Online payday loans are short-term loans that can be processed within a day and do not require a lengthy procedure for approval. When you require a small amount urgently and have no liquid assets to support your need, online payday loans may be the best option.
Payday loans are a convenient method of getting money securely. The loan amount is usually around $5,000 that is directly lent to you after you fill out an easy online application form. So, if you are ever in urgent need of money, you will know what to do if you go through this article.
Online short-term loans usually comprise best online payday loans, cash advances, or installment loans. But before making a loan request to any payday lenders, you should have proper knowledge about the company and how the lending process works so that you do not fall into a debt trap. And proper knowledge is what this article seeks to provide. So, here goes…
Best 5 Direct Lenders For Online Payday Loans
- MoneyMutual: Best Lending Platform for Online Payday Loans
- BadCreditLoans: Best Direct Lender For Online Loans With Bad Credit
- CashUSA.com: Quickest Approvals Of Payday Loans
- Personal Loans: Guaranteed Approval For Personal Loans
#1. MoneyMutual :Best Lending Platform For Online Payday Loans
MoneyMutual is on top of our list because of its good service and instant loan approval. This company acts as a middleman where it connects borrowers with potential lenders. You have to fill out a simple application form, and after reviewing it, lenders will contact you.
Within 24 hours, you will get the amount that you require. MoneyMutual has the motive of solving all your financial problems and standing beside you in times of need. After the lenders make their offer, you can choose one that is favorable. It is one of the most trusted platforms where more than two million people have made transactions.
Easy and fast availability of funds: This company is known for approving loans quickly. If you are in a financial crisis and need urgent cash, MoneyMutual is the best for you, as it approves loans within 24 hours. Its efficient and convenient services make it feasible for everyone to apply for a loan.
Good credit scores are not necessary: Credit scores are given less or no importance by lenders. You do not require high credit scores or even a minimum credit score to apply for loans from MoneyMutual. The credit score does not impact your loan getting approved.
Transparency of costs: You get complete transparency about everything. There are no hidden charges or costs, and everything is mentioned in detail on the website. There is also an open forum on the website where clients and potential clients can post their queries and doubts and get them answered.
Connects with lenders free of cost: MoneyMutual does not charge anything to connect lenders with borrowers. It has a huge network of lenders. You just have to choose the lender. Lenders get the interest you pay for the loan.
Variable APR: APR is the annual percentage rate or the rate of interest at which the loan is provided. APR depends on individual lenders. To some extent, the APR also depends on your credit score. If you have a low credit score, you might have to pay a higher APR. Your job is to choose the lender who offers you the lowest APR.
- Easy online application
- Get funds approved in one day
- Good credit scores are not required
- Zero upfront fees
- Loans of $5,000 approved instantly
- Competitive interest rates
- A huge network of lenders
- Have helped over two million customers
- Interest rates and repayment policies vary from lender to lender
- Services are not available for everyone throughout the country
- Maximum loan of $5,000
#2. BadCreditLoans: Best Direct Lender For Online Loans With Bad Credit
As the name suggests, BadCreditLoans will get you a loan even if you have a very low credit score. Your credit score is not even checked when you borrow money from a lender via this website. It believes in granting loans to everyone who requires it and intends to repay the loan.
It has an easy-to-use interface that is customer-friendly and helps them connect with a huge number of lenders. The lenders are trustworthy and part of reputable financial institutions. This company offers a payday loan of $500 to $10000.
This company has high-security features such as end-to-end encryption technology, which ensures the safety of clients’ data.
The company has been working in this field for a long time and is a reliable solution to all your financial problems. It has a wide network of borrowers and lenders. The services offered by this online site are free of cost. Its only work is to make the borrowers meet the money lenders.
Fast loan approval: BadCreditLoans has one of the fastest loan approval, as it has a quick and easy application process, and the loan is granted easily. If you are in a financial crisis and need urgent cash, it is the best company for you. It approves your loan within 24 hours. Its efficient and easy-to-avail services make it feasible for everyone to apply for a loan.
Great customer reviews: BadCreditLoans enjoys a good reputation in the online payday loan market. It is known for its services and good customer support. It has experts to deal with the queries of its clients. The Better Business Bureau has good ratings about this company and its lending services.
Approval for borrowers with bad credit scores: Borrowers who have a bad credit score need not worry about getting a loan, as BadCreditLoans offers payday loans to everyone. Your credit score does not matter. The lenders of BadCreditLoans offer loans even if you have a bad credit score. They do not go through a credit check before granting your loan.
Easy to apply: The application process is very simple, and it only takes five minutes to fill out the application form and submit it. The loan is approved soon, and the money gets transferred to your bank account within one day. All these processes are done online and are thus quick and easy.
- Payday loans of up to $10,000 are offered
- No upfront fees
- Easy-to-use interface
- Simple and easy application form
- Best for people with bad credit
- Multiple loan offers
- Loans are also granted for long terms
- This company is not accredited to Better Business Bureau
#3. CashUSA.com: Quickest Approvals Of Payday Loans
CashUSA.com’s basic point is to get individual credit offers that can address client issues. Its motive is seen in its time-cognizant UI, working to make the process of money transfer quick, simple, and hassle-free. Its online application form is the first thing you will see on its page.
Once you meet its essential borrower eligibility, your data is sent to lenders in its organization. However, CashUSA guarantees the safety of your information. It is also liberal with the legalities around moneylender policies and has helped thousands find credit for their necessities.
Online payday loans in the CashUSA network are priced between $500 and $10,000. The APR varies according to the lenders and the borrowers. Rates range between 5.99% and 35.99%, which is feasible for most borrowers.
Flexible loan terms: APR, repayment time and loan term are all decided and negotiated among lenders and borrowers. These are flexible terms that can be altered according to your needs. The terms vary from lender to lender. You must choose the offer that suits your situation the most.
Excellent customer service: CashUSA has a good reputation in the online payday loan market. It is known for its services and customer support. It has experts to deal with the queries of its clients. The Better Business Bureau holds good ratings about this company and its lending services.
Easy to use the website: The user interface is very easy to use, where you can easily go through the list of lenders that want to offer you a payday loan. The site is very efficiently built, which will help you to navigate smoothly through every feature of the site. The website uses high-safety technology, which helps keep the information of clients secure.
Quick money transfer: This company is known for approving loans very quickly. If you are in a financial crisis and need urgent cash, this is one of the best, as it approves your loan within 24 hours. Its efficient and easy-to-avail services make it feasible for everyone to apply for a loan.
- Favors all types of credits
- Quick application process
- Safe user platform
- Flexible terms of the loan
- Borrowers can apply for a loan of $500 to $10,000
- Your loan is approved within one business day
- Cash is transferred securely online
- Huge lenders network
- Higher APR than the other companies on this list
#4. Personal Loans: Guaranteed Approval For Personal Loans
Personal Loans is another online payday loan company that is trustworthy and known for its reputation in the market. Its site is encrypted with advanced technology to secure the personal details of its clients. It is a lending service that provides you with loan offers from the best lenders. You can choose the offer that suits you the best.
The easy-to-fill application process can be submitted within minutes, and the lenders verify your details before granting you the loan. The lenders offer different packages and make the transfer of money quicker for you. Within one day, you will get the amount transferred to your bank account.
Personal Loans approves your loans and connects the lenders with the borrowers free of cost.
Great lenders network: This company has lenders from all over the world. Its huge network of lenders will help you seek a payday loan as quickly as possible. Someone or the other will agree to give you the loan, no matter how displeasing your application or credit may seem. Its great network also helps you choose from the offers made by the different lenders.
Instant loan approval: Personal Loans has one of the fastest loan approval processes, as it has a quick and easy application process, and the loan is granted fast. If you are in a financial crisis and need urgent cash, it is the best company for you, as it approves your loan within 24 hours. Its efficient and easy services make it feasible for everyone to apply for a loan.
The credit score is not considered: Credit scores are given less or no importance by the lenders. You do not require high credit scores or even a minimum credit score to apply for payday loans from Personal Loans. The credit score does not impact your loan approval.
Variable APR: APR depends on the individual lenders of Personal Loans and your credit score. You can choose the moneylender who offers you a loan at the lowest APR.
- Fast transfer of money
- No credit checks
- Offers as much as $35,000
- A huge network of lenders
- Safe mode of money transfer
- Quick and easy application process
- Use of advanced technology to secure the privacy of clients
- Great offers from lenders
- Difficult eligibility requirements might stop borrowers from getting guaranteed loans.
Selecting The Best Online Payday Loan Facilitator — Not an easy task!
While trying to list the top four best online payday loan providers, we came across several platforms that offer easy and smooth online loan approvals from lenders. But most of them had some drawbacks or issues, and we had to eliminate them from our list before narrowing down on the top four. We researched extensively, considering news reports, magazines, reviews, and ratings of these companies.
Numerous companies offer online payday loans within a day, but getting money from a secure source is very important. Even if you have bad credit, do not worry. Some companies do not carry out credit checks before granting you the loan.
If you are in dire need of cash, you should look for companies that offer guaranteed approval of loans. When you are in an emergency and urgent need of cash, you must apply to a company that transfers money instantly without any hassle.
We looked for the basic features that a lending company should have and compiled a list that might help you in your time of need. Go through this article to find out the features we looked for in online payday loan providers to make this list.
Features & Determining Factors
While cutting down our long list to four companies, we looked into the following criteria in these lending platforms:
- Maximum loan amount
- Loan processing time
- Security of funds transfer
- Eligibility for getting the loan
- Repayment procedure
- Privacy Terms of the companies and how well it executes that
- Trustworthiness of its partners
- Interest rates offered by the companies
- The reputation of the company
- Customer reviews
- Customer support facilities
After closely looking into all these criteria, we came down to a small list of four online payday loans that are trustworthy and known to provide money at the earliest and in a secure manner.
A Guide To The Best Online Payday Loans
Some companies offer you instant loans even if you have a low credit score but charge you a high rate of interest. With the increase in the need for money in every sphere of life, emergency needs have also increased, and so has the requirement of loans. But before applying for a loan online, you must go through the company’s background and policies.
To get an online payday loan, there are some basic requirements. You have to be at least 18 years old, have an active and valid bank account, a valid phone number, and income proof.
You might need liquid cash any time for any emergency, be it medical, educational, or business-related. When you are looking for a small amount of cash, you must look for online payday loans, which are short-term loans with high rates of interest. Some companies offer these loans very easily without going through a credit check. In times of financial crisis, they can be your best friend to help you get cash at the earliest.
However, before applying for an online payday loan, you should have some knowledge of the company. Go through this buyers’ guide to know about the features you must look for in an online payday loan company.
#1. Maximum loan amount
Payday loans and instant loans are usually small loans that can be approved within a day. You may even require a hefty amount on short notice. Thus, considering the maximum loan amount is important. Most payday loan companies usually offer around $5,000.
#2. Processing time
In an emergency, time becomes critical. So, you must always look for a company that offers instant loans or gets your loan application approved within 24 hours. If the processing time is more than that, applying for online payday loans has no point.
#3. Easy eligibility
If you have a low credit score, look for companies that do not do a credit check and make your eligibility for getting the loan easier. The eligibility criteria for borrowing money have to be easy so that most people can get the loan.
#4. Interest rates
The interest rate of a company offering online payday loans should not be too high and be on a par with the interest rate in the market. The interest rate will determine your payback amount, and you must always look for companies that offer funds at lower rates of interest.
#5. Customer reviews
Authentic reviews from customers who have used the services of these companies are very important. Many websites offer ratings and reviews about the services of these online payday loan companies. You must go through the reviews to find out the reputation of the company and its services as a whole.
#6. Privacy policies
The privacy terms and policies are very important in terms of monetary transactions. You should know them carefully and find out if your details are safe with the company and its other associates like the money lenders and their partners.
FAQs On Online Payday Loans
Q: How does an online payday loan work?
A: An online payday loan is a short-term loan of a small amount of money. Payday loans do not have a hard credit check. If you have a low credit score, the lenders usually charge you a higher rate of interest but do not refuse the loan. These are unsecured loans without any collateral as security. The application process is very easy and takes just a few minutes.
You will have to prove your identity with your documents, and the process is simple. The creditors will verify the documents and details provided by you and approve your loan as soon as possible, usually within one business day. They will also check if you have an active bank account and the means to repay the loan on time. Before approving your loan application, a soft credit check is done by the lenders to make sure that you will be able to repay the loan.
Once the application is approved online, you will get the money transferred to your bank account within a day. It is an extremely safe way of transferring money. Most companies have good privacy policies to protect your details.
The basic requirement for getting a payday loan is that the borrower should have a sound source of income. The APRs of different creditors are different. You must look for companies that offer you loans at a low APR. Payday loans work very easily, and customer support is there to help you 24/7. They will guide you through the procedure and help you get loans quickly.
Q: What are the advantages of applying for an online payday loan?
A: Emergency cash is not always easily available, even from family or friends. Online payday loan companies offer you loans when you need them the most without any restrictions. The fastest and the most secure way of getting emergency cash is from an online payday loan.
With improving times, the transfer of money has also become easier. You can apply for loans online by just filling out a form, and after some formalities, your loan will be granted, and funds will be transferred to your account safely online. Applying for loans online has several advantages, and we will list them below for your better understanding.
Convenience: It is a lot easier to get a payday loan than offline loans. When you apply for a loan online, you do not have to visit another place like a bank or the lender’s office. You can complete the whole process online without even having to talk to anyone over the phone. The convenience you enjoy from applying for loans online is great. Everything is done with complete ease, and the money is also transferred to your account online.
Range of options: While applying for a loan online, you get a wide range of offers to choose from. There are different types of loans with different rates of interest. You can choose the one that is most suitable for you. In the case of offline payday loans, you won’t get so many options. The online loan marketplace offers a huge range of options, and you are sure to find the most useful option for yourself.
Speed: The speed at which your online payday loan will be approved and granted will amaze you more than the offline options. If you apply for a loan online, you will not have to visit the lender and convince them about the loan. You just have to fill out an application form, which will take minutes to reach the moneylender. Online procedures make the process easier and faster.
If you are in a financial crisis and need money urgently, applying for online payday loans is the best, as some lenders transfer the funds within 24 hours of the application.
Q: Are there any substitutes to online payday loans?
A: Online payday loans are always not a favorable option for everyone, as you might not be able to repay the loan in due time. If you are unable to pay your lenders, you will get caught in a debt cycle. The Federal Trade Commission warns people to avoid payday loans if they cannot repay the money. So, here are some alternatives to an online payday loan that you can consider in an emergency.
Auto Title Loans: Auto title loans are types of personal loans where your car’s name is used as collateral. It is a fast process where you will receive your funds within days. Some providers lend up to $10,000, whereas most lend around 25% to 50% of the vehicle price. If you cannot repay the loan, you will roll into another loan, or the lender can claim ownership of your vehicle.
Pawn Shop Loans: This is a short-term cash loan where you can pawn an item in the pawnshop and use it as collateral. These types of loans usually do not require a high credit score. The pawned item will act as a security for the loan amount you have taken. If you are unable to repay the loan, the item will be theirs. Pawn Shops charge interest on the loans you receive.
Peer-to-Peer Lending Sites: You can try taking loans from peer-to-peer sites where the sites act as middlemen and bring together the borrowers and the lenders. These are mostly online websites where you need to have an average credit score to qualify for the loan. P2P sites sometimes offer better plans than credit unions. If you are borrowing small amounts of money, you can take a loan using this option.
Credit Union Loans: Credit union loans are better and more convenient than online payday loans because they offer loans at a lower rate of interest and have easy repayment procedures. Credit unions offer all types of loans, secured or unsecured. But to get this loan, you will have to be a member of the federal credit union first. Loans through this process ensure a lower APR than other personal loans. They go through a harder credit check than the other online payday loan companies.
If you are looking for substitutes for online payday loans, you can consider any of the above according to your requirements and your ability to pay back the loan. Online payday loans are one of the easiest ways to get money fast and in a secured manner.
Let’s Sum It Up
So, have you chosen an online payday loan site you will be subscribing to? Even with a low credit score, you can apply for these instant loans and be sure that they will be approved. Be it a medical emergency or for paying your bills, these loans have one of the easiest procedures of application and processing of online money. The repayment procedure, i.e., the monthly repayment process, is the same as loans.
Online instant loan approving companies like Money Mutual and Bad Credit Loans are some of the best you can trust for your instant need for cash. Their processing method is extremely secure and reliable.
The main aim of these lending companies is to provide loans to clients without much hassle, even with low credit scores. Visit the online marketplace now to look for the individual schemes and terms of these online payday loan companies.