10 Best Payday Loans Online – Compare Trusted Companies 2021
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.
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Apply for a Payday Loan Now! | Best Payday Lender 2020
Our Rating
- Loans From $100 to $15,000
- Instant Application & Approval
- Bad Credit Considered
- Lenders From All 50 US States Onboard
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 2021 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?
Pros
- 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.
Cons
- 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 LoansRatingAvailable Loan Amount$100 - $5,000Available Term Length3 monthsRepresentative APR5.99% to 35.99%Product Details- Appeals most to individuals looking for fast loan processing
Pros- Considers all types of credits in loan processing
- Available throughout the country
- Low interest rate to high credit score borrowers
- Hard inquiry may hurt your score
Key Facts- Fast loan application and approval process
- Highly responsive customer support
- Connects borrowers to a wide range of lenders
Loan SoloRatingAvailable Loan Amount$100 - $1,000Available Term Length6 - 9MonthsRepresentative APR200% - 2290%Product Details- Best for on-phone payday loan application processing
Pros- The huge number of lenders increases your chances of qualifying for a loan
- Fast application processing with next business day disbursement
- Maintains competitive loan interest rates
- Maintains a relatively low maximum loan limit - $1,000
- Some lenders will pull out your credit report
Key Facts- Specializes in different types of loans – including payday loans
- Matches your loan request with numerous low-credit lenders
- Processes both online and on-phone loan applications
Extra lendRatingAvailable Loan Amount$100 - $ 3,000Available Term Length6 months - 2 yearsRepresentative APR4.99% - 1386%Product Details- Best for the protection of the borrower’s persona information
Pros- Borrowers with relatively attractive credit scores benefit from competitive loan APRs
- It’s a loans marketplace and thus higher chances of qualifying for a loan
- Most lenders will only conduct a soft check of your credit history
- Huge loan amounts and competitive interest only available to good credit borrowers
- One may consider the $3,000 loan limit quite low
Key Facts- Specializes in advancing installment loans
- Fast loan application and processing with next business day funding
- Lends to all borrowers regardless of the credit score
IndyLendRatingAvailable Loan Amount$ 100 - $ 5,000Available Term Lengthup to 1 yearRepresentative APR4.99% - 1386%Product Details- Best for the highest online loan limits – up to $5,000
Pros- Wide range of lenders maximize your chances of qualifying for a loan
- Provides loans of above $5,000 to good credit borrowers
- Affordable and highly competitive loan interests available to borrowers with high credit score
- It’s a loans marketplace not a direct lender
- There is no guarantee the lender won’t pull a hard credit report
Key Facts- Maintains relatively high loan limits of up to $5,000
- Offers a wide range of loans – payday to installment to personal loans
- Some lenders on platform offer loan renewal services
Fundsjoy – Personal LoansRatingAvailable Loan Amount$100 - $5,000Available Term Length2 weeks to 12 monthsRepresentative APR4.99% - 1386%Product Details- Best loan marketplace with hundreds of verified personal and institutional lenders
Pros- Maintains high maximum loans limit – up to $5,000
- Gives loans to poor credit score borrowers and others with no credit history
- Fast loan application process
- Imposes punitive fees and charges on late payments
- One may consider their interest rates quite high
Key Facts- Lends to all types of credit rating borrowers
- It’s a loans marketplace and not a direct lender
- Doesn’t pull your credit history in making credit decision
Best Online Payday Loan Companies in 2021
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
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
- Loans From $100 to $15,000
- Instant Application & Approval
- Bad Credit Considered
- Lenders From All 50 US States Onboard
Glossary of Loan Terms
FAQs
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
Vidal Arias
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]View all posts by Vidal AriasWARNING:
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