Best Online Payday Loans for Instant Cash Advance 2021: Top Direct Lenders for Same-Day Loans with No Credit Check and Guaranteed Approval
Making ends meet is no easy task. With everything from utilities, groceries, rent, doctor’s appointments, or a well-deserved treat, money seems to disappear quickly. However, this is where simple and reliable online payday loan networks that can have your back in those dire times can come into play.
But, what are online payday loans? Payday loans or cash advances are short-term and relatively small loans to help you fulfill all surprise expenses from month to month. These loans are a fast and easy solution to provide you with some much-needed extra cash from the comfort of your home. Best of all, they come without overly complicated processes that often have the tendency to hinder your day-to-day life. The online modality allows you to reach for assistance from a vast network of lenders. That way, you can rest easier with a wide range of ready solutions to your problems.
So, you can forget about the traditional ways of driving endless hours to find a broker or pawnshop willing to make a deal that is fit for you. Online, you can have a wide network of registered lenders at easy reach.
Before applying for a payday loan, there are a few things you need to know first. For starters, what is the difference between in-store cash advances and online lenders? Online lender networks — such as those discussed below — offer 24/7 information and a comfortable option to request loans at your leisure.
Likewise, are you opting for a quick loan to pay off at once or something more evenly distributed? Installment loans are usually short-term and debited monthly. These are great options for all kinds of loans, as they allow your payment flexibility to juggle your monthly expenses better and avoid a debt cycle trap of roll-over loans.
Overall, the online payday loan networks listed below all generally take into consideration people with low credit scores, making loans more accessible. However, they tend to come with noticeably higher interest rates than other available options.
You can borrow as much or as little as you need with loans that fit your specific situation and income. The main issue comes from knowing which network is genuinely reliable and responds to your necessities with ease.
Top 4 Best Online Payday Lenders for Fast Cash Approval
- MoneyMutual: Overall Best Online Payday Loans with Guaranteed Approval
- BadCreditLoans: Trusted for Installment Loans & Payday Loans Online
- CashUSA: Most Recommended for Fast Cash Loans Online
- Personal Loans: Top Choice for Same-Day Loans & Speedy Cash Installment Loans
#1. MoneyMutual – Overall Best Online Payday Loans with Guaranteed Approval
MoneyMutual is our number one choice.
When it comes to online payday loan options, this platform has a perfect balance between affordable, reliable, and lenient. If you are struggling with money and want an efficient solution to pick yourself up, this is the one. Besides, it is widely trusted and highly rated by its over two million customers.
This marketplace offers a wide variety of loans, including payday loans, installment loans, and bad credit loans. Through this marketplace, you have a minimum loan amount of $200 and up to $5,000. Of course, the availability of lenders for the amount you require will also vary depending on your credit score and credit history, and requests for smaller funds are more likely to be approved.
Do keep in mind that a lower credit score will generally result in higher interest rates from lenders. But just because of a bad credit score, at least in Money Mutual, you will not be denied the options you need to meet your needs.
In addition, interest rates vary significantly from loan to loan, as MoneyMutual is not a direct lender itself. Instead, it is a network that connects you witha lender that can better answer your needs. This means that while you may be quickly put in contact with a potential lender, it is up to you to revise their information and rates to make sure you are truly getting into a beneficial deal.
- Minimum monthly income of $800: The service is entirely free and offers a network of licensed lenders that can provide you a short-term loan with a low base income as a requisite. In contrast, most online payday loan sites will request a monthly income of at least $1,000.
- Minimum loan request amount of $200: If you are looking for an especially small loan, MoneyMutual allows you to request funds of as little as $200, which is considerably lower than other lenders’ marketplaces.
- Easy request form: It is as simple as filling out the website form, and all it takes is three simple steps. First, provide your information, from basic contact information to the amount to borrow. Lenders will then review the information provided and connect with you within minutes of filling in the form. You can then review the lender information, repayment terms, and more and decide if they are the right fit for you. If they are not, simply search for another option. After the loan is approved, get your money within the next 24 hours (depending on the lender).
- Valuable educational resources: This online payday loans website has plenty of educational information available. With this, you can ensure you make an intelligent choice when requesting your loan online.
- Request funds from $200 to $5,000
- Free to use service
- Quick and easy to fill online form
- Connect with potential lenders in a matter of minutes
- Once approved, you can receive funds in as little as 24 hours
- Unavailable in New York and Connecticut
- Upper loan amount limit is small
⇒Visit the official website of MoneyMutual
#2. BadCreditLoans – Trusted for Installment Loans & Payday Loans Online
BadCreditLoans offers business loans, auto loans, student loans, mortgages, and debt consolidation loans. This network is particularly open to applicants with low credit scores, which makes them otherwise incapable of accessing other forms of easy cash for emergencies. Their minimum loan amount starts at $500 and goes up to $10,000. While these are relatively small loans, they are an excellent solution to handle emergencies.
BadCreditLoans is committed to offering good financial options. So, if you are looking for a fast and trustworthy loan, the BadCreditLoans platform hits the sweet spot between fast money and reliable lenders with reasonable interest rates. If you are someone who would otherwise struggle with getting a quick loan, this website is an excellent tool for you.
- Especially lenient with bad credit holders: As the name suggests, BadCreditLoans’ lending options are specially made for those whose options are cut considerably due to their credit score and history. If, for whatever reason, you have accumulated a bad credit score through the years, BadCreditLoans is a platform that can help you increase your options tenfold. Are you struggling to pay rent? Need to pay car maintenance? Not enough money to make a decent grocery shopping trip? Whatever your need, with BadCreditLoans, all you need to do is a quick and straightforward process, and you will be ready to go.
- Free service all over the U.S.: This network connects you with lenders all over the United States. The loans and repayment terms are small, so you can comfortably borrow the money you need with little fear of falling into a debt cycle trap.
- Accessible and easy to use: You can connect with as many lenders as you need to before finding the right match for you by filling in the request form only once. That way, you can quickly review the terms and policies of each lender and compare the interest rates, repayment terms, and overall trustworthiness. The best part is that you hardly need to walk out of the house.
- Easy-to-use website: This website can save you hours of driving around and considering different options. In just one click, you have at your disposal an entire directory of licensed lenders in the U.S.
- Specialized in short-term loans, with repayment terms under 36 months: With BadCreditLoans, you can find a quick and reliable solution through which you can make sure you do not end up paying more in fees and interest than the original amount borrowed.
- Request funds from $500 to $10,000
- Service is free to use
- 36-month repayment term
- Swift funds disbursement
- Accepts bad credit holders
- Easy to use
- Easy connection with multiple lenders
- High interest rates to compensate for low credit scores
- Relatively small loan amounts
⇒Visit the official website of BadCreditLoans
#3. CashUSA – Most Recommended for Fast Cash Loans Online
As an online payday loans marketplace, CashUSA puts at your disposal a vast network of licensed lenders in the U.S. Once you have provided your information, you get paired with a lender that can supply your needs. Best of all? It is a fully free service.
If you feel insecure with the lender at any point in time in your request, you can always just say no, as simply perusing the proposed lenders puts you in no compromise at all. So, before you agree to anything, be completely certain you know precisely what you need, and make sure to pick an option tailored to your needs.
Once connected with a lender, just make sure you read through their terms and conditions thoroughly. As a lending network, CashUSA does not control fair interest rates or payment terms, as those vary from lender to lender.
So, do not rush into anything that does not feel right. If a deal is not convenient for you, feel free to say no without guilt. Avoid a bad experience and do your research to choose what is best for you and your specific situation. The research in question includes reviewing repayment terms, annual percentage rates (APRs), lenders’ policies, and more.
With this online payday loans website, you are not restricted to essential expenses when applying for a loan. Go big, go small, or go home. With Cash USA, it is entirely up to you to decide what is worth the risk.
- Request loans up to $10,000: With CashUSA, you can apply for loans starting at $500 and up to $10,000. The minimum monthly income requested to apply for a loan at CashUSA is $1,000. Once the loan is approved, you can receive the requested funds straight into your bank account within the following business day.
- Educational resources provided: The CashUSA website has many educational resources and articles that can help you choose the right lender. Not only that, but they also offer valuable material that can help you efficiently spot any predatory lenders.
- You can request a loan for practically any purpose: On some other lending platforms, it is practically impossible to get money for certain things. For example, if you apply for a loan and you state you would like to use it to renovate your home, you would be expected to do just that with the money. Even if another emergency comes up along the way, it will be unnecessarily difficult to get the approval required to divert the funds. However, one of the most significant benefits CashUSA offers is its leniency in the purpose of the loan requested. What one considers an emergency can be very subjective, so you can connect with lenders for all types of reasons with this marketplace. This flexibility gives you ample room to strive for any big purchase that you might not be able to make under different circumstances.
- Multiple loan options: The loan options available on the CashUSA website include debt consolidation, business, emergencies, vacation, car repair or purchase, taxes, rent or mortgages, moving expenses, weddings, home improvements, medical bills, student loans, and major purchases. Essentially, it offers loans for a little bit of everything.
- Request funds from $500 to $10,000
- Free service
- Quick funds disbursement after loan approval
- Direct deposit into your bank account for easy access
- Multipurpose loans
- Relatively small loan amount
- High interest rates
- Multiple fees may complicate the repayment process
⇒Visit the official website of CashUSA
#4. Personal Loans – Top Choice for Same-Day Loans & Speedy Cash Installment Loans
With the help of Personal Loans, you can apply for — and get — loans for a wide variety of reasons. Plus, this online payday loans website offers a notably higher loan amount than any of the platforms listed below. If you are looking for a considerable sum, Personal Loans offers a good balance between immediacy, security, and affordability.
As with most online payday loan marketplaces, Personal Loans can put you in contact with lenders with interest rates ranging from 5.99% up to 35.99%, depending on your credit score. Keep in mind, however, that a lower score will likely mean higher interest rates.
If you are undecided about applying for a loan at all, you do not have to worry about damaging your score just by looking. A match does not mean a hit to your credit score, as that can only be affected if you fail to keep up with any incurred payments.
- Request loans up to $35,000: Through Personal Loans, you can request funds starting at $1,000 and up to $35,000. Then, upon approval, the lender can deposit the funds directly to your bank account as soon as the next business day.
- Minimum credit score of 500: This score falls on the upper side of a bad credit score (around 300-579). Any lower than that, and you will not be able to apply to any lenders within its networks. This means that unlike other networks in this online payday loans list, it is not as lenient to people with especially bad credit scores.
If your score falls on the fair-to-excellent side, you might want to consider other lending options with better interest rates. You can do some research on personal loans, credit union loans, bank loans, or others, and they might be a better fit for you and easier to handle. However, if all things are considered and an online lender seems like the better option, simply make sure to check all of the available information before making your final choice.
- Easy accessibility to licensed lenders. Like many other listed platforms, Personal Loans offers accessibility benefits that in-person cash advances or pawnshops simply do not provide. The best is the ability to get a general overview of all available lending options.
- Request funds from $1,000 up to $35,000
- Free to use service
- Get in contact with potential lenders in just minutes
- Funds available the next business day
- Loan repayment terms from 3 to 72 months
- Multipurpose loans
- High interest rates
- Minimum credit score of 500
⇒Visit the official website of Personal Loans
How We Made This List
When looking for an online payday loans marketplace, you will undoubtedly come across a multitude of sites. One carefree search of “online payday loans” will offer thousands upon thousands of results. But, just because it is there does not mean it is trustworthy. That is especially true if we are talking about online services. So, how do you know the ones to trust?
When looking for a loan online, it is not only a matter of finding a website with a presentable design and legitimate-looking interface, as you also need to do a thorough inspection, checking to see if everything is in order. Because we have you at the forefront of our minds, we took care of that and curated a list of the top four most trustworthy online payday loans networks in the market right now. These websites offer a well-nourished directory of registered U.S. lenders that can answer your needs in a legitimate, secure, quick, and simple way.
What We Looked For
After an extensive search, we picked our winners based on the following standards:
- Reliability: The same benefits online transactions offer — ease and accessibility — makes them equally vulnerable to deviant manipulation. In current times, it is far too easy to fall for a well-disguised trap, especially on the topic of money loans and other delicate information, as there are online predators and scammers abound. That is the reason you need to be even more careful, as protecting your information and your income is vital, especially if you are already in the middle of an emergency. We made this list taking into consideration the reputation and legitimacy of the networks we rounded up. So, these marketplaces all have broad networks of licensed lenders to fit your specific needs.
- Availability: In most cases, the networks listed operate all over the United States without issue so you can get in easy contact with lenders in your state.
- Functionality: These marketplaces all have user-friendly interfaces that allow easy and quick solutions to your problems. In addition, they let you actively compare all lender offers to make an educated bet on the best option for you.
- Security: The lender networks all comply with industry-standard encryptions for higher security, ensuring your privacy and the correct handling of your delicate information.
How to Choose the Right Online Payday Loans Network
Each one of these four online payday loan marketplaces is a bridge between you and your potential lender. As such, they have no control over specifics, including interest rates, repayment policies and terms, and many more factors that come into play. As a result, it is up to you to verify the legitimacy of the lender.
The main advantage of payday loans is clear — immediate cash. But, the risks are many, so be careful when accepting an offer. You should dive into the how, when, and why of online payday loans.
Set Your Priorities
First and foremost, it is essential to have your financial priorities clear from the start. That way, you will know the sacrifices you are willing to make and when a risk is worth taking. Being honest with yourself upfront can save you a lot of trouble and stress and, perhaps more importantly, allow you to avoid falling into a debt cycle. So, before you accept an offer, exhaust all other options. Is there anyone you could ask for a personal loan? Could you request a credit union loan? Is the money you are looking to borrow genuinely essential?
Research Interest Rates
Online payday loans, overall, tend to come with higher interest rates. This is because most of these platforms serve people with lower credit scores, which is relatively riskier than lending to those with higher credit scores. Therefore, the lenders decide to hedge their bets on higher interest rates.
Aside from high rates, and in some cases because of them, taking on a payday loan can make meeting your monthly necessities even harder by creating an extra expense for you to meet. To top it all, if you are unable to meet your loan payments, this can further negatively affect your credit score, too. Since most of these loans are due to be repaid quickly, it can be way too easy to be late or altogether miss a payment. Most borrowers eventually renew their loans or finalize them only to return looking for a new one the following month.
The important thing is knowing how much or how little to take on. Remember, smaller amounts are more likely to be approved and also much easier to repay.
If you are actively serving in the armed forces, are a veteran, or are related to one, you must provide this information. If not, make sure to make it known, as special requirements and accommodations apply to loans for people with military service.
Check the Lender’s APR Policies
One of the fastest ways to identify a bad deal is the little to no focus on the APR on the lender’s website. A trustworthy lender will be honest and upfront with you about the gross amount of your loan. If you cannot find the interest rates easily on a lender’s website, that is usually a big, bright red flag.
Incidentally, if the focus is on a long-term loan, that is usually a pretty good sign you should be looking at another option. Longer repayment terms — especially considering higher interest rates — can most certainly mean you will end up paying twice or even three times as much as you originally borrowed in interest alone.
Beware of TooGood Deals
Does your lender promise absolutely no credit checks? Are they offering the ideal amount and then some, with little to no inquiries? If a deal seems like it is too good to be true, that is probably because it is.
While these platforms are suitable for a fast and easy way to acquire money, you should still be wary of lenders trying to rush you into a decision or that are just a little too insistent you take their deal.
Many people online will take advantage of your desperation about wanting to handle an emergency. They will paint an ideal picture and then keep you hooked, in many cases driving you into a seemingly inescapable debt cycle — emphasis on seemingly. There are many ways to get out of a bad deal. But trust us, it is better to avoid them altogether. So, do not let your stress get in your way, and really do your research before accepting any deal.
After reading this article, we are sure you still have questions. This is understandable, as incurring debt of any kind is a hassle all in itself. Adding to that, the fear of scams, predatory loans, and other risks makes you second guess everything. But, as they always say, knowledge is power, so make sure you find out as much as you can before making any decisions.
Q1. What are the basic requirements to apply for an online payday loan?
Requirements will vary from lender to lender, but most online loan networks follow a basic list of requirements. For starters, you have to be a U.S. citizen or permanent resident of at least 18 years of age with a valid bank account. Depending on the network you choose, you will need to present proof of a monthly income of $800 or $1,000. Aside from that, you will need to provide a valid phone number and/or email address as well.
Furthermore, there are other specific requirements, such as credit history and other pertinent, additional information, to be finessed once you are in contact with a potential lender.
Q2. Do I need a checking account to apply for a loan?
Requirements vary. However, a valid checking account is almost always a must, especially if you are putting in the request online through one of the online payday loan networks listed above.
Once you have connected with a potential lender after filling in the form on the website of your choosing, you may verify the specific requests of the lender. This includes not only whether you need to have an active checking account but also other pertinent information such as rates, terms, and policies.
Remember, you are not obligated to accept any loan offer that does not fit your needs. If you have any reason to mistrust or be uncomfortable with the terms of the lender provided, you can always try with another one that offers you a better deal.
Q3. Can I apply for a loan if I have a low credit score?
Yes. In fact, online payday loans are generally more lenient for people with bad credit scores.
Do keep in mind, however, that with a lower credit score (580 or less, on average in the U.S.), you are more likely to get higher interest rates. These fees are the lender’s contingency to ensure their revenue from the loan. But beware — just because your score is below average does not mean you have to take on an excessive load. Always check all available options, and do not let desperation get the best of you. If you fail to do this, you may end up paying in interest more than twice as much as the amount you initially borrowed.
Q4. What if I cannot make my loan payment?
If you believe, for any reason at all, you will not be able to make the payment on your loan, you should contact your lender ASAP. Let them know your situation, and you may be able to arrive at a compromise. Alternatively, you may get a different due date that works for you.
The job of a lender should be to make your life easier, and as such, they should be able to accommodate you reasonably. Either way, it is better to be upfront about your budget to avoid any major issues.
Always make sure you are responsible for your loans. Do not enter a deal you know or think you may not be able to fulfill, as that will only serve to put you in a tighter spot financially.
Q5. Do payday loans affect my credit score?
Late payments or refusing to pay entirely can and will affect your credit score. Failing to make a payment will not only result in additional fees, but it will also reflect poorly on your credit. But, inversely, making your payments in time can also help you improve your score, thus opening up more options to you with every well-handled loan.
However, it is interesting to note that online payday loans are not all automatically listed in credit reports. It is up to your lender to report it, and most of them do not tend to. However, if you do not pay them, they may report it as a result. So, it is more likely a payday loan will affect your score negatively than positively. As stated, it is of the utmost importance to enter any loans responsibly, as you do not want to end up getting yourself into even more financial trouble than with what you started.
Q6. What counts as an income to apply for a loan?
There are many ways you can receive the minimum required money ($800-$1,000) without having a regular job, as payments related to social security, disability, pension, military, and more count as an income. It just needs to amount to the required minimum, which may vary depending on the platform you chose and your lender.
Likewise, if you are an independent worker, you can apply as well. You simply need to provide the legal name and phone number of your business.
Final Thoughts: Choose a Trustworthy Online Payday Loans Network
An online payday loans network can be your biggest ally in times of need. But, in the end, payday loans will only serve you if you know how to handle them. If you are not careful enough, you might fall into the trap of shady deals that can get you into an even deeper mess than you were in the first place.
So, it is important to remember that loans are not something to take lightly — however big or small they may be. If you are already struggling with expenses on a monthly basis, adding the payment of a loan will make it harder on you. The only thing these four marketplaces do is offer trustworthy solutions for you when nothing else seems like a good choice. But, they are not and should not become your go-to.
With these four online payday networks, you have a directory of licensed U.S. lenders that can help you get a payday loan in an emergency. However, you sould use the service wisely, and always double-check the lender’s policies before accepting any deal to save yourself the extra stress.