15 Best Payday Loans (Most Trusted Loans Online)

If you are in urgent need of cash, the first thing that comes to your mind is taking a loan. But most of the loan service requires you to have great credit points. Not every one of us has quality credit points. Getting loans can sometimes take a lot of time too. The best way to get loans in these situations is by applying for the best payday loans around. 

The top payday loans don’t ask you to have a lot of credit points, and the whole process doesn’t take a lot of time, too, unlike other loan options. You can even apply for loans online and get approved from the comfort of your home. Payday loans are also known as short-term loans as you get to borrow money for a short time and return it within a week or two to avoid the high-interest rates. Even if the personal loans or credit is still considered the best option as it comes with lower interest rates than the payday loans, but still, payday loans are a lot faster. 

We will mostly cover the online payday loans in this article and bring you some of the best payday loans online. Though there are high-interest rates in payday loans, and there are high late payment charges, payday loans do have a lot of pros too. So, let’s first learn more about what the online payday loans have to offer us –

• Easy application process.
• Works even for low credit scores, most of the time.
• Fast money credit process – within a day or two.
• Interest rates are capped in most of the states.

1. Viva Payday loans

Viva loans are one of the best payday loans available online. Along with its reputation, it offers quite affordable charges. Like many other online payday loan services, viva offers a straightforward and easy application process.

You can even select the loan repayment period while filling the online form. With a repayment period of about 90 days to six months, you can apply for $ 100 to $ 5000. The services charges vary from 6% to about 36%. So, Viva Payday loans are one of the best online payday loans. 

Pros: 

• Easy and smooth interface
• Covers a wide range and available in almost every state in the USA

Cons:

• The cost can get high depending on your state and can increase a lot. 

2. Check into Cash

Another established payday loan lender. Check into cash offers the first service and offers great customer service. It has more than 800 physical stores all over the US. You can apply for loans to cover your electric or house bills up to $ 1000.

As it has got many physical stores, customers can get that extra helps directly. It offers online service, too, and can approve your application within an hour. With affordable rates, Check into Cash is one of the most reputed and most trusted payday loans online.

Pros: 

• Over 800 physical stores in the US
• Straightforward application process

Cons:

• Average rates

3. LendUp

LendUp is a great platform if you want small loans. You can also apply for the repayment process in installments. Founded in 2011, LendUp offers one of the best rates in this field.

If you are a regular customer, LendUp can offer you extra offers and incentivize your application. LendUp also offers financial courses for its top customers. LendUp offers a quality customer service, too, and has a Trust pilot rating of 4.8 and A+ BBB rating. 

Pros: 

• Affordable rates
• Installment options
• Additional Offers for repeat customers

Cons:

• Third-party involvement in the financial field

4. Loan Solo

Loan Solo has the best on phone-pay loan application processing. Along with the quality online portal, Loan Solo also offers loan over the phone loan applications. Loan Solo links lenders to customers an is a great platform to get payday loans as per your comfort.

You can get up to $ 1000 cash advance for your next paycheck. With a better credit score, you can even apply for higher amounts. 

Pros: 

• Connect customers with loan lenders
• Fast application process
• Both online and over the phone application process

Cons:

• High late payment fees
• Offers only up to $ 100 for customers with low credit scores

5. CashNetUSA

CashNetUSA is famous for its efficiency in supplying funds with industry-standard rates. Covering almost 30 states, CashNetUSA has a Trust Pilot rating of 4.6. It offers short term loans to customers with low credit scores since 2004.

The loan amount ranges from $ 100 to $ 3000 in a single installment. It has a fast delivery service and can provide you with the loan amount on the same business day and provides free online resources.

Pros: 

• Speedy deliveries – within a day 
• Reputation

Cons:

• Only available in 30 states

6. Check ‘n Go

Check ‘n Go is one of the best payday loans with over 1000 physical stores nationwide. The offline availability is over 27 states, and the online portal for the same is available over 16 states. They offer up to $ 3000 to their new customers. They have industry-related rates and are quite affordable. Dealing with their loan managers in person can most of the time guarantee faster deliveries. 

Pros: 

• Speedy deliveries 
• Affordable rates
• A+ BBB rating

Cons:

• No online portal available in most of the states

7. Extra Lend

Extra Lend is widely known for its protection on its browser portal with 256-bit encryption and is one of the most trusted payday loans online. It offers up to $ 5000 and has options to extend the repayment period. The platform is user-friendly and has an easy application filling process, and you can receive the loan on your bank account within a day or two. 

Pros:

• Speedy deliveries 
• High loan limit
• Secured platform

Cons:

• Expensive APR

8. Oportun

Oportun offers a reasonable rate to its customers for payday loans. It has a record of issuing over three and a half millions of loans since 2005. It offers a good repayment interval and makes sure that the customers feel great about their service.

The platform might ask you for your income poof to make sure that you’ll be able to make the repayment in time. It has got a lot of financial resources for its customers.

Pros: 

• Speedy deliveries 
• Installment options
• Free financial resources
• A+ BBB rating

Cons:

• Active in only 12 states

9. Indy Lend

It is considered to be one of the best online payday loans as it can offer a loan of more than $ 5000. It has a quality loan application process and is convenient for most of the users. 

Indy Lend would take only a few minutes to complete the application. Another thing to watch for in this platform is the fact that it offers loan renewal for its customers as the period gets over and doesn’t charge a lot of late payment fees.

Pros:

• Helps in rebuilding credit scores for its users
• It takes minutes to complete the loan application process
• Loan Renewal available

Cons:

• Active in only 12 states

10. Rise Credit

With an A+ BBB rating and a 4.5 Trust Pilot rating, Rise credit is available in 28 different states across the country. It can also improve your credit rating like Indy Lend and also offers free financial resources online. It offers affordable repayments and can provide loans up to $ 5000. The rates are more expensive than other platforms with rising credit.

Pros:

• Helps in rebuilding credit scores for its users
• Free financial resources 
• Affordable repayments
• The reward for on-time repayments

Cons:

• Expensive rates

11. Earning

Earnin is one of the cheapest options in this category. Though its not a full payday loan scheme, but is a promising platform for users, who wants to get loans for small amounts regularly. There are no expensive rates. Rather you can get rewarded on making successful repayments. The Earnin app is available in both android and iOS.

Pros: 

• Minimal charges
• Easy to use platform
• Fast delivery

Cons:

• Borrowing limit up to $600
• Not available for freelancers. 

12. Speedy Cash

Speedy Cash is one of the best payday loans which offers low charges for loans. Being one of the oldest payday loan services, servicing since 1997, Speedy Cash offers $ 100 to $ 500 of loans quite fast. It has over 200 physical stores in 14 states and has a Trust Pilot rating of 4.6. It supports online service as well as telephone services and can offer you loans for bad credits too.

Pros: 

• Minimal charges
• Online, telephone and physical stores
• Fast delivery

Cons:

• Borrowing limit up to $500

13. Funds Joy

Another one of the best payday loans offering competitive interest rates along with high loan limits. Funds Joy can approve your loans up to $ 5000. Funds Joy online approve online services with an easy to use interface. The loan application process doesn’t take a lot of time and is pretty straightforward. The APR for Funds Joy ranges from 5% to 1356%.

Pros: 

• Minimal charges
• Next day funding option
• Fast delivery

Cons:

• The low-interest rates are mainly available for people with high incomes. 

We also came up with two alternatives, which will help you to get fast and short-term loans. 

14. Wells Fargo Direct Deposit Loans

It’s not as expensive as the traditional methods of payday loans. You can use this service for the unexpected bills which you are worried about. This is a secured and protected service, as Wells Fargo is one of the leading banking services nationwide to satisfy your financial emergencies. 

15. FDIC Small Dollar Loan

The Federal Deposit Insurance Corporation started this new service where they are providing short term loans to those in need. It can even work if you don’t have a bank account or have low credit scores. As this is a government-supported service, it is a trusted service. The interest rate is quite affordable. 

Interest Rates on Payday Loans

Payday lenders levy interest on loans reaching as high as 780% in annual percentage rate (APR), costing roughly 400% on average. Most states have usury laws with a 5% to 30% interest rate cap on lending rates. Notwithstanding this, payday lenders are excluded due to their high-interest rates.

Since these loans qualify for various state lending exemptions, borrowers must use caution. The District of Columbia, 16 states (Arizona, Colorado, Arkansas, Connecticut, Maryland, Georgia, New Hampshire, Massachusetts, New Jersey, North Carolina, New York, Pennsylvania, Vermont, South Dakota, and West Virginia), the state of Vermont, and all of the other states and the District of Columbia forbid payday loans of any kind.

The federal Truth in Lending Act mandates that payday lenders publish their finance costs, although many customers must be aware of this requirement.

 Most loans assist borrowers in meeting short-term obligations and have terms of 30 days or less. Maximum borrowers—up to 80% of them—become repeat clients, and the loans can typically be renewed for additional finance charges.

Many lawsuits have been filed against payday lenders due to the regulations put in place in the wake of the 2008 financial crisis to make the lending industry more open and equitable for consumers.

Are Payday Loans Legal?

The Consumer Financial Protection Bureau (CFPB), then directed by Richard Cordray, issued regulations in 2017 to safeguard customers from what Cordray called “debt traps,” efforts to regulate payday lenders were first introduced in 2016 while the Obama administration was in office.

As required by law, lenders must assess a borrower’s ability to repay a loan while maintaining the ability to pay for necessary living expenses before approving the loan. Also, lenders had to give written notice before taking money from a borrower’s bank account. The CFPB’s new leadership enacted harsher regulations for payday lending under the Biden Administration, which took effect on June 13, 2022. These regulations were first suggested in 2016 and were updated under the Biden Administration.

To eliminate the requirement for mandatory underwriting and delay the execution of the 2017 regulations, the CFPB announced proposed rules in February 2019 under the direction of Director Kathleen L. Kraninger and the Trump Administration. The CFPB’s final rule repealed the mandatory underwriting provision on July 7, 2020. The restriction on payday lenders’ ability to repeatedly attempt to withdraw money from a borrower’s bank account was left in place.

FAQs

What's the meaning of payday loans?

Short-term, low-dollar loans are known as payday loans.

Do I need a bank account to submit a payday loan application?

Yes. Although having a bank account is only sometimes necessary to borrow money, lenders who don't demand it typically charge high-interest rates. Many payday lenders are among them. Although prepaid card accounts may suffice to qualify, payday lenders occasionally require a bank account.

The Takeaways

The above were some of the best payday loan services. Visit the sites if you need short term loans if you have unexpected bills you want to cover up or in case you need some emergency funding.

Some of them have both physical stores and online portals, and some of them have any one of them. Check if the above services are available in your location and apply today.

It’s almost always recommended to steer clear of these loans due to their high costs and potential for repayment difficulties. If you cannot repay the loan on time, fees may accumulate, and you may fall into a debt trap that is difficult to escape. Because of this, you should only obtain a payday loan if you are confident you can repay it.

See also: Savor One vs. Quicksilver – A Complete Comparison