Confidence in Your Choice
One of the things that make life exciting is its unpredictability. However, these unexpected events may sometimes be unwanted. Regardless of how well you plan your finances, the need for emergency funds may arise before the next payday.
Whether it’s a car emergency or an unexpected health bill, you may need quick personal loans to stay afloat before your next paycheck. Financial lenders offer online payday loans to people who need a quick financial lifeline.
Our comprehensive guide explains how an online payday loan works and the most reputable online payday lenders for Americans. Keep reading to learn how to get fast loans without delays and make informed decisions.
What is an Online Payday Loan?
Understanding how online payday loans work is crucial before delving into the details of trustworthy online lenders in the US.
As the name implies, a payday loan is a short-term loan that a borrower can apply for and agree to repay when they get their next paycheck. These loans often come as instant or installment offers with high-interest rates and are accessible online.
So, instead of finding storefront payday lenders when you need emergency grocery funds, you can get an approved cash advance from online lending networks within 24 hours.
Trusted Online Payday Loan Companies in the US
Now, we highlight the most trusted online payday loan networks you can consider when in need of emergency cash. Compare their offers and determine which one best suits your needs before applying.
1. CashUSA.com
CashUSA.com is a leading online personal loan company with a network of lenders nationwide. The lending platform’s partners offer loans between $500 to $10,000, depending on your credit score and state. The funds can cover personal bills, student debts or home remodeling.
Applying on CashUSA is straightforward, and a loan request only takes a few minutes. After providing your contact and financial details and entering a loan amount, the company verifies your credentials with a soft credit pool, which will not impact your credit score.
Though CashUSA’s application process is free, the company charges an annual percentage rate (APR) ranging from 5.99% to 35.99% with a loan period of 90 days to 72 months.
2. BadCreditLoans.com
BadCreditLoans.com is another top consideration for unsecured loans when considering online payday loans. The firm helps people with poor credit histories access personal loans online through its lending network.
In other words, Bad Credit Loans isn’t a lender. Its network supports diverse financial service providers with loan offers from $500 to $10,000.
To get an instant offer from Bad Credit Loans, complete the online loan request form, connect to a lender and choose a loan from the available options. Depending on your lender, annual interest rates range from 5.99% to 35.99%.
The installment repayment term ranges from a minimum of 90 days to a maximum of 72 months (6 years).
3. Personal Loans
As the name implies, PersonalLoans.com is a loan service platform with a network of lenders offering personal loans to borrowers. The platform connects you with financial institutions on its network or third-party lender networks in your city to get a loan for your immediate personal needs.
Additionally, PersonalLoans offers other credit-related products, including debt relief, credit monitoring and credit repair services.
Getting online payday loans from the platform’s network requires filling out a loan request form stating personal information, such as your credit type, the amount to borrow and the loan reason. Upon successful review, you can get a bank personal, peer-to-peer or personal installment loan from $250 to $35,000.
The minimum required credit score is 580+, and the loan tenure ranges from 90 days to 72 months. However, lenders charge ranging APRs between 5.99% and 35.99%.
4. MoneyMutual
MoneyMutual is another company with a network of payday loan lenders servicing Americans who need quick loans. The online lending marketplace has a lender network across the country, with small loans ranging from $200 to $5,000.
After submitting your information using the platform’s secure form, MoneyMutual sends your details to its lenders for review. Afterward, you can choose which lender’s offer works best for you and receive the funds within 24 hours.
Unlike other lending network providers in this guide, MoneyMutual isn’t upfront about its partners’ repayment terms and interest rates. That means you must first apply to see the individual conditions of the supported loan companies.
5. Upstart
Upstart is another online marketplace that connects potential borrowers and lenders. The platform has a lending network offering Americans personal loans, including wedding, medical, moving and home improvement loans. You can also access car loan refinance deals or short-term relief loans from the providers in Upstart’s network.
Depending on your credit history and state, the offer ranges from $1,000 to $50,000 for personal loans. You can check if you qualify for a loan before applying on Upstart without negatively impacting your credit score.
According to its website, Upstart has financed over 2.9 million customers, making it one of the largest marketplaces for online payday loans. Upstart’s lenders have fixed APR from 7.8% to 35.99%, with loan periods between 3 and 5 years.
Secure Solutions
According to a report by the Federal Reserve Board, only 6 in 10 Americans can raise $400 in an emergency. That means a decent percentage of Americans need help when unexpected expenses arise.
With the trusted payday loan online lenders reviewed in our article, you can access a short-term cash advance to cover your expenses. These companies cater to borrowers with poor credit scores. However, their interest rates are high. Carefully assess all the details before opting for an offer.
FAQs
Can I Get a Payday Loan With a Bad Credit Score?
Yes, Americans with bad credit histories can get instant payday loans online. However, low credit scores usually attract higher interest rates.
What Do I Need to Get a Payday Loan?
The basic requirements for a payday loan are your contact information and a personal bank account. However, you must be at least 18 years old, a US citizen or permanent resident and earn a steady income to get approved for a loan application.
What is a Good Payday Loan Alternative?
Getting a Credit Union loan is a viable alternative to online payday loans. The union offers relatively low-interest loans up to $2,000, which are capped at 28% APR, to its members.