Fast Payday Loans Online in 2022

Fast Payday Loans Online

Many folks with credit difficulties turn to fast payday loans online during a cash crunch. These loans are easy to get if you have a job. They are also punishing, with astronomical interest rates that suggest you lack any other borrowing options.

But personal loans are a much cheaper alternative that can work for many consumers with bad credit. 

If you are going to get a payday loan, we feel it’s important we tell you about the most reputable sources. But we also have an obligation to inform you about the online installment loan networks that offer you a much better deal. We review both types below.

3 Online Payday Loans With Immediate Approval

These three payday loan networks can put money in your bank account in as little as one day. The networks have an easy application process that yields an immediate approval decision. 

  • Short-term loans up to $5,000
  • Online marketplace of lenders
  • Funds available in as few as 24 hours
  • Simple online form takes less than 5 minutes
  • Trusted by more than 2 million customers
  • Not available in NY or CT
  • Click here for official site, terms, and details.
★★★★★

4.8

Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
Up to $5,000 Varies Varies

See representative example

MoneyMutual facilitates both payday loans and personal loans. The prequalification process is the same for both short-term loan types and can hook you up with a direct lender in minutes. You must be 18 years of age and collect at least $800 a month in income to prequalify.

Like its sister company MoneyMutual, BillsHappen® can get you a fast payday loan, but it is best known for facilitating personal loans. Prequalification is fast and can get you a loan offer, or even multiple offers, in minutes. BillsHappen® believes that your credit score need not be an obstacle to obtaining a quick loan.

             
★★★★

3.9

Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
$100 to $1,000 200% – 2,290% Varies

See representative example

CashAdvance.com specializes in arranging fast cash loans. Founded in 1997, the company works with an online payday lending network eager to extend small loans to consumers with short-term financial needs. To prequalify for a quick cash advance loan, you must earn at least $1,000 in after-tax monthly income.

4 Fast Online Payday Loan Alternatives

This quartet of online networks can get you a personal loan pronto, often by the next business day. You repay a personal cash loan in three or more monthly installments at interest rates well below those for payday loans. The APRs on personal loans roughly match those for credit card cash advances.

   
★★★★★

4.7

Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
$500 to $10,000 5.99% – 35.99% 3 to 72 Months

See representative example

CashUSA.com is a personal loan finder that arranges installment loans through its online network. You must be 18 or older to prequalify and receive an after-tax income of at least $1,000 a month. CashUSA is a good choice if MoneyMutual’s short-term loan limit is too small for your financial needs.

CreditLoan.com welcomes borrowers with poor credit who need an installment loan right away. Its cash loan network provides personal loans for any purpose as soon as the next business day. With a personal loan, you can arrange a repayment schedule to fit your budget.

BadCreditLoans.com can prequalify you for a personal loan whatever your credit history, and even if you don’t have one. The company, founded in 1998, can help you borrow as little as $500. The members of its online network charge reasonable rates not available from payday lenders.

PersonalLoans.com can arrange large personal loans to suit the needs of borrowers with any type of credit. You must earn a minimum of $500 in monthly income to prequalify. As with all the reviewed lending networks, PersonalLoans.com does not pull your credit history to prequalify your loan request.

What Is a Payday Loan?

A payday loan allows workers to borrow small amounts they repay on their next pay date. These are short-term loans that can keep them afloat for a week or two when quick cash is scarce. Because of their high interest rates, it’s best to consider them as emergency cash sources, not as regular adjuncts to your wages. 

While a payday loan is not a traditional secured loan like an auto title loan, it is backed, so to speak, by your next paycheck. Payday lenders typically collect payments directly from borrower bank accounts or via post-dated checks. 

If you fail to repay on time, the lender will roll your loan over and charge you a late fee. 

There are many reasons someone may turn to a payday loan for emergency cash. It is often the only source of funds for folks with imperfect, limited, or no credit. The only requirement is a documented source of income.

You can get a fast payday loan from two sources:

  • An online lender that deposits your loan amount into your bank account on the next business day
  • Brick-and-mortar storefronts that lend you fast cash via a same-day loan 

Personal loans are an alternative fast cash source for folks who would rather repay in installments over an extended loan term rather than in a lump sum in a week or two. A personal loan term can run from three to 72 months, and the monthly repayment amount remains fixed for the life of the loan.

Interest rates on personal loans are well below those for quick payday loans, on par with the APRs for credit card cash advances. However, personal loans require a credit check – a hard pull of your credit report that can depress your credit score. 

Installment Loans vs. Payday Loans

An online loan is seldom a same-day loan, but you can expect funding as soon as the next day. Some online lenders can facilitate immediate deposits for an additional fee. 

How Do I Get a Payday Loan Online?

You can arrange an online payday loan through a loan matching service that works with a network of direct lenders. The reviewed payday lending services require you to fill out a short loan request form that they use to prequalify your loan. They then forward you to a direct lender to complete the application process.

The loan matching service does not charge a fee, and you’re under no obligation to accept a loan offer. If the referred lender approves your loan and you agree to take it, the loan amount appears in your bank account as soon as the next day.

You must repay your payday loan in a single payment on your next pay date. The interest rates on payday loans can range from 300% to 700% or more. The rate is high, but the traditional loan period is short, at least in theory.

Payday Loan Interest Rates in the US

In the real world, borrowers often roll over their payday loans multiple times, and each rollover extends the loan for another pay period while adding a late fee. Suddenly, a short-term loan isn’t so short, and you can find yourself in a debt spiral, perhaps in need of credit counseling.

Because of their inherent danger, some states have enacted laws that control fast cash loans. One form of this financial protection prohibits or limits payday loans, including capping payday loan rates. 

Do Payday Loans Guarantee Approval?

No loan is truly guaranteed. All lenders set policies that must, by necessity, reject certain traditional loan requests. Eligibility requirements may be trivial — a minimum age of 18, for example. Some conditions are harder to meet, such as earning a set monthly income. 

You won’t be eligible for a payday loan if you don’t have a reliable source of income. Other factors, such as residing in a correctional institution, can also ruin your chances.

The critical point is that credit difficulties will not prevent you from getting a payday loan. For many, this is reason enough to borrow from a payday lender, despite the cost.

Even if an online loan-finding network prequalifies you for a payday loan, there is no guarantee that a direct lender will offer to take your application. Moreover, you have no assurance that a lender will proffer you a loan. Even if it does, you may find the amount or terms unacceptable

One other guarantee: You cannot build credit with a payday loan. Building credit requires that the lender send your payment details to at least one major credit bureau. Payday lenders do not take into consideration your credit score or check your credit report to approve loans so they don’t forward information to the bureaus.

But if you default on a payday loan, the lender may hire (or sell your loan to) a collection agency. Typically, collection agencies report their subjects to the credit bureaus, which can send credit scores reeling. 

What Is the Easiest Payday Loan to Get Online?

MoneyMutual has the lowest income requirement among the payday networks in this review, making it the most accessible online lender. Of course, MoneyMutual doesn’t issue loans – it finds direct lenders that may be willing to do so. 

  • Short-term loans up to $5,000
  • Online marketplace of lenders
  • Funds available in as few as 24 hours
  • Simple online form takes less than 5 minutes
  • Trusted by more than 2 million customers
  • Not available in NY or CT
  • Click here for official site, terms, and details.
★★★★★

4.8

Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
Up to $5,000 Varies Varies

See representative example

BillsHappen® doesn’t indicate a specific income requirement applicants must have. But if it matches that of MoneyMutual, it’s probably just as easy to get a loan from BillsHappen.

CashAdvance.com has an income requirement slightly higher than MoneyMutual’s. On the other hand, it issues the smallest loans, as little as $100. It may be easier to get a $100 loan from CashAdvance than $500 from MoneyMutual. 

             
★★★★

3.9

Overall Rating

Loan Amount Interest Rate Loan Term Loan Example
$100 to $1,000 200% – 2,290% Varies

See representative example

However, CashAdvance can’t help you if you need to borrow $1,000 or more.

Compare Online Payday Loans With Fast Approval

Fast payday loans online are an option when you need cash quickly. You can get them without a credit check and collect the money as soon as the next business day.

Consider a personal bad credit loan instead before you agree to borrow from a payday lender. Although personal loan lenders check your credit score, many providers are happy to work with subprime consumers seeking a bad credit loan. 

Personal loans charge less interest and can be more affordable than payday loans. They are a better choice if you can get one. If not, you may want to consider credit counseling to improve your credit profile.

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