Payday loans are short-term, no-credit-check loans that are paid off on your next payday. They’re aimed at bad credit borrowers and typically range from $50 to $1,000. Instead of charging interest, most lenders charge a flat fee called a “finance charge” of around $15 to $25 per $100 borrowed, which is the equivalent of 300% to 1,300% APR.
While a payday loan can provide fast cash, they’re expensive. The good news is, there are cheaper borrowing options available, even if you have bad credit. To help you, we’ve narrowed down the best payday loans and alternatives, including cash advance apps that are free to use.
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How we picked these
What is the Finder Score?
The Finder Score crunches 3+ types of short-term loans across 65+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best short-term loans for all credit types, you can see how each short-term loan stacks up against other short-term loans with the same borrower type, rate type and repayment type.
OppLoans is a bad credit lender that only does a soft credit check when you apply, which doesn't affect your FICO credit score. While its APRs start at 160% and can reach up to 195% or more, this rate is still less than what most payday lenders charge. And unlike a payday lender, OppLoans reports your repayments to the three major credit bureaus, which can help improve your credit score.
Despite its higher rates, the company gets great customer reviews on Trustpilot and is accredited by the Better Business Bureau (BBB) with an A+ rating. It's known for its fast funding times and excellent customer service, with extended phone support hours on weekdays. However, the short repayment terms of nine to 18 months may lead to high payments for some borrowers.
Loan amount
$500 - $5,000
Turnaround time
As soon as the same business day
Online application
Yes
Not available in: Colorado, Connecticut, Georgia, Iowa, Maryland, Massachusetts, New York, South Dakota, Vermont, West Virginia
OppLoans is a bad credit lender that only does a soft credit check when you apply, which doesn't affect your FICO credit score. While its APRs start at 160% and can reach up to 195% or more, this rate is still less than what most payday lenders charge. And unlike a payday lender, OppLoans reports your repayments to the three major credit bureaus, which can help improve your credit score.
Despite its higher rates, the company gets great customer reviews on Trustpilot and is accredited by the Better Business Bureau (BBB) with an A+ rating. It's known for its fast funding times and excellent customer service, with extended phone support hours on weekdays. However, the short repayment terms of nine to 18 months may lead to high payments for some borrowers.
EarnIn is a cash advance app that lets you borrow up to $750 of your earned wages before payday with its Cash Out feature. This borrowing limit is higher than most cash advance apps, and unlike payday loans, there's no interest or financing fees to use Cash Outs. But you can't take it all out at the same time — you can only withdraw $150 maximum per day.
To qualify for EarnIn Cash Outs, you must be employed, have regular direct deposits and earn a minimum of $320 each pay period. Regular transfers are available in one to three business days for free. If you need the money faster, you can transfer funds immediately for a small fee that ranges from $2.99 to $5.99.
Loan amount
Up to $750
Turnaround time
1 to 2 business days or within 30 minutes for a fee
Not available in: Connecticut
EarnIn is a cash advance app that lets you borrow up to $750 of your earned wages before payday with its Cash Out feature. This borrowing limit is higher than most cash advance apps, and unlike payday loans, there's no interest or financing fees to use Cash Outs. But you can't take it all out at the same time — you can only withdraw $150 maximum per day.
To qualify for EarnIn Cash Outs, you must be employed, have regular direct deposits and earn a minimum of $320 each pay period. Regular transfers are available in one to three business days for free. If you need the money faster, you can transfer funds immediately for a small fee that ranges from $2.99 to $5.99.
Pros
No credit check required
No interest or mandatory tipping
Cash out up to $750 per pay period
Cons
Verification of employment earnings required
Same-day (Lightning) transfers require a fee
Can only qualify with employment income
Loan amount
Up to $750
Interest rate type
Fixed
Loan Term
1 to 4 weeks
Turnaround time
1 to 2 business days or within 30 minutes for a fee
EarnIn is not a bank. Access limits are based on your earnings and risk factors. Available in select states. Terms and restrictions apply. Visit EarnIn.com for full details. Expedited transfers available for a fee. Visit Earnin.com for full details.
Loan amount
Up to $750
Turnaround time
1 to 2 business days or within 30 minutes for a fee
Upstart is a loan marketplace that connects borrowers with personal loan lenders offering much longer repayment terms than payday loans. If you know you can't repay your loan by your next payday, this could be a better option. You can borrow anywhere from $1,000 to $50,000 and repay it over three or five years, giving you more flexibility than the typical payday loan.
Upstart might also be a good fit if you have bad credit. Its partner lenders consider factors beyond your credit score, like your job history and education, which can help more applicants qualify. APRs tend to be lower than payday loans, but an origination fee of up to 12% could cut into your loan amount.
Min. credit score
300
APR
6.6% to 35.99%
Loan amount
$1,000 to $50,000
Not available in: Connecticut, Iowa, Maine, Maryland, Nevada, New York, Oklahoma, Oregon, West Virginia
Upstart is a loan marketplace that connects borrowers with personal loan lenders offering much longer repayment terms than payday loans. If you know you can't repay your loan by your next payday, this could be a better option. You can borrow anywhere from $1,000 to $50,000 and repay it over three or five years, giving you more flexibility than the typical payday loan.
Upstart might also be a good fit if you have bad credit. Its partner lenders consider factors beyond your credit score, like your job history and education, which can help more applicants qualify. APRs tend to be lower than payday loans, but an origination fee of up to 12% could cut into your loan amount.
Chime MyPay offers early access to your earned wages, making it a simple way to bridge the gap between paychecks without taking out a loan. If you're eligible, part of your paycheck becomes available ahead of schedule automatically, no need to manually request an advance. It's built into your Chime account with no tipping or credit checks required.
Because it's not a loan, there's nothing to repay and no interest or fees to worry about. The amount you access simply gets deducted from your next direct deposit automatically. That makes it a useful alternative to payday lenders, especially if you just need a small amount to cover expenses before payday. The catch? It's only available to Chime customers with qualifying direct deposits, and how much you can access depends on your employer and pay history.
Loan amount
$20 - $500
Turnaround time
Within 24 hours or $2 for instant transfers
Not available in: Colorado, Connecticut, Georgia, Illinois, Maine, Maryland, Massachusetts, Minnesota, Montana, Nevada, New Jersey, New Mexico, South Dakota, Vermont, Washington, Wisconsin, Wyoming
Chime MyPay offers early access to your earned wages, making it a simple way to bridge the gap between paychecks without taking out a loan. If you're eligible, part of your paycheck becomes available ahead of schedule automatically, no need to manually request an advance. It's built into your Chime account with no tipping or credit checks required.
Because it's not a loan, there's nothing to repay and no interest or fees to worry about. The amount you access simply gets deducted from your next direct deposit automatically. That makes it a useful alternative to payday lenders, especially if you just need a small amount to cover expenses before payday. The catch? It's only available to Chime customers with qualifying direct deposits, and how much you can access depends on your employer and pay history.
Pros
No interest, fees or tipping
No credit check required
Advance is automatic&mdash
no requests needed
Cons
Only available to Chime users with direct deposit
Advance limit depends on employer and pay history
Not available in all 50 states
Loan amount
$20 - $500
Interest rate type
Fixed
Loan Term
Until next deposit
Turnaround time
Within 24 hours or $2 for instant transfers
MyPay™ line of credit provided by The Bancorp Bank, N.A. or Stride Bank, N.A. MyPay services provided by Chime Capital, LLC (NMLS 2316451). MyPay eligibility: To be eligible for MyPay, you must receive Qualifying MyPay Direct Deposits to your Chime Checking Account as set forth in the MyPay Agreement. A Qualifying MyPay Direct Deposit is a deposit from an employer, payroll provider, gig economy payer, government benefits payer, or other permitted source of income by Automated Clearing House (“ACH”) or Original Credit Transaction (“OCT”). Your MyPay Credit Limit and Available Advance Amount may change at any time. MyPay is a line of credit and available limits are based on estimated income and risk-based criteria. Eligible members may be offered a $20 - $500 Credit Limit per pay period. Your Credit Limit and Maximum Available Advance will be displayed to you within the Chime app. MyPay is currently only available to eligible Chime members in certain states. Other restrictions may apply. See Bancorp MyPay Agreement or Stride MyPay Agreement for details. Instant funds: Option to get funds instantly for $2 per advance or get funds for free within 2 days. See Bancorp MyPay Agreement or Stride MyPay Agreement for details.
In business for over 50 years, ACE Cash Express is one of the oldest lenders on this list. It offers in-store payday loans from $100 to $1,500 in 21 states and the District of Columbia. Online payday loans are also available through its website in four states, with online installment loans offered in an additional three states.
While convenient and highly rated by past customers, it's an expensive form of borrowing. Expect to pay around $25 per $100 borrowed, making it best for emergencies only.
Loan amount
$100 - $1,500
Turnaround time
As fast as same business day
Online application
Yes
Only available in: California, Delaware, Florida, Idaho, Kansas, Louisiana, Minnesota, Missouri, New Mexico, Ohio, Texas
In business for over 50 years, ACE Cash Express is one of the oldest lenders on this list. It offers in-store payday loans from $100 to $1,500 in 21 states and the District of Columbia. Online payday loans are also available through its website in four states, with online installment loans offered in an additional three states.
While convenient and highly rated by past customers, it's an expensive form of borrowing. Expect to pay around $25 per $100 borrowed, making it best for emergencies only.
LendYou is a lender connection service that matches users to short-term payday and installment lenders without a credit check. You may apply for payday loans from $100 to $5,000, and the turnaround time is typically the next business day.
LendYou isn't a direct lender, so the actual loan requirements and costs depend on the lender you're matched with. The lender may run a credit check depending on the loan you apply for. LendYou doesn't have a BBB page, so be sure you're visiting the official site before applying.
Loan amount
$100 - $5,000
Turnaround time
1 business day
Not available in: Arkansas, New Hampshire, New York, Texas, Vermont, West Virginia
LendYou is a lender connection service that matches users to short-term payday and installment lenders without a credit check. You may apply for payday loans from $100 to $5,000, and the turnaround time is typically the next business day.
LendYou isn't a direct lender, so the actual loan requirements and costs depend on the lender you're matched with. The lender may run a credit check depending on the loan you apply for. LendYou doesn't have a BBB page, so be sure you're visiting the official site before applying.
Finder’s lending experts review legitimate payday lenders against these key metrics to narrow down the best payday loans:
Finance fees
Loan repayment terms
Number of states served
Online application availability
Repayment flexibility
BBB customer ratings
Trustpilot ratings
We didn’t include tribal lenders on this list, as they’re not subject to the same laws and regulations as licensed payday lenders. They’re known to engage in predatory lending practices and rely on tribal arbitration to resolve customer disputes.
Are there any legitimate payday loans?
Yes, legitimate payday lenders do exist. To qualify as “legitimate,” the lender should be licensed to operate in your state, follow local lending laws and clearly disclose fees and repayment terms. Examples of legitimate payday lenders would be ACE Cash Express and Check Into Cash.
But just because they offer legitimate payday loans doesn’t mean they’re a great choice. Payday loans are still one of the most expensive forms of borrowing, as the fees you pay end up equalling triple-digit APRs. So, if you find a less expensive way to fill the gaps in your budget, take advantage of it.
7 ways to tell a payday lender is legit
The following should help you find legit payday lenders more easily:
Accredited by the BBB. The BBB is more than a century-old nonprofit organization that helps identify trustworthy businesses. A high business rating (A+) can indicate the business handles complaints promptly, has adequate licensing and more. However, if it isn’t accredited you can confirm legitimacy using other review sites like Trustpilot.
Provides contact details. If a lender provides no more than a contact form or an email address, see how responsive it is before you apply. A legitimate payday lender shouldn’t shy away from providing a physical address, phone support or live chat.
Transparent. Direct lenders of legit short-term loans are legally required to be upfront about the fees and costs over the loan term, and must adhere to maximum limits. Your loan contract should clearly set out all applicable fees and charges.
Doesn’t guarantee approval. If you encounter a website that claims to provide guaranteed short-term loans, it may be a scam. No legit lender will guarantee approval before you submit an application.
Abides by state regulations. With legit payday loans, you don’t have to worry about lenders charging you more than the maximum limits set by the state. Check the regulations in your state to make sure your lender is operating legally.
Doesn’t require money upfront. One of the biggest red flags is when the lender requests money up front. Origination fees are paid out of your loan amount, and you shouldn’t have to pay anything before you borrow.
Checks ability to repay. Payday lenders are no longer legally required to make sure you can afford repayments in all states. But legit lenders will still ask about your monthly income and expenses when you apply.
Are payday loans available in my state?
Hover over your state to see if payday loans or installment loans are legal where you live. Click or tap to see loan options in your state.
Why go with an alternative instead?
Payday loans can feel like a quick fix, but they often come with high fees and short repayment windows that make it easy to fall into a cycle of debt. If you can’t repay the loan in full by your next payday, the costs can quickly add up, especially with APRs that often reach 300% or more.
Cash advance apps can get you small amounts of cash with no interest or required fees. Installment loans and personal loans give you more time to repay, often with fixed monthly payments and lower overall costs. Even if you have bad credit, you may still qualify for bad credit loans that are more flexible and transparent.
Many of these alternatives offer fast funding, in some cases as soon as one day, and don’t come with the financial risk that payday loans do. Before committing to a high-cost loan, it’s worth comparing your options to find something that works better for your budget.
Bottom line
Payday loans can help in a pinch, but the short repayment window and high fees make them one of the most expensive ways to borrow. And if you miss the due date, costs can add up fast, making it easy to get stuck in a cycle of repeat borrowing.
Before you take out a payday loan, explore less expensive options. Even if you have bad credit, there are other — and often cheaper — options for accessing quick cash, including cash advance apps and alternative bad credit lenders, like OppLoans.
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.
To find the best payday lenders, do a search for those in your area or online, then check ratings from past customers on Trustpilot and Google. Also, visit the BBB website to see if the lender is accredited — if so, that’s a sign it’s one of the best.
Once you’ve narrowed it down to a few payday lenders, compare fees, funding speed and repayment terms to find the best fit.
Can I qualify for a payday loan?
To qualify for a payday loan, you typically need to meet the following criteria:
Have a steady job or regular income
Be a US citizen or permanent resident
Be at least 18 years old
Live in an eligible state
Have a valid US bank account
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.
Are there any low-interest payday loans available?
Not really. Payday loans almost always come with high fees that translate to triple-digit APRs. Even the cheapest payday loans typically cost $10 to $30 per $100 borrowed. If you’re looking for something less expensive, a cash advance app or installment loan might be a better fit.
What are the top payday loan providers in the country?
Some of the top payday loan providers in the US include ACE Cash Express, Check Into Cash and Speedy Cash. These lenders are licensed in multiple states and have been around for years, but their loans are still expensive. Always compare fees and terms before borrowing — even from big-name payday lenders.
Kellye Guinan is a freelance editor and writer, specializing in consumer lending. Her writing and analysis has been featured on Bankrate, MSN and MediaFeed. She holds degrees in anthropology and German language and literature from Middle Tennessee State University. See full bio
Kellye's expertise
Kellye has written 56 Finder guides across topics including:
Kat Aoki was a personal finance writer at Finder, specializing in consumer and business lending. She’s written thousands of articles to help consumers make better decisions on their home loans, bank accounts, credit cards, cryptocurrency and more. Kat is well versed in working with leading brands in the real estate, mortgage and personal finance industries, and her expertise has been featured on Lifewire and financial comparison sites like iSelect and realestate.com.au. She holds a BS in business administration from California State University, Sacramento and enjoys hiking and yoga in her spare time. See full bio
Kat's expertise
Kat has written 156 Finder guides across topics including:
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
FrankieApril 16, 2017
I’m in need of a small loan but don’t have a checking or savings account. Is there any other way around it?
Finder
AnndyJune 15, 2017Finder
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.
An option for borrowers with bad credit who need funds fast.
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We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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These are the short-term loans which offer the lowest starting rates and fees, good range of loan amounts, excellent customer service and plenty of features, giving the best overall value.
7+
Great
These short-term loans may have slightly higher interest rates, maybe a fee or two, or fewer features, but overall, a competitive offering.
5+
Standard
These short-term loans usually offer above average rates and may still include some competitive features, but they're not the best value for the overall cost.
0+
Basic
These short-term loans have higher costs and/or fewer features than other short-term loans on the market.
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