Best Payday Loans Online: Top Instant Loans & Same Day Loans for Money With Guaranteed Approval 
Are you facing a financial emergency and do not have the cash to deal with it? Managing your life from one paycheck to another is hard enough, and any unexpected expense added to the situation is definitely not the sort of thing you would want to catch you off guard.
In such cases, online payday loans are a great option that helps you get quick short-term cash.
Read the guide to know more about online payday loans and the trusted places where you can apply for them.
Top 4 Best Online Payday Loans To get Loan Today in 2021:
- MoneyMutual – Overall Best Online Payday Loans
- BadCreditLoans – Best Customer Service
- CashUSA – Easiest Same Day Loan Approval Process
- Personal Loans – Best Personal loans for Bad Credit Scores
#1. MoneyMutual – Overall Best Online Payday Loans
MoneyMutual is one of the best online platforms for finding payday loans and is widely popular for finding the fastest loans online. MoneyMutual has connections with numerous lenders, and they provide you with payday loans up to $5,000.
They can even help you find cash in as little as 24 hours if the process goes smoothly. The online application is very easy and will not take up more than five minutes.
Once you fill out the form, a lender will approve your loan, sometimes within minutes.
- Part of a large network of lenders
- No minimum credit score required
- No upfront fees
- Quick and easy application process
No Minimum Credit Score
You do not need a minimum credit score to apply for online payday loans with MoneyMutual. Sometimes, individual lenders can conduct a soft check of your credit history, but this typically does not impact your credit score.
Quick Availability of Funds
MoneyMutual prides itself on being the fastest company to approve loans. In many cases, the loans are approved within 24 hours, which is very impressive. The efficiency of MoneyMutual’s services is great for those who need cash quickly for an emergency or unexpected event.
APRs depend on the individual lender and are not specified by MoneyMutual. MoneyMutual acts as a platform where you can connect with several lenders. Depending on your eligibility and requirements, the lender will decide your APR.
Through MoneyMutual, you can search through multiple lenders and see which offer suits you the best.
⇒ Click Here to Visit the Official Website of MoneyMutual
#2. BadCreditLoans – Best Customer Service
BadCreditLoans is a customer-friendly platform that connects you to multiple lenders. It is part of a network of reputable financial institutions and direct lenders who can provide you with loans.
They can help you search for loan offers of between $500 and $10,000. Even though BadCreditLoans does not set interest rates, interest rates on offers through their service generally fall somewhere between 5.99% and 35.99%.
The company uses high-end encryption technology to ensure your data stays safe with them. BadCreditLoans has been operating in the market since 1998, which makes them an experienced and reliable platform.
Even people who have bad credit can apply for their online loans. However, a lower credit score usually results in offers with higher APR rates.
- Presents multiple loan offers
- Suitable for people with bad credit
- Loan offers of up to $10,000
- APR rates may be high
- Personal info required to get loan approval
Options to Compare
BadCreditLoans provides you with multiple options. You can compare each of these options before you finalize the deal. This helps you understand the different interest rates and loan terms that each lender is providing.
BadCreditLoans is a platform that provides you with access to multiple lenders. They are not directly involved in the transactions that take place between you and the lender. This means any payment you make will be directly to the lender and not through the platform.
Personal Loan Calculator
You can use the personal loan calculator if you want to know about your payment amount, loan term, or interest rates. Though the calculator will provide you approximate results, it can help you understand how many monthly payments you will need to make and of what amount.
⇒ Click Here to Visit the Official Website of BadCreditLoans
#3. CashUSA – Easiest Same Day Loan Approval Process
CashUSA is a lending platform that gives borrowers access to multiple lenders. These lenders can provide you with online loans of up to $10,000. The approval process is very easy, and you can get your cash within the next business day.
The funds are directly sent to your account without any hassle. CashUSA has a very simple application process. Once you fill the application form, the lender will conduct a soft credit check. However, this will not have an impact on your credit score.
If you qualify for your loan, the lender will send the fund to your account within 24 hours. This is the easiest way to get emergency funds from a reputable platform.
- Large lender network
- Dependable and secure platform
- Excellent customer support
- Easy application process
- Interest rates up to 35.99%
- Maximum loan amount of $10,000
Quick Loan Decision
With CashUSA, you will not have to wait for days before getting your loan approved. If your information is correct, the lender can approve the loan within a few minutes. This means you get your funds within one business day. People looking for quick emergency cash will find this option favorable.
Soft Credit Check
CashUSA conducts a soft credit check to understand your credit situation. A soft credit check will not affect your credit history and lower your credit score. This soft check and some basic personal information are all that is standing between you and some fast cash.
⇒ Click Here to Visit the Official Website of CashUSA
#4. Personal Loans – Best Personal Loans for Bad Credit Scores
Personal Loans is another lender network that provides you with loans from $500 to $35,000. It provides a safe space for customers to apply for quick online loans. The lenders on the platform are open to working with people who have bad credit scores.
Your loan may get approved within a few minutes of your application. This ensures that you get the funds quickly, sometimes within 24 hours. Personal Loans is one of the best lender networks for emergency funds.
They offer loans for many different needs, including educational expenses and debt consolidation. It is always better to opt for a lower loan amount, so you can pay it off easily when you get your next paycheck.
- Loan offers from multiple lenders
- Quick and easy online process
- Soft credit check
- Fast funding
- Strict eligibility requirements
Variable Annual Percentage Rate
APRs will depend on the lender you are working with; however, it may range from 5.99% to 35.99%. It also depends on the loan amount and your credit situation. You have the liberty to compare different lenders to see who provides you with the most affordable interest rate.
The application process does not take more than a few minutes. Since it is an online platform, you can fill out the application form from home. To start the loan approval process, you will need to provide your personal information like age, name, credit details, etc.
⇒ Click Here to Visit the Official Website of Personal Loans
How We Made This List
Numerous companies provide online loans; however, not all of them are legitimate. To help you make the right choice, we have curated our list keeping certain factors in mind.
Below are the factors we took into consideration while providing you with the best online payday loan companies.
Differentiating legitimate companies from scammers can be hard for some people. Many companies provide attractive offers to lure customers in. However, eventually you will find yourself in deep waters with high-interest rates.
We found all the top companies providing instant payday loans with same day approval; from these we shortlisted those brands with a good reputation. For this we checked the reviews of previous customers and their experiences using products from these brands.
Generally, a company that has been in the market for a while is our preferred choice. This shows they have been able to satisfy the requirements of their customers and have not been involved in any fraudulent activities.
That being said, some newer companies have already made a good impression within a short time. These companies are also the ones you can approach for loans online.
The interest rates for online payday loans may seem high; however, this is why it is important to research what typical interest rates are for payday loans. Legitimate companies maintain a very moderate rate of interest as per the market requirements.
While making our list, we found that the best online same day loan platforms usually presented customers offers with similar interest rates.
Through extensive research, we were able to shortlist four of the top companies that offer relatively good interest rates.
Most people avoid reading the terms and conditions when applying for loans online, but these details are crucial for understanding the agreement you enter into with a loan. The terms and conditions are legally binding, and the company may take harsh actions if you do not follow them.
Some companies even include terms and conditions that may not be in favor of the customer. Once you have read the fine print, you can find out those points and understand whether the company is acting in your best interest.
To make the task easier on you, we have shortlisted platforms that provide customer-friendly terms and conditions. Even then, you should read the contract carefully before you finalize your loan. This ensures clear communication between the company and the customer.
Using these factors, we were able to list out for you with the best companies for online payday loans.
What is a Payday Loan?
Payday loans are short-term loans with high interest. Generally, these loans are given in small amounts as emergency funds. This type of loan is supposed to last until you get your next paycheck, after which you repay the amount.
Most online lenders offer high loan amounts, but it is always best to accept the smallest loan amount that will cover your emergency expenses. Since the interest rate is high, it could create financial problems when trying to pay it back.
Most people may apply for payday loans of $500 or so. Depending on the lender, your interest rate and loan term would vary. There may also be a fee for every $100 you borrow from your lender.
How Do Payday Loans Work?
The standard loan term is about two weeks; however, this is flexible. Payday loans offer you very fast money without any credit check.
They are unsecured loans; this means you do not have to provide any collateral to your lender. Due to the unique nature of loans, the application process is also different. You will need to provide details for personal identification for the application process.
The lender will verify your personal details along with your bank account details. They will further check if you have the means to pay back the amount. Most lenders conduct a soft credit check to understand your credit situation before they approve your application.
Once the application is approved, you get your money within one business day. If any issues emerge, the payment might get delayed and the lender will notify you of this.
What Are The Benefits of a Payday Loan?
If you have run out of money and need emergency funds to take care of a few things before your next paycheck, online payday loans can help you out. Below are a few benefits of online payday loans that will help you understand whether they are the right choice for you.
The application process for loans is very easy. There are not too many requirements that you need to meet to get approval. You need to provide proof of your income source along with some personal information for verification.
People over 18 years old and who have a steady flow of income are usually eligible for online payday loans.
The best thing about online loans is they are processed very quickly. Once you fill in the application form, the lender may approve your application within a few minutes. However, the exact processing time depends on the lender and the lender network platform you choose.
If you are lucky and the verification process goes smoothly, you will get your funds the same day or the next business day.
Flexible Repayment Terms
When you apply for online loans, the lender informs you about the repayment terms. Most online networks provide flexible repayment terms ranging from two weeks to about three months.
It is always advisable to choose a repayment term that you are most comfortable with. High interest rates could create issues for some people. Hence, with flexible repayment terms, you can pay back the money without putting undue stress on your monthly budget.
No Collateral Required
You will need to provide collateral when you apply for traditional loans. However, this is not something you need to worry about with online payday loans. These are unsecured loans and do not need any collateral.
The lenders do have access to your account details and personal information. This means in case of failure of payment, they can take strict actions if needed.
Get Higher Loan Amounts Over Time
People who borrow for the first time are normally given a small borrowing limit. This helps you pay back the loan on time. However, the lender increases your limit with time, given you can gain their trust.
You can do this by repaying the loan amount on time. This ensures the lender that you are serious about repaying your loan. This also makes it easier for you to get higher loan amounts in case of bigger emergencies.
After being approved for a payday loan, your account will be opened with a lender. Here, you can check your next reimbursement date and outstanding balance.
There will be no confusion regarding your payment details, and you can check them on your own.
Facts to Know Before You Apply for Payday Loans Online
Online payday loans can help you out of the financial emergency you may have fallen into. However, many people go for loans without comprehending the situation they are getting into. Below are some facts about a payday loan you should know before taking the option.
With online payday loans, you get instant cash within a day or two. This helps you take care of any emergency, like electricity bill payments or some major plumbing issue. It would normally be impossible to get instant cash except from close family or friends.
People who do not have that option or do not want to take that option will find online loans very helpful. However, read the lender’s policy before you finalize the deal.
It is crucial to remember that online payday loans are short-term loans. They are a temporary arrangement that saves you from a dire situation. People opt for these loans if their paycheck has not yet arrived and they require emergency funds.
It is advisable not to take loans unless necessary. This is because the interest rate is quite high, and not everyone can afford to repay the money plus additional fees incurred.
Check Your Eligibility Criteria
Before you apply for the payday loan, ensure that you are eligible. You must be above 18 years old to be eligible for a payday loan. Secondly, you need to be employed or have a steady source of income. Beyond this, you must also have a bank account in your name. These factors will improve your chances of securing a loan.
Know Your Financial Status
Payday loans help you out when you are temporarily out of funds. Even then, you must assess your financial status before you borrow the money. You need to be able to pay back the money that you have borrowed.
Hence, you should only apply for a loan if you are sure that you will be able to pay it back.
Understand the Process
The process for online payday loans is different from offline payday loans. Generally, the online process takes less time, and it is very simple. You will need to provide a few details for the approval process, such as your identity proof and proof of income.
The whole process is done online, starting from the application form to the approval. Moreover, online payday loans do not take up much time to get approved. Lenders will ideally approve the loans within a few minutes and transfer the funds in 24 hours.
Compare Interest Rates
When you talk to different lenders, they will provide information about the interest rates and repayment terms. Compare these interest rates and check which one is the best. Research is essential when you are applying for online loans.
You can check out different platforms and see which interest rate is the most feasible for you. This is an important factor because a high interest rate can create issues for you.
Are Online Payday Loans Legitimate?
The online payday loans we have reviewed in the article are legitimate. There are multiple lenders in the market, and it can be hard to differentiate between scammers and legitimate ones.
A real lender will have a license and will have permission to operate in your state. Before you associate with a lender, check their website and see if they operate in your state. Lenders who do not operate in your state and still agree to lend you money are scammers. You should always avoid these lenders.
Do not ever operate with a company that does not have a legitimate license. If you are unsure about the legitimacy of your lender, you can check for information from the state attorney general’s office. They will have details about the companies or lenders, and you can see if you have chosen the right lender.
Is It Possible To Get A Loan With 450 Credit Score?
Yes, it is possible to get a loan with a 450 credit score. These lenders provide you with online loans even with bad credit. However, the lower the score, the higher will be your interest rates. On the other hand, if your credit history is good, you might get a considerably lower interest rate.
Payday loan rates are generally higher since they are short-term loans. A 450 credit score is below average, so the interest rates will be considerably higher than normal.
When applying for payday loans, your income source matters more than your credit score. You can easily apply for loans despite having a 450 credit score if you have a steady income.
Are There Any Alternatives to Payday Loans?
Due to the higher interest rates in payday loans, many people search for other alternatives. If you are not comfortable paying such high interest rates, below are some personal loan options you can choose from.
When you borrow money directly from the lender, it is called peer-to-peer lending. There is no middle man in this type of lending, and the interest rates are much lower. If you are unable to afford high interest rates, this is the option for you.
You can ask for an advance on your paycheck from your employer. You can share your issues with them and ask for the exact amount you need.
Your employer can provide you with the cash up front, which will not be a debt on you. There are no interest rates or repayments involved. You will be using your own money for emergencies. This is great if you have a steady income and will be able to manage your budget for the next month.
Credit Card (0% Interest)
A 0% interest credit card can help you take care of emergency expenses. There will be no interest rates for a certain time, giving you enough time to arrange the money. Use this credit card only for emergencies since there will be an inquiry when applying for a new card.
The inquiry will reflect on your credit history and affect your credit score.
Is It Necessary to Have a Bank Account for Payday Loan Approval?
Yes, you will need to have a bank account to be eligible for payday loans. Lenders will ask for a checking account in your name where they can deposit the loan amount. There are other requirements you need to fulfill for being eligible for online loans.
You need to be more than 18 years old and a permanent U.S. citizen. There should be a steady source of income, without which you will not be approved for the loans. This income should be a minimum of $1,000 per month after taxes.
You will also need to provide personal information like your name, email address, work number, and home number. The lenders might also ask for your social security number in some cases to verify your information.
Ensure that you provide the information correctly to connect with a lender.
People who do not have a checking account can also use their savings account. You still might get the loan in some cases, even if you do not have a checking account. However, this depends on the terms and conditions of the lender.
If you do not have a bank account, the lender may send the money in cash, check or debit card via mail. You will also have to be clear about how you will be making the payments to your lender.
FAQs Regarding Online Payday Loans
Q. What happens if I fail to make the repayments?
If you cannot make the payments, you will need to first communicate with the lender and ask for an extension. In most cases, the lender might give you a few days of extension. However, if you still cannot make the full payment on the due date, the lender might work with you and reduce your monthly payments by extending the repayment period.
In such cases, you will need to pay a late fee or due fee to your lender. This might be harder on you if you are struggling to make ends meet. Lenders will take legal actions against people who are unable to make payments at all.
That is why you must take online loans only if you can make the payments. If not, it might become an extra burden on you and engage you in a legal battle that you cannot afford.
For people unable to afford the payments but needing emergency funds, one of our alternative options may be the most suitable choice.
Q. Will the payday loan get affected based on where I live?
Whether online or offline, the rules and regulations about payday loans are different for every state. Even online payday loan companies will have to adhere to the laws of the state they are functioning in. Many platforms avoid operating in certain states if they feel the rules are not aligning with their business terms.
For example, MoneyMutual does not function in New York due to the same issues. Moreover, many states ban payday loans altogether. Even online platforms cannot function in those states without legal implications.
The states that allow payday loans might also have some restrictions. These restrictions may be about the number of loans one individual can take or the interest rates.
Q. What are the primary requirements of a payday loan?
Online payday loans do not have too many major requirements. There are just a few criteria that you need to fulfill to be eligible for online payday loans. They are:
- 18 years or above
- Valid and open checking account or savings account
- Proof of income
- Valid email address, work, and home phone number
- Social security number
Lenders will also conduct a soft credit check in most cases. This will not reflect on your credit report but will help the lender determine your credit situation.
Emergencies requiring extra money may occur now and then. However, people with a strict budget may not always have emergency funds at their disposal. Similarly, asking for money from friends or family may not always be an option for certain people either.
In such cases, online payday loan platforms can offer a way out, and connect you with a range of reliable lenders. These platforms have a large network of lenders who can provide you with the best loan terms.
You can compare the loan terms, interest rates, and repayment period of each lender. Depending on which conditions suit you the best, you can make your pick. However, make sure that you read the terms and conditions carefully before you accept the final offer.
We found MoneyMutual and BadCreditLoans to be the best online payday loan platforms. With online payday loans, you will get quick financial assistance for any unfortunate situation.