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Instant payday loans

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

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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.

Can I get a payday loan instantly?

No, 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.

OppLoans Installment Loans

OppLoans Installment Loans
  • Easy online application
  • Quick approval
  • Fast funding
  • Long repayment terms

OppLoans Installment Loans

Installment loans with competitive rates from a top-rated direct lender.

  • Minimum loan amount: $500
  • Maximum loan amount: $5,000
  • Turnaround time: 1 business day
  • Loan term: 9 to 36 months
  • Must have direct deposit and meet minimum income requirements
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How do quickly 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

A selection of short-term loans you can apply for

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.

Rates last updated February 23rd, 2019
Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
Name Product Product Description Max. Loan Amount Turnaround Time Requirements
OppLoans Installment Loans
Installment loans with competitive rates from a top-rated direct lender.
$5,000
1 business day
Must have direct deposit and meet minimum income requirements
Jora Installment Loans
Installment loans with repayment terms up to 30 months, depending on your state.
$2,600
1–2 days
Must have an active checking account, regular source of income and email address.
CashNetUSA Loan
Apply for a short-term loan with an easy online application and dedicated customer service.
Varies by state
1 business day
You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
LendYou Short-term Loans
Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.
$15,000
1 business day
You must be a US citizen or permanent resident, age 18+ and have a regular income.
CashUSA Installment Loans
A connection service for quick cash loans up to $10,000.
$10,000
As early as 1 business day
Must have a monthly income of $1,000+ after taxes and valid checking account.
ACE Cash Express Short-term Loans
Quick payday, installment and title loans with no prepayment penalty and a 72-hour satisfaction guarantee. Funds can be loaded on an ACE Elite™ Visa® Prepaid Debit Card.
Varies by state
Generally receive the money the next business day
Must be 18+ years old, have a steady source of income and a checking or savings account. Must not be a debtor in bankruptcy.
LendUp Payday Loans
LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see more details for your state.
$250
generally receive the money the next business day
Be 18+ years of age and have a checking account that can accept electronic transfers.

Compare up to 4 providers

A selection of lender-matching services you can apply with

Lender-matching services are not lenders, loan brokers or agents for any lender or loan broker. They also do not 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.

Rates last updated February 23rd, 2019
Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
Name Product Product Description Max. Loan Amount Turnaround Time Requirements
Slam Dunk Loans
Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
$2,500
As soon as next business day
Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.
LendYou Short-term Loans
Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.
$15,000
1 business day
You must be a US citizen or permanent resident, age 18+ and have a regular income.
CashUSA Installment Loans
A connection service for quick cash loans up to $10,000.
$10,000
As early as 1 business day
Must have a monthly income of $1,000+ after taxes and valid checking account.
Fast5kLoans Short-term Loans Connection Service
Submit your info once to see if you qualify for a loan from a range of lenders offering high loan amounts and flexible terms.
$35,000
As soon as the next business day
Have a regular source of income, have a verifiable bank account, be a US citizen, ages 18+.
TriangleCash Payday Loans
If you have bad credit or no credit history, apply to be connected to a network of lenders for funding at rates that vary by state.
$1,000
As soon as next business day
You must be a US citizen, at least 18 years old, and have a valid bank account.
CashAdvance.com Payday Loans
Whether for emergencies or unexpected expenses, this provider may be able to connect you among its nationwide network of lenders.
$1,000
1–2 business days
You must be at least 18 years old with take-home monthly income of at least $1,000 after taxes.

Compare up to 4 providers

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.

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?

  • You can 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.
  • You can still apply with bad credit. Bad credit doesn’t have to stop you from getting a loan. Most direct payday loan providers focus on your ability to repay, instead of your credit rating.
  • You’ll 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 be best for 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?

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2 Responses

  1. Default Gravatar
    AmyMarch 10, 2017

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

    • finder Customer Care
      AnndyJuly 1, 2017Staff

      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

US Payday Loans Offers

Important Information*
CashNetUSA Loan

Apply for a short-term loan with an easy online application and dedicated customer service.

Check into Cash Payday Loan

With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

OppLoans Installment Loans

Installment loans with competitive rates from a top-rated direct lender.

LendYou Short-term Loans

Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.

Go to site