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One of the internet’s main revolutions has been to make businesses more accessible to the general public. For the loan industry, it promised convenience without having to commute for miles to get financial assistance. Yet, most people have still found themselves scouring google for hours on end in search for the best online payday loan options for very urgent financial needs. To their dismay they are met with a saturation of poorly curated and non-comprehensive recommendations that serve to waste more time than help.

Fortunately, there really are a number of quality online lenders of note. The problem is they are too often hidden in a haystack of brand driven, self-interested or haphazard listicles. Our goal in this article is to take a weight off your back by introducing four tried and tested online payday loan providers to pay off that car repair, book that emergency trip, foot those bills, or simply help you through until the end of the month.

You don’t have to go out of your way. Neither do you have to sift for hours to find the right short-term loan to suit your situation. Sit back and exhale, because we have you covered.

Top 4 Best Online Payday Loans to Get Instant Loans in 2021:

1. MoneyMutual – Overall Best Online Payday Loans With Guaranteed Approval
2. BadCreditLoans – Best Direct Lender 
3. CashUSA – Easiest Same Day Loan Approval 
4. Personal Loans – Best Personal Loans for Bad Credit Scores

#1. MoneyMutual – Overall Best Online Payday Loans With Guaranteed Approval

Brand Overview

MoneyMutual is a free online resource founded in 2010 to provide an online marketplace for potential borrowers to link with potential lenders. Their middleman approach facilitates the lending process by offering simple, quick and secure access to lenders for free.

The Las Vegas-based outfit got into business because they felt the need to provide assistance to the 40% of Americans that have difficulties financing their emergency expenses, unexpected bills, and essentials. As a proud member of the Online Lenders Alliance, MoneyMutual is committed to offering solutions to life’s financial challenges, and improving best practices and education in the short-term loan industry.

MoneyMutual’s centralised and customer friendly platform greatly simplifies your pool of choices for online loans. You can fill out a simple and secure form and find a lender within minutes. The maximum loan amount is based on the merit of your individual qualifications, but you can receive up to $5,000. As a result, it boasts over two million users who have been inspired to live better and aspire for a better future, regardless of their circumstances. 

Pros

• Up to $5,000 in short term loans
• Access to a market place of lenders at no costs or hidden fees
• Fast and efficient—receive cash in as little as 24 hours
• Simple online form that takes as little as five minutes to complete
• Exceptional Customer service
• Trusted by two million customers 

Cons

• Not available in New York or Connecticut 

Highlights

MoneyMutual is at the top of its game because of: 

• Convenience: When in need of fast help nobody wants a complicated and laborious process so MoneyMutual can help you get your money in three easy steps: first, fill the simple online loan application form (which takes max. five minutes to complete); then, an online lender approves your loan within minutes; and finally, you are redirected to the lender’s site to finish the application and discuss repayment options. You can have access to the cash within 24 hours. 
• Variety: MoneyMutual’s marketplace allows you to compare between multiple lenders on a single platform. From a wide selection of short-term lenders you can find a loan that suits your needs without jumping between websites. From payday loans to bad-credit loans and instalment loans. In addition that means you are also able to compare between the varying interest rates of lenders. 
• Security: MoneyMutual is secure and transparent enough that you can give out your information without apprehension. 
• Expert Customer Care: Because short-term loans have high interest rates it’s important to be able to offer informed assistance to short-term loan customers. MoneyMutual’s highly rated customer care is carried by knowledgeable call operators. They are adept at answering all your risk-related questions and at giving relevant advice for your particular case before you commit to a lender. 

⇒ Click Here to Visit the Official Website of MoneyMutual

#2. BadCreditLoans – Best Direct Lender 

Brand Overview

Since 1998, BadCreditLoans has helped people with bad credit secure a loan and obtain information about debt relief, credit monitoring, and other financial solutions. Similar to MoneyMutual, this platform is designed to connect you to an array of lenders in order to simplify your online search and get you back on your feet.

BadCreditLoans is a free, 24 hour service which offers the use of its proprietary technology to securely make requests to a vast network of credible lenders and financial service providers. Some of these lenders also offer a line of credit on top of traditional loans.

Besides its focus on helping customers with bad credit, BadCreditLoans also draws a distinction between state and Tribal lenders in its lender network. Both operate within different laws. Tribal lenders tend to have higher rates and fees because they operate under Federal and Tribal laws as opposed to those of the state in question. Because of their attention to lender categories, BadCreditLoans sets itself apart from other lending platforms by offering users a range of options.

Upon filling out the request form, eligibility depends on the lending partners that you are free to choose from. If you do not find a willing lender, they don’t leave you hanging but show you helpful alternative options for you to immediately continue your search.

Depending on the lender and your loan request information, an average loan term is between three months and six years, with interest rates ranging between 5.99% and 35.99%. Easy, fast and secure is their mandate. 

Pros 

• Loans from $500 to $10,000
• Available 24/7 at no cost or obligation
• Information secured by encryption
• Provides reputable lenders for customers with bad credit
• Approval within 24 hours
• Easy and reliable online service and support 

Cons

• Lender APR and repayment terms may differ from what is listed on their website 

Highlights

• Get a Loan With Bad Credit: As their name states, BadCreditLoans is dedicated to helping people with bad credit find reputable loans and use their money responsibly by providing access to affordable short-term loans from reputable lenders.
• Wider Variety of Offers: BadCreditLoans give you more options by showing you ads for other lenders or connecting you with offers for debt relief, credit repair, or other credit-related products or services. They strongly encourage carefully reviewing these offers and comparing them to other available options before accepting. 
• Privacy & Security: BadCreditLoans protect your information with advanced encryption technology and do not show the other companies it may connect you to the sensitive information in your loan request. Only your contact information is handed over so they get in touch.
• More Than Just a Loan Service: BadCreditLoans is also an educational resource with expertly curated articles and informative news that provides tips to make the loan process as smooth and efficient as possible, and guides to making responsible financial decisions and avoiding the latest scams.

⇒ Click Here to Visit the Official Website of BadCreditLoans

#3. CashUSA – Easiest Same Day Loan Approval 

Brand Overview

CashUSA’s simple aim is to secure personal loan offers that can meet customer needs. Their dedication is shown in their time conscious user interface, built to make the process fast and easy. Their online application form is the very first thing you will see on their web page.

There are no fees to fill their form and submit a snappy loan request. Once you have met their basic borrower eligibility requirements the information is sent to potential lenders in their network. Because client safety is an important part of their service, CashUSA prides itself on the industry standard encryption and security measures it built in to guarantee the protection of client privacy and personal information.

CashUSA is very open about the lending process, particularly on how to review the lending offers you receive. It is also generous with the legalities around lender transparency and borrower acceptance. They have helped thousands find a loan for their needs by connecting them to reasonable personal loans which can be paid over an agreed and scheduled period of time. They cannot stress lender-borrower communication enough. 

Personal loans in the CashUSA network range between $1,000 to $10,000. Depending on the lender, state, and customer credit worthiness, Annual Percentage Rates (APR) vary among lenders. Rates range between 5.99% to 35.99%, and loan durations between 90 days to 72 months. Though, of course not every lender offers these rates. 

Pros

• Loans from $1,000 to $10,000
• All credit types accepted
• Quick, easy and time efficient: Loan requests approved within minutes
• Safe & Secure website
• Informatively and legally transparent
• Loans available for all purposes

Cons

• Can only estimate fees and interest 
• Cannot guarantee that you will be connected to a lender 

Highlights

• Convenient & Time Conscious: CashUSA can approve your loan request within minutes of making it, and in as little as one business day your approved loan can be deposited to your bank account.
• Discretion Savvy: CashUSA makes it possible to handle any embarrassing financial bind you may find yourself in quickly, safely, securely and, discreetly without fear of being caught out. 
• Lending Extensions: Many lenders in the CashUSA network, on request, will offer extensions so individuals don’t risk damaging their credit because of late repayment. 
• Transparent: CashUSA is straightforward about the interest rate its lenders offer, and uses an example to show how the total amount you receive will be affected by the loan terms.
• Additional Assistance: If CashUSA can’t find a loan offer for you, they pass some limited information about you to marketing partners so you can receive offers for credit repair, debt relief or similar services.

⇒ Click Here to Visit the Official Website of CashUSA

#4. Personal Loans – Best Personal Loans for Bad Credit Scores

Brand Overview

Personal Loans is yet another platform with a network of lenders for consumers to pick from. There is no need to fill out multiple applications because you are matched to the most relevant selections for you according to the information you provide.

Personal Loans not only gives you access to their lender network but broadens the variety by tapping into third party lender networks. This provides competitive rates which are especially useful for individuals with bad credit and those who need to handle small emergencies. Repaying loans is also made easier when you are given the option to take a smaller loan.

The loans, which can be received as soon as the next business day, can be used for any personal purposes that may arise, from unexpected bills to financing a business. This can be done, hassle-free from the convenience of home or anywhere through your mobile phone.

The free platform displays useful examples of its APR range which are derived from loan amounts between $1,000 and $35,000, with a minimum APR of 5.99% and a maximum rate of 35.99%. The minimum repayment term of these loans is between 3 and 72 months. Rate depends on the loan amount requested and your credit score, usage, and history. Shorter-term loans such as instalment loans may have a repayment time frame of less than six months. 

Pros

• Loans from $1,000 to $35,000
• Accessible and easy to use
• Useful for bad credit and small short-term loans
• Available in all 50 states
• Loans available for all purposes with decent APRs
• Fast approval and funding 

Cons

• Cannot guarantee that you will be connected to a lender
• APR will vary based on lender

Highlights

• Security: Personal Loans protect your sensitive personal information using advanced data encryption technology to give you peace of mind whilst petitioning for a loan from the comfort of home or on the go. 
• Time and Terms: Personal Loans provides an around the clock service for your convenience as you seek the loan that works for you, without any obligation to agree to a lender offers.
• Simplicity: Get immediate loan offers from Personal Loans’ network of lenders and other third-party networks by filling a fast and to-the-point online form.
• Variety of Loans: Personal Loans offers access to different loan types, including peer-to-peer loans, personal instalment loans, and bank personal loans, each with their own requirements.
• Additions: The site also offers answers to frequently asked questions, loan guides, as well as information on responsible lending and scam alerts.
• Transparency: Terms are readily accessible before making a loan application.

⇒ Click Here to Visit the Official Website of Personal Loans

How We Made Our List of the Best Payday Loans

We began by compiling a list of the most popular and best reviewed online payday loan providers. Naturally, such a list became quite extensive due to the multitude of online lender platforms on the web.

To separate the good from the bad, we took it a step further by carefully researching each brand using a list of valuable criteria like maximum cash amount, speed and efficiency, investment rates, repayment terms, user feedback and ratings, customer care, and any additional perks. Eventually our list was reduced to a small number of online lender platforms that met our rigorous demands.

Out of that list, we scrutinised each selection even further to single out what we considered the best and most reliable services. This produced the list you will find in the next section, curated to perfection just for you.

We made sure to include the most outstanding aspects of each selection in the highlights, and the pros and cons of investing your time and money in them.

What We Looked For

To narrow our list down to the very best, we vetted each service for: 

• The platform’s speed, efficiency, and user-friendliness
• How long it takes to be approved and receive a loan after application
• Whether there is variety in the short-term loans on offer
• What their policy is on maximum loan amounts, interest rates, and repayments
• The level of customer care given to potential borrowers in addition to the quality of customer feedback
• The transparency and integrity of the lending process
• The handling and security of sensitive client data
• Convenience and discretion
• The trustworthiness of their partners and associates
• Types of credit considered for funding

What You Should Know When Searching For An Online Payday Loan

The available options for online payday loans have increased over the years with more platforms taking to the internet to offer people in need convenient access to an assortment of loans.

With wolves among the sheep in the form of scammers and plenty of less than savoury offerings in the consort of online loan offerings out there, it’s even more vital to understand what choices to make. Your credit is on the line so it’s not the kind of investment you want to gamble with.

If you’ve found yourself in a fix and in need of immediate financial assistance, keep the following in mind:

• Make sure you can afford it: Don’t take a loan if you are already swimming in debt or still paying off other loans. Taking a loan to pay a loan only serves to dig you into a deeper hole. Make sure you can make your repayments on time because late fees or a negative mark on your credit report could place you in a worse financial situation. Becoming a liability will make you ineligible for future financial help. 
• Only accept a loan can you actually pay back: In other words don’t borrow more than you can repay. Your loan should not amount more than 10-15% of your net monthly income. The ‘safety first’ principle applies here. Always live within your means. This also applies to how you spend your money so that you don’t find yourself in avoidable financial emergencies too often.
• The longer the loan tenure the higher the interest rate: Try as best as you can to take a loan for as short a duration as you can afford. If you want to extend your repayment keep in mind that that will also hike up the interest you will have to pay. 
• If you need cash now, the fastest and most user efficient platforms are going to be an asset: How quickly you can navigate the user interface, fill in forms, and get responses will be vital in this context. Take note of how long it will take to have the funds in your bank account so that you choose the most expedient option.
• Don’t borrow to invest: As it is wise not to take a loan to pay a loan, it is also wise not to take a loan to invest. Invest in excess and not deficit. High return investments have high risks so any loss would mean you have acquired a debt you cannot pay. Safe investments most likely won’t match the interest rates on your repayment.
• Read and understand the terms before you commit: If you don’t you will be met with unwanted surprises like interest deductions on your loan that leave you short. Being stranded is even worse when you are owing.
• When finding the best fit for you, keep searching for the best rate: If you are able to switch to a cheaper loan do it. It’s best to find out if that is possible beforehand in order to exploit it. It should be at least 2% better so that any penalties of leaving the previous loan don’t eat into the gain of switching. 
• Variety doesn’t always mean quality but it does mean more options: We already saw with companies like Personal Loans that healthy competition can create better offers, but it’s good to make sure that you don’t fall prey to the clamour for borrowers. Juicy looking offers are sometimes too good to be true. So use the other criteria in this section to weigh the risks and reliability of a lender so that you can pick a quality loan that suits your needs. 
• Pay very close attention to what is said and what isn’t: A company that shares its APRs, policies, terms, and interest rates upfront and goes out of it’s way to inform you of what risks and benefits you may face with lenders is a golden goose. They care about you making informed decisions. If they seem to be hiding too much and answering very little, that’s a red flag. The transparency and integrity of the lending process is a huge indicator for how your experience will be once you get a loan. 
• Don’t ignore the user reviews: The level of customer care and security given to potential borrowers is best seen in the feedback most customers give. That is often the best place to see how good an online loan platform is at the handling and security of sensitive client data and carrying clients smoothly through the actual loaning process. 
• Double check any and all partners and affiliates: Who a lending platform or lender partners with will tell you much about their trustworthiness. Backing from reputable organizations in the industry is always one sure fire way to confirm the legitimacy of a lending network. The reliability of lenders or third party lending partners can be weighed by a simple google search and in some cases a phone call. 
• Only apply for another loan with the same company if the service was satisfactory: Even if getting the loan was shaky but eventually things worked out, why shoot yourself in the foot twice? Next time you might not be so fortunate.

FAQs Regarding Online Payday Loans

Q. What is a payday loan?

A payday loan is a short term, high interest loan for small amounts of money usually $500 or less. Loan limits can range above or below this amount depending on state limits. They are generally available with storefront payday lenders or online. 

Q. How long does it take to get the loan?

Most online payday loans take only minutes to apply for. Once you are eligible for a loan and have settled on terms the process of agreement does not take long. Within one business day, funds can be in your bank account.

Q. How do I get the money?

The loan funds can be provided to you directly to your bank account, by cash or check, or loaded into a prepaid debit card.

Q. How long does it take to pay it back?

Payday loans are repaid in a once off lump sum on the borrower’s payday. Depending on the lender’s terms, there are loans that are structured to be repaid in instalments over time at higher interest.

Repayment is automatically deducted from your bank account, as agreed, typically two or four weeks after the loan is made. This is deducted with interest. If you repay the loan before the due date there is no need for this deduction.

For longer term loans these deductions will occur as scheduled over the agreed period of repayment. This may be over months to years, depending on how your application information was assessed and your ultimate agreement with the lender.

Other sources of income such as pension or social security can also be used to pay off a loan.

Q. Who needs a payday loan?

There are multiple ways to handle short term money problems. Though it may be fairly easy to get a payday loan, they are expensive, so consider alternatives before borrowing from a lender.

Remember that payday loans are designed for people with temporary problems and are not suitable for long term fixes. A loan from a credit union or a bank overdraft could be something to look into.

If you actually need to take a short-term loan, it is advisable to compare interest rates and lender charges. Make sure you can pay back the loan and find out the consequences if you don’t can’t because often that comes with extra charges. Find out everything that you can before you commit.

Only people who need a temporary solution and understand the risks involved should get a short term payday loan.

Q. Are there different types of payday loans?

Payday lenders offer cash advance loans, check-advance loans, post dated check loans, or deposit loans.

Q. What are the requirements for getting a payday loan?

Lenders make sure that your income coming in every month can sustain paying back a typical loan. Most platforms will require you to earn about $1,000 per month, though some may have higher or slightly lower requirements. Other eligibility requirements include that you are at least 18 years of age, have a bank account in your name, are a U.S. citizen or permanent resident, and can provide a valid email address, and home and work numbers.

Ultimate approval, however, will depend on your credit history and whether or not you match a lender’s criteria. 

Though companies like BadCreditLoans offer payday loans that accept people with bad credit, these usually come with higher interest rates.

Q. Will lenders contact my employer?

Lenders should only contact your employer to get in touch with you and not speak with your superiors. Before you sign off on your loan and receive your funds, they will need to make confirmations about the legitimacy of your details and that is when such contacts will be made.

If you keep receiving unwanted phone calls at work from lenders you owe, you can send a cease communication letter to them or their debt collection company specifying that they must not call you at work. The same can be done for home.

You are protected by law from any harassment, threats, or repeated calls from a payday lender. 

Q. Can payday loan companies take money from my account?

When you give the lender permission to electronically deduct the payment from your bank account you give them Continuous Payment Authority (CAP). This is legal as long as you have made an official agreement with the lender.

If you don’t have enough money in your account on the day of deduction the lender may ask the bank for all or part of the money. CPAs cannot be used more than twice or to get a part of the money.

Q. What do I do if I can’t make a payment?

If you can’t make a payment you can stop the money being taken by instructing your bank or card provider at least a day before the due date. Loan extensions or rollovers can then be agreed with the lender, though these come with extra interest and fees.

Late payments may also incur extra charges. If you default on the loan, the lender can charge a default fee. Speak to your lender directly if you are struggling to make payments

Q. Can a lender sue me or take me to court?

Yes they can. If you repeatedly default on your debt and exhibit delinquency on your payments that directly violate your loan agreement, you can be summoned to civil court to settle the matter.

Q. Will a payday loan affect my credit?

If you pay it back in full and on time you have nothing to worry about. Because applying for a loan requires a hard credit inquiry, your credit score may drop slightly for a short amount of time. But if you maintain a history of repaying loans, you should balance that out. 

A payday loan may affect your score differently with different organisations. Some see it as a negative thing to have on your credit history while others don’t differentiate online payday loans to other installment loans because they recognise that people who use short-term loans are not necessarily in dire financial straits. 

Q. Which payday loans have the lowest interest rates?

It usually depends on the state. Because many states now regulate payday loan interest rates some have lower default rates than the norm. However, many lenders have withdrawn from states that regulate.

Default rates can be between $10-$15 for every $100 dollars.

Q. Are there payday loans for non-U.S. citizens?

Non-US Citizens are eligible for payday loans as long as they meet a list of requirements. For example, the customer’s green card or visa has to be valid and last at least 3 years or the duration of the loan. 

The list of possible options is greatly reduced because not every lender accepts non-U.S. citizens because of the increased risk. So it would take further searching to find a suitable and less exorbitant online payday loan.

Conclusion

While our list of the top four online payday loan platforms should give you an excellent start on finding a loan, keep our criteria and FAQs in mind. These resources should help you to get the cash you need as fast and easily as possible.