Best Pay Day Loan Apps: Requirements, Pros and Cons of Pay Day Loans, and Applying Online

11:43 AM, May 02, 2023
11:43 AM, May 02, 2023

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Pay day loans are short-term, high-interest loans designed for borrowers who want immediate cash to tide them over until their next paycheck.

While pay day lenders streamline the approval and funding processes, they might demand exorbitant interest rates in exchange for the lenient requirements they place on borrowers' credit scores. So it’s important to do your research first!

MoneyMutual is our top pick when it comes to best oay day loan online lenders with competitive interest rates and simple requirements. This online pay day loan provider offers a wide network of potential lenders with different loan options

Keep reading to learn more about the best pay day loan apps, their pros and cons, requirements, and how to apply online.

Best Pay Day Loans

1. MoneyMutual - Best Pay Day Loans Marketplace Overall 


  • Over 2 million satisfied customers
  • No application costs
  • Quick application and approval
  • $5,000 loans


  • Restricted to select U.S. states

MoneyMutual Overview

MoneyMutual is a comprehensive platform with a stellar reputation and over two million satisfied users. Once you fill out the application form, they swiftly redirect you to a network of lenders with a wide range of loan amounts and terms.

When you find an offer that suits your requirement, the loan should be in your bank account within 24 hours. The whole process can take just a few minutes. 

New York, Connecticut, and Illinois residents are not eligible to use this service. However, the platform has excellent customer service and a comprehensive question-and-answer section for users outside these states.

Interest Rates: Varies between lenders

Minimum – Maximum Loan Amount: $100 to $5,000

Loan Term: Varies between lenders

>>Get the best pay day loan market overall on MoneyMutual

2. PersonalLoans - Best Pay Day Loans for a Quick Deposit


  • Collateral is not required
  • Many lenders to choose from
  • Fast cash loans
  • Large loans up to $35,000 are available


  • An upfront loan processing fee is required 
  • Minimum $1000 withdrawal requirement

If you're looking for a larger pay day loan or personal loan, PersonalLoans is an excellent service. Although the maximum loan amount is $35,000, the minimum credit limit is $1,000.

Collateral is not required, and the service connects you to many potential lenders to consider. Once you decide on the loan that suits your needs, the loan will be in your account within one business day. 

Interest Rates: 5.99% to 35.99%

Minimum – Maximum Loan Amount: $1,000 to $35,000

Loan Term: 3 to 72 months

>>Get the best pay day loan from PersonalLoans

3. CashUSA - Fast Pay Day Loans


  • Quick approval 
  • Only a light credit check 
  • Payback period up to 72 months
  • Loans up to $10,000


  • It's impossible to know if a lender requires a credit check
  • You can't tell which lenders look at your loan application 

CAshUSA Overview

CashUSA is ideal if you need fast cash loans or larger loan amounts. The service makes it possible to get cash credit up to a maximum of $10,000.

Loan repayment terms of up to 72 months are flexible and reasonable, plus you can expect a transfer of the loan to your bank account within one working day.

The site may benefit from a redesign to make it more user-friendly, but the core features are simple enough to use.

Interest Rates: 5.99% and 35.99%

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

Loan Term: Up to 72 months

>>Get the best pay day loan from CashUSA

4. BadCreditLoans - Best Pay Day Loans for Bad Credit


  • No collateral is required
  • Favorable APR
  • Loans for students
  • Loans are available for credit scores below 500


  • Credit scores under 500 are limited to loans under $1,000

BadCreditLoans Overview

BadCreditLoans offers payday loans and personal loans from $500 to $10,000. Those with credit scores below 500 are eligible for $1,000 or under loans.

The maximum loan term is six years, and the annual percentage rate is between 5.99% and 35.99%. The company also provides specialized student loans with no down payment or collateral necessary. 

Getting the best bad credit loans from this platform is quick and simple, often taking between five and 10 minutes for approval.

Interest Rates: 5.99% to 35.99%

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

Loan Term: 3 months to 6 years

>>Get the best pay day loan from BadCreditLoans

5. Funds Joy - Best Pay Day Loans Platform


  • Quick approval
  • Easy application process
  • $5,000 loans
  • No loan processing fee


  • Phone support is unavailable

Funds Joy Overview

Choose Funds Joy if you're not great with technology, as the platform is simple. The website has all the latest conveniences and security measures without sacrificing usability. Rather than resorting to unclear terms or confusing options, Funds Joy focuses on making everything clear and simple.

The minimum loan amount is $200, and the maximum is $5,000. The interest rates usually range between 4.50% and 4.599%.

The easy loan application process may take as little as five minutes, and approval may take around 10 minutes.

Interest Rates: 4.99% to 4.50%

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

Loan Term: Varies between lenders

>>Get the best pay day loan from Funds Joy

6. 247 CreditNow - Best Pay Day Lender Network for Large Loans


  • Fast application process
  • Get connected to a network of lenders
  • No application fees
  • Receive the loan in one working day


  • No information about interest rates and loan terms 

247 CreditNow Overview

247 CreditNow isn't a direct lender, like other options on our list for small payday loans online no credit check. Instead, they connect you to several lenders offering pay day loans. Like many other lenders for those with bad credit, the approval process requires several factors. If you have a bank account and a minimum income of $800 per month, you may be approved in minutes.

As 247 CreditNow is a pay day loan marketplace, some details of the loans will be available after the application. 

Interest Rates: Varies between lenders

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

Loan Term: Varies between lenders

>>Get the best pay day loan from 247 CreditNow

7. 24/7 DollarLoan - Best 24/7 Pay Day Loan App


  • Loans for business owners
  • Simple to use
  • Fast loan approval
  • $1,000 loans


  • Lacks adequate educational resources

24/7 DollarLoan Overview

24/7DollarLoan is a pay day loan provider with a simple-to-use app. The platform offers fast payday loans between $100 to $1,000, and approvals may take as little as a minute.

Small business owners are welcome at 24/7DollarLoan if they meet the same criteria as other customers. You must be a U.S. resident and have access to at least $800 a month.

While additional educational materials should be made available on the platform, the site is legitimate and has no impact on the interest rates or other conditions offered by the lenders.

If you have a question, non-automated replies to questions are available from customer support within 24 hours.

Interest Rates: Varies between lenders

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

Loan Term: Certificate of monthly earnings is required

>>Get the best pay day loan from 24/7 DollarLoan

8. Upgrade Personal Loans - Best Pay Day Loans for Home Improvement 


  • No penalties for pre-payments
  • Review your options and select the best pay day loan for you
  • Offers personal loans and pay day loans
  • Apply in minutes


  • Origination fees of 1.85% to 8.99% 

Upgrade Personal Loans Overview

Upgrade offers pay day loans and personal loans for debt consolidation and home improvement. The service is less like a standard pay day loan lender and more like a genuine bank. Upgrade offers to check, and savings accounts for customers, which may make repayments more convenient. 

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

Interest Rates: 7.96% to 35.97%

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

Loan Term: 24 to 84 months

>>Get the best pay day loan from Upgrade Personal Loans

9. 247FastFunds - Best Pay Day Loans Platform for Easy Repayment


  • Straightforward application process
  • Receive funds within 24 hours
  • Repayments are withdrawn automatically from your bank account


  • A minimum monthly income of $1,000 is required

247FastFunds Overview

Like other best pay day loan services on our list, 247FastFunds isn't a direct lender. Instead, the service connects you to a network of loan lenders. The application process can take just a few minutes.

While the loan terms vary between lenders, the basic requirements are relatively simple to meet. You must show you have a bank account, a job, and a minimum income of $1,000 per month, among other things. 

Once it is time for repayments, they are automatically withdrawn from your checking account to make things easy.

Interest Rates: Varies between lenders

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

Loan Term: Varies between lenders

>>Get the best pay day loan from 247FastFunds

Pay Day Loan Online

As long as you use the correct financing alternatives and are aware of the hazards, online pay day loans may be a powerful resource.

This part of our review will cover some of the main considerations you should make before applying for an online pay day loan.

To make an informed decision, you need to learn the ins and outs of pay day loans, including the major pros and cons of secured and unsecured options, how the process works, and more.

How Online Pay Day Loans Work?

Easy payday loans are straightforward and uncomplicated alternative lending options.

For example, let's pretend someone is facing financial difficulties and needs emergency loans. They can't rely on family or friends for financial support, so they seek out pay day loans online instead.

Despite their less-than-perfect credit, individuals are accepted instantly after a short application procedure (often five minutes or less).

This is because they have shown that they can repay the loan with their current salary (and future salaries), serving as "collateral" for the loan.

Lenders reimburse the requested funds account within a short period (often less than three business days). Suddenly, they are free to do anything they choose with the money.

>>Get the best pay day loan market overall on MoneyMutual

Secured vs Unsecured Pay Day Loans Online

Pay day loans that demand collateral and evidence of income are known as "secured pay day loans." These assets act as insurance against default on loan. Defaulting on the loan results in the termination of the loan and the collateral repossession (and sometimes auctioned) to repay any outstanding balances.

Pay day loans are unsecured since the borrower has to provide evidence of income in the form of a pay stub or similar document to secure the loan.

You don't need collateral for an unsecured loan, but borrowers with good credit are more likely to be approved for these types of loans. There is also often a little better credit score.

Loans that don't need collateral are the obvious choice whenever that option is available. However, if you use collateral to acquire a loan, it is guaranteed that these financing options are accessible to everyone.

Benefits of Pay Day Loans Online

There are several advantages to getting a pay day loan online, such as:

  • There are no rigid lending standards, and a person's credit score and history have very little weight.
  • The ability to apply in about five minutes with little effort.
  • Submitting loan requests through computer or phone at any time of day or night.

Another major benefit of getting an instant loan online is that you get the money practically immediately once approved.

Drawbacks of Pay Day Loans

Pay day loans do come with a few downsides. Typically, interest rates are somewhat higher.

The short length of the repayment period results in relatively large monthly payments. These types of loan packages may need additional security in the form of collateral.

How Important Is Credit When Applying for Online Pay Day Loans?

A person's credit score and credit history won't matter much, if at all, to the majority of online pay day lending businesses.

Instead, the applicant must provide proof of employment, income, and ability to meet the repayment agreement conditions before the organization considers the application.

Only in exceptional cases (where the borrower has little assets or few means of making loan payments) is collateral required to obtain a loan. These kinds of loans nearly never consider credit history.

>>Get the best pay day loan market overall on MoneyMutual

How Much Can I Borrow?

The maximum amount you can borrow with an online pay day loan will vary from one borrower to the next.

Most of these loans range from $150 to $5000, with the average loan amount being lower.

Websites display the lender's specific criteria and loan amounts. All relevant information, including interest rate, repayment schedule, and other conditions, will be posted for your convenience.

The services' greatest benefit, financial resources, will be available to certain users. A higher interest rate or more collateral are requirements for those with fewer limitations.

The bottom line is that you should only request the funding you truly need. It's easy to get into a financial bind if you take out too many of these short-term loans and don't pay them back on time.

What Documents Will a Lender Request From Me if No Credit Check Is Necessary?

In most cases, you won't be able to apply for a loan unless you can prove your identification, your income, and that your finances are in generally good shape. 

How Can I Get Out of a Pay Day Loan Debt?

Payday loan debt might seem overwhelming, but debt consolidation loans can help. 

Personal loans for debt consolidation are taken out specifically to pay off previous debts with the earnings of the new loan, ideally at a lower interest rate and with a predictable monthly payment. 

To qualify for a debt consolidation loan with favorable conditions, your credit score must be high. Even if your credit is just acceptable, you may be able to get a loan with rates that are lower than those for a payday loan and a repayment plan that keeps your payments from becoming unmanageable.

How Does a Pay Day Loan Work?

You may complete the standard paperwork for your pay day loan online from the comfort of your home after being accepted. To collect your money, you must also provide your bank account details.

The time you have to return your loan depends on the lender and the amount you borrowed, although some pay day lenders require that you repay the loan plus interest within 2–4 weeks.

Your bank account may be automatically debited two weeks later in the amount of $340 to repay a $300 loan, for instance (the initial amount plus interest and costs).

Lenders are more likely to set up automatic biweekly payments for bigger loans. Payments sent through the mail are acceptable in some instances. However, this is the exception rather than the rule.

>>Get the best pay day loan market overall on MoneyMutual

Fees to Get Loans From Pay Day Loan Online Lenders

You could come across various fees while looking for pay day loans that are added on top of the loan's principal. Anticipate a little application charge, particularly if your lender requests a background check.

To pay the administrative expenses of processing and managing your loan, many lenders also charge origination fees, which may be either a fixed amount or a percentage of the requested loan amount.

Some lenders also charge avoidable and only relevant fees in certain circumstances. For instance, a late fee can be assessable if you skip a loan payment.

You can incur prepayment costs if you repay your loan early with certain lenders. On the other hand, if you wish to renew your loan after a payment cycle, some lenders may impose renewal fees.

Since they add to the overall cost of getting money borrowed, you should do all your power to prevent having to pay these costs. You should prepare to repay the loan and comply with the repayment terms as closely as possible.

Steps to Take Before Applying for a Pay Day Loan

Due to their ease of application and quick financing, pay day loans are popular. Pay day loans, unfortunately, have a bad reputation due to their accessibility, particularly when consumers don't do enough research beforehand.

Before applying, you should always check the following to ensure that this sort of loan is a suitable fit:

  1. Make sure you get the proper loan for your needs. While immediate pay day loans are a narrow subset of the lending industry, some organizations market services under the umbrella term "pay day loans" that don't meet the strict criteria of the term. Some lenders may require you to put up your property as collateral to get a loan, which is risky. Before you apply, ensure you are aware of the loan details.
  2. Think about alternatives. Not all borrowers are suitable candidates for a pay day loan. Consider alternatives like acquiring a second job, using a credit card, or borrowing cash from relatives or friends if you need a quick sum to get you out of an urgent situation.
  3. Check the criteria of the lender. The standards for income verification, loan amounts, credit scores, and payback periods vary depending on the lender. Make sure the lender's standards accommodate your loan demands before applying.
  4. Know the laws in your state. The Attorney General of each state has the power to prohibit or restrict pay day lending completely. They also require pay day lenders to adhere to these rules because they discourage pay day loan tactics that encourage those on a low income. Find out about these laws, and ensure your lender abides by state regulations.

Basic Requirements for Getting an Online Loan

Lenders are obligated to abide by state regulations as instant pay day loans are governed at the state level. The criteria for qualifying for a pay day loan varies from one lender to the next and from one state to the next.

However, in general, lenders demand a few fundamental elements to be eligible for a loan:

  • Borrowers must be 18 or older to sign a pay day loan contract in a state where such loans are authorized.
  • Lenders require proof of income to see the documentation demonstrating your ability to repay the loan when it's due. Income requirements vary by area. While not necessarily coming from regular work, this revenue must be dependable and recurrent.
  • A valid checking account (with good credit). Most pay day loan companies won't give you your first loan proceeds in cash or by check; instead, they'll want to transfer a predetermined amount into your account by direct deposit. Another common requirement among lenders is that your loan repayments come directly from the same account.
  • Lenders often ask for contact info such as a physical or email address and phone number if a borrower fails to make timely payments. A reliable home address, contact number, and email address are required. Numerous lenders will also want the names and addresses of references.

>>Get the best pay day loan market overall on MoneyMutual

Reasons Why You Might Have Been Rejected

Pay day loans have fewer standards than traditional loans, but lenders may still reject an application if they determine a significant enough default risk. Your application could not have gone through as a result of the following:

  • You currently have or recently took out a pay day loan. While each state has restrictions, most states only let borrowers have one active pay day loan. Borrowers are only permitted to have $500 to $1,000 in loans outstanding at any one time in places where numerous pay day loans are legal.
  • You don't have a job, or your salary is insufficient. Lenders may reject your application if they believe that you won't be able to pay back the loan and your basic living costs.
  • You have too many outgoings. Since lenders don't place much importance on credit ratings, they will most likely look at your regular outgoings to determine your capacity for repayment. Lenders may not be ready to accept that risk if you have too many current obligations relative to your income (also known as your debt-to-income ratio).

How to Get a Pay Day Loan Online

If you have determined that a pay day loan is your best option, you can apply for one, be approved, and have your money the same day. Follow these steps to apply for a pay day loan:

  1. Fill out the loan online application. Many trustworthy pay day lenders provide a short loan application that you may submit online whenever it's most convenient for you. Have your identification documents and proof of income available to ensure a smooth application procedure.
  2. It's best to get offers from many pay day loan providers and shop around before deciding on one. If you use a loan matching tool like MoneyMutual, you can get many offers from several banks. Choose the option that best suits your requirements by comparing them according to interest rates and payback periods.
  3. Sign the contract. After you've decided on the best offer, you'll need to complete any remaining paperwork, reveal your bank account details, and sign the loan contracts. You can often do this online using a secure web gateway without visiting an actual office.
  4. You can obtain your funds within 24 hours. Most lenders will transfer your same day loans directly into your bank account. Ask for an estimate of the timeframe from your lender when you apply for the loan. Depending on their regulations, some lenders can deposit sums in one day, while others require up to three business days.

>>Get the best pay day loan market overall on MoneyMutual

The Pros and Cons of Pay Day Loans

Pay day loans may assist you in meeting your immediate financial demands, but you should carefully consider the advantages and disadvantages of this financing option before deciding.


  • Fast funding: After being authorized, you should get your money within 1–2 business days.
  • Low or no requirements for credit checks: Not all lenders will check your credit, but the ones that do will likely just conduct a "soft draw," which has no negative impact on your score. Applicants with low credit scores still have a shot at qualifying for the loan as long as they do not have any big red flags, such as a recent bankruptcy or an unpaid pay day loan to another lender.
  • Simple application procedure: The full application process and submission of all required documentation may take days or weeks for traditional bank loans. Most lenders provide quick online applications for pay day loans, and the application process takes under an hour.


  • Short payback periods: Unlike loans for automobiles or homes repaid over many years, you should expect to return your pay day loan within a few weeks to reduce the fees and interest penalties you will be responsible for paying back.
  • High-interest rates: Your loan might quickly accrue a significant amount of interest when interest rates are triple-digit. Make sure you can pay back the loan in full and on time to avoid falling into a circle of debt.

Features of Pay Day Loans

Some pay day loans could be accessible online or via physical lenders, depending on state regulations. Here we highlight the common features of a pay day loan.

  • Pay day loans typically range from $100 to $500. In many states, it is the maximum allowed. Loan limitations might be higher or lower than $500; however, this is a typical cap.
  • Pay day loans are to be returned in full when the borrower's next paycheck arrives or when additional money comes from other sources (such as a pension or Social Security). The normal borrowing term is two to four weeks. The terms of the pay day loan contract specify the precise due date.
  • You typically have two options for paying back a loan. Either you write a post-dated cheque for the whole amount, plus costs, or you give the lender permission to deduct the money from your bank electronically, credit union prepaid, or card account. If you don't pay back the loan by the deadline, the lender has the right to cash your check or take money out of your account electronically.
  • A pay day lender often won't consider your capacity to pay back the loan while still fulfilling your other financial commitments.
  • You have the option of receiving the loan's proceeds in the form of cash or a cheque, having the money put into your account digitally, or having it loaded onto a prepaid debit card.

>>Get the best pay day loan market overall on MoneyMutual

There is flexibility in the loan's other terms. Payday loans are one kind of loan that often requires a single, large payment upon maturity.

After a loan's due date has passed, the lender may "rollover" or "renew" it under the rules of certain states, requiring the borrower to pay just the accrued costs while extending the loan's due date.

You can repay pay day loans in many payments over a longer time period. However, your state's legal code may authorize, restrict, or forbid such loans.

Instant payday loans may be unavailable in certain places either because they are illegal there or because lenders have chosen not to operate there due to the high-interest rates and fees that would be required to make a profit.

In jurisdictions where pay day loans are legal or regulated, you may get further details from the relevant state agency or attorney general's office.

Protections for Service Members

The federal government has passed the Military Lending Act (MLA), which provides additional safeguards for active-duty service members and their families when taking out loans.

These safeguards restrict lenders' charges for pay day and other consumer loans, including capping the Military Annual Percentage Rate (MAPR) at 36% [1].

Best Pay Day Loans FAQs

Here we answer common questions about the best pay day loan apps.

What Is the Best Place to Get a Pay Day Loan?

A pay day loan can be obtained either online from websites like MoneyMutual or in person at the lending company. 

What Is the Best Pay Day Loan for Bad Credit?

MoneyMutual or PersonalLoans are the top picks for the best pay day loan for bad credit. People with poor credit or no credit history can still apply at these firms because they often do not do credit checks

What Is the Easiest Pay Day Loan to Get?

Getting a pay day loan from online lenders like MoneyMutual or CashUSA would be the simplest option. 

What Are the Easiest Loans to Get Approved For?

Pay day loans, auto title loans, pawn shop loans, and unsecured personal loans with no credit check are the simplest kind of loans to get accepted for. In addition to being accessible to those with poor credit, the prerequisites for these loans are low and the financing is provided quickly.

The Best Pay Day Loan: Takeaway

We’ve discussed the requirements and pros and cons of the best pay day loans. Now that you have more information, you may confidently choose the best pay day loan provider for your financial needs.

However, if you're just starting out and have a lot of options, you may want to consider MoneyMutual because it seems to meet most of the criteria you'd want in a platform, such as the ability to deposit funds into your bank account in as little as a day if you get approved. 

You could also check out CashUSA, which has a big network of lenders, and BadCreditLoans if your credit is less than stellar right now. 

There is no such thing as the "perfect" online lender, so it's important to do your research and choose a loan source that works for you.

>>Get the best pay day loan market overall on MoneyMutual

Related Articles:


“Military Lending Act (MLA)." Consumer Financial Protection Bureau, Accessed 28 Jan. 2023.