If you need emergency cash, the best payday loans online we've found are the ones to help you buy groceries, cover car repairs, pay for a doctor's visit, or deal with other everyday financial needs.
A payday loan doesn't have to be from a payday lender in a part of town you don't visit often. Instead, you can get approved for a cash loan from an online lending network that partners with multiple lenders across the country.
Instead of walking around town, you can submit an online prequalification form at home that matches you with lenders willing to work with you based on the information you provide. You can find installment loans and short term loans on the networks we recommend. Money can be deposited directly into your bank account in 24 hours.
1.
MoneyMutual
MoneyMutual is our top-ranked online lending
marketplace for many reasons. Firstly, it helps consumers get cash faster,
sometimes in 24 hours.
Four out of 10 Americans are unable to come
up with $400 for emergencies, according to the Federal Reserve's report on the
economic well-being of US households.
MoneyMutual specializes in helping people get approved for an emergency loan, connecting them with short-term loans of up to $5,000 from the market of lenders with which it does business. It’s simple online loan application form takes about five minutes to complete, and an online lender can approve your loan in minutes.
2.
CashUSA.com
CashUSA.com is one of the best payday loan online options we recommend. It is upfront about the interest rate of its loan providers, and it clearly states the loan terms and how they will affect the total amount paid.
Its lenders have interest rates ranging from
5.99% to 35.99%, with loan tenures ranging between 90 days to 72 months.
The website provides an example of how expensive a $1,500 personal loan would be for someone over two years with an APR of 7.9%. Each of the 24 monthly payments will be $67.77, for a total repayment amount of $1,626.54. It costs about $126 to borrow $1,500 over two years.
3.
BillsHappen®
BillsHappen has a quick online form that lets
you know if a direct lender is willing to work with you. Filling out forms to
see if you pre-qualify will not affect your credit score.
The network will require you to supply
certain information including your home address and the state you live in, your
name and email address, mobile phone number and your main source of income. You
will also be asked whether you are in the military or a dependent. It will also
ask if you have a bank account, your payment date and payment frequency, the
name of the employer, and whether you have been paid by paper check or direct
deposit.
Your information is quickly reviewed by lenders to determine whether they want to work with you. If they do, you will be redirected to their website to accept the loan to fill out their forms, review the loan terms, and collect your funds before the next business day.
4.
CreditLoan.com
CreditLoan helps users with bad credit find
small loans between $250 and $5,000. It has helped more than 750,000 customers
connect with the lender direct since 1998.
As its website states, 30% of Americans have
a low credit score. Credit scores range from 300 to 850, with a higher score
leading to better credit terms. A score below 630 is generally considered bad
credit when a credit check is performed.
Credit Loans specifically focuses on helping people with bad credit. The company says that the money from the loans it gives people can be used for any purpose, including paying child support. Paying child support will not affect loan approval.
5.
BadCreditLoans.com
BadCreditLoans does a good job of explaining
how bad credit loans work, including payday lending. A bad credit loan is not a
direct payday lender, but refers to consumers reputable direct lenders and
financial service providers who can offer a fast and best payday loan online.
According to its website, Bad Credit Loans is committed to working with responsible lending partners and educating its customers throughout the process. Its site uses advanced encryption technology to keep your information secure.
6.
PersonalLoans.com
PersonalLoans.com is a lending network that
helps consumers find loans ranging from $500 to $35,000. That top amount
probably isn't what you need for a payday advance, as you'll want to pay it off
as you take out a cash advance loan when you get your next paycheck.
Keeping a short-term loan small can make it easier to pay off, which is how PersonalLoans.com helps consumers find lenders that work with people with bad credit who need cash for emergencies.
7.
CashAdvance.com
CashAdvance helps people find a best payday loan online company for
some of the smaller loan amounts we've seen. Its lenders offer short-term loans
for as little as $100 to $1,000, and may not require you to go through a credit
check for approval.
The lending network needs to have a monthly income of at least $1,000 and at least 90 days on the job. CashAdvance offers customer support over the phone and via email to help borrowers with every step of the lending process.
Frequently
Asked Questions (FAQs)
Q:
Can I get a loan with 450 credit score?
Answer: Yes, you can get a bad credit loan with a credit score of 450
Q:
What are the benefits of Online Payday Loans?
Answer: The advantage of a payday loan is the
main reason people look for them: instant cash for an emergency.
The emergency situation will vary from person
to person. Paying the electricity bill so that the power doesn't go off is an
emergency, but so is making monthly car payments so that your car is not
repossessed.
Even with bad credit, a borrower can often be approved for a payday loan online. If you qualify, cash should be available quickly, usually within 24 hours of approval.
Q:
What are the disadvantages of Online payday loans?
Answer: The biggest disadvantage of a payday
loan is that you are likely to be charged a higher interest rate. Payday loans
are usually sought after by people with poor credit scores, and because they
are considered high risk, they will be charged a higher interest rate.
It is not uncommon for payday lenders to
charge people with poor credit scores an APR of 391% or as high as 2,290%.
Other disadvantages include:
Recurring
Expenses: Although advertised as being used for emergency
expenses, 7 out of 10 borrowers use payday loans for recurring expenses, such
as rent and utilities, according to The Pew Charitable Trusts.
Can't meet monthly expenses: If you can't
afford rent and other monthly expenses, a payday loan can add to the pain of
paying them. According to Pew, the average borrower earns about $30,000 per
year, and 58% of these borrowers have trouble meeting their monthly expenses.
Payable
quickly: Payday loans are usually payable in two weeks and are
linked to a borrower's pay cycle. An online lender will have direct access to a
borrower's checking account on payday to ensure it can collect other bills
before paying them. Some of the lending networks we recommend allow loans to be
repaid in months instead of weeks and may come with lower interest rates.
Unaccountable:
According to Pew, the average payday loan costs 36% of the average borrower's
gross paycheck. You can pay only 5% of your paycheck for a loan, covering most
basic expenses.
Loan Renewal: 80% of payday loan borrowers take out a new loan within two weeks of repayment of the previous payday loan, creating a debt trap.
Question:
What is the easiest loan that can be sanctioned?
Answer: The easiest loans to get approved are probably payday loans, car title loans, pawn shop loans and personal installment loans. These are all short term cash solutions for bad credit borrowers in need. Many of these options are designed to help borrowers who need fast cash in times of need.
0 Comments