If there’s one mistake you don’t want to make in life, it’s taking out a bad loan. Suddenly you’re in debt and stuck with bad terms. Your repayment period is unrealistic, the interest rate is sky-high, and your credit ends up in the gutter. Lucky for you, it’s a mistake you don’t have to make. We’re here to share our top four loan networks that offer online payday loans that won’t force you into a cycle of debt.

Anyone looking for a loan will want to consider some key things. All loan offers will differ when it comes to interest rates, additional charges, and credit approval. If you have fairly good credit, you can expect favorable terms as far as the APRs go. If you’re stuck with bad credit, you have to be extra diligent in understanding the terms of your loan and look for a lender willing to loan you money.

Watching out for all these things takes time. On top of that, you have to consider how easy the application process is for each particular lender. Chances are, you’re looking for fast cash. You probably don’t want to spend hours writing out different loan applications if that’s the case. If you choose to use a loan network to send your application out to hundreds of different lenders, you can streamline the whole process by filling out one form. One single form takes five minutes to complete.

We’ve taken a look at the top four places to turn to for online payday loans. We’ve taken everything into consideration and spent a lot of time deciding on the best service. If you’re looking to take out an online payday loan, then stick with us as we get into the nitty-gritty of each company to help you make the best choice.

Best Top 4 Online Payday Loans

  1. MoneyMutual – Overall Best Online Payday Loans, No Credit Check
  2. Bad Credit Loans – Most-Trusted Direct Online Payday Lender
  3. CashUSA – Small Payday Loans Online for Fast Cash Loans
  4. PersonalLoans – Instant Online Payday Loans with Guaranteed Approval

Our Top Picks for Online Payday Loans

#1. MoneyMutual – Overall Best Online Payday Loans, No Credit Check

MoneyMutual is not your typical lender. In fact, they aren’t a lender at all. Instead, what MoneyMutual does is act as a marketplace where lenders and borrowers meet. They provide borrowers with a platform to compare offers from several lenders. The company is based in Las Vegas, Nevada, and started operations in 2010.

MoneyMutual only acts as a middleman. Once you receive a loan offer, you will be dealing directly with the lender. The lending company must bring up the terms of your loan and any issues you have after you’ve accepted.

During your loan application process, you’ll have to fill a form on MoneyMutual’s website. On this form, you will have to submit some personal details. Among them are your name, ZIP code, email, phone number, source of income, proof of income, employer’s name and contact details, identity card number, bank routing number, and account number.

All in all, MoneyMutual is about speed and convenience for the borrower. So it’s no wonder they are our most popular pick. They can boast over two million users! With MoneyMutual, the work of finding and choosing a lender for a short-term online payday loan is made easy.

Highlights

Access to High Number of Lenders: What MoneyMutual does is simplify the loan application process. They allow potential borrowers to submit their details to multiple providers of short-term loans by filling a form on their website. So, instead of applying for short-term loans with different lenders, you just have to fill one online form, and MoneyMutual will forward your details to multiple lenders. These lenders will assess your application separately. You will receive an offer from any one of them who chooses to work with you.

Fast Loan Process: MoneyMutual prides itself on the speed with which users of their services can get their loans approved. In some cases, you could receive loan offers within a few minutes! More often than not, loans are accepted and approved, with funds being deposited in less than 24 hours.

Loan Amounts: Through MoneyMutual, you could get payday loans ranging from $300 to $2,500. We love the flexibility of borrowing as little or as much as you need to see you through the month. It is worth noting that most lenders tend not to approve payday loans over $1000, but if you have good credit, the higher loan amount should be no problem.

Open to All: Getting approved for an online payday loan is sometimes tricky when you’re self-employed. MoneyMutual is one of the few networks that still accepts applications for self-employed people. Furthermore, you can include your pension, social security, disability benefits, and the like as a source of income in your loan application. MoneyMutual works with many lenders who accept potential borrowers with other sources of income. They also accept applications from people with low credit scores. All in all, their platform is super indiscriminate and a great place to turn to regardless of your situation.

Free Financial Information: Another good thing about MoneyMutual is its effort to educate users about loans. There is quite a bit of information on their website to teach you all you need to know about loans and the application process. They also provide helpful articles on how to look after your finances.

Low Prequalifying Requirements: The conditions that must be met to qualify for a short-term loan through MoneyMutual are not difficult at all. They only require potential borrowers to have a regular monthly income of at least $800. You must also be an adult US resident with an active checking account.

Pros

  • Free service
  • Loan offers in minutes
  • Funds deposited within 24 hours
  • Simple loan application process
  • Accepts self-employed applications

Cons

  • Not available in New York or Connecticut
  • No uniform loan terms or interest rates

⇒Visit the official website of MoneyMutual

#2. Bad Credit Loans – Most-Trusted Direct Online Payday Lender

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Bad Credit Loans allows potential borrowers to apply for installment loans ranging from as little as $500 to as high as $10,000. All you need to do is fill the online form on their website, and they will forward your details to several lenders. These lenders then determine if you are a suitable candidate for their loans. Anyone interested in making an offer will send it directly to you.

Also, as their name suggests, Bad Credit Loans specializes in helping people with bad credit ratings secure loans. If you’ve taken out online payday loans before, chances are your credit might have taken a hit. We love that Bad Credit Loans prioritizes offering a reputable place for you to turn to.

To be eligible for a loan application through Bad Credit Loans, you need to be a legal adult US citizen or resident. You also need to have a regular income and a checking account.

They also have plenty of educational resources on their website to teach you some things you need to know about loans and financial literacy. In addition, these resources include a section for news about current scams.

Highlights

Fast Funds: One of the most exciting features of this service is the speed at which loans can be processed. You could begin to get loan offers just minutes after filling out the online form. And if the loan application is approved, the money could be paid into your checking account in less than 24 hours!

Specializes in Bad Credit Loans: Most traditional loan avenues won’t lend to borrowers with bad credit. Don’t worry. Bad Credit Loans partners with a wide variety of lenders that are accepting applicants from all credit backgrounds. Keep in mind that your credit score will most likely affect the terms of the loan offers. In other words, even though Bad Credit Loans can help almost anyone with a poor credit score, those with the worst credit scores will likely get loan offers with less favorable terms.

Flexible Terms: Loans have a minimum term of three months and a maximum of six years with an Annual Percentage Rate of between 6% and 36%. Specific terms will depend on the details of each loan application. However, we found it useful to see the possible range of terms right off the bat.

Variety of Services: Bad Credit Loans don’t just offer online payday loans. They also offer some other credit-related services. These include linking users up to offers for debt relief and credit repair. There’s no obligation to accept, but it’s nice to have the option.

Pros

  • No charges for using the service
  • Easily compare multiple loan offers
  • Accepts applicants with bad credit

Cons

  • Less favorable terms for bad credit loans

⇒Visit the official website of Bad Credit Loans

#3. CashUSA – Small Payday Loans Online for Fast Cash Loans

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CashUSA can help you get loans of up to $10,000. You only need to fill out a simple online form to get started. Just like some of the other online platforms we love, loans obtained through CashUSA can be deposited in your bank account in less than 24 hours.

The entire application process is straightforward and quick to complete. Once you’ve received a loan offer you’re happy with, you’re redirected to the lender’s official site. This is where you can agree on terms and sign with a simple e-signature. After that, funds are deposited directly into your bank, and you can set up direct deposit repayments too! This is a great way to make sure you’re not late with any of your payments.

One thing worth noting about this company is that they may share some of your contact information for profit when you apply for a loan through them. This is part of how they can keep their service free for users.

Highlights

Simple and Fast Application: You only need to fill an online form to receive loan offers from interested lenders. Any lenders satisfied with your application will then send you offers. From the moment you apply to the moment your money is deposited, CashUSA helps keep the entire process easy and stress-free. Best of all, your application could be finalized by the lender and the funds deposited into your checking bank account by the next business day.

Eligibility: To be eligible for a loan, you need to meet specific requirements. Firstly, you must be a legal adult citizen (or permanent resident) of the United States. You should also have a steady income after tax of at least $1,000 per month and a personal checking bank account. There is no credit score threshold to meet or any other financial requirements. CashUSA has a fair prequalifying form that makes it a viable option for most people.

Easily Repay the loan: Most of the lenders in CashUSA’s network make repayments hassle-free. They simply withdraw the agreed loan amount from your checking bank account when the due date arrives. This makes it easy and convenient for both parties. The lenders are paid on time, and you get to improve your credit score by never missing a payment. Instead of marking your calendar and scrambling at the last minute to ensure you have the appropriate funds to make your repayment, you can just go about your business, confident that you are on track with your loan.

Pros

  • Direct debit repayment schemes
  • High loan amounts of up to $10,000
  • The application is entirely online
  • Access to multiple lenders

Cons

  • The interest rates are relatively high

⇒Visit the official website of CashUSA

#4. PersonalLoans – Instant Online Payday Loans with Guaranteed Approval

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PersonalLoans is a free service that allows borrowers to apply for a loan simply by filling out an online form. The service maintains a network of independent lenders who will receive your loan application details and send you offers. If you agree to the offer, you could receive the funds in a day or less.

The loan terms depend mainly on the loan amount the borrower needs, their credit score, and other personal details. However, a potential borrower is under no obligation to accept the loan offer. In other words, if you do not like the loan terms, you can walk away without incurring any costs.

The downside of PersonalLoans is that they are slightly less lenient about who can prequalify. To be eligible for a loan through them, you must have a credit rating of 500 or above. This means that people with bad credit can still apply. The FICO scale recognizes anything below 670 to be considered bad credit. However, it does mean that certain people who suffer from extremely poor credit or no credit cannot use this service.

Highlights

Loan Variety: At PersonalLoans, lenders offer various loan options that range from $1,000 to $35,000. This means they offer significantly higher loans than some of their competitors. In addition, repayment terms are flexible, with some terms lasting three months and others up to six years. The APR on these loans ranges from 6% to 36%, though the exact APR amount will depend on the lender and your situation.

Free Service: Filling out an application for a loan with PersonalLoans is an entirely free service. There are no hidden fees or any costs at all associated with your application. The only time you may face additional charges aside from your loan might be through the actual lender. This money does not go to PersonalLoans.

Additional Services: If no lender offers you a loan, you could receive offers for debt relief, credit monitoring, or credit repair services. These offers would be from partners of PersonalLoans who may have your contact details passed on to them. Some may find these additional offers helpful in improving their financial situation.

Pros

  • Loan amounts of up to $35,000 are available
  • Service is provided at no cost
  • Easy application process

Cons

  • A minimum credit score of 500

⇒Visit the official website of PersonalLoans

How We Made This List

We used simple criteria to decide which online payday loan providers to recommend. Our primary concerns were ease and credibility. Our top picks are some of the most popular providers and have a great reputation in the financial service industry.

On top of that, we made sure to pick companies that had the largest network of lending partners. We wanted to make sure that you could reach the widest variety of lenders without having to sacrifice your time. Each of our top online payday loan platforms can connect you with a high number of lenders, and you only have to fill out one form.

What We Looked For

Easy Loan Eligibility Requirements: One of the things we specifically looked for when compiling this list is how easy it is to meet the eligibility requirements of these loan facilitators. We went out of our way to find those who are known for having the easiest eligibility requirements. These are also the go-to companies for those with poor credit scores.

Fast Loan Processing: We know how frustrating waiting can be when you’re under pressure. That’s why we also whittled down the list to companies with a reputation for quickly providing online payday loans. Our top picks can process loan applications in as little as one business day. This means that after you apply for the loan, you could have your money in twenty-four hours or less!

Convenience: Remember when you had to get time off work to go to the bank or another independent lender? Losing money to get money? Didn’t make sense, did it? We made sure that we picked the most convenient platforms for you to access online payday loans. All of the companies we listed are accessible 24/7 from any web browser. Whether you’re sitting at your computer at home or looking at your mobile phone. Anytime, anywhere. To apply for an online payday loan, you just need an internet connection.

What to Consider Before You Apply To Get A Payday Loan

If you need a short-term loan to cover some expenses, the loan matching services listed above could help you. But before you go ahead and try them out, let’s take a look at some of the few things you should keep in mind before shopping for an online payday loan.

Interest Rates

The reality is that most people who are looking for an online payday loan often don’t have the best credit. It’s why we made sure to consider whether or not each of our top picks accepted applicants with poor credit standing. While the good news is that they do, the bad news is that this impacts the kind of loan terms you can expect.

Online payday loans are often subject to higher interest rates and additional fees. This means the average APR (Annual Percentage Rate) on these loans is considerably higher than what you may find elsewhere. The reason for this is so that lenders can offset the risk and hassle associated with lending to borrowers with poor credit scores.

However, these online payday loans are generally “unsecured.” This means there is no collateral that you have to put up in place of the loan. This further increases the risk to the lender but makes the loans more accessible to you, the borrower. When looking for an online payday loan, be realistic about the rates you should expect, especially considering your credit score.

If you have good or excellent credit, it may be worth your while to look for a different kind of loan that may have better terms. Ultimately, online services can offer better speed and convenience than traditional loan avenues, so you may have to weigh up the importance of this against the kind of terms you’re offered.

Loan Amount

Just because a lender offers you more money doesn’t necessarily mean you should take it. When considering an online payday loan, there is no “one-size-fits-all” solution. You have to consider what is best for you. More money now means more money to pay back later. If you’re in a position to do so, this could be an excellent way to build your credit score.

However, if you are already struggling month-to-month, then be wary of increasing your monthly expenses. At the end of the day, an online payday loan is still a loan. The money deposited into your bank account after a successful agreement is not yours to keep.

You have to pay it back, usually with a significant loan amount of interest. Remember, the higher the loan amount, the higher the interest payment. These repayments will often be made in monthly installments after a granted period. So taking out a higher loan means your monthly payments will be higher.

Beware of Scams

Before looking for an online payday loan, familiarize yourself with some of the current and popular scams. It’s never a bad idea to be extra careful about what kind of details you are sharing and with who. If you take the extra time to do a quick search on scams, you’ll be in a better position to recognize one straight away.

The most popular scam associated with payday loans is phishing. In this case, a hacker poses as a legitimate lender and sends you a loan offer with unbelievably generous terms. The only problem is that the loan offer directs you to an online form on a spoof website designed to look very much like that of a reputable loan facilitator. Once you fill in your sensitive personal information, the scammer can use your details for whatever illegal activity they are tied to.

Another common scam starts with a fake phone call from a debt collection agency. These scammers pretend to be from a legitimate lender and claim that you owe money on your loan. Often they may even threaten to have you arrested for your debt. They will ask you to settle all or part of the debt over the phone.

Security

One way of avoiding scams right off the bat is to know how to check a website’s security. Whenever you are applying for an online payday loan, you will have to be prepared to divulge a certain level of personal information. Therefore, you want to know that your details will be safe from hackers. We took the time to ensure that all of the loan networks we’ve recommended here use industry-standard data encryption to keep your information protected.

If you are unsure about a website where you are filling in personal information, check if the site has a Secure Sockets Layer (SSL) certificate. First, you can simply click on the padlock in your browser’s URL bar. There should be an option to “view certificates.” Alternatively, you can simply check if the URL for the website starts with HTTP or HTTPS. If there is an ‘s,’ it means the site is secure.

Frequently Asked Questions (FAQs)

Taking out a loan can be a bit nerve-wracking. You might be worried about your eligibility, or you may be concerned about what could happen if you miss a payment. So here are some of the most frequently asked questions when it comes to online payday loans.

Q1. How much can I apply for?

Most lenders offer online payday loans of around $1,000. Generally, the maximum loan amount you can expect is close to $10,000, with some exceptions. We recommend looking to borrow as little as possible to see you through the month, but ultimately, you can apply for as much as you want. Whether or not your loan request will be approved is another matter entirely. If you’re looking for an appropriate loan amount to apply for with a higher chance of approval, then take into consideration your financial circumstance. Consider your credit score and monthly income and be realistic about how much you need.

Q2. Can I still apply if I have a poor credit score?

Yes. Most online loan facilitators were explicitly created to serve those with poor credit ratings. Look out for some websites that have a minimum credit score requirement, like Personal Loans, and do a soft check on your credit beforehand to know where you stand. These are free once a year and have no impact on your credit rating. However, you can make better decisions about your financial future if you know your exact credit score.

Q3. Is the personal information I submit secure?

When you fill out a loan application form on the website of any reputable loan facilitator like CashUSA or MoneyMutual, you can be sure your personal information is safe. This is because these websites implement the very best encryption to protect your data.

It is worth noting that some of these online loan facilitators will pass on your contact details to other companies. While they do not share sensitive personal information like bank account details and social security numbers, they will give out other data. This might lead to some unsolicited calls or emails.

Q4. What if I don’t like the loan offers I’m getting?

Some online loan facilitators require you to reapply if you want to receive extra offers. It will just mean filling out the same easy form that you did the first time. If you aren’t happy with the offers you receive, you are under no obligation to accept. There are no charges associated with declining an offer.

Q5. How soon can I have the money I applied for?

Many lenders who offer online payday loans can process loan applications in 24 hours or less. This means that after you agree to the loan terms and sign the necessary documents, you could have the money you need in a matter of hours. In most cases, your lender will pay the money directly into the checking bank account you provided on the loan application.

Q6. How much interest do I have to pay on an online payday loan?

The Annual Percentage Rate for payday loans online depends on a lot of factors. The most important of these factors is the borrower’s credit score. As we explained earlier, those with poorer credit scores tend to get loan offers with much higher interest rates. Generally, the Annual Percentage Rate for a payday loan can be anywhere between 6% and 36%. Other factors that could affect the interest on your loan include:

  • Employment Status — those with steady, secure jobs tend to get lower APRs on their payday loan offers
  • Debt to Income Ratio — the more you owe relative to your income, the higher your interest rates tend to be.
  • Income — borrowers with higher incomes tend to get lower interest rates on loans online.
  • Credit History — if you have no credit history or perhaps a short one, you will likely get a payday loan offers with higher interest rates.

Q7. What is the duration of an online payday loan?

Payday loans online are usually short-term loans you will have to repay the loan as soon as possible. Some of the loan matching services we’ve reviewed here partner with a direct lender willing to offer loans with repayment terms of up to six years. As is the case with most lenders, you can ask for an extension of the loan term. But this will usually attract extra charges. The additional loan amount charged will be stated in the initial loan agreement.

Q8. How do I make a repayment?

Most payday lenders have streamlined the process to repay the loan. It is, after all, to their benefit. More often than not, your repayment will be set up as a direct withdrawal from your checking bank account. You should get an automatic notification of the due date for each installment. All you have to do is make sure you have enough money in the bank to cover the payment.

Q9. What happens if I miss a repayment?

The penalties for missing a payment will be laid out in terms of your initial loan agreement. Penalties will vary across payday lenders and even between loans if you have more than one loan with the same direct lender. Always make sure you go through your loan terms carefully before signing the agreement. In most cases, missing a repayment will attract some charges. If a borrower keeps missing payments, there is also a chance the lender may choose to sue, but that usually only happens in extreme cases. More importantly, a missed payment can cause your credit score to drop drastically. This could make it significantly more difficult for you to secure loans in the future.

Conclusion

Thanks to the rise of online loan facilitators, getting an online payday loan is easier than ever. Traditional loan providers, like the bank, are being outclassed by lower interest rates, less delay, and less hassle! The power finally feels like it is being tipped in favor of the borrower instead of the lender.

Our top picks for online payday loans are marketplaces for borrowers and lenders alike. They have your security, convenience, and time in mind at the heart of what they do. So if you are struggling between paydays and need a little extra to help see you through, an online payday loan could be the solution for you.

However, remember that it is always important to be realistic about your financial situation and loan needs. Never take out a loan that you don’t think you’ll be able to pay back, and always triple-check the terms of your loan agreement. While we’re confident that the fully licensed lenders partnered with each of the networks we’ve recommended here will give you a fair deal, it’s always a good idea to do your research and consider all your options.



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