5 Best Payday Loan Companies for Instant Approval Emergency Loans Online

Payday loans are sometimes the only option for borrowers with bad credit, no credit history, or no bank account.

They only take a few minutes to apply for, are usually approved in less than 24 hours, and you receive your money almost immediately after the application is approved.

In exchange for these services, payday loan companies often charge much higher fees and interest rates than traditional bank loans - so be sure to choose wisely.

If you’re looking for the best payday loans online, make sure you read our in-depth review.

Best Payday Loans Online:

1. Money Mutual – Best Payday Loan Company Overall

Pros:

  • Minimum loan starts at $100
  • B+ rating by Better Business Bureau
  • Used by over 2 million customers
  • Easy to use
  • Quick loan approval rate

Cons:

  • Not available in NY or CT

For times when you need a small amount of emergency cash and don’t want to take on too much debt -  you need a lending platform like MoneMutual. 

Trusted by over 2 million customers, this lending service focuses on providing a higher standard of customer service than some other lending marketplaces out there. 

Loan Amount – 4.4/5

Loans offered on MoneyMutual are lower than the ones you’ll find on BadCreditLoans and CashUSA. 

For example, the minimum amount is $200, while the maximum is $5000. This makes it better suited to borrowers who need a small amount of emergency cash that they plan to pay back within a short period. 

Application Process – 4.5/5

MoneyMutual has lower approval criteria than BadCreditLoans and CashUSA, making it suitable for applicants with lower income and bad credit history

The website streamlines your application process, which is a huge plus. Simply select the loan amount you want to apply for using the slider on the homepage. Then fill out a few simple questions about your personal information.

To be eligible for a loan from MoneyMutual’s lending partners, you must:

  • Be currently employed and making at least $800 per month after taxes
  • Be a U.S. citizen and over 18 years of age
  • Have an active checking account in your name

You'll be offered a loan and connected to a lender if you meet the requirements above. 

Should you choose to accept, the funds will be deposited in your account within a day. After that, you’re free to use the loan money for anything you want, from unexpected car repairs to covering late bills. 

Interest Rates – 4/5

MoneyMutual isn’t as transparent about the interest rates on its platform compared to the other top lending platforms on this list.

You should also note that  MoneyMutual doesn’t set the interest rates or repayment terms themselves. However, they do have control over which loan offers you receive.

Loan Terms - 3/5

Again, MoneyMutual isn’t transparent about the repayment terms on its lending marketplace. 

While the lenders are responsible for setting the terms, not MoneyMutual, it would be helpful for the website to give borrowers an idea of the average repayment terms before they apply.

Website – 4.5/5

MoneyMutual’s website is easy to use and contains a lot of helpful information, even if it does look a bit outdated. 

There are some educational articles regarding online payday loans and bad credit loans.

Additionally, they make it easy to unsubscribe from marketing communications, which is a great feature since the most common customer complaints revolve around spam marketers.

2. Cash USA - Best Payday Loan Service for Instant Approval

Pros:

  • No credit restrictions
  • Works in all 50 states
  • Secure platform with a trusted reputation
  • Website transparency
  • Loans of up to $10,000

Cons:

  • Slightly longer application process

CashUSA has earned its reputation as a trusted payday loan provider, quickly connecting you with its extensive network of large and small lenders. 

If you’re looking for a lending provider that doesn’t have any credit restrictions and offers loans up to $10,000 for any purpose - then CashUSA is an excellent option.

Loan Amount – 5/5

CashUSA offers a higher loan maximum than many other lending marketplaces. Borrowers can apply for loans between $500 to $10,000 from CashUSA’s lending partners. However, borrowers with lower credit scores will only receive limited offers with higher interest rates.

Application Process – 4.5/5

CashUSA makes the loan application process simple and quick

However, it does include a couple of extra steps compared to some of the other lending marketplaces on this list. 

That said, CashUSA is one of the best platforms for emergency funds - because once your application is approved, you’ll receive offers in just a few minutes. 

To be eligible for a loan from CashUSA’s lending partners, you must:

  • Be over 18 years old
  • Be a U.S. citizen
  • Make $1,000 per month after taxes, or more
  • Have a checking account in your name

If you meet the requirements and are connected to a lender, you’ll be offered a loan, and the funds will be deposited in your account within a day. 

If no lenders make an offer, CashUSA sends your information to other financial service providers that may offer debt relief or credit repair services instead.

Interest Rates – 4.5/5

Like BadCreditLoans, CashUSA doesn’t set the interest rates it shows you on the platform. As a lender marketplace, it only connects you to lenders. 

However, the lending partners displayed on CashUSA often offer personal loans with interest rates between 5.99% - 35.99% APR.

Loan Terms - 5/5

CashUSA is a lender marketplace, so it doesn’t determine the loan repayment terms for individual loans presented to you. 

However, CashUSA tends to display loans with repayment periods of 3 months to 6 years. This is a fairly generous repayment period compared to many online payday loan providers that demand payment within a few weeks after borrowing. 

Website - 4/5

CashUSA’s website looks a little bit dated, and it could use an update in terms of its design. However, it is still easy to navigate and contains a lot of useful information. 

For example, it has an educational resource section with an extensive history of blog posts on credit, finances, debt, and banking. For borrowers who want to be educated on personal finance topics before applying for a loan, they’ll find good information on CashUSA’s site.

Additionally, CashUSA is transparent in its data collection policies. 

Unlike many websites that attempt to obscure dishonest practices in legal terms, CashUSA lays out its terms and conditions in simple language that anyone can follow. In addition, the site is protected by industry-standard encryption and security measures to protect your data from hackers. 

3. BadCreditLoans – Most Streamlined Payday Loan Online

Pros:

  • Loans of up to $10,000
  • Good website user experience
  • Fast and easy application process
  • Offers other types of loans besides payday loans
  • Extensive educational resource section

Cons:

  • Poor rating from Better Business Bureau

BadCreditLoans has been in business for over 24 years, so you know they hold a good reputation.

They connect borrowers to lenders who offer all types of loans, including payday loans. With one of the best user experiences out of all the loan websites we visited, BadCreditLoans gives borrowers confidence that they’re dealing with professionals who have a large network of lending partners. 

In addition, the platform is easy to use and gives access to loans with longer repayment terms than average. 

In a marketplace full of poor-quality services, BadCreditLoans stands out as a leading example. 

Loan Amount – 4.8/5

BadCreditLoans offers a higher loan maximum than some of the other lending marketplaces on this list. Borrowers can apply for loans between $500 to $10,000 from BadCreditLoans’ lending partners. 

Application Process – 4.7/5

Applying for a loan on BadCreditLoans’ platform is a simple process and only takes a couple of minutes. First, you fill out the online information form with a few questions about your income and location. Then, the company sends your info to their network of lenders. These lenders decide if you’re eligible for a loan and will submit an offer for your approval. 

After you’ve examined the loan terms and compared any offers you received, you can accept. The funds will be directly deposited into your account – usually within one business day.

Suppose online personal loans are not right for you. In that case, BadCreditLoans offers access to many other types of loans. You can apply the same application process for a business loan, auto loan, student loan, or even home loan.

Interest Rates – 4/5

It is not up to BadCreditLoans to set the interest rates. As a lender marketplace, it only connects you to lenders in charge of the loan details. 

However, BadCreditLoans typically works with lenders who offer loans with interest rates between 5.99% - 35.99% APR.

Borrowers with lower credit scores will generally receive offers with higher interest rates. While a 35% interest rate is on the high end, it’s fairly standard for online payday loans and much less than the average payday loan rate, which can be as much as 400%.

Loan Terms - 5/5

BadCreditLoans offers a range of repayment terms through its lending partners. It is up to the lenders to determine the repayment period, but BadCreditLoans generally only displays loans with repayment periods of 3 months to 6 years

This is relatively generous compared to many payday lenders that demand payment within just a couple of weeks. 

Website - 5/5

BadCreditLoans.com has the most user-friendly website out of all the lending marketplaces on this list. It features an attractive, easy-to-navigate design and is not cluttered with unnecessary information. 

One reason it stands out is its extensive educational resource section. 

Here, you can learn about various financial scams and how to avoid them. This is important in an industry where many scammers fraudulently use the names of lending platforms to mislead borrowers.

They also give examples of how interest rates compound over time to help people understand how APR works. 

It demonstrates the extra effort they go through to make sure you are well-informed before applying for a payday loan through their lending network.

4. ZippyLoan – Best For Higher Loan Amounts

Pros:

  • High loan maximum of $15,000
  • Potential to build credit with some lenders
  • Good options for bad credit
  • Well-designed user interface

Cons:

  • Not available in NY, DC, OR, WV
  • Not transparent about fees and interest rates

ZippyLoan has the advantage of offering the widest range of loan amounts on this list. 

So if you’re looking for a payday loan of up to $15,000, this is the platform for you. In addition to providing an excellent user experience, the company has a B- rating from the Better Business Bureau. 

Loan Amount – 5/5

ZippyLoan offers a loan range of $100 to $15,000. This is the most flexible range among the lending platforms on this list. However, borrowers need to have fairly high credit scores to access the higher end of this range.

Application Process – 4.5/5

Applying for a payday loan on ZippyLoan should only take you around 5 minutes. Plus, they offer several options to people with very bad credit. 

They can even connect you to lenders to help you build your credit score. Since most payday loan lenders don’t report payment history to credit bureaus, this could be a positive for some borrowers. 

Interest Rates – 3.5/5

ZippyLoan doesn’t explicitly state the interest rates offered by most of their lending partners. However, their website does use example calculations demonstrating interest rates between 12% - 35.99%. 

If these are the average rates offered to ZippyLoan borrowers, then they are reasonable rates in the context of online payday loans.

Loan Terms - 4/5

ZippyLoan states that the repayment terms offered by their lending partners generally fall within the range of 6 to 60 months. This is fairly generous in the context of payday loans.

Website – 4/5

ZippyLoan’s website looks professional and features an intuitive layout that is a pleasure to use. Borrowers should have no trouble navigating the site and accessing different content. 

While it does offer some transparency, it doesn’t share as much educational content as BadCreditLoans or MoneyMutual. In addition, it gives a legal disclaimer about the way your information is handled, but not in terms that are easy to understand for most users.

5. 247 Dollar Loans – Top Payday Loan For Lower Amounts

Pros:

  • Loan minimum starts at $100
  • Fast and easy application process
  • Verified by the Online Lenders Association

Cons:

  • Loan maximum is only $1000
  • Not transparent about fees or repayment terms
  • Poorly designed website

247 Dollar Loans offers the lowest loan range on this list. While it won’t help you cover any major expenses, it’s often a better idea to use payday loans to cover small emergency expenses so that you don’t enter a cycle of debt. 

247 Dollar Loans isn’t as credible as some of the other platforms on this list. However, if you are struggling to get approved for a payday loan, it’s still a legitimate option to try.

Loan Amount – 3.5/5

247 Dollar Loans offers a loan range of $100 to $1000. This makes it best suited to borrowers who need quick and easy access to a lower amount of cash.

Application Process – 4/5

To get started, simply input your basic information into the form on the homepage. Then, you’ll be led through a short questionnaire that should only take 2-3 minutes. 

247 Loans advertises one of the fastest application procedures among the platforms on this list, so it might be a possible option in an emergency.

Interest Rates – 3/5

247 Dollar Loan isn’t transparent about the fees or repayment terms on the site. While they don’t set the interest rates or repayment terms themselves, it would be more helpful for borrowers to get an idea of the standard terms of their lending partners.

Loan Terms - 3/5

Again, 247 Dollar Loan doesn’t make any statements regarding the loan terms on its website. So if you want to see what kind of loans are offered, you’ll first have to apply.

Website – 3/5

The 247 Dollar Loan website doesn’t necessarily inspire confidence. 

While the platform is a legitimate lending marketplace that connects you to genuine lenders, it doesn’t appear as professional as the other options on this list. 

If you’re looking for educational content or a more intuitive interface, it’s best to consider MoneyMutual or CashUSA.

How We Selected the Best Payday Loan Companies

There are a lot of payday loan companies out there, and many have negative reputations. Borrowers should beware that many scammers are taking advantage of people who need bad credit loans or payday loans. 

So, we’ve only included legitimate payday lenders and removed the companies that didn’t appear trustworthy or have enough customer reviews to warrant a second look. 

All of the payday loan sites recommended on this list are lender marketplaces.

Online payday loan lender marketplaces do not directly loan you the funds themselves. Instead, they simply gather loan offers based on your criteria and offer you a selection to choose from. 

These sites exist to help you find the lowest rates and best loan terms on the market. Then, it’s up to you to choose your preferred option. 

Your loan terms are determined by the lender, not the sites listed above. So, we looked for payday loan lender marketplaces that facilitated this process in the best way possible. Some of our main selection criteria were:

  • How easy is the loan application process?
  • How large is the lender network?
  • What kind of fees do they charge?
  • What are the credit restrictions?
  • What rates do they offer?
  • How is borrower information handled or sold?
  • How useful is the website to borrowers even if they don’t accept a loan offer?
  • How smooth is the website’s user experience?
  • What are the customer reviews?

Finally, we’ve done our best to eliminate any obvious scams or websites that don’t operate legally. 

That said, it’s important to distinguish between scams and legal loan companies with high-interest rates. 

Payday loan providers can legally charge high-interest rates because they’re exempted from restrictions that apply to banks and other traditional financial institutions. This does not make them scams, but it does mean you should be careful about your borrowing decisions. 

If you do decide to accept a loan offer from a lender found on one of the marketplaces above, be sure to read through all the terms and conditions so that you’re aware of the repayment terms and aren’t surprised by any hidden costs and fees. 

Best Payday Loans: FAQs

What Is a Payday Loan?

A payday loan is a short-term loan usually processed within 24 hours, making them one of the fastest ways to borrow money. 

Payday loans may offer funds up to $10,000 but are mostly used for loans below $1,000 and have lower approval requirements than banks and traditional lending institutions. 

They also tend to have much higher interest rates and shorter repayment terms than other loans.

What Are the Advantages of Payday Loans?

Payday loans have some advantages over other types of loans, despite their high-interest rates.

For one thing, they are one of the most convenient, quickest loan options. You don’t have to leave your house to access payday loans and can complete the entire process online in a matter of minutes.

For borrowers with a poor credit history or no bank account, payday loans have the lowest barrier to approval and maybe the only option besides borrowing money from family or friends.

How Fast Are Payday Loans Approved?

Payday loans are usually the fastest loan option. Some loans are approved instantly if you meet the application requirements. Others may take up to 24 hours.

What Is the Average Annual Percentage Rate (Apr) For Payday Loans?

The average payday loan has an annual APR of around 400%, so be sure you understand the terms of your loan before applying. 

Additionally, payday loan lenders are often exempt from laws that limit high-interest rates. As a result, some lenders charge over 700% in annual percentage rate (APR).

My Payday Loan Says It Has an Interest Rate of 10% – Isn’t This Good?

Pay close attention to the repayment period when applying for a payday loan. Many payday loans appear to charge reasonable interest rates below 20%, but the repayment term is very short. This leads to a much higher APR than it might first appear. 

For example, a 10% interest rate with a repayment term of 14-days translates to around 260% APR. This is one of the crucial things to consider during your payday loan lender selection process.

Do Payday Loans Have Additional Fees?

Yes, if you don’t pay your loan back in time, you’re likely to be hit with additional fees. These can include:

  • Non-sufficient fund charges if your lender attempts to withdraw funds from your account and you don’t have sufficient balance.

  • Late fees if you don’t submit payment on time get compounded on top of your principal amount.

  • Rollover fees are added on top of your principal if you push back your loan’s due date.

Do Payday Loans Build My Credit?

No, payday loans won’t build your credit. 

Usually, payday lenders do not report your payment history to credit bureaus, so it won’t help you improve your credit score. However, if you fail to pay on time or default on your loan, the lender may report your account to credit bureaus, which will lower your credit score.

Does an Online Payday Lender Perform a Credit Check?

Many payday lenders don’t perform a credit check if they have your post-dated check available as security. 

Other lenders perform a soft credit check that doesn’t affect your credit score. If they don’t do a credit check, they’re likely to charge higher interest rates and fees.

Can You Get Cash Advance Loans Without a Bank Account?

Yes. Some payday loan lenders will approve your application even if you don’t have a bank account. 

Sometimes, all you need is a prepaid card account. However, the lenders who don’t require a bank account often charge higher interest rates.

How Do Payday Loan Marketplaces Make Money?

Many of these payday loan lending marketplaces do not charge for their services of connecting you to lenders and listing loan offers. However, they collect your data, which may be sold to lenders or used to market non-loan products. 

When you submit your requested loan details, the lender marketplace broadcasts this information to its network of lenders. 

If a lender reviews your information and wants to offer you a loan, they pay a fee to the marketplace in exchange for getting connected to you. Therefore, the order in which you see the lenders’ offers may be directly related to the amount the lender paid to be included in the offer list. 

In addition, the loan marketplace may display ads or receive compensation for sharing your information with non-lenders.

What Do Payday Loan Platforms Do With My Personal Information?

It’s important to understand what these companies do with your data so that you’re fully informed should you decide to proceed with the loan application process. 

While it varies from company to company, here are some of the common ways that your information is used: 

  • It is shared with all the lenders in the primary network so that they can decide whether you meet their criteria for a loan. You don’t have a say in who receives your information.
  • It is shared with non-lender, third-party networks. These loan aggregator companies contact other lending networks to see if any lenders will meet your criteria for a loan. If there is a match, they pay a fee to the lending marketplace where you submitted your request, so they can be connected to you.
  • It is shared with lending partner services. This includes service providers who purchase web traffic, perform credit checks, verify your identity, and perform other services related to your loan application.
  • It is shared with advertisers. When you submit your information, it’s used to display ads that may or may not be related to payday loans. This includes financial products and services related to debt relief, credit repair, or credit monitoring.
  • It is used to market other financial products to you in the future. For example, when you submit your information to a lending marketplace, you’ll most likely be added to a marketing list. In addition, this will be used to market other finance-related products to you in the future by email, text, phone, postal mail, or other methods.

How Do I Choose the Best Payday Loan for My Needs?

When choosing a payday loan, first understand that you should only use it as a last resort. Other types of loans for people with a bad credit score offer lower interest rates and more security. 

However, if a payday loan is your only option, be sure to choose a legitimate company, such as MoneyMutual or CashUSA.

The other main thing to consider when choosing a payday loan is the repayment terms.

Since payday loans can have extremely high-interest rates, it’s best to use a lender marketplace like the ones on this list. This will allow you to assess which lenders offer the best repayment terms.

In addition, be sure to read online reviews from customers who have used the lender’s services in the past. 

It’s the best way to judge the lender's legitimacy and learn about how they’ve treated their customers in the past. 

When reading online reviews, keep in mind that payday lenders are likely to have many negative reviews from people who’ve gotten caught up in a cycle of debt. Unfortunately, this is a common scenario with payday loan borrowers, so be a wise borrower and don’t take on more debt than you’re able to repay. 

Finally, remember that the offers you see on payday loan websites may not be the best available option for you. We are not offering financial advice, only suggesting which online payday loan lenders are better than others. 

What Are the Best Online Payday Loans?

Payday loans can be a convenient way to access cash in emergencies. However, you should approach these loans with caution. 

If you’re already in a precarious financial position, payday loans can quickly snowball if you submit a late payment. 

Always be sure to read the terms and conditions carefully and make sure you can repay the loan on time. Only use them to pay for essential items, not luxuries like a vacation or a new car. 

Before signing up for one of the platforms listed above, be sure to do your own research. Explore each site and contact their customer support if you have any questions or concerns, we can attest that MoneyMutal and CashUSA take customer service seriously, and will answer any questions you may have.

Additionally, the best course of action is to consult with a qualified financial advisor before making any long-term financial decisions. 

Best of luck and thanks for reading!

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