Rate is when the interest rate of you loan will change with inflation. Sometimes this will lower your interest rate, but other times it will increase.

    a credit card with gold coins
    AAA Credit

    Having an AAA Credit Rating is the highest rating you can have.

    A small bridge
    Bridge Loan

    A Bridge Loan is a short term loand that can last from 2 weeks up to 3 years dependant on lender.

    A calendar and tools to show an Installment Loan
    Installment Loan

    An Installment Loan is a loan that is paid back bi-weekly or monthly over the period in which the loan is borrowed for.

    A graduation cap and price tag
    Federal Student Loan

    If you obtain a Federal Student Loan to pay your way through College ten you loan is held with the U.S. Department of Education.

    A graph with a magnifying glass
    Financial Aid

    Financial Aid is funding available to post-secondary education students in America.

    A grey bank building with a green dollar symbol inside

    A Guarantor co-signs on a loan stating the borrower is able to make the payments, but if they miss any or default the Guarantor will have to pay.

    Homes on scales balanced with money
    Home Equity Loans

    Home Equity Loans is where you borrow the equity from your property and pay it back with interest and fees over an agreed time period with the lender.

    London Inter Bank Offered Rate

    LIBOR is the London Inter-Bank Offered Rate which is the benchmarker for

    Gold coins being fed into a larger doller weight
    Debt Consolidation

    Debt Consolidation is when you take out one loans to pay off all others. This leads to one monthyl payment, usually with a lower interest rate.


    Can I apply to PayDay Loan with bad credit?

    One of the main reasons why so many individuals look at PayDay Loans is the fact that approval can be obtained without a credit check. Instead of needing a credit score in order to prove creditworthiness, these firms use the score to determine how high the APR will be. Keep in mind that even with other alternatives in the market, payday loans are still one of the fastest and more straightforward options currently available. If you ever find yourself needing cash almost instantaneously, it might be your only option. If there is a remote chance for you to use or apply for any other borrowing vehicle you should take it. There is nothing bad with getting a payday loan, the problem is the type of companies you will have to deal with. It would be erroneous to blame the entire market for the mistakes of a group of rotten apples, but it is still important to keep it in mind.

    What are the different types of Pay Day Loans?

    There are many different types of PayDay Loans, the most common are:

    Direct lenders: This means that your request will be funded directly by the same firm you are requesting it from. Keep in mind that many companies act as intermediaries between lenders and borrowers, this is one of the reasons why interest rates are so high.

    Credit access Business: A CAB firm will act as the intermediary between you and a financial institution. The difference is that they will take the risk and not the real lender if you default on your loan all your duties will be with the CAB and not the real lender.

    State Regulated: These are great options since they are strictly regulated by the laws of each state, this ensures that caps in interest rates will prevail over anything else.

    Tribal Lenders: This act as affiliates of Native American Tribes, don't forget that these tribes act as sovereign nations for most cases and that no taxes or payday laws will apply.

    Offshore Lenders: Offshore lenders will act as international lenders so they do not have to respect any local law when it comes to caps or regulation. Keep in mind that this is still the wild west and that risk will be incredibly high.

    What is the CFSA?

    Community Financial Services Association of America The CFSA is a governmental agency in the US that looks to protect the public for the financial services that retail individuals receive. If for some reason you would encounter any problem with a provider or simply you want to start a formal complain, you would be able to do so with this agency. It is worth mentioning that there is a large force lobbying against this type of loans, but also in favor. It is a nasty topic from which many financial institutions would prefer to eliminate while the providers are trying to do as much as possible to sustain their business.

    What are Automatic Renewals ?

    There are many reasons why an individual may actually need to roll over a loan, but in most cases, this term has become famous because of the problems many people have with their providers. It is important to mention that a rollover would allow an individual to pay for a penalty and simply defer the payment of the loan for one more month or simply a long period of time. The problem with this is that it is not free, instead of many firms utilized this as a tactic to keep individuals inside of their net. Imagine not being able to pay your dues and seen interest compounding against you day after day.... it can become a horror story really fast. It is important to mention that the real problem comes when these loans renew automatically since the individual will usually don't have the power to stop it unless fully paying it. Keep in mind that many of these firms usually do not have the right customer service which makes everything even more complicated. If you see in your contract that automatic renewals may apply, run! It is a trap....!

    Is it Safe to get a Pay Day Loan?

    Until not so long ago PayDay loans used to be the wild west of the borrowing market, no regulations and a lot of different players trying to corner the market. Due to all the complains and cases of fraud of the past couple of decades, the US government has become more involved in the overall sector. This has resulted in a more controlled and stable product. It is still incredibly important for any individual to take their time analyzing and reviewing all the options before making a decision. There are many different firms offering this type of loan, so there is a broad range to choose from. Even though regulation has made sector cleaner, you can still find horror stories of situations happening right now. The most common complaint about this type of firm is that they used to take advantage of the necessity of their users, it is no secret that if you find yourself looking for a payday loan it is probably the last resort. Many firms used to add sketchy fine print that will later be used to keep the individuals from repaying their loans, creating eternal loopholes of debt. This can sound farfetched but once you take into consideration the logic behind these types of loans, it is easy to see how easy it is to keep people paying interest longer than they should.

    Are there any alternatives?

    Anything would be a better alternative than taking a payday loan! Having said so, keep in mind that the most important options are:

    • P2P Lending
    • Payment Plans
    • Credit Cards (Imagine using a credit card is a better option.... yikes!)
    • Salary Advance
    • Family Help

    Types of Loan – A-Z Directory

    All trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
    Vidal Arias

    Vidal is an experienced Strategist and Portfolio Manager with a keen interest and passion for the financial markets and also writing. During his career, he has developed excellent market timing skills, focusing mainly on the macro analysis of the US Equity Market and the overall US Financial Market. He started his career as a financial analyst for a major American bank and continued his way into the trading desk as a Sr. Trader and later as a Portfolio Manager for an Offshore Hedgefund in Europe. Linkedin: vidalarias Email: [email protected]


      • We can’t recommend if you should take out a payday loan, but they are meant to provide quick funds in emergency situations. You can check out our list of 5 Best Payday Loans Companies.
      • Payday loans are basically short-term loans aimed at satisfying consumer needs urgently. You can expect funds in your account within 24 hours of filling out the application form.
      • Payday loans usually range from $100 to $2500 depending on state legal maximums. However few States like Utah have no limitations at all.
      • Most of the Payday Loan companies do not consider your credit score when awarding a loan. But keep in mind, a bad credit score means a higher interest rate.
      • Payday loans have their pros and cons. You might get quick cash but if you are not able to pay back in time, get ready for a huge late repayment fee.
      • Georgia law prohibited payday lending years back. Every state has its own regulations about Payday loans. There are, however, other options available in most states such as through tribal lenders or traditional personal loans.
    1. My Payday loan lender is offering me attractive rates that are too good to be true. Do you think there is a catch?
      • Short term loans are always risky and expensive, don’t take one out unless you absolutely need to. As far as your lender is concerned, please make sure that it complies with all relevant state regulations and is operating legally.
    2. I need quick cash for some reason which I don’t want to disclose. Would my lender be ok with that?
      • You are free to use the money wherever you like. Your lender may only provide light questioning about your reasons. As mentioned through-out the article you should only take out a payday loan in exceptional circumstances. There are often many alternatives to a payday loan when you are really strapped for cash such as approaching food banks or asking friends and family for help.
    3. There are so many Payday loan lenders and I really can’t decide which one to go for. Can you please help me with this?

    Comments are closed.