Do you keep struggling with your financial situation each month? Does it seem like no matter how regularly you repay your bills, there is always that one left that is left unchecked?
We know the feeling, so we want to offer you a solution that will give you a clean slate starting when the next set of bills comes along.
The topic we want to discuss in this article is online payday loans and how you can use them to resolve your problems in a short time. We will tell you all you need to know about them, starting from who provides them and why to giving you some handy tips on how to secure a payday loan and repay it on time properly.
We will also provide some of the most repeatedly posed questions concerning these types of loans. Please continue if you’re pleased with what you are reading because we’re just starting. Therefore, let’s look at the best providers on the market and how we picked them for our list!
5 Best Online Payday Loans On The Marketplace 2022
- MoneyMutual – Overall Best payday loans online for bad credit, editor’s pick
- BadCreditLoans – Instant Approval payday loans for bad credit score clients
- RadCred – Reliable platform for online payday loans for poor credit
- CashUSA – Fast approval same day online cash loans for bad credit
- Personal Loans – Trusted payday loans with reasonable interest rates
#1. MoneyMutual – Overall Best payday loans online for bad credit, editor’s pick
MoneyMutual is our best-rated payday loans platform that you can find online today. It has helped clients connect with potential lenders easily and successfully for many years. Today, its network of lenders is based on transparency, honesty, and client satisfaction.
Being one of the most popular money lending platforms on the financial marketplace, MoneyMutual gives you access to several loan types, including online payday loans, which you can easily obtain through their fast and easy online application process.
Even though MoneyMutual does not lend money directly, its dedicated lender network provides several loan offers that clients can review and assess, picking the one that best suits their needs. That said, the platform provides flexibility and versatility in almost any regard, from the first to the last step.
Features
Fast application processing and approval
Applying for a payday loan with MoneyMutual is very straightforward, and you use their online application form. Since everything is done on your computer or smartphone, the application is filed within a couple of minutes regardless of where you are. MoneyMutual receives your application almost instantly after submission.
Once received, the platform reroutes your application to potential lenders, depending on its algorithms with many different criteria. From that point on, all you have to do is wait for offers by the lenders in MoneyMutual’s network, which you can then easily compare and assess.
An extensive lender network
With so many years of experience in the financial marketplace, MoneyMutual has developed a range of criteria when collaborating with lenders.
Today, the platform has a vast network of reputable and financially capable lenders that provide quick loan funds to almost any client, and is recommended by theislandnow.
By collaborating with over 100 lenders, MoneyMutual provides access to all kinds of loans and monetary solutions, including personal loans, payday loans, mortgage loans, medical bill loans, student loans, etc. The lenders in its network also provide competitive interest rates and satisfactory reimbursement periods to all clients.
Transparency and honesty
With such a reliable and trustworthy lender network and millions of satisfied clients all over the U.S., MoneyMutual has also established itself as a member of the Online Lenders Alliance. OLA gathers all online lending platforms under one roof.
The alliance imposes certain practices and rules of conduct on its member platforms to ensure that its clients get the best possible service based on transparency and honesty. MoneyMutual is a proud member of OLA and abides by all of its rules, as it demonstrates in practice repeatedly.
=> Click here to visit the official website of MoneyMutual
Pros
- Loans that range from $200 to $5,000
- Quick and easy way to get a payday loan
- A simple online application process
- Trusted site, secured with 2048-bit encryption
- A member of the Online Lenders Alliance (OLA)
- A wide network that includes over 100 lenders
- Millions of loyal customers all over the United States
- A simple and well-designed website
- A very helpful and assistive customer service
Cons
- Not available worldwide
- Application is only open to citizens of the United States
#2. BadCreditLoans – Instant Approval payday loans for bad credit score clients
If you are struggling with a bad credit score and looking to obtain a quick payday loan, then BadCreditLoans might be your service.
Established in 1998, BadCreditLoans provided intermediary loan services to many people, giving them convenient access to lenders from times when the internet was still unknown.
Today, it is one of the oldest money lending platforms on the financial market, with an established and respectable image and a wide range of reliable lenders.
BadCreditLoans justifies its well-established stature by participating in charities and donation events, helping those categories of people that are socially endangered and in need of finances.
Features
Free of charge platform
BadCreditLoans is a platform that offers free-of-charge money lending services to all of its customers. You can rest assured that there are no hidden fees when applying for a loan using its online application process, which is also very convenient and simple.
The platform services are free for clients but not for the lenders with whom it collaborates. Namely, BadCreditLoans makes a profit by imposing percentage fees to its lenders for every potential client that signs a deal through its service.
Scam alert section
While trying to provide its clients with the best service possible, BadCreditLoans also cares about ensuring they have a worry-free experience while going through the entire process of money borrowing. The platform is aware of the countless fraud services that provide false information online.
For that reason, it has dedicated a part of its online website to a scam alert section, informing its loyal and new potential customers of the constant risks from unknown and suspicious money lending platforms.
The platform’s scam alert section contains much information about financial fraud. There you will be able to find examples of all kinds of scams while informing yourself on what to avoid and how to recognize a potential scam when you see it.
A transparent service
BadCreditLoans’ service offers ease of mind and comfortability when providing clients the chance to apply for a loan. That is because everything about the platform is honest and transparent from the beginning when you access their website.
Right from the start, you will notice that their website is very eye-pleasing and intuitive, providing a feeling of assurance along with all the information you require to apply for a loan in no time.
=> Click here to visit the official website of BadCreditLoan
Pros
- You are eligible for a loan of up to $10,000
- 100% free platform
- A large network of reputable lenders
- Secure and private service, with 24/7 customer support
- An easy application in three easy steps
- Provides access to third-party lenders outside of its network
- Dedicated scam alert section with a lot of useful information
- Many loan types, including payday loans
- Over two decades of experience in the field of lending
- Fast approvals and direct funds transfer
Cons
- Only available to citizens of the United States
- Bad credit clients may receive higher interest rates
- The minimal amount you can borrow is $500
#3. RadCred – Reliable platform for online payday loans for poor credit
A safe and reliable platform, and provider of all kinds of loans, including payday loans, RadCred has had success in money lending ever since 2011.
Today, it is a service that thousands of customers trust and rely upon to connect them to potential lenders safely, without endangering their personal information.
The platform has thousands of loyal clients worldwide, but it is also very suitable for people new to the whole money borrowing process. It links them to lenders that offer competitive rates and reasonable repayment periods, which suit every client, even those struggling with a bad credit score.
Features
Secure and risk-free platform
RadCred is a highly encrypted money lending platform that implements 2048-bit RSA encryption. This is industry-grade encryption that many banks and renowned financial institutions also implement.
Every piece of personal information you provide in the application is kept safe. RadCred checks the information first and then sends it to all potential lenders that fit your eligibility criteria.
Besides the most basic, it does not share any other information related to its clients with the lenders.
RadCred retains all your personal information, but if you want it deleted, you can always contact their customer service team and ask for it to be erased.
Option to make automated or manual payments
With RadCred, you won’t have to worry about forgetting to pay your monthly loan installment. A payday loan is repaid in full once you receive your first paycheck, but it is still a good option for other loan types that RadCred offers.
The automated or manual repayment process is practically identical to any financial institution or bank.
All you have to do is leave enough money in your bank account, and the bank will automatically transfer it to the lender that provided you the loan at the predetermined date. It is a helpful option for managing your finances, which is why many clients prefer to use it.
An excellent customer service team
For any problems or inquiries that customers might have, RadCred’s dedicated customer support team will always be available to help. You can easily send the platform’s support team an email; they are known for their quick response times.
From the reviews we read from clients, they were surprisingly pleased by how helpful RadCred’s customer service team is and how it was able to solve their problems related to the whole lending process.
They’ve also found the dedicated FAQs section helpful because it offered quick answers to some ambiguous questions they had at the moment.
⇒ Visit the Official Website of RadCred
Pros
- A quick and easy application process
- Swift money transfers that reach $5,000
- Make automated or manual repayment of your installments
- Agile lender response with dedicated offers
- Industry-grade encryption method
- A member of OLA
- Trusted by millions of clients worldwide
- A highly responsive and considerate customer service team
- Reasonable interest rates and fees
Cons
- It lacks an informative and educational section on the website
- Larger loan amounts may come with higher interest rates
#4. CashUSA – Fast approval same day online cash loans for bad credit
CashUSA is an intermediary money lending platform that significantly values its client’s time, providing them with quick access to funds while being transparent and highly educational.
Clients love using CashUSA’s services because, according to them, the platform delivers nothing but results. In times of financial emergency, nobody likes to have their time wasted while looking for a suitable monetary solution.
Features
A dedicated education center
CashUSA is a money lending platform dedicated to its clients, and it strengthens that dedication by providing them with valuable educational resources on its website. The education center is divided into four segments: Credit, Finances, Debt, and Banking.
You will find separate blog posts within each section containing valuable information concerning various topics. CashUSA is an excellent choice for beginner borrowers because they can thoroughly inform themselves about the whole process of financing and money lending before even applying for a loan.
CashUSA also provides a lot of helpful information on its homepage, giving customers an insight into what personal loans are, how APRs are calculated and what are the nonpayment ramifications upon the clients.
Essential eligibility requirements
Because CashUSA is only available in the United States, citizens of the U.S. are required to fulfill only some essential eligibility criteria for them to be eligible to apply for a loan.
Some essential criteria involve being at least 18 years of age and being a permanent resident of the United States. Other than that, you must be employed at least three months before applying, and your income should be at least $1000, which we think is a bit too high.
To be an eligible client, you must also provide a valid and active banking account in your name, and the platform will also require your email and phone number for the lenders to be able to contact you with their offers.
Convenient reimbursement periods
With CashUSA’s lenders, you can choose to repay your monthly installments automatically via your bank account. Each month on a predetermined date, the bank will transfer money automatically to the lender without you forgetting to pay the installment manually.
Regarding reimbursement periods, the lenders in CashUSA’s network offer a lot of flexibility, and you can choose to repay your loan anywhere between three to 72 months.
However, remember that this option does not apply to payday loans because they are repaid in full once you receive your next paycheck. But, it is an excellent offer by the lenders within CashUSA’s network concerning other loan types, like personal loans, mortgage loans, emergency loans, etc.
⇒ Visit the Official Website of CashUSA
Pros
- Secure a loan amount of up to $10,000
- CashUSA values your time, which is why it has a fast online application form
- Dedicated education center
- Requires no credit score check to apply
- Fast offers and loan approvals
- Reasonable interest rates
- Industry-standard protection using 2048-bit encryption
- Satisfactory reimbursement periods
- Basic eligibility requirements
- Automatic payments are also available
Cons
- The website could use a redesign
- Your monthly income must be at least $1,000 to be eligible to apply
#5. Personal Loans – Trusted payday loans with reasonable interest rates
The last money lending platform we want to review in this article is Personal Loans. It has successfully connected borrowers with lenders for over twenty years, specializing in personal and payday loans.
What sets Personal Loans aside from many other lending platforms is that it offers high loan amounts at competitive interest rates. Pairing that with the quick application process and the fast lender response is an ideal way to get fast funding for any occasion.
Personal Loans services are an excellent choice for anyone looking to borrow a short-term loan that they can return the next time they receive their paycheck. So, if you are that person and need quick cash, this is the platform for you.
Features
Well-designed and transparent website
Personal Loans’ website is very well designed. It is organized to provide clarity to users and instant access to their application process.
Such a good design is followed by a lot of transparent information by Personal Loans. Being a member of the OLA, the platform protects its customers from scamming lenders and fraudulent lending activities. It firmly abides by the rules and conditions set by the Alliance.
The platform also provides its customers with insight into the lending process, including the flexibility to choose between lender offers.
High loan amounts
Personal Loans excels at connecting its clients to lenders that offer large loan amounts. This platform provides the largest lending amounts out of all we have selected.
With loans that reach an incredible $35,000, the Personal Loans platform proves that it collaborates with financially powerful lenders that have the means to offer that amount. Even though that amount of money may only be available to clients with an exceptional credit score, it is still worth mentioning because there are rarely short-term loans with such high amounts.
Competitive interest rates
Another feature of the Personal Loans platform is that its collaborating lenders provide loans with competitive interest rates. These interest rates range anywhere from 5.99% to 35.99%.
The percentage of interest depends on several factors like your credit score, income, the amount of the loan, and the reimbursement period. Usually, the higher the loan amount and the longer the reimbursement period, the higher the interest rate will be.
But, that is not always the case since good credit score clients that are financially aware and responsible may receive higher loan amounts at lower interest rates as a sign of trust from lenders. That is also a way to make their clients loyal to them.
In any case, the Personal Loans platform provides the most reasonable interest rates considering that we are discussing payday loans.
=> Click here to visit the official website of Personal Loans
Pros
- Provides loans that range from $1,000 to $35,000
- A platform specialized in offering personal and payday loans
- Member of OLA
- Its services are free of charge
- Fast funding directly to your bank account
- Short-term payday loans for any occasion
- A broad network of well-established lenders
- Competitive interest rates
- A very well-designed and intuitive website
- Excellent customer service
Cons
- You cannot borrow less than $1,000
- Higher interest rates for bad credit score clients
How Did We Create This List While Selecting The Best Payday Loans Online?
From the start, we have to say that choosing these payday loans platforms was a tough decision. There are so many on the financial market, and many offer all kinds of loans, including payday loans.
So, we did a lot of research and set some priorities to guide the way. These priorities are traits that all of our selected platforms share. Therefore, here are the factors that we considered for our list:
Well-established and respectable platform
One of the primary and most important things to us was each platform’s reputation and its well-established reputation in the money lending world. This factor represents the whole brand because it combines all the positive traits and characteristics.
Our chosen platforms are well-established and respectable, and they have achieved that respect through years of work and dedication to their clients.
We’ve confirmed this because we went through many customer reviews, which showed nothing but positive comments and opinions for these payday loan services.
On top of that, they only collaborate with professional and financially capable lenders and lending companies that abide by the rules of financial law. You will receive fair treatment and equal opportunity, no matter your financial situation or credit score.
Encrypted and highly secure services
Security of your personal information should always be a top priority when financial matters are in question. Wanting to apply for a loan involves submitting personal information that must be kept safe; otherwise, it might be unlawfully misused.
Bearing that in mind, security was constantly on our minds while deciding which services to pick for this list. With careful consideration and a lot of research, we determined the ones that share a high grade, industry-standard encryption, based on the one many banks and financial establishments use.
All the services use 2048-bit encryption to protect your data, meaning that every piece of information you provide will be safely kept from prying eyes.
Besides, the platforms can only use your personal information for marketing purposes with your previous consent, meaning they must inform you first.
Quick transfer of funds
To receive quick funds is why any client would apply for a payday loan. Nobody wants their time wasted on unnecessary terms and prolonged application reviews. People want effectiveness and the ability of lenders to review and approve their loan requests easily.
Effectiveness and swiftness are exactly what you get with these money lending platforms. The lenders in their network are all capable of making fast evaluations of the client’s applications while at the same time generating reasonable and acceptable loan offers.
Once the loan agreement is signed, the money transfer is as swift as the wind. The funds are directly transferred to your banking account in almost the same instant. This is another trait that sets these platforms aside from many others.
Platforms that offer their services for free
The last factor we considered important was choosing platforms that offer their services to clients for free. This is something that all of our selected platforms share without a doubt, so even if you apply for a loan and get rejected, you won’t have to worry about paying anything for the application.
Instead of making revenue from the applicants, these services take a percentage from every lender if they sign a successful loan agreement with a client using their service.
So, if you apply for a loan with any of these platforms, know that there will be no hidden charges or fees for the application because it is free. Now, let’s look at the best providers on the market and their features.
Buying Guide: Things to Consider When Looking for Online Payday Loan Lenders
In this section of the article, we wish to point out several important things you should consider while applying for a payday loan.
Getting a payday loan can be risky, and it is always better to know what to expect and anticipate any additional problems that may arise along the way.
Anyhow, make sure you are well informed before making rash decisions concerning your financial situation. To make a good decision, pay special attention to these important factors:
Make sure you fulfill the eligibility requirements
To apply for a payday loan with any of these platforms, you must fulfill their basic application requirements first. It won’t make sense to waste your time calculating loan amounts and interest rates if you don’t. Some of the most basic eligibility requirements include:
- Being at least 18 years of age
- Being a citizen of the United States with a permanent residency
- Having a regular employment status
- A steady income every month
- An active bank account
- Personal phone number and email address.
Some lenders and lending platforms may not require you to be regularly employed since their only concern is your monthly income and whether it is consistent.
Besides these basic requirements, if a lender sends you an offer that you are willing to accept, there may be other criteria imposed by the same lender that you would need to fulfill.
Compare several lender offers
Once you fulfill the eligibility criteria and apply for a loan, you should get your first offer for a loan. It is essential not to get ahead of yourself at this moment and rush into signing the first lender deal that comes your way. What you should do instead is to wait for more offers to be sent your way and compare and assess each of them individually.
Comparing several lender offers will give you an edge over the entire lending process and allow you to dictate how the process progresses. You choose the terms that best suit you and your needs instead of letting the lenders impose theirs. And if none of the offers is to your liking, you can always reject them without any monetary consequences.
Carefully examine the interest rates
While comparing lending offers, it is essential to check the interest rates. This is especially important if you have a bad credit score and need to borrow more money.
Clients with bad credit scores that request a payday loan usually get higher interest rates from lenders because of their lower creditworthiness. Their score indicates to any lender that they impose a higher risk if they are to be lent money, so the lenders will, in return, impose higher interest rates to compensate for that risk.
If you have a bad credit score, this applies to you, which is why we strongly suggest picking a lender that offers the lowest interest rates for the highest possible amount.
The period you choose to repay the loan also plays a role in the interest rates, but generally, they should be between 5.99% and 35.99%.
Read and examine clients’ reviews and experiences online
The reviews and experiences clients have from using these services can be a number one indicator of their well-established reliability. So, reading and examining them is a good idea and should often be one of the first things you do before deciding to trust any brand or service.
People who trust a service often write positive comments online and praise that service. The same applies to anyone who has gained a positive impression of something and would want to praise it.
The platforms we chose also have many positive online comments, which was one decisive factor for us in picking them in the first place.
Make sure you pay your debts on time
Before applying for any loan, you must strategize and clearly understand how well you will divide your finances each month. Having a plan and setting priorities will give you a clearer picture of how your money will flow in and out, as they say.
Start by comparing your debt-to-income ratio, ensuring that your debt does not exceed your income. If it does, then reconsider applying for a loan in the first place.
In this case, you will be taking out a payday loan, meaning you will have to repay it in full the next time your paycheck arrives. That means the amount you borrow should not exceed the amount you receive as an income.
Applying for a payday loan is not a simple thing to do. It requires careful planning and financial awareness. If you get into it recklessly, you could make things even worse.
FAQs On Same Day Payday Loans
Q1. What is a payday loan?
Payday loans are short-term, meaning the lender expects the full amount of the loan to be repaid when you receive your next paycheck. They usually come in smaller amounts, although exceptions depend on other conditions.
Paycheck loans generally have higher interest rates because of their short-term nature and are also available to people with bad credit scores.
Q2. What can I use a payday loan for?
Payday loans can be used for several things. People use them to cover their monthly expenses until they get their next paycheck.
There are also reasons when people use payday loans to help them with some kind of emergency, like medical bills, legal bills, or as simple as repairing a damaged car part.
You can also repay overdue bills using a payday loan, including piled-up interest rates and installments from overused credit cards.
Q3. Can a payday loan negatively impact my credit score?
Receiving a payday loan will not negatively impact your credit score unless you cannot repay it on time.
Because these loans are short-term, lenders usually check the clients’ credit scores before approving them. In addition, these loans are repaid within a short time, meaning that if you repay the loan on time, there will be no need to make any changes to your credit score. This is not good because your loan repayment on the due date should improve your credit score.
On the other hand, should you fail to deposit the money on time, the lender might report you to a debt collector, who may, in turn, report you to a credit reporting company. This will surely harm your credit score.
Q4. Can I obtain more than one payday loan?
Yes, you can obtain more than one payday loan, but several factors are involved. For one, the same lender will probably not risk granting you a second payday loan, and if you obtain one, it will be from another lender with higher interest rates.
Your overall debt is another factor that cannot exceed two-thirds of your overall income. If it does, you will not be able to obtain a second loan. Your credit score also plays a role in this regard, and if it is too low, then the chances of obtaining another payday loan will also be minimal.
Q5. Is the lender going to ask for some kind of guarantee before approving the loan?
Payday loans are unsecured loans, meaning no lender will ask you to place some kind of collateral asset to guarantee you will repay it. These loans are “easier” when eligibility conditions are concerned.
They are also offered in low amounts for shorter periods, so lenders don’t require any collateral asset as a guarantee.
Q6. Can I get an extension if I cannot repay the loan on time?
Yes, asking for an extension on your loan is possible, mainly on the lender. So, if you are having trouble gathering the necessary finances to repay the loan on time, instead of stressing out and panicking, make sure to contact the lender ahead of time and ask them if they can prolong the due date.
If the lender is reputable and certified, you should have no problem getting an extension, with or without minimal penalty charges.
Suppose the lender is a Community Financial Services Association(CFSA) member. In that case, you should be able to get one free loan extension per year since the rules of the association dictate it. No matter the impairment for the non-payment, the lender must approve your request for an extension of the loan.
Q7. What credit score is required to secure a payday loan?
Lenders that provide payday loans don’t usually check the client’s credit score. But, if that is necessary, then even if you have a bad credit score, you will still be eligible to apply and secure one.
Bad credit scores are all the scores that range from 300-580, according to FICO (Fair Isaac Corporation). Anywhere between 581 and 669, the score is considered fair, while a good credit score is between 670-739. Exceptional credit scores range from 740-840, and the clients with those kinds of credit scores get the most beneficial loan offers.
Conclusion: Find out which online payday loans and quick loans for bad credit are best in 2022?
Well, this is the very end of this article. However, before concluding our article, we have one more question: Are online payday loans a good choice for you?
We would agree that they are since even if you are struggling with your finances and have a bad credit score, you still might have a high chance of obtaining a payday loan from any lender.
Besides, payday loans are great because they do not place additional stress on your credit score. Still, they can help you resolve an important financial matter that suddenly emerged from nowhere.
So, if you consider yourself a financially aware and responsible person, then securing a payday loan from one of these platforms will greatly aid you in the short and long run, especially if you repay it on time.
Therefore, good luck and choose the best option for your needs!
