Payday Loans

Best Online Payday Lenders for 2024

What are Payday Loans?

Payday loans are usually reserved for those occasions when you are in a jam and you need quick cash to deal with an emergency expense. Typically, people apply for this type of alternative loan product after running into unexpected circumstances like medical expenses, auto repair, or the loss of a job. These loans are also a type of product that stands out for being loans without guarantor. This means you can apply for these loans without needing another person to co-sign or guarantee the repayment.

An online payday loan is simply a short-term cash advance that a borrower agrees to pay back by giving a direct payday lender electronic access to a checking account or a post dated check to cash on an agreed-upon date. Usually, you can expect a quick application process for an online payday loan. Most online payday lenders can transfer funds into your account as soon as the next business day.

Loan Amount Min. Credit Score Our Rating
Advanceafy $100 - $10,000 All Credit Scores Considered 4.8
AmOne $2,000 - $50,000 All Credit Scores Considered 4.6
Apointfyp $100 - $10,000 All Credit Scores Considered 4.5
BorrowCyber $100 - $10,000 All Credit Scores Considered 4.2
Credible $5,000 - $250,000 580 4.8
EnoughLoans $100 - $5,000 All Credit Scores Considered 4.3
Evergreen $100 - $10,000 All Credit Scores Considered 4.8
GoCreditLend $100 - $10,000 All Credit Scores Considered 4.5
LendAndGo $100 - $10,000 All Credit Scores Considered 4.7
Lendfly $100 - $10,000 All Credit Scores Considered 4.8
Lendible $100 - $10,000 All Credit Scores Considered 4.9
Lending10k $100 - $10,000 All Credit Scores Considered 4.3
LoanYours $100 - $5,000 All Credit Scores Considered 4.2
Personalloans.com $250 - $35,000 580 4.5
PurseLend $100 - $10,000 All Credit Scores Considered 4.3
Upstart $600 - $200,000 600 4.9

How do Payday Loans Work?

The application process for a payday loan will vary from lender to lender, but you can expect to apply and receive your loan pretty quickly if you are approved. Below you can find a list of requirements that traditional payday lenders might ask you for proof of:

  • Be a US resident who is 18 years of age or older
  • Have a valid drivers license or other government-issued identification
  • Have your social security number handy
  • Provide proof of  gainful employment or another steady source of income
  • Be able to provide a verifiable email address and a valid phone number
  • A personal check or electronic access to a bank account is generally required from financial institutions

How Do Payday Loans Differ from Other Types of Loans?

Payday loans are different from personal loans or other consumer loans that you may be familiar with. Most payday loans you can get online, if you’d prefer to get your loan virtually rather than at a physical branch. After you’ve been approved for a payday loan and receive the money, you typically have about 14 days or until your next paycheck to pay the loan back. Since your loan term is so short, you will typically see a much higher APR than many other loan types you may be familiar with.

How Do I Know if a Payday Loan is Right for Me?

A payday advance is right for a person that needs quick access to cash that they know they’ll be able to pay back quickly. Medical emergencies, unexpected changes in monthly income, and car repairs are only a few of the very common reasons that a person might find themselves in need of short-term loans.

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A payday cash advance is not right for you if you just need a little extra cash for everyday expenses. You should only seek out a payday loan online as a last resort to meet short term financial needs. To be totally clear, we advise against payday loans online as a long-term financial solution.

What to Look for in an Online Payday Lender

With so many different payday lenders online, it can be difficult to choose the right one for you. If you’re like the thousands of other Americans who are applying for an online cash advance, trust is usually the biggest concern. Let's face it—not all financial institutions are trustworthy.

Here are a few things to watch out for as you're deciding which payday lending company to go with.

Reputation

When you’re looking for the best online payday loans, it’s critically important to do your due diligence and examine the reputation of the lenders you are considering. Unfortunately, there are scammers and unscrupulous lenders online that you need to look out for, so it’s important to research each company for ratings, reviews, and testimonials before you sign a loan agreement.

Speed

You will also want to make sure that you’re dealing with a lender that has the capacity to respond to your application with a sense of urgency. As you're doing your due diligence and finding reviews of your prospective lender, pay close attention to whether or not the testimonials comment on the speed with which people received the cash to cover their emergency expense.

Security

When entering sensitive personal information online, always make sure that the website you’re on is using an encrypted connection to keep your data from being intercepted. You can tell if a website is using a secure connection, by looking at your browser’s address bar and locating the padlock symbol. If you see the lock, you’re safe. If you see a message that says “Not Secure”, or a padlock with a line through it– do not enter any sensitive data into this website.

Where Can I Get Payday Loans?

If you're in search of payday loans, several reputable online platforms and financial institutions can provide this service. In this article, we provide you with 16 well-known options that offer convenient online application processes, quick approvals, and a range of loan amounts to meet your immediate financial needs. Remember to review the terms and conditions of each provider to ensure they align with your requirements.

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Our List of Online Payday Lenders

If you’re looking for a list of online payday lenders, it’s probably a safe assumption that you have found yourself in some form of emergency and you need some cash immediately.

There’s certainly no shortage of online payday lenders, but we’ve done the heavy lifting on your behalf and spared you the time and hassle of having to research the web's countless online lenders. We consider the following 16 lenders to be the top payday lenders online, and multiple borrowers agree with us.

Here’s what they have to say about their experience:

1. Advanceafy

Loan limit: $10,000

Advanceafy is a great option if you’re looking to get the best loan for your needs. They make it convenient for you to access lenders, and make fast-approval quick and easy.

2. AmOne

Loan limit: $50,000

AmOne is a good option if you’re concerned about your credit score. AmOne states clearly that your credit history does not impact your ability to get quick access to funds. AmOne users also comment on the speed of the application and decision process.

3. Apointfyp

Loan limit: $10,000

As one of the most connected lending platforms in the country, Apointfyp partners with lenders across the United States to provide quick and easy financial help from the comfort of your own home.

4. BorrowCyber

Loan limit: $10,000

BorrowCyber is a loan matching service that connects you with lenders. BorrowCyber makes finding funding fast and simple. Their network of lenders provide short-term loans and consider a wide range of credit scores. It can take less than five minutes to get approval!

5. Credible

Loan limit: $250,000

Credible makes it quick and easy to compare rates from multiple lenders. They are a trustworthy personal finance marketplace, and have helped over 3.4 million borrowers compare prequalified rates.

6. EnoughLoans

Loan Limit: $5,000

EnoughLoans works with a network of lenders and advertisers across the nation, and connect borrowers with lenders in minutes. Within seconds, you’ll receive quick decisions from lenders with no impact to your credit score and money deposited into your account as soon as the next business day.

Works with a network of lenders and advertisers across the nation, and connect borrowers with lenders in minutes. Within seconds, you’ll receive quick decisions from lenders with no impact to your credit score and money deposited into your account as soon as the next business day.

7. Evergreen

Loan limit: $10,000

Our favorite part of Evergreen is that they are committed to transparency. Their homepage features a payment calculator that will help you to determine what your monthly estimated payment will be, along with how much interest you’ll pay over the life of your loan.

8. GoCreditLend

Loan limit: $10,000

GoCreditLend was created to make it more convenient for borrowers to access credit. GoCreditLend assists borrowers with finding funds and getting lender-approved loans within minutes.

9. LendAndGo

Loan limit: $10,000

LendAndGo stands out as a top choice among online payday lenders. With the ability to lend up to $10,000, swift processing, and an inclusive approach to all credit scores, it's a go-to option. In urgent financial situations, LendAndGo ensures a quick resolution by offering direct deposits as early as the next business day.

10. Lendfly

Loan limit: $10,000

One notable aspect of Lendfly that we particularly appreciate is their unwavering commitment to transparency. Experience clarity and financial insight with Lendfly's commitment to openness.

One notable aspect of Lendfly sthat we particularly appreciate is their unwavering commitment to transparency. Experience clarity and financial insight with Lendfly's commitment to openness.

11. Lendible

Loan limit: $10,000

Lendible is one of our favorite online payday lenders because they loan up to $10k, they're lighting fast, and they consider all credit scores. If you are in a serious bind and need cash immediately, Lendible can make a direct deposit into your account as soon as the next business day.

12. Lending10k

Loan limit: $10,000

Renowned as one of the most well-connected lending platforms nationwide, Lending10k collaborates with lenders throughout the United States to deliver prompt and convenient financial assistance right from the convenience of your home.

13. LoanYours

Loan limit: $5,000

LoanYours facilitates connections between borrowers seeking loans ranging from $1,000 to $10,000. Many borrowers have reported receiving decisions within minutes of submission.

14. Personalloans.com

Loan limit: $35,000

Personalloans.com is completely free to use, and provides you with competitive rates, quickly. Their easy-to-use online form will provide you with funding options in minutes.

15. PurseLend

Loan limit: $10,000

PurseLend connects people with loans from $1,000 all the way to $10,000. Users have reported that requesting their loan online was quick, easy, and in most cases, a decision was received within minutes.

16. Upstart

Loan limit: $10,000

In most cases, if you are an adult with a job and a bank account, Upstart should be able to find you a personal loan that will get you the cash you need quickly. Upstart features speedy lender decisions, and most credit types are encouraged to apply. If your loan is approved, borrowers can usually expect the funds to be directly deposited in their bank account as soon as the next business day.

Payday Loan Alternatives

It's no secret that online payday loans are known for having a high interest rate. If you're looking for alternatives to payday advances, there are other financial products and types of loans that could suit your situation. Check out our article outlining the difference between payday advances and personal loans for more information.

Frequently Asked Questions (FAQs)

What are the best online payday loans?

If you’re in a pinch and looking to get a loan from the best online payday loan lenders, we recommend Advanceafy, AmOne, Apointfyp, BorrowCyber, Credible, EnoughLoans, Evergreen, GoCreditLend, LendAndGo, Lendfly, Lendible, Lending10k, LoanYours, Personalloans.com, PurseLend, and Upstart are our top picks. All 16 will provide you with quick answers and if approved, you should be able to see your funds in just a few short days.

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What are the benefits of online payday loans?

Convenience and speed are the biggest benefits of a payday loan online. It's difficult to find financial services that are able to move as quickly. Not only is it a quick application and short turnaround time to get funds, but you don't even need to leave your home to get a direct deposit into your checking account.

This type of short term personal loan typically does not have as many minimum requirements as you might be used to. Many borrowers report that there isn't as much of a hassle when it comes to loan funding.

How quickly can I get funds transferred?

If you're looking for a payday loan online, you are also probably wondering when you'll be able to access the funds.

In most instances, you will receive an instant decision and get an answer regarding the status of your personal loan application within a few minutes. At that point, you'll finish the loan process with your direct lender.

The length of time it takes from beginning to end may vary from one financial institution to the next. Payday loan funding is typically processed much faster than traditional loans. The quickest online payday loan lenders have been known to direct deposit funds as soon as the next business day, but there are also lenders who are able to provide instant funding for same-day-transactions.

How much can I borrow?

Whether you just need a short term loan to hold you over for a few days, or you’re looking to borrow a hefty sum of money, there are direct lenders who can help you.

Unfortunately there isn’t really a concrete answer on this for a few reasons. Each lender will have their own loan agreement and rules regarding the maximum amount you can borrow. Additionally, the laws vary from state to state when it comes to how much a lender is allowed to let you borrow.

In some states, the largest loan amount you can borrow is based on a percentage of how much you make monthly. This regulation is in place to protect consumers from applying for a loan amount that they are unlikely to be able to pay back.

What if I have bad credit?

If you need a loan but are nervous that a poor credit score might be standing in your way, you should really consider applying anyway. Filling out an online payday loan application is one of the few times that you won’t have to be too concerned about your FICO score or your credit history for loan approval.

The lenders who offer the best payday advances online usually understand that a credit report doesn’t give the full picture when it comes to how worthy a person is of a payday loan. Credit difficulty is almost expected of payday loan borrowers since this type of loan product is usually reserved as a last resort. Additionally, since the loan is tied directly to your income, there’s less risk for the lender, and your credit history isn’t as important of a factor. If you have a steady source of income, loan approval is likely, although the amount will be dependent on the lender and your specific circumstances.

The bottom line is that loan approval is not contingent on a stellar credit rating, so you should not let a poor credit rating influence your decision to apply. In fact—some folks even refer to payday loans as "bad credit loans" because it's one of the easier loan products for folks with poor credit to be approved for.

If you're trying to improve your credit score, check out our article on the different options for credit counseling and credit repair.

Will online payday lenders pull my credit report?

Whether or not a credit check is performed will be dependent on the specific online payday loan lender that you choose, but in most cases the lender performs what’s referred to as a “soft pull” of your credit. Meaning that your credit score will not be impacted by the inquiry.

However, as mentioned above, your credit score is only a part of the consideration for your eligibility to receive a payday loan. People with poor credit can still gain access to a payday loan online, so you are still encouraged to apply even if your status with the credit bureaus is less than ideal.

How do I know if payday loans are good for me?

When it comes to personal loans, there are tons of options and it really does boil down to your specific circumstances. To be clear, the interest rate for payday loans is substantially higher than most other types of personal loans because you're paying for the speed and convenience of getting your hands on cash quickly.

In no uncertain terms, payday advances are not a good long term strategy. To be fully transparent, we only recommend payday loans online as a short term loan solution in extreme circumstances.