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Payday loans are a last-resort option when you have an emergency that can’t wait. And they’re expensive. Even the most competitive payday loans come with fees equivalent to APRs over 700%. The best short-term lenders follow federal and state law, are transparent about costs and can get you amount of money you need it when you need it. But before you apply, read about the alternatives to make sure there isn’t a better option.
A connection service for quick cash loans up to $10,000.
| Lender | Why is it the best? | What you’ll need to apply | Max Loan Amount | |
|---|---|---|---|---|
| Check Into Cash Payday Loan | You can also take advantage of bill pay, check cashing and more at storefront locations. | Active bank account, government-issued photo ID, proof of income, most recent bank statement, checking account and bank routing number and Social Security Number or ITIN (for Indiana residents only) | ||
| CashNetUSA Loan | Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services. | Regular source of income, bank account, US citizen or permanent resident, age of majority in your state | Varies by state | Read review |
| CashUSA Installment Loans | Explore its online education center to get tips on budgeting, how to prioritize your bills and more. | Regular source of income, bank account, US citizen or permanent resident, age of majority in your state | $10,000 |
As many states move to tighten laws on short-term lending, we checked each lender’s legitimacy, business practices and website security. We also weighed borrower reviews on the Better Business Bureau and Trustpilot.
We then analyzed and compared each lender’s maximum loan amounts, APRs and funding speed. And because some lenders are moving from payday loans to installment loans, we paid extra attention to lenders and connection services that offered both options so you can compare loans more easily.
Here are some simple questions you should ask yourself while searching for a short-term loan:
Before you apply, look into other options that are cheaper, more sustainable in the long-run or have more flexible repayments.
Before you apply, ensure that you won’t have any problems in repaying the loan. If you think you might have trouble, don’t take out the loan. Late or missed payments come with increased fees, charges and interest rates on top of negatively impacting your credit. Always work the repayment schedule into your budget, and the best loans will remain the best.
Know that even the best short-term loans can end up costing much more than originally anticipated, especially if you don’t repay your loan on time.
Bear in mind that while the best short-term loans will give you quick access to the money you need, there are a number of good short-term loan providers vying for your attention, so compare all your options before applying.
We understand that you may be cautious when applying for short-term loans. Here are some of the frequent questions our users have asked.
What is a payday loan?
Payday loans are short-term forms of financing that are typically available in amounts ranging from $50 to $500, depending on your state of residence. And they’re expensive — most come with high fees that translate to APRs in the triple digits.
LEARN MORE: How payday loans work
Can I qualify for a payday loan?
To qualify for a payday loan, you typically need to meet the following criteria at a minimum:
LEARN MORE: Find out if payday loans are legal in your state
How long does it take to apply for a payday loan?
Applying for a short-term loan should take around five to 10 minutes, provided you have all the information needed to complete the application close at hand.
LEARN MORE: Step-by-step guide to applying for a payday loan
Can I pay off my loan early?
Some lenders may let you pay off your loan early. It’s important to check if there are any other fees and charges associated with early repayment.[/fin_accordion][/fin_accordions]
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Can funds be deposited onto Walmart debit card?
Hello John,
Thank you for your comment.
If you’re referring to the Walmart MoneyCard, according to their website, you can add money to the Card from the website of many banks, credit unions and financial institutions with an electronic funds transfer. This means that funds can be deposited into this account through a bank transfer. I hope this helps.
Regards,
Jhezelyn
I’m in need of a small loan but don’t have a checking or savings account. Is there any other way around it?
Hi Frankie,
Thanks for your question.
If you need funds quickly but don’t have a bank account, you may consider getting a payday loan from a lender and have the funds deposited onto a prepaid debit card. You can start comparing debit card loans and checking if you are qualified.
Please do review the requirements and eligibility criteria when you apply.
Cheers,
Anndy