Are you struggling to get a loan? Is your bad credit score getting in your way? Well, traditional lenders often reject high-risk applications; however, you can rely on payday companies when you are in need of emergency cash.
You can get online payday loans even if you have a poor credit score, but not all payday companies are reliable, so you should choose a trustworthy option. Since there are hundreds of options to choose from, it can be hard to find a company that offers quality services. Well, there is nothing to worry about, as we have taken care of the research part for you.
We have compared different companies and chosen the best option currently available out there. In this article, we are going to review the best sites that you can choose to get a payday loan. We will also discuss the important factors that you should consider while choosing a site for payday loans. Moreover, we will share some safety tips that you should follow to avoid getting trapped in a cycle of debt. So, without any further ado, let’s jump into the list and help you find a suitable payday company.
Best Sites For Online Payday Loans
- MoneyMutual: Best Overall For Bad Credit Payday Loans Online
- BadCreditLoans: Fast Payday Loans With Bad Credit
- CashUSA: Well Known Payday Loan Organization
- Personal Loans: Best Personal Loan Rates And Payday Loans
#1. MoneyMutual: Best Overall For Bad Credit Payday Loans Online
MoneyMutual is one of the most popular names in the industry, and it’s a trustworthy option to go with. It’s an excellent option for people who want to get straight to business, as the site allows users to apply for a loan in a few simple steps. The application form is easy to fill, and you can do the job within five minutes.
They approve loans quickly, and people receive the money within 24 hours in most cases. On MoneyMutual, you can borrow any amount between the $100-$5,000 range. They connect clients with multiple loan lenders, and people can choose a suitable option. People can also check the number of online lenders at a given time.
You can check what lenders have to offer without making the deal final, which is a good thing, as you can easily compare different options. The site offers complete transparency to clients, so you won’t have to pay any hidden charges while working with them. They also have a FAQ section on their official website to help new users. All in all, MoneyMutual is a great option for people looking to get payday loans, as it offers quality services.
- Free Service
MoneyMutual connects users with lenders, and they do it for free. This makes things easier for borrowers, as they can check out the available options without paying anything. The company doesn’t extend payday loans itself, but you can find the best deals while working with them.
- User-Friendly Interface
The website is well-designed, and you are going to love the user interface. You won’t have to browse through multiple sections to get the job done, which means you can save time while applying for a loan. You can find almost everything on the homepage.
- Safe And Secure Process
MoneyMutual prioritizes its client’s privacy and security, so you won’t have to worry about the safety of your data while working with the company. They put in a lot of effort to protect the personal and financial information of each client, and they don’t work with unreliable service providers.
- Fast and simple application process
- You can get money in your account in less than 24 hours
- A safe and reliable option
- Interest rates will vary depending on the lender
MoneyMutual has a huge customer base of 2 million+ borrowers, and we didn’t find any negative customer reviews while conducting our research. It’s a trustworthy company, and it has been serving people for years now. Clients find the site helpful as they can connect with multiple lenders in minutes.
#2. BadCreditLoans: Fast Payday Loans With Bad Credit
BadCreditLoans offers a wide range of personal loans, including auto repair loans, medical loans, student loans, and more. It’s a well-known company, and you can rely on it if you need to borrow a huge amount. The company offers personal loans ranging from $500-$10,000, and you can get loans quickly.
In most cases, you will get a loan offer within a few minutes while working with BadCreditLoans. Once everything is verified, you will get the loans within 24 hours; however, it may take up to three days in some cases.
To get a loan from the company, you must be at least 18 years old, have a regular income, and have a bank account. If you meet these requirements, you can fill the form anytime, as they offer 24/7 services. Another benefit of working with them is that their services are 100% free, so you won’t have to spend money to check eligibility. People looking for a big loan amount can choose BadCreditLoans without thinking twice.
- Loan Term Ranges From 3 to 60 months
Getting a loan is easy these days, but repaying the amount can be an issue if the loan term doesn’t suit you. Well, you won’t have to worry about loan terms while working with BadCreditLoans, as they offer a lot of flexibility in this field. You can choose the repayment tenure option that suits you.
- Easy To Apply
You are unlikely to face any issues during the application process, even if you are a new user. After gathering the required documents, you can fill the application on the official website and wait for a response. If you are eligible for a loan, they will inform you.
- Advanced Encryption Technology
They use advanced encryption technology to protect every user’s data, so you will have a safe experience on the site. If you face any issues while working with the company, you can contact the customer support staff.
- Excellent customer service
- Personal loans ranging from $500-$10,000
- 24/7 service
- Users just have to follow three easy steps to get a loan
- No major cons
BadCreditLoans is known to offer excellent customer service. They help clients in each step, and if someone doesn’t find a potential lender, they help him in other ways (debt relief and credit repair). Most users get loans fast, and they don’t have anything bad to say about the company.
#3. CashUSA: Well Known Payday Loan Organization
CashUSA is a trustworthy place for instant loans. You can get loans ranging between $500-$10,000 while working with them, and the amount will be credited to your account quickly once your application gets approved.
The homepage of the official site doesn’t look too appealing; however, you are unlikely to face any issues while applying for a loan. You can fill the form in minutes, as you will just have to enter basic details. It’s an easy-to-navigate website, and you can explore different categories if you want.
The repayment tenure can be as short as 90 days, and it can rise up to 72 months, depending upon several factors. You will have some flexibility in this field, but you should know that most lenders working with CashUSA have a high APR.
The company ensures a safe experience for users, so you can share your personal and banking information on the site with confidence. If you don’t receive any loan offers while working with CashUSA, you may receive offers for credit repair and debt relief.
- Good Customer Support
As mentioned above, the website is easy to navigate, and first-time users can also apply for a loan without facing any issues. However, if you face any issues on the site, you can reach out to the customer support staff, and the trained staff members will guide you with the best solutions. The only problem is that they don’t offer 24/7 support service, so you may have to wait to get a response.
- Fast Service
If your loan application gets approved, you will get the money in 1 business day. Some lenders working with the company may offer a line of credit.
CashUSA uses industry-standard encryption to protect the personal information of users, so you won’t have to worry about safety issues while working with them.
- Fast and convenient service
- Industry-standard encryption
- Get up to $10,000
- Flexible loan terms
- The homepage doesn’t look too appealing
- They don’t offer 24/7 customer support
CashUSA is a go-to place for many Americans, and the biggest reason for its popularity is the quality of services it offers. Users can apply for a loan in minutes and get a fast response. Not all users find a potential lender; however, most users leave the site with a smile on their face.
#4. Personal Loans: Best Personal Loan Rates And Payday Loans
If you need a huge amount of money, Personal Loans is the right place for you. You can request any loan amount from $1,000 to $35,000, and they will be there to serve you. Their online form is easy to fill, and their service is free to use.
The company offers three different types of loans, and you can request a loan for any occasion. The available options are peer-to-peer loans, personal installment loans, and personal bank loans.
If you go for peer-to-peer loans, the company will pair you directly with potential investors. If you go for personal installment loans, you will be working with a financial institution, and the process will be the same. The third option is personal bank loans, and a bank will offer funds in this case. All options are equally reliable, and you can choose the one that suits you the most.
- Higher Loan Amount
Most companies connect you with lenders who offer loan amounts up to $10,000. When we talk about loan amounts, Personal Loans stands out in the crowd, as it offers loans up to $35,000. The minimum loan amount is $1,000, and it can be an issue if you need a small loan. You will have to pick some other site in such a case.
- Simple And Straightforward Process
Their online form is easy to fill, and you will just need to follow a few simple steps to apply for a personal loan. You can request a loan at any time of the day and get potential offers. You can review the available offers without paying money and choose the one that looks most appealing to you. Once you make the deal final, the money will be deposited into your account in one business day.
- Loans up to $35,000
- They take special measures to ensure the safety of users
- Receive the money within one business day
- Not the best option for people who need a small loan
People love the simple and user-friendly interface of the site. Most customers get a potential loan offer while working with Personal Loans. The site welcomes many returning customers, as people trust the company and want to stick to it.
Well, these are the best sites that you can choose to get a loan online. All these sites are trustworthy and offer quality services, so you can rely on them.
Each company is different, and it can be hard to find a suitable option if you don’t know what to look for. Since there are a lot of options to choose from, you can easily get overwhelmed. In the next section of this article, we are going to discuss the important factors that you should consider while choosing a site for payday loans.
How To Choose The Right Website For Online Payday Loans?
- Company’s Reputation
Reputation is the most important thing that you should consider while choosing a service provider. A well-known company will offer good services, and you won’t have to worry about getting scammed while working with them. They won’t trick you into doing anything. Also, they will keep things transparent, and you won’t have to pay any hidden charges.
Popular sites offer good customer support, and you can rely on their support staff if you face any issues while applying for a loan. You can connect to them via online chat or call at any time of the day, and they would be there to serve you. Moreover, the interface of such sites is user-friendly, and people can apply for a loan fast.
A company that doesn’t offer complete transparency to clients isn’t reliable. You should never work with such companies, as you may end up paying hidden charges without even realizing it.
Popular companies never apply any hidden charges, as they don’t have to trick people into earning money. They mention extra charges such as processing fees and taxes clearly, and users can apply for a loan after making the required calculations. Moreover, they mention the interest rates and late payment penalties to help borrowers calculate possible risks. If the site you choose provides such details, you can proceed with confidence.
- Terms And Conditions
You should never get a loan without reading the terms and conditions carefully. Whenever you opt for a service, you will have to follow the terms and conditions chosen by the service provider.
In this section, you will find important details such as penalty charges, processing fees, tenure, due dates for each month, and interest rates. You will also find factors like the closure fee on the agreement. If you don’t read the agreement carefully, you can get in trouble, as some conditions may not suit you. Once you sign the agreement, you will have to follow the terms even if you don’t like them.
You can always reject an offer if you don’t like the terms. Since there are many payday companies to choose from, there is no need to settle for a company that doesn’t suit your needs.
- Minimum And Maximum Loan Amount
When we talk about money, people have different needs. Payday companies offer a minimum and maximum limit to clients, and you can choose any amount within this range. Some companies offer amounts as low as $200, and some offer a minimum limit of $500.
When it comes to borrowing money, more isn’t always better. If you need $200, you shouldn’t borrow $500, as a small amount can make a difference in the long run. You will have to pay more money as interest in such a case.
You should also keep an eye on the maximum limit while choosing a payday company. If the limit offered by a company doesn’t suit you, it would be better to look for some other option. Getting two loans together won’t be a good idea, as you will have to pay the processing fee, fixed charges, and taxes twice. The sites we have reviewed offer different minimum and maximum limits, so you can easily find the perfect fit according to your needs.
- Loan Term (Term Length)
The amount of time the lender gives you to repay the loan amount is known as ‘Loan Term’ or ‘Term Length’. The loan term will be different in different cases, so you should check the details carefully. You should try to repay the loan as soon as possible, as you will save money by clearing the outstanding amount fast.
You will have to pay more interest if you delay things, which won’t be good for your financial condition. However, the term length shouldn’t be too small for you, as it can be hard to repay a huge amount fast. If you can’t repay the amount before the due date, you will have to pay penalty charges. So, you should do the required calculations before getting a loan.
- Application Process
People go for payday loans because they are easy to get, and you can fill the form in minutes. However, this doesn’t mean the application process will be the same in each case. On some sites, users can fill out a loan application in minutes and wait for a response. On the other hand, some sites don’t offer a user-friendly interface, and the application process can be time-consuming in such cases. You should choose a site that doesn’t waste your precious time.
- Time For Funding
Emergency loans shouldn’t get delayed, as you can get in trouble in such a case. The loan amount should land in your bank account fast, but not all payday companies can do that. You should choose a company that is known to offer instant loans. Such companies connect their clients to lenders who can transfer the money into their accounts within 24 hours.
- Privacy And Security
It’s important to choose a site that can protect your data. You will have to provide your personal information while working with a payday company, and you will also have to enter your bank details. If a company doesn’t take the required measures to protect your data, you should stay away from it. Some companies work with unreliable third-party service providers, and your data is never completely safe with them.
You should check the privacy policies of the site to ensure a safe experience. If you choose a site reviewed by us, you won’t have to worry about such issues.
So, these are some things that you should consider while choosing a website for online payday loans. If you follow these tips, you are likely to find a suitable payday company:
- You can do anything with your funds, and you won’t have to provide any purchase proofs to the payday company in most cases.
- Payday loans can help you in tough times, but this doesn’t mean you should rely only on them.
- Many people apply for payday loans multiple times every year, which isn’t a good thing. Such people often get trapped in a cycle of debt.
In the next section of this article, we will share some tips that you should follow to avoid such issues.
Tips You Should Follow To Avoid Getting Trapped In A Cycle Of Debt
- Understand The Purpose Of A Loan
You can rely on payday companies in emergency situations, but you should know that these types of loans aren’t designed to be used all the time. Interest rates are high in most cases, and you shouldn’t use the funds to buy things that aren’t important.
- Calculate How Much You Need
You should be clear about your needs before applying for a loan. The amount you will need to pay as interest will vary depending upon the principal amount, so there is no point in borrowing more than you need. Once you calculate how much you need, you can enter the amount and proceed.
- Understand How Much You Can Pay Back Each Month
If you get a payday loan, you should try to repay the amount as soon as possible. When you know how much money you need, it’s easy to break down the total amount into monthly installments. You should know how much you can afford to pay back each month to avoid late payment charges.
The term length should be perfect for you, and you should ask the lender to make adjustments according to your needs. If the lender refuses to make adjustments to the term length, you should look for another option, as signing the agreement won’t be a good idea in such a case. Once you sign the agreement and make the deal final, you won’t be able to change the terms and conditions.
- Understand The Risks
When you get a loan online, you should be clear about the involved risks. If you don’t pay back on time, you will have to pay the penalty charges. Also, if you fail to repay the borrowed amount, the lender can sue you. If you are aware of the potential risks, you would be able to make a wise decision. If you don’t like the terms and conditions chosen by the lender, there is no need to proceed.
Frequently Asked Questions
Q1. Are online loans safe?
In short, yes, online loans are safe. You won’t face any safety issues as long as you work with well-known companies. Popular companies don’t compromise in the field of security and do their best to provide a safe environment to users. However, this doesn’t mean all companies are reliable, as you can easily get scammed if you choose a site that isn’t trustworthy.
Some companies trick people by providing appealing offers and run away with the money they pay as the processing fee. Also, it isn’t safe to share your bank or credit/debit card details on such platforms.
You won’t have to worry about such issues if you choose a site reviewed by us, as we have done the required background check while making this list. You can choose any of the sites mentioned in this article with confidence.
Q2. What are the advantages of payday loans?
- Suitable For People With Bad Credit Score
Getting a loan can be hard for people with a bad credit score. Most traditional lenders reject high-risk applications, but things are different in the online world. Payday companies often accept applications that other lenders may reject.
If you have struggled with debt in the past, you will fall in the high-risk category, and applying for a payday loan will be a better option for you. However, this doesn’t mean you should stop worrying about your credit score. You should try to improve it.
- Easy Application Process
If you go the traditional way, you will have to visit a bank and fill different forms to get a loan. In this case, the application process will be time-consuming, and the process can also be difficult if you are applying for the first time. Well, the process will be much simpler if you choose a payday company online.
You will just need to visit the official site of the company and make an account. After logging in, you will be asked to choose the loan amount and upload the required documents. You can finish the application process in minutes.
- Quick Money For Emergencies
Some people plan ahead for emergencies and create a financial cushion. However, this isn’t the case with everyone, and many people struggle to manage their earnings. Emergencies do not wait, and things can turn ugly if you don’t have a backup.
If your car breaks down or you need to buy something important, it will be hard to wait for your salary to get credited to your account. You can’t rely on traditional lenders in such situations, as they take a lot of time to process a loan.
Payday companies always offer a helping hand in such situations. The loan may get approved in less than an hour if you provide all the required documents. However, it can take up to 24-48 hours in some cases.
- You Can Get A Loan Sitting On Your Couch
One of the biggest advantages of payday loans is that you can fill the form sitting on your couch. You won’t have to visit a bank, and you won’t have to wait either.
You can borrow money at any time of the day, as most payday companies offer 24/7 services. Moreover, you can check your application status anytime, which isn’t possible in the offline world. You will have to do everything during traditional banking hours if you apply for a loan offline.
- Short Tenure
When we talk about payday loans, the repayment tenure is usually 1-3 months; however, the number can vary, depending upon the company you choose. You can also pay off the whole amount anytime without worrying about any closure fee.
- You Won’t Get Embarrassed
Most people don’t feel comfortable talking about their financial problems, and it can be hard for such people to borrow money from a friend or relative. Well, if you need money urgently, you can apply for a payday loan online, and nobody would get to know about it.
Q3. What are the disadvantages of payday loans?
Online payday loans can help you in tough times, as they offer several advantages. But you should be aware of their disadvantages too, as they have both positive and negative sides. Here is a list of the disadvantages of payday loans.
- High-Interest Rates
While applying for a loan, you should keep an eye on the interest rates. Payday companies charge extremely high interest rates, and you should be prepared before making a deal. The annual interest rate can be as high as 500%, and it’s easy to get trapped in a debt in such a case.
If you go with other options like credit card loans, the interest rate will be about 40%. People don’t worry much about the annual interest rate while applying for payday loans because the repayment tenure is short in most cases.
- Processing Fee
High-interest rate isn’t the only thing you will have to worry about while applying for payday loans. You will have to pay a 1-3% processing fee every time you get a payday loan. The number will vary depending on the company you choose.
You may not be concerned about the processing fee if you take a small loan, as the fee would also be small in such a case. But things will be different if the loan amount is big. You will also have to pay a late payment penalty if you don’t repay on time.
- The Habit Trap
You can get a payday loan quickly, which is a good thing. Unfortunately, many people don’t understand that such services are available for emergencies. People often misuse the borrowed money and end up taking multiple loans every year.
Once you realize how easy it is to get a payday loan, you can easily get trapped in a cycle of loans. So, it’s better to use the borrowed money wisely and repay the amount as soon as possible. If you take multiple loans every year, the financial burden will be unimaginable.
Q4. How long does it take to get a loan online?
Things work fast in the online world, and your loan application can get approved in minutes. If your application gets approved, you will get the money in your account within 24 hours.
However, the time period can vary depending upon the company you choose, and you may have to wait for two-three business days in some cases. You can always contact the customer support staff to get updates.
We hope you liked this article, and we were able to help you find a suitable payday company. People with a bad credit score often qualify for online payday loans, so you can rely on payday companies.
Your life won’t turn upside down in tough times, as you can easily get financial help. Payday lenders can help you in emergencies, but you shouldn’t use the borrowed money to cover regular expenses.
The sites that we have reviewed in this article can help you get a payday loan. If you have read this article carefully, you would know which payday company suits you the best. If you are interested in getting a loan, you should be clear about the potential risks. You should know the advantages and disadvantages of payday loans to avoid issues in the future.