9 Best Online Payday Loans: How To Get Same-Day Loans

11:48 AM, May 02, 2023
11:48 AM, May 02, 2023

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Online payday loans, often known as "poor credit loans," "cash advance loans," and other similar names, are short-term loans that must be repaid in full when you get your next paycheck. 

Getting an online payday loan won’t typically need a credit check, but you may have to pay more in interest. Plenty online payday loan providers are, however, more fair and reasonable in their interest rates. 

In most cases, taking out a payday loan for bad credit will actually be quite helpful to the borrower. The approval time for these unsecured loans is often less than 24 hours because of the situation's urgency.

This is a comprehensive guide on obtaining the best payday loan when your credit score is poor. MoneyMutual is our top choice for the best online payday loans for bad credit. 

9 Best Online Payday Loans

1. MoneyMutual - Best Online Payday Loans Overall


  • $5,000 loans
  • 5-min application
  • No extra application fees
  • Over 2,000,000 customers
  • Swift approval


  • Limited in some US states

Money Mutual is a well-rounded platform with an impeccable reputation that helped it amass over 2,000,000 satisfied customers.

You can loan anywhere between $100 and $5,000, but what impressed us the most was how swiftly you are connected to potential lenders.

The process takes under 2 minutes, and if you accept the offer, the funds will reach your bank account in under 24 hours.

On the downside, you can’t use this service if you’re from NY, CT, and IL. But if you aren’t located in these three states, you will enjoy zero application fees.

This platform offers an exceptional support team and a helpful FAQ library. You can ask them any question related to the credit line, PayPal account, credit utilization, or the platform's T&C, and the team will deliver a polite and prompt reply.

Interest rates: Vary between tenders

Minimum - Maximum Loan Amount: $100 - $5,000

Loan Term: Depends on the lender, granting possible flexibility

>>Find the best deals on online payday loans at MoneyMutual

2. PersonalLoans - Top Online Payday Loan Advances


  • Loans up to $35,000
  • Collateral not required
  • 1-day funding
  • Plenty of lenders to choose from


  • You can't take out less than $1,000
  • Origination fees

PersonalLoans is another neat platform you can join if you need higher "buy now pay later loans."

The credit line reaches $35,000, which is significantly above average, but you also can't take out less than $1,000.

Collateral is not required, and the variety of available lenders is pretty comprehensive. If you meet the criteria and stick within the limit, the loan will reach your account within a business day.

When paying back, you can choose between 3 and 72 months to repay the loan.

Interest rate: 5.99% to 35.99%

Minimum - Maximum Loan Amount: $1,000-$35,000

Loan Term: 3 to 72 months

>>Find the best deals on online payday loans at PersonalLoans

3. CashUSA - Fast Online Payday Loans


  • $10,000 loans available
  • 72 months to pay the money back
  • Fast delivery
  • Soft credit check only


  • The minimum credit score requirement is slightly higher
  • It could use a revamp

If you need to lend slightly higher amounts of money, we recommend Cash USA, which allows US citizens to take loans of up to $10,000.

You can pay the loan back within 72 months, which is flexible and fair, and the funds will reach your bank account within 24 hours.

The platform could use a revamp in terms of design, but the foundational functionalities of the website are solid as a rock.

Also, note that CashUSA performs soft credit checks only.

Interest rates: 5.99% and 35.99%.

Minimum - Maximum Loan Amount: $500 to $10,000

Loan Term: Up to 72 months

>>Find the best deals on online payday loans at CashUSA

4. BadCreditLoans - Best Online Payday Loan App


  • You can get a loan under a 500 credit score
  • No collateral required
  • Student loans
  • Competitive APR


  • Loans capped at $1,000 for under-500 credit score
  • Not BBB accredited

If your credit limit and history are pretty bad, going below the 500 score, don't despair, BadCreditLoans will take care of you.

The company offers loans ranging between $500 and $10,000, although individuals with under 500 credit scores are only limited to $1,000.

You can take out a loan for up to 6 years, with APR ranging between 5.99% and 35.99%.

No collateral or down payment is required, and the website offers students dedicated loans. The platform is easy to navigate, and loan approval usually requires 5 to 10 minutes. Not as super-swift as 24/7 Dollar Loan, but still pretty fast.

Interest rates:  5.99% to 35.99%

Minimum - Maximum Loan Amount: $500 to $10,000

Loan Term: 3 months to 6 years

>>Find the best deals on online payday loans at BadCreditLoans

5. Funds Joy - Best Online Payday Loans Application


  • Straightforward application
  • $5,000 loans
  • Zero origination fees
  • Easy to approve loans


  • The minimum amount could be lower
  • Phone support is not available

If you aren’t the most technologically savvy individual, we recommend Funds Joy - not only because the platform is effortless to use but also because it backs its ease of use with fair terms.

The website is modern, safe, and effortless to use; no hidden charges, no dodgy tactics, just ease of use and straight talk.

You can take out up to $5,000 in loans, which is a solid credit line, although we would like to see minimum loans below the $200 limit.

Interest rates usually range between 4.99% and 4.50%. Even if you take your time, you will fill out the loan request within 5-7 minutes, and the approval will follow in 10 minutes. The lenders are flexible, which makes it easier to make on-time payments.

Interest rates: 4.99% to 4.50%

Minimum - Maximum Loan Amount: $200 to $5,000

Loan Term: Flexible terms

>>Find the best deals at Funds Joy

6. 247 CreditNow - Best Fast Payday Loans Network for Higher Loan Cap


  • East and fast application process
  • Connects you with a network of potential lenders for a large choice of loans
  • No application fees
  • Get the money in one business day


  • Not a direct lender

247 CreditNow isn't a direct lender. Instead, they'll connect you with lenders willing to work with you, even if you have bad credit. Like many other best bad credit loans with instant approval, their approval process is based on a few factors. You can be approved in a few minutes if you have a checking account, direct deposit, and a minimum income of $800/month.

Due to 247 CreditNow's role as a middleman, some details of your loan may not be available until after you go through your application. For example, they offer little information about interest rates as the lender determines that. However, they do offer a higher loan cap than other lenders at $35,000.

Interest Rate: Varies depending on the lender

Minimum – Maximum Loan Amount: Up to $35,000

Loan Term: Varies depending on the lender

>>Find the best deals at 247 CreditNow

7. 24/7DollarLoan - Best 24/7 Online Payday Loans


  • $1,000 loans
  • Straightforward registration
  • Loans approved in minutes
  • Easy to navigate
  • Entrepreneurs are welcome


  • Could use more educational resources

If you need a loan fast, you won’t find it faster to buy now and pay later loans than what 24/7 Dollar Loan offers.

The company can lend you anywhere between $100 and $1,000, and we’re blown away by how fast the platform is. Approvals can take as little as a minute.

24/7 Dollar also welcomes entrepreneurs with the exact requirements as regular users. It would help if you were a United States citizen with savings or a checking account, earning $800 or more monthly.

While the platform should offer more public educational resources, this website is fair and legal and has zero impact on any of the lenders' interest rate options and terms.

The top-notch support team offers non-automated responses to any inquiry within 24 hours.

Interest rates: Depends on the lender

Minimum - Maximum Loan Amount: $100 - $1,000

Loan Term: A certificate of $800 in monthly earnings required

>>Find the best deals at 24/7DollarLoan

8. Upgrade Personal Loans - Best Fast Payday Loans for Home Improvement Loans


  • No prepayment penalties
  • Review payday loan options and choose the best for you
  • Personal loans and payday loans
  • Apply in minutes


  • Origination fees of 1.85% to 8.99% out of the loan amount

Upgrade offers personal loans for debt consolidation, home improvement, big purchases, and more. The service is less like a standard bad credit lender script and closer to a genuine bank. Upgrade offers checking and savings accounts as well as loans, which may be convenient for repayments. 

With Upgrade, you will have several options for your loan so you can find the best for your requirements and budget.

Interest rate: 7.96% to 35.97%

Minimum – Maximum Loan Amount: $1,000 – $50,000

Loan Term: 24 to 84 months

>>Find the best deals at Upgrade Personal Loans

9. 247FastFunds - Best Fast Payday Loans Platform for Easy Repayment


  • Straightforward application process
  • Receive funds the next business day
  • Payments are withdrawn automatically


  • Not a direct lender

Like other payday loan services, 247FastFunds isn’t a direct lender. Instead, the service connects you to a network of lenders they work with. The application and matching process can be completed in just a few minutes. Once it is time for repayments, the money is automatically withdrawn from your checking account to make things easy.

While the terms of the loan vary depending on the lender, the basic requirements are relatively easy to meet. You’ll have to show you have a checking account, are employed, and have a minimum income of $1,000, among other things.

Interest rate: Varies depending on the lender

Minimum – Maximum Loan Amount: $500 – $5,000

Loan Term: Terms vary depending on the lender

>>Find the best deals at 247FastFunds

How Online Payday Loans Work

Payday loans are an easy and quick way to borrow money. Here's how a payday loan from a reputable online lender works:

For the purpose of argument, let's pretend someone is facing financial difficulties and urgently needs some more cash. Since they do not have any emergency funds or significant savings, many turn to payday loans.

After a short application procedure (five minutes or less), individual loans are authorized instantly, even if they have less-than-perfect credit.

This is because they were able to demonstrate that they have a source of income and are using it (as well as their future paychecks) as "collateral" for these types of loans.

Within a short time frame (often less than three business days, but sometimes considerably less), the requested funds will be placed into the borrower's bank account.

Now they're free to do anything they'd want with the money.

<< Get online payday loans with MoneyMutual 

The Pros and Cons of Payday Loans

Not everyone will benefit from taking out a payday loan online, and your ability to do so will mostly rely on factors like your credit score. Don't jump to conclusions; weigh the benefits and drawbacks of instant payday loans first:


  • Online payday loans provide a quick and easy application procedure—the convenience of filling out a loan application from home. A personal computer and access to the internet are all that is required.
  • You don't need a high credit score to apply for a payday loan, and the restrictions are quite loose.
  • Payday loans that don't need collateral are called "unsecured."
  • After approval, you may have the money from your loan deposited into your bank account the next working day. Even if every lending institution has its terms and conditions, you may choose the best one.
  • It's unlikely that a payday lender would do a credit check that would negatively impact your score.


  • There are unethical and exploitative lenders among those that provide rapid payday loans.
  • Interest rates on poor credit loans are usually so high that the total cost of borrowing money ends up being more than the original loan amount.
  • A 2021 poll indicated that roughly 93% of borrowers regretted utilizing a payday loan for a financial emergency.
  • You will be charged very hefty costs if you miss a payment or request a loan extension.
  • The short repayment period and large monthly installments result from the high cost of borrowing.
  • These loan packages may need additional security in the form of collateral.
  • It's easy to get into an endless cycle of debt that's very difficult to escape.

What Should You Avoid When Considering an Online Payday Loan?

When choosing an online payday loan, it's important to keep in mind the following:

Online payday loans may be a lifesaver when in need, but you shouldn't get it without doing your research beforehand.

Be aware of any service providers charging you an arm and a leg in interest. Certain companies' annual percentage rates (APRs) may be relatively high (36% in some cases).

To repay a loan for an amount that is much more than the principal amount seems counterproductive.

Avoiding this trap may be accomplished by thoroughly reading the terms and conditions of any prospective online payday loan provider. Learn as much as you can so you can make an informed decision.

Another red flag to avoid is making payments late. In contrast to conventional loans, you may not be able to get away with such behavior here. On the other hand, you run the risk of being subjected to some rather severe consequences, such as a significant decrease in your credit score.

<< Get online payday loans with MoneyMutual 

How Important Is Credit When Applying for Online Payday Loans?

Most online payday loan services aren't going to worry much—if at all—about credit score or credit history information.

Instead, the applicant must demonstrate that they are gainfully employed, have a regular income, and can afford the stipulated repayment conditions to be considered by these institutions.

Only in very unusual situations (often those in which the borrower has restricted income sources or poor capacities of repayment) would some collateral be required to obtain a loan.

The applicant's credit score virtually never plays a role in determining eligibility for these loan solutions.

How Much Can I Borrow?

Credit score and credit history information may not matter much, if at all, to most online payday lending businesses.

Instead, these institutions care more about whether or not a loan applicant is now gainfully employed, has a stable income, and can repay the loan in accordance with the terms set out by the lending institution.

Some sort of collateral may be required to secure a loan, however, this is only necessary in exceptional cases (often when the borrower has restricted income sources or repayment capacity).

<< Get online payday loans with MoneyMutual 

Am I Eligible for an Online Payday Loan?

Make sure you qualify for a loan before submitting an online application by fulfilling the following requirements:

  • Have a government-issued photo ID
  • Have a valid email address
  • Have a verifiable source of income
  • Be 18 or older
  • Have an active checking account

Verify if the state government permits payday loans. There might be distinctions in the prerequisites depending on the state in which you are based.

Payday Loan Terms and Fees by US State

Payday loans and cash advances are available online, but their rates, fees, and maximum lending amounts vary by state.

If you're starting out, only borrow what you really need. Because of how simple it is to secure a payday loan, borrowers are often "tempted" to take out more sums than they need, driving up the interest they end up paying.

If you're worried about whether or not the Financial Conduct Authority licenses your lender (FCA), feel free to visit their website and check.

There is variation across financial lending institutions, which you should be aware of. While they may all be "housed" by the same payday loan online company, the rates and fees each charge will differ.

You should "window shop" before making a final decision (aka consider more than one offer). If you intend to make prepayments, your chosen lender should accommodate this.

It's rather evident that missing payments will negatively impact your credit rating. So, be ethical and make timely payments.

<< Get online payday loans with MoneyMutual 

Best Online Payday Loans Features

But it can be challenging to find the best online payday loans. It's essential to shop around before choosing an online lender since some may charge exorbitant interest rates if you have poor credit.

Loans that satisfy most of the following requirements, including low-interest rates, rapid approval times, and the ability to deposit funds into your account, are the finest online payday loans.


One of the key elements is how flexible the service is. One should ideally investigate if a lender granted a loan application regardless of the applicant's credit history.

Reputation and Reliability 

In light of the prevalence of internet fraudsters targeting payday loan applicants, choosing a dependable and trustworthy online payday loan business is crucial. You should look for a reputable company that has been offering online payday loans for a while and has a solid reputation amongst its clientele.

User Reviews 

You may choose the most trustworthy lender by reading online evaluations and testimonials from borrowers. When a service is not satisfactory to the customer, it serves no purpose. Think about using highly recommended services by other clients.


Most financial institutions include several acceptable print clauses you will only learn if you accidentally break them. The number of trustworthy and truthful companies is small, but it is not nonexistent. Make sure every potential lender thoroughly explains their loan terms and conditions before you commit to anything.

Credit Score

None of the top payday loan companies we work with will verify your credit before lending you money. This is why a payday loan doesn't care about your credit history. Those of you whose ratings lean toward the south, rejoice.

Processing Time

Since most online payday loans are taken out in times of necessity, the ideal option can be processed quickly.

User Friendliness 

Our top picks for online payday loan providers are good in terms of site usability. Many have stunning interfaces that make it easy to utilize, even if you've never done so.

The finest online payday loan companies are also members of the Online Lenders Alliance, which is another bonus.

In addition, each of them (lenders) has its own set of terms and conditions, allowing you to choose the one that works best for you.

<< Get online payday loans with MoneyMutual 

Factors To Consider While Selecting an Online Payday Loan Lender

Here’s what you should consider before choosing a lender.

Reputation of the Company

Choosing a reputable source is crucial when searching for bad credit payday loans with guaranteed acceptance. You may learn about a company's track record by checking out how long it's been in operation and, if available, by reading reviews written by its customers.

Funding Time

Since payday loans are often used to pay for unforeseen costs, the speed with which you may access your money might be a deciding factor when selecting a lender. A good rule of thumb is to avoid businesses with a track record of delayed or nonexistent payment disbursements.

Confidentiality and Security 

Payday loan applications often require applicants to provide their banking information. It's also important to note that certain businesses have been caught stealing and selling customers' personal information.

That's why choosing a firm that takes data security very seriously is essential.

Verify the site uses SSL encryption, preferably the recommended 26-bit version.

Terms of Repayment

After receiving the funds, you will have to pay back the lender in a series of payments. Repayment terms from lenders may be negotiated anywhere from six months to seven years.

Lenders usually let borrowers choose their repayment schedule, simplifying the process for everyone involved. Many options for paying back the loan will make doing so much less hassle.

Average Annual Percentage Rate of Interest

One must first consider the interest rate while applying for a payday loan. Interest rates are based on several factors, such as the loan amount, the time it takes to pay it back, and your credit history.

Interest rates may go as high as 35.99%. A lower interest rate is often associated with a better credit score.

Similarly, a higher interest rate takes a long until the loan is paid in full. Always shop around for the best interest rate before committing to any loan.

<< Get online payday loans with MoneyMutual 

Benefits of Payday Loans Online

There are some benefits to getting a payday loan online as opposed to a conventional bank. Payday loans may be a lifesaver in times of financial hardship since they can give emergency funds and other advantages.

A System That Approves Loans in a Short Amount of Time

It often takes a lending provider more than a day to complete a loan application at a credit union or bank branch. Still, online payday loans may be approved and funded in as little as one business day.

Although payday loans don't give fast money, most lenders know that consumers use them for unexpected expenses. Accordingly, the time it takes to get your hands on your cash is often between 24 and 48 hours.

Minimum Requirements To Qualify for a Loan on the Same Day

There is a primary reason why payday loans are approved much more quickly than conventional loan applications:

Funding is available without stringent requirements being met. Anyone over 18 can apply for same day loans by presenting identity, income, and checking account information.

Flexible Cash Loan Funding

Limits on how much you may borrow while applying for a payday loan online are entirely up to you. For mortgage payments, for instance, a bigger loan may be available. On the other hand, you may borrow as little as $100 to cover low-priority costs.

Cash advance loans are very flexible since they may be used for any purpose. Tampabay.com reports that some online lenders limit the loan's usage to paying off certain types of debt (like credit card debt) or making specific purchases (like primary consumer goods). You have complete discretion over how a payday loan's proceeds are used.

Faster Credit Check or None at All

Need to improve in the area of credit? Payday loans are a good option since they don't care about your credit score. Lenders can often overlook a poor credit history if the borrower can show steady employment and a current bank account.

<< Get online payday loans with MoneyMutual 

Automatic Access to Loan Proceeds

Finally, payday loans provide immediate access to your loan cash. Once your loan is approved, the money will be sent to your account. You won't have trouble making ends meet, fixing your automobile, or taking care of unforeseen costs.

Use the Loan on Anything 

The vast majority of conventional lending options have conditions that limit your options for using the funds you borrow. Thankfully, getting a payday loan online allows you to do anything you want with your money. Your payday lender will not influence how you use the money they provide you.

The Amount Depends on Your Income 

Your paycheck often serves as the benchmark for calculating the maximum sum of a payday loan to which you are entitled. Your monthly wage must be comparable to the amount you want for a loan since the lender will not approve otherwise. Although some people consider it a negative aspect, it is a benefit.

You'll be able to make quick payments against your debt if you proceed this way. Taking out a bigger loan than you are capable of repaying might place you in an even more difficult financial situation. Because of this, payday loans are an excellent choice for those who need to borrow money for a short period.

Simple Requirements To Meet

For many borrowers, the standard loan application process ends in rejection. But that's not the case with payday loans online. They have easy standards that you ought to be able to fulfill swiftly.

You need to have a bank account, a driver's license that is still current, and confirmation that you have a monthly income. Some payday lenders may require you to provide more information about your employment. You also need to declare whether or not you have ever been late on a payment for a payday loan.


It is doubtful that close friends and family members would be willing to give you the enormous amounts of money you will need to cover unexpected expenses such as extensive vehicle repairs, medical expenses, etc. 

There is always the chance that you won't be able to pay back money borrowed from a bank or other conventional lender. In this situation, getting a payday loan online is advantageous.

Repayment Terms

When you apply for an online payday loan, the lending company will discuss the repayment options. In most cases, this loan is just for short-term financing for two weeks or one month; however, some online lenders allow for a payback duration of up to three months.

One of their primary selling points is that payday loans are for a limited period of time. It indicates that, in contrast to other types of loans, it will not have a long-term impact on your finances. However, this will result in a higher interest rate since the repayment term would be shorter.

Ensure you have a good idea of your ideal repayment period before considering applying for a payday loan. Find out from your lender what precautions they have to guarantee that the loan you take won't put a dent in your finances.

<< Get online payday loans with MoneyMutual 

What Is the Best Online Payday Loan? 

The most reliable online lenders for short-term loans are those that provide reasonable rates, set installments, and extended repayment periods. It's important to read the tiny print of any loan deal you're considering entering into since interest rates, repayment periods, and fees may vary widely across different lenders.

The immediate approval and acceptance of applicants with poor credit records make payday loans viable for those needing an instant loan online. Unfortunately, guaranteed acceptance does not exist.

However, your odds might improve if you apply for payday loans from the proper sources. Moreover, getting a loan agreement with terms and circumstances that work for you is possible. It is best to examine different loan packages and study the offers carefully. You may then choose the most credible payday loan provider to meet your needs.

As you can see, the most advantageous online payday loan is the one that has benefits such as;

  • Various loan kinds are offered
  • No minimum income is necessary
  • Obtaining funds in a flash 
  • A high success rate
  • The cash is readily available.
  • Terms and conditions that are clear to the reader
  • You are allowed to borrow up to $5,000.
  • Loans for those with poor credit are obtainable.
  • 24/7 simple application
  • Uncomplicated and standard operating process
  • There is a diverse selection of lending choices.
  • A very high degree of security

But if you're starting and have a lot of options, you may want to choose one that meets all your needs, such as being able to deposit funds into your bank account within 24 hours if you meet the requirements.

There are additional choices worth exploring for people who are poor on credit yet have access to various lenders.

There is no "one size fits all" online lender, so it's essential to consider your options before deciding on a loan provider.

If you have a low credit history or score, you may believe that a payday loan is your only choice for getting quick cash.

However, weighing all relevant facts is crucial before making a final choice. There are several options besides payday loans for those with low credit scores.

Can You Get an Online Payday Loan With Bad Credit?

Online payday loans are available even to those with poor credit. Remember that you will pay a higher interest rate if you have a bad credit score. Also, some online loan providers may not do more than a quick check of your credit.

Rates on payday loans are notoriously high. But the lender will probably do a mild credit check that won't impact your score. Looking for a lender that specifically promotes poor credit loans or who has no minimum credit score criteria is a good idea if your credit score is low.

<< Get online payday loans with MoneyMutual 

Things To Avoid When Getting Payday Loans

The greatest online payday loan includes drawbacks like any other kind of loan. You should exercise caution when applying for payday loans online because of the many traps that lie in waiting for the unwary borrower, such as high-interest rates and hidden costs.

If you've researched all your other loan options and are still certain that a cash advance is your best bet, you must be aware of the six most frequent risks associated with cash advances before applying for one.

Making Late Payments

An extremely prevalent and potentially disastrous risk associated with personal loans is monthly payment delays. Depending on the terms of your loan, missing even a few payments might cost you hundreds, if not thousands, of dollars in interest, late penalties, defaulted payment costs, processing fees, and other costs.

Not Reading the Loan Terms

A careful reading and comprehension of the loan conditions is still recommended, even if you find the ideal online payday loan offered. Some loan providers seek to mislead clients by offering longer loan periods, lower annual percentage rates, or fixed costs, while others add hidden fees and convoluted interest rates in their offerings.

Take, for example, two loans of $500 each: one with an interest rate of 450% and a payback term of two weeks and the other with an interest rate of 200% and a term of six months. Unfortunately, although the 200% APR is far more manageable than the first one, the longer payment schedule may cost more overall.

<< Get online payday loans with MoneyMutual 

Not Considering Other Less Expensive Options

When money is tight, fast cash loans might be a lifesaver, provided you can pay it back on time. If you're worried about making the payment, there are alternative, cheaper ways to get the money you need.

  • Loans from credit unions
  • Credit card advances
  • Employer advances
  • Personal loans
  • Funds borrowed from close associates or family members
  • Funding for urgent needs provided by religious institutions or humanitarian groups

If you've already given serious thought to the preceding suggestions, you may attempt cutting costs and using budget management strategies to reduce the frequency with which you buy unnecessary items. You may avoid the headache of applying for and waiting for a loan by taking up a temporary, part-time job.

Lastly, pawn shops provide a great way to get quick cash without paying any kind of interest or hidden costs.

Borrowing From Unlicensed Lenders

Unauthorized moneylenders, sometimes known as "loan sharks," prey on the financially vulnerable. Sometimes, borrowers who work with unlicensed lenders wind up in a debt trap where they can't make their monthly payments, so the lender rolls over their loan and adds fees.

This is never a good idea, and you should always consult an accountant before making any major financial decisions.

Instead, get payday loans from direct, regulated lenders. Direct lending services, as opposed to unlicensed lenders or middlemen, will provide the money to you directly, bypassing the need to go through various lenders. You will be able to avoid losing as much money to brokerage fees and identity theft.

Getting Trapped in the Debt Cycle

80% or more of those who take out payday loans end up extending their repayment terms. To prolong the original loan term, borrowers pay a new cost when they "roll over" their loans. You may not have enough cash to pay off your loan after paying the fee, leading to another rollover fee and a terrible debt cycle.

Make sure you do the following to stay out of debt and prevent more rollovers:

  • Choose a financing provider that allows you to make payments over a longer period of time.
  • Compare the terms and interest rates offered by several different creditors to locate the one that best suits your requirements.
  • Use the services of a direct payday lender that does not provide rollover options.
  • Gain an understanding of the regulations governing payday loans in your state.
  • Can make the complete payment on your payday loan on or before the due date, whichever comes first.

<< Get online payday loans with MoneyMutual 

Best Online Payday Loans: Final Thoughts

Payday loans may be a lifesaver in times of financial hardship since they can give emergency funds, even if you have a poor credit score. 

The most reliable online payday loan lenders, like our tool choice MoneyMutual, provide reasonable rates, set installments, and extended repayment periods. 

It's important to read the fine print of any loan deal you're considering entering into since interest rates, repayment periods, and fees may vary widely across different lenders.

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