Many lenders provide instant payday loans, but do you know which one will work best for you?
A payday loan can help you get out of a tight spot, and you can apply instantly if you have bad credit. This type of loan is legal in several American states, and the application process and disbursement of funds tend to move more quickly compared to banks and conventional high street lenders.
Same-day and instant payday loans are easy to find. This used to only be possible if you applied in-store, but now you can expect same-day access to funds with some online payday lenders.
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
- Min. Loan Amount: $50
- Loan Term: Varies upon state
- Turnaround Time: 1-2 business days
- Total Costs: Varies depending on the amount and your state of residency
- Must be 18+
- No security needed
- Confidential and secure!
A selection of instant loans you can apply for
Here are some loan providers that you could apply to. Note that the max loan amount is based on the provider’s max amount. The amount will vary based on your state of residence.
A selection of loans you can apply for
Here are some loan providers that you can apply to. Note that the max loan amount is based on the lender’s max amount. The amount will vary based on your state of residence.
A selection of lender matching services you can apply with
These lender matching services are not lenders, loan brokers or agents for any lender or loan broker. They also do not make credit decisions. They focus on trying to match you with a lender that might be able to provide you the funds you seek. Note that the max loan amount is based on the matching services max amount, but it will vary based on your state of residence. If you proceed with one of these services, confirm that the lender is reputable by checking with your local government.
How does an instant payday loan work?
If you want to get an instant payday loan, you have to meet some eligibility criteria first. Applying at a storefront means your application is processed within a few minutes, but you will need to bring all your documentation with you. With online payday loans, you can submit everything online in the comfort of your own home and get a decision within minutes.
The time it takes the funds to get to your bank account depends on the lender you choose. Storefront lenders can hand your cash to you within the hour, and most online lenders can transfer your loan to you on the same business day. If you have a Visa or MasterCard from the lender the cash could be loaded as soon as you are approved.
If you apply in-store, you have to leave behind a physical check that the lender can cash on the due date. With online loans, the money will be automatically debited from your nominated bank account on the due date.
The features of instant payday loans
Anyone thinking of comparing instant payday loan lenders should take some time to review the following:
- Quicker Processing time.
Some lenders provide instant approval payday loans, through which you can get money on the day you submit your application. Others can take a few days to get the funds to you. If you want the money quickly, find out how long a lender will take to give you the money you need.
- Larger Loan amount.
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 that borrowers work up a tiered system before they can get to the maximum amount.
- Interest and APR.
State regulations also restrict the maximum interest payday lenders can charge, but increased competition means you can expect to find some loan providers that charge lower interest than others.
Benefits and drawbacks
- You can use the funds for any purpose. You can use the money you get from an instant approval payday loan for any purpose. This includes paying bills, car repairs, travelling or simply getting by a financial rough patch. Make sure it’s legal, though!
- 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 an instant payday loan is one of your options. Some lenders can give you the required money within minutes.
What are the negatives?
- You’ll pay higher fees. Payday loans tend to charge considerably higher interest when compared to conventional loans, and this interest translates into high loan fees. If you don’t repay your loan on time, you can also be subject to additional fees.
- It could be a short-term solution. You typically have to repay a payday loan on or before your next payday. If want a longer loan term, you can consider an installment loan. Using short-term payday loans is not a solution to a long-term problem. Don’t get stuck in a cycle of debt.
Is there anything 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 for four to five days to get it might not serve your purpose.
Make sure you know exactly how you’re going to repay the loan. If you think you may not be able to repay the loan on time, it’s best that you don’t take the loan at all. You could end up paying a tidy sum in fees, and your credit rating might suffer even more. It’s also crucial that you limit your search to state-approved lenders with valid licenses.
Frequently asked questions
How much time does it take to submit an application?
You can complete most applications in 10 to 15 minutes, provided you have the required information close at hand.
I am travelling. Can I apply for an online payday loan through a lender in my home state?
Yes, as long as you meet the lender’s eligibility criteria.
Do I need to provide bank account details to apply for an online payday loan?
Yes, online payday loan providers require applicants to give details of bank accounts that allow direct debits and credits.
What are my options for funding?
Most payday lenders will fund your bank account on approval as you’ll need to supply this information on application. Alternative funding can be arranged on a prepaid debit card if the lender offers this method. Make sure you check before applying.
What’s the difference with direct deposit lenders and your services?
finder.com.au is an online comparison service and not a provider of cash loans. The lenders we compare on this page offer direct deposit loans and loan matching services. When you click through to a lender you should closely check the fine print to see if they actually fund the loan.