5 Best Online Payday Loans

In a financial crisis, applying for an instant online loan can be very beneficial as they’re approved and disbursed within the same day.  Nevertheless, a wide network of lenders online can make finding one that suits your needs difficult. 

Financial comparison services like Credit Comparo have made it easier than ever to choose payday lenders that offer the greatest flexibility. With Credit Comparo, customers save time and money as the site helps them compare different lenders to find loans that best suit their needs. 

This article reviews 5 leading loan finder services with lenders offering the best online payday loans. 

5 Best Online Payday Loans Loans - Quick Pick:

Fast payday loans have become life savers during financial emergencies. Regardless of whether the financial crisis left you strapped for cash, you don’t have to spend time racking your brain over the best online payday loans.

Here are the 5 leading loan finder services that can help you match with lenders offering the best online payday loans:  

1. Heart Paydays: Best for bad credit online payday loans
2. Viva Payday Loans: Best for fast payday loan application and approval process
3. Credit Clock: Best for affordable payday loans with flexible repayment periods
4. Big Buck Loans: Best for guaranteed bad credit payday loans 
5. Green Dollar Loans: Best for quick disbursement of online payday loans

What Are Online Payday Loans?

Also called check advance or cash advance loans, payday loans are a form of short-term borrowing wherein lenders extend high-interest loans based on a borrower’s income. 

A payday loan’s principal is usually a partition of a borrower’s next paycheck. Payday loans are designed to be easy and quick to repay so that borrowers aren’t indebted for long. 

Payday lenders usually set up an automatic debit; therefore, borrowers don’t have to worry about missing payments. 

How Do Online Payday Loans Work?

Instant payday loans are easily accessible to all; however, before applying, ensure you have the means to repay the loan within the set period. To get started, sign up for a loan matching service to help you find a reliable payday lending company. 

Before being matched, you’ll have to fill out a registration form and provide details like your bank account number, proof of income, and identification. The broker platform will then connect you with lenders offering online payday loans ranging from $50 to $1000. 

If your loan is approved, the money will be deposited into your bank account in one or two business days. You’ll have to repay the loan on your next payday, usually two weeks. 

You can allow the lender to automatically withdraw the money from your account or post-date a check to correspond with your next paycheck. Payday loans usually attract Annual Percentage Rates (APR) that range between 391% to 521%. 

Payday lending platforms usually take on a lot of risks since they usually don’t check a borrower's ability to repay the loan. Due to this, they charge high-interest rates for online payday loans and additional fees for any missed repayments. 

5 Best Payday Loans Online: Full Reviews

1. Heart Paydays: Best For Bad Credit Online Payday Loans

Highlights

• Borrowers with bad credit can apply
• Offers reasonable monthly repayments
• Flexible repayment periods
• Borrowers are guaranteed application feedback within two minutes.

Heart Paydays is a platform that connects borrowers with lenders offering flexible bad credit payday loans. The site is known for its simple application process, many lenders, and fast response times.

Borrowers who meet the site’s eligibility criteria can apply and qualify for bad credit payday loans ranging from $100 to $5000. The interest rates range between 5.99% to 35.99%, and the repayment term can go up to 2 years. 

Pros 

• Fast approval and payouts 
• Reputable lenders
• Borrowers with bad credit can apply and qualify for loans

Cons 

• Has high-interest rates

Eligibility Criteria 

• Borrowers must earn more than $1000 every month
• You must be over 18 years to apply for a loan
• Mus be a permanent resident

2. Viva Payday Loans: Best For Online Payday Loans With Quick Disbursement

• Loans are disbursed one hour after approval. 
• Offers flexible repayment periods of between two to twenty-four months 
• Borrowers can get payday loans of up to $5000

This platform connects borrowers with an array of lenders providing fast online payday loans ranging from $100 to $5000. With Viva Payday loans, there’s no waiting around. Once a lender approves a loan, it’s immediately disbursed into a borrower’s bank account—the funds are usually wired within an hour. 

The loan terms range between three to twenty-four months, with interest rates ranging between 5.99% to 35.99% depending on the loan amount. The repayment frequencies can be monthly, fortnightly, or weekly making it easy for borrowers to budget and repay. 

Pros 

• Fast loan disbursement
• Flexible repayment terms
• Individuals with bad credit can apply and qualify for loans

Cons

• High-interest rates

Eligibility Criteria 

• Borrowers must be 18 years or older
• Must be a permanent resident 
• Must be earning over $1000 every month
• Must have a valid savings or checking account

3. Credit Clock: Best For Easy Payday Loans Approval

• Loans range from $100 to $5000
• Quick online application
• Fast disbursement

Credit Clock is a loan service platform that connects borrowers with lenders offering fast online payday loans ranging between $100 to $5000 with 5.99% to 35.99% interest. 

Lenders on this platform offer affordable, quick payday loans with repayment periods ranging between two to twenty-four months. 

The application process is straightforward, and the funds are immediately disbursed into a user's account once a lender approves their loan. 

Pros

• Simple application process
• Fast loan approval and disbursement

Cons 

• Some lenders conduct credit checks 

Eligibility Criteria 

• You must be 18 years or older to apply for a loan
• Borrowers must earn a monthly income of over $1000
• Borrowers must be permanent residents
• You must have a valid ID 

4. Big Buck Loans: Best For Bad Credit Payday Loans With Guaranteed Approval 

• Application feedback within minutes
• Fast loan disbursement
• Flexible repayment terms

Big buck loans is a broker site that connects borrowers with lenders offering instant payday loans online with guaranteed approval. The online application process is straightforward and only takes a few minutes to complete. 

The response time is also quick, and borrowers are guaranteed approval if they meet the eligibility criteria. Once a lender approves a loan, the user can expect the funds to be wired to their account on the same day. 

Lenders on this platform usually offer loans between $100 and $5000 with interest rates ranging from 5.99% and 35.99% depending on the loan amount. The loans come with flexible repayment periods of between three to twenty-four months. 

Pros 

• The platform offers borrowers access to reputable lenders
• Quick loan disbursement once a lender approves an application
• Borrowers get feedback on their application within minutes

Cons 

• High-interest rates can increase the overall loan cost 

Eligibility Criteria 

• Must have a valid bank account 
• You must be over 18 years
• Borrowers must earn more than $1000 every month

5. Green Dollar Loans: Best For Larger Payday Loans Of Up To $5000

• Offers small and large payday loans at affordable rates
• Fast online application 
• Quick response times 

The Green Dollar Loans platform connects borrowers with lenders who offer affordable payday  loans ranging from several hundred thousand to $5000. The applications through this platform are pretty straightforward. 

The loans have interest rates ranging between 5.99% to 35.99% with flexible repayment terms between three and twenty-four months. Besides $5000 loans, the site also allows borrowers to loan amounts as small as $100. 

Pros 

• Simple and fast loan application process
• Connects borrowers to reputable lenders 
• Flexible repayment terms 
• Affordable loans ranging from $100 to $5000

Cons 

• The extended repayment terms can increase loan costs

Eligibility Criteria 

• The borrower must have an active direct deposit bank account
• You must be over 18 years
• Borrowers must earn more than $1000 every month

Features of Payday Loans Online

1. Affordable and Flexible Loan Amounts

There’s no point in taking out a loan if you can’t afford to repay it. Most payday lenders offer borrowers instant loans ranging between $100 and $5000 to make it easier for them to repay. 

Payday lenders have a specific limit for payday loans to encourage borrowers to repay the loan on a single installment. 

The loan amounts usually vary depending on the lender, however, most loan matching services pair borrowers with lenders that can meet their financial needs. Even though applying the highest possible amount may be tempting, it’s best only to borrow what you require. 

2. Loan Repayment

Loan repayment is the most inconvenient part of borrowing cash; nevertheless, if you’ve organized your finances and were keen when selecting the loan terms and amount, it shouldn’t be difficult.

Payday loans are typically repaid in a single installment when the borrower receives their next paycheck or any other income source like social security or pension.  A loan’s due date is set in the loan agreement and usually falls between two to four weeks. 

Borrowers repay payday loans via a check or electronically transfer the cash to a lender’s account. If a borrower fails to pay back the loan on the due date, lenders automatically withdraw the funds from a borrower’s bank account. 

3. Repayment Frequency 

Before signing a loan agreement with a lender, you’ll have to agree on a repayment schedule. If you are borrowing a substantial amount, you’ll require several months to repay it; if it’s only a small amount, you’ll need a few weeks. 

Most payday lenders offer flexible loan repayment terms ranging from two to twenty-four months. Borrowers can choose repayment schedules that fit their income, from weekly and fortnightly to monthly payments. 

That said, it’s best to pay off your loan as fast as possible because the faster you repay it, the less interest it accrues. 

4. Interest Rates 

Interest rates are typically a major pain point for most borrowers; however, most online payday lenders have reasonable interest rates. Overall, the interest rates range between 5.99% to 35.99%; while these rates may be higher than traditional loans, payday lenders charge these amounts due to the risk they take. 

Payday lenders don’t have strict eligibility requirements like a good credit score meaning individuals with bad credit can get loans easily. Before signing a loan agreement, ask the lender about extra charges such as penalties for late and early repayments, early exit charges, and origination fees. 

5. Instant Approval 

Payday loans provide borrowers easy access to funds; unlike conventional loans involving lengthy background checks, payday lenders only have a few eligibility requirements. 

Most lenders ask borrowers for identification to ensure they're over 18 years and have proof of income. They usually process applications within minutes, and once a lender approves a borrower’s application, they can expect to receive the funds on the same day. Nevertheless, some lenders take as long as 24 horses to disburse funds into a user’s account. 

Types Of Online Payday Loans

1. Payday Loans Bad Credit

These loans are ideal for individuals with bad credit history as they don’t have to suffer from credit checks that may harm their credit history further. All you require to qualify for a bad credit payday loan is proof of income and a valid bank account. 

The only disadvantage of these payday loans is that they have high-interest rates; the interest rate can be as high as 28% of the principal. The interest rate is usually higher due to the increased risk of a borrower defaulting. 

On the brighter side, these loans are easier to access than conventional loans as there’s no lengthy credit checking process. These loans usually have a 2-week loan term, but some lenders can extend it to up to a month. 

2. Online Payday No Credit Check

For most people, especially those with less-than-perfect credit ratings, the thought of lenders going through their credit history isn’t appealing. This is where online payday loans with no credit check come in; these loans offer borrowers funds without conducting a credit check. 

These loans are designed for the average individual who may have had several financial challenges in the past or those with no credit history. 

Payday loans with no credit check are best for individuals who want cash to get them through the month or to pay for expenses that crop up during the month. These loans usually range from $100 to $2000 and have affordable interest rates. 

3. Instant Payday Loans Online Guaranteed Approval

These are payday loans with high approval, where customers are guaranteed a loan once they apply. Guaranteed instant payday loans are common among borrowers with bad credit that may need help getting loans from traditional lenders. 

Guaranteed approval payday lenders allow people to borrow amounts of up to $5000 with repayment periods ranging from 2 to 24 months. Application is usually straightforward, and most lenders disburse the funds within a few minutes once an application has been approved. 

Most lenders offering this loan don’t conduct credit checks, however, come carry out a soft credit check that’s less intrusive than a full credit check.  

4. Fast Payday Loans

These are quick loans for individuals with a bad credit profile or those who don’t have time to go through a bank’s lengthy process to get a loan. Fast online payday loans have a basic model where a borrower requests an advance and indicates the repayment term that suits them. 

Lenders offering fast loans then present the borrower with an offer, detailing the loan terms and the interest rates (usually between 5.99% to 35.99%). If a user accepts the terms, they must sign the loan contract then the lender will disburse the funds into your account on the same day. 

5. Instant Payday Loans

Instant payday loans come in handy when one needs quick access to cash due to an emergency. However, they aren’t recommended for regular use as they can put you in a never-ending debt cycle. The loans are referred to as "instant" since you receive the cash once your application is approved. 

Once the loan is approved, lenders wire the cash into your account. Most lenders offer instant payday loan amounts ranging between $100 to $5000 with flexible repayment periods of one month to two years. The loans are accessible to everyone, including those with bad credit scores. 

How To Get A Online Payday Loan

Here are the steps to follow when applying for an online payday loan: 

Step 1: Make a loan  request

Open the Credit Comparo website on your device, select a loan amount, provide your contact information, and submit the application. Ensure the contact details are accurate since the information will be verified. 

Step 2: Choose A Loan Offer

After submitting your application, you’ll be presented with at least three loan offers, depending on your details and loan amount. Always for the loan with the lowest APR. 

Step 3: Sign The Loan Contract and Receive The Funds

Once you’ve selected a loan offer, review the repayment terms and sign the loan contract. The lender will disburse your loan once you sign the contract. 

How We Chose The Best Loans For Online Payday

There are many loan-finding services available to borrowers looking to access quick cash. To help narrow their search, we considered various parameters, including the application process, eligibility criteria, affordable APRs, availability to all borrowers, including those with bad credit scores, and quick payouts following loan approval. 

Frequently Asked Questions

1.  Are there payday lenders that offer instant loans within five minutes?

Yes, some loan matching services like Credit Comparo, heart paydays, and viva paydays can connect you with lenders with fast application processes that take less than two minutes. Once a lender approves your loan, the payment is usually disbursed immediately. 

2. Can one qualify for instant payday loans with a 550 credit score?

Yes, while a 550 credit score is below average, most instant payday lenders offer loans without conducting credit checks as long as you provide your monthly income information indicating you can afford to repay the loan. 

3. Can I qualify for a payday loan without a credit history?

Yes, some payday lenders usually offer payday loans without credit checks; all they require is identification and proof of income to show you can afford to make repayments. 

4. Can one get a payday loan if they’re unemployed? 

Yes, it’s possible to qualify for a payday loan if you’re unemployed. Nevertheless, it won’t be as easy to find willing lenders as most prefer lending to individuals with a steady income.