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What you should look out for with “instant” payday loans

Find out if payday lenders can offer instant loans and cautions to look out for.

A payday loan can help you get out of a tight spot, but despite what lenders promise, instant payday loans don’t exist. Some lenders automate approvals online if you meet eligibility criteria, but the earliest you can get your money is the next business day.

How do I get a payday loan instantly?

Payday loans don’t arrive instantly, but you may be able to receive your funds quickly if you apply in a store. If you apply online, your loan funds could be available in one business day (though it might take longer, depending on your bank).
State laws determine how much you can borrow, and the lender sets qualifications you must meet to be approved.

How do quick payday loans work?

If you want to get a quick payday loan, you must meet some eligibility criteria first.
Applying at a storefront means your application is processed within a few minutes, but you’ll need to bring along your documentation. With online payday loans, you typically submit everything online from the comfort of your own home and receive a preliminary decision within minutes.
The time it takes for funds to get to your bank account depends on the lender you choose. Storefront lenders can give you funding that day, and most online lenders can transfer your loan to you as soon as the next business day. If you have an eligible prepaid debit card, you may have the option to have funds loaded on it.
If you apply in store, you may have to leave behind a physical check that the lender can cash on the due date. With online loans, the money will be automatically debit your repayments from your bank account on the due date.
How to decide whether to get an online or in-store loan

What is a guaranteed payday loan?

Some lenders advertise guaranteed loans. But, take caution. There’s no such thing as a guaranteed payday loan. While some lenders don’t require great credit, they still have other eligibility criteria you need to meet in order to be considered.
“Guaranteed” payday lenders offer more flexible lending criteria than a traditional bank or credit union. This doesn’t mean you’ll be approved. Instead, a “guaranteed” lender is more interested in your ability to repay than your credit history — a steady source of income is usually the most important factor.

How does a guaranteed payday loan work?

To apply, submit your application online or in-store. The lender will review your credentials and inform you soon after submission if you’ve been approved.
If you are approved, there are different ways to pick up your loan. In-store applicants may receive funds within a few hours of approval in the form of cash, check or prepaid debit card. Online applicants can have their money transferred to their bank account as soon as the next business day or choose to have an in-store pickup.
These are short-term financial solutions, meaning you have to repay the loan on the scheduled due date, typically your next payday. If you decide to take out a payday loan, keep in mind the interest can be quite high. You’ll need to budget your repayments before you borrow. Otherwise, you may be stuck in a cycle of bad debt.

Some lenders offer 24/7 payday loans

Applying for a loan online or with any storefront lender that operates 24/7 is much the same as applying for any other instant payday loan. When you apply in store, you can often have your money in under an hour. Online lenders may take a bit longer — usually about a business day for the funds to be transferred into your checking or savings account.

Compare short-term loans and other alternatives

Here are some loan providers you can apply with. Note that the max loan amount is based on the provider’s max amount. The amount will vary based on your state of residence.

1 - 0 of 0
Name Product Filter Values Loan amount Turnaround time Requirements
Chime SpotMe®
Not rated yet
Chime SpotMe®
Up to $200
Same day
Single qualifying $200 direct deposit into Chime checking account in the last 34 days.
Access fee-free overdrafts up to $200 when eligible. Plus get your paycheck up to 2 days early with direct deposit. See Chime terms and conditions.
Smart Advances
Not rated yet
Smart Advances
$100 to $20,000
As soon as one business day after loan closing
Have a regular income, 18+ years old, be a U.S. citizen with a valid SSN, have an open bank account, meet any additional requirements your lender may have
Smart Advances was designed to help you request the loan you need, for any reason.
EarnIn
Not rated yet
EarnIn
Get up to $100 per day or $750 per pay period.
1 to 2 business days, or in minutes with Lightning Speed.
Direct deposit sent to a checking account, a regular pay schedule, a fixed work location or an online timekeeping system at work
No mandatory fees, no interest, and no credit checks. Subject to EarnIn terms & conditions
Cleo
Not rated yet
Cleo
Up to $250
3 to 4 days standard transfer. Same day with $3.99 express fee.
Not stated
Automatically monitor your spending plus access cash advances up to $100 at a time.
Albert
Not rated yet
Albert
Up to $250
2–3 business days or instant for a fee
Checking account 2+ months old receiving direct deposit, 2+ months working for the same employer, positive account balance, most recent paycheck was on-time, funds still available in bank account 24 hours after most recent payday.
Get up to $250 overdraft protection if you sign up for Albert's banking app.
Brigit
Not rated yet
Brigit
Up to $250
1 to 3 business days or instant with a fee of $0.99 to $3.99, or a $9.99/mo. subscription with small fee, or free with $14.99/mo. subscription.
Bank account must have at least 60 days of activity, Balance must be above $0 and have an average minimum balance on pay day
Have up to $250 automatically deposited into your account — for a $9.99 membership fee.
LendYou Short-term Loans
Finder Score: 2.5 / 5: ★★★★★
LendYou Short-term Loans
Up to $1,000 for payday loans and up to $5,000 for installment loans
1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
Fast5kLoans Short-term Loans Connection Service
Finder Score: 0.2 / 5: ★★★★★
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, Verifiable bank account, US citizen, Ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
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A selection of lender-matching services you can apply with

Lender-matching services aren’t lenders, loan brokers or agents for any lender or loan broker. They also don’t make credit decisions.
Instead, they focus on trying to match you with a lender that might be able to provide the funds you seek. Note that the maximum loan amount is based on the matching service’s maximum varies by your state of residence. If you proceed with one of these services, confirm that the lender is reputable by checking with your local government.

1 - 0 of 0
Name Product Filter Values Loan amount Turnaround time Requirements
Fast5kLoans Short-term Loans Connection Service
Finder Score: 0.2 / 5: ★★★★★
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, Verifiable bank account, US citizen, Ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
LendYou Short-term Loans
Finder Score: 2.5 / 5: ★★★★★
LendYou Short-term Loans
Up to $1,000 for payday loans and up to $5,000 for installment loans
1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
EarnIn
Not rated yet
EarnIn
Get up to $100 per day or $750 per pay period.
1 to 2 business days, or in minutes with Lightning Speed.
Direct deposit sent to a checking account, a regular pay schedule, a fixed work location or an online timekeeping system at work
No mandatory fees, no interest, and no credit checks. Subject to EarnIn terms & conditions
Cleo
Not rated yet
Cleo
Up to $250
3 to 4 days standard transfer. Same day with $3.99 express fee.
Not stated
Automatically monitor your spending plus access cash advances up to $100 at a time.
Albert
Not rated yet
Albert
Up to $250
2–3 business days or instant for a fee
Checking account 2+ months old receiving direct deposit, 2+ months working for the same employer, positive account balance, most recent paycheck was on-time, funds still available in bank account 24 hours after most recent payday.
Get up to $250 overdraft protection if you sign up for Albert's banking app.
CashUSA Installment Loans
Not rated yet
CashUSA Installment Loans
$500 to $10,000
As fast as same business day
Regular source of income, Bank account, US citizen or permanent resident, Age of majority in your state
Explore its online education center to get tips on budgeting, how to prioritize your bills and more.
CashAdvance.com Payday Loans
Not rated yet
CashAdvance.com Payday Loans
$100 to $999
Varies by lender
Employed, at least $1,000 in monthly take-home pay, valid checking account, US citizen, over 18, valid home and work phone number, valid email address, resident of eligible state.
Use its repayment calculator to see how the loan term and amount you borrow affects the overall cost.
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Tickets to the game

Man on tablet Hugo’s best friend is moving soon, and he wants to treat him to tickets for the Big Game. Good seats are costly — about $90 per person — and Hugo knows they’ll be sold out if he waits until his payday.
He decides to look into a payday loan that deposits cash directly into his checking account. Hugo finds a lender with minimal fees that he can afford, and he completes an in-store application. The next day, he has the money he needs to give his friend the sendoff he deserves.

How quickly will I receive my loan?

While the majority of lenders can give you an instant decision, the turnaround time for funding is a major point of difference. Take a look at the table below to see how long it will take for your loan to be funded from these payday loan lenders.

LenderWhen you will receive your loan
100 Day LoansUsually 1 business day, but there can be same-day funding.
Achieve LendingVaries according to the lender you are matched with.
Advance AmericaIf you apply online and the application is approved before 8 p.m. EST, it’s usually funded the next banking day. If you apply in-store, the loan can be funded within 10-15 minutes.
CashAdvance.comUsually 1-2 business days.
CashNetUSAIf you apply and are approved by 9 p.m. CT Monday-Thursday, you can receive your funds the next business day. If you apply and are approved between 9 p.m. CT Thursday and 7 p.m. CT Sunday, you can receive your funds on Monday (unless it’s not a banking day).
Cash CentralLoans approved before 7:45 p.m. EST Monday-Thursday are usually deposited into your bank account the next business day. Applications submitted on Friday, Saturday and Sunday before 7:45 p.m. EST will be funded the following banking day. Applications submitted on Sunday after 7:45 p.m. will be funded on Tuesday.
Check CityIf you apply online, it takes 1 business day, and if you apply in-store it takes about 15 minutes. If you apply online and are approved on weekdays by 7 p.m. MT or by 8 p.m. on Saturdays, you can be approved on the same day. If you apply after these hours or on Sundays or holidays, your application will be processed on the next business day and you will receive your funds the day after that.
Check Into CashLoan applications processed before 7 p.m. during business days are funded on the next business day. If you apply online, you can pick up your approved funds in-store.
LendUpIf your loan is approved by 5 p.m. PT on weekdays (excluding holidays), you will generally receive your funds the next business day. Exact funding time depends on your bank.
LoanMart1 business day
NetLoanUSAIt varies depending on the lender you’re approved with.
Personal Money NetworkLoan processing and transfer times vary between lenders, but you can typically receive your approved funds on the next business day.
Speedy CashOnline loans take 1 business day to be processed. Or visit a store to pick up your cash or have it loaded onto a prepaid debit card.
TrustedLoanNetworkIt varies depending on the lender you’re approved with.
USA Payday CashReceive your approved funds in your account by the next business day.

Top features to compare

If you’re thinking of applying for an instant payday loan, take some time to review these features to choose a lender that’s right for you.

  • Quick processing time. Some lenders provide faster approval if you apply in a store. Others can take a few days to get the funds to you. If you want the money quickly, confirm how long a lender will take to give you the money you need.
  • Larger loan amounts. State laws govern the maximum amount payday loan providers can lend, but not all lenders let first-time borrowers apply for the maximum. Some lenders require borrowers to work up a tiered system before they can borrow the maximum amount.
  • Interest and APR. State regulations restrict the maximum interest payday lenders can charge, but increased competition means you can expect to find some loan provider that charge lower interest than others.

Find out the best lenders who provide quick payday loans

Benefits and drawbacks to consider

What are the benefits?

  • Use the funds for any purpose. This includes paying bills, car repairs, traveling or simply getting through a financial rough patch — as long as it’s legal.
  • Apply even with bad credit. Don’t let bad credit stop you from getting a loan. Most direct payday loan providers focus on your ability to repay, instead of your credit rating.
  • Get the money quickly. If you need money in a hurry, applying for a payday loan is one of your options. Some lenders can give you the required money within minutes.

What are the drawbacks?

  • You’ll pay higher fees. Payday loans tend to charge considerably higher interest when compared to conventional loans. If you don’t repay your loan on time, you could be penalized with additional fees.
  • It is a short-term solution. You typically have to repay on or before your next payday. If want a longer loan term, consider an installment loan. Using short-term payday loans is not a solution for a long-term problem. Don’t get stuck in a cycle of debt.

Are same day payday loans legit?

Is there anything else to consider before applying?

Pay particular attention to the time a lender takes to process your application and disburse approved funds. If you need money in a rush, waiting four or five days to get it might not best meet your needs.
Make sure you know exactly how you’re going to repay the loan. If you aren’t able to pay back the loan on time, you could be charged extra fees and higher interest rates. On top of that, your credit rating might also suffer.
Limit your search to state-approved lenders with valid licenses.

Are payday loans available in my state?

Frequently asked questions

  • How much time does it take to submit an application?

Complete most applications in 10 to 15 minutes, provided you have the required information close at hand.

  • What bank account details do I need to provide to apply for an online payday loan?

Online payday loan providers require applicants to give bank account information that allows direct debits and credits.

  • What are my funding options?

Most payday lenders will deliver funds to your bank account on approval. Alternative funding can be deposited onto prepaid debit card or funded in cash. Confirm your options with your potential lenders before applying.

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2 Responses

    Default Gravatar
    AmyMarch 10, 2017

    I live in Connecticut and I need an installment loan ASAP. Do you know of any lenders?

      AvatarFinder
      AnndyJuly 1, 2017Finder

      Hi Amy,

      Thanks for your question.

      Unfortunately, none of the lenders on our installment loan page offer installment loans in Connecticut. You may want to consider getting a short-term loan if you intend to borrow a small amount immediately.

      Cheers,
      Anndy

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