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When the unexpected happens and you have nowhere else to turn, a payday loan might be the solution. But treat it as a last resort — it’s one of the most expensive types of financing. We’ll help you understand how these loans work and what to consider before borrowing, plus provide you with some alternatives.

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Name	Product	Filter Values	Max. Loan Amount	Turnaround time	Requirements
OppLoans Installment Loans			$5,000	1 business day	Direct deposit, meet minimum income requirements, live in eligible state	Comes with the option to change your due date so you won’t fall behind on repayments.	Go to site More Info		loading Fetching your data...
Check Into Cash Payday Loan			$1,000	1 to 2 business days	Bank account, email address, phone number, US citizen or permanent resident, ages 21+	Plus, get access to check cashing, cell phone top ups, bill pay and more at one of its many storefronts.	Go to site More Info		loading Fetching your data...
Fast5kLoans Short-term Loans Connection Service			$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.	Go to site More Info		loading Fetching your data...
LendYou Short-term Loans			$15,000	Same business day to 1 business days	$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.	Go to site More Info		loading Fetching your data...
Possible Finance Mobile Installment Loans			$500	As fast as 1 business day	Checking account with 3+ months of banking history, $750+ monthly income, live in eligible state, ages 18+	Borrow up to $500 with just a few swipes — but only for residents of 5 states.	Go to site More Info		loading Fetching your data...
BadCreditLoans.com			$5,000	Varies	Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.	With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.	Go to site More Info		loading Fetching your data...
Slam Dunk Loans			$50,000	Same business day to 1 business days	Employed, $800+ regular monthly income, checking account, ages 18+, US citizen	Fill out a simple online form to compare offers from several lenders that may be able to help.	Go to site More Info		loading Fetching your data...

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How much do payday loans cost?

Lenders charge a fixed fee that varies based on your state laws and the amount you borrow. In general, it can be anywhere from $10 to $30 for every $100 borrowed. This results in a high APR that can often be 300% or more.

If you decide to borrow, read over your loan agreement carefully. It should outline the total cost of your loan as well as any additional fees you may have to pay. If you don’t understand the costs, speak with a customer service representative before signing the loan agreement.

Learn more: 5 places to find low-cost short-term loans

5 common fees

The fees a lender can charge will vary based on the laws of your state. However, these are the top five most common fees associated with borrowing a payday loan.

1. Rollover fees. If you borrow an additional loan with the same lender — the lender may tack on a rollover or renewal fee on top of everything else you owe.
2. Late payment fees. If you fail to make a repayment, you’ll be charged a late fee. The exact amount you can be charged will depend on state law, and some lenders even offer a short grace period before charging you a late fee.
3. Returned check or nonsufficient funds (NSF) fees. Also regulated by state law, lenders often charge a fee if your check doesn’t clear or they’re unable to withdraw your repayment from your bank account.
4. Prepaid debit card fees. Some lenders offer prepaid debit cards, but you may be charged application fees, monthly fees and payment fees for using the card.
5. Bank fees. Although not a fee directly charged by a lender, your bank may charge an overdraft fee if the lender attempts to withdraw money and there isn’t enough in your account to cover your payment.

How do short-term loans compare to other types of credit?

Payday loans have some of the shortest terms and highest fees, which make them one of the most expensive forms of credit available. These four points are the main differences you’ll find between payday loans and other types of credit:

• Higher rates and fees. Payday loans have much higher APRs than other forms of credit. Most states regulate how much a lender can charge, but this may still result in an APR over 300%.
• Shorter loan term. Because payday loans are designed to be short-term solutions to financial shortfalls, you generally won’t find a loan that extends beyond six months, although terms differ by state.
• Bad credit accepted. Payday lenders often don’t conduct a credit check through the traditional credit bureaus. However, you still need to meet other requirements — like having a steady source of income.
• Smaller loan amounts. How much you can borrow depends on the state you’re in, but you can typically borrow between $100 and $1,000.

A more in-depth guide on how payday loans work

How do I apply for a payday loan?

Although the actual application process will vary based on the lender you choose, these are the typical steps you’ll need to follow to apply for a payday loan.

1. Visit the lender’s website or find a lender using our comparison tool.
2. Provide information about yourself, including your contact details and Social Security number.
3. Fill in your employment details or benefits information if you’re on welfare or a similar program.
4. Provide additional information about your income, including how frequently you’re paid and if you receive direct deposit.
5. Enter your bank account details and agree to electronic transfers. Confirm the website is secure before providing this information.

You’ll need to read over a lender’s terms of service and privacy policy before submitting your application. The best payday loan providers will always have a secure online application and outline your loan’s final amount so you know exactly how much it will cost to borrow.

Common eligibility requirements

Like the application process, the specific requirements you need to meet will vary by lender. However, most lenders have similar criteria:

• Open checking account
• Regular source of income
• US citizen or permanent resident
• Employed or receive regular benefits
• At least 18 years old

Meeting these eligibility requirements does not guarantee you will be approved for a loan.

Required documents

Though required documents also differ by lender, you’ll generally need to provide the following:

• Government-issued ID, such as a passport or driver’s license
• Social Security number, alien registration number or individual taxpayer identification number
• Personal contact information, such as your address and phone number
• Proof of income, such as a pay stub or benefits letter
• Bank account details

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What should I consider before borrowing?

Before you commit to a lender, consider the following:

• Payday loan alternatives. If you haven’t already, try to find room in your budget for the funds you need, and look into low-cost or free alternatives before you apply.
• Extremely high costs. Cash advances are notorious for their high APRs — often 300% or more, depending on how much you borrow and your repayment terms. Read your loan agreement carefully and create a budget to ensure you can repay your loan on time.
• Disreputable lenders. Some payday lenders operate online to get around state regulations. Make sure the lender you’re applying with is legit and verify with your state banking regulator or attorney general that it is operating legally.
• Potential debt cycles. Payday loans are known to lead to a cycle of debt. Make sure you don’t take on a loan you can’t afford by confirming that you’ll have enough to repay your loan on its due date.
• Complex loan contract. All lenders are required to provide you with a contract that outlines the total costs of your loan, but it’s not always in plain English. Read it carefully so you know exactly what and when you have to pay.
• Continuous payment authority (CPA) agreements. Also known as a recurring payment, this allows payday lenders to charge a payment to your debit or credit card based on how much it believes you owe, whether or not you’re able to afford that payment.

How to decide if you should take out a payday loan

Low-cost alternatives to payday loans

Pay advance app

Use a mobile app to get a cash advance with a small fee.

Payday alternative loan (PAL)

Borrow up to $1,000 from a federal credit union.

Lending circle

Take part in a rotational savings club.

Looking for a specific amount?

$50

From pay advance apps to payday loans, you have options.

$100

Sometimes all you need is access to $100 for your short-term needs.

$500

Borrow this amount as a payday loan or an installment loan with longer terms.

$1,000

Apply for a $1,000 loan online today, even if you have bad credit.

$5,000

Get a $5,000 bad credit loan with reasonable rates and terms.

Are payday loans legal?

It depends on where you live. Some states prohibit payday loans altogether by enforcing a cap on interest rates, called a usury law. Others restrict how much payday lenders can charge or impose other regulations to protect borrowers. Unfortunately, many states allow payday lending without enforcing heavy regulations. You can browse payday loan regulations by state or view our loan-by-city directory to find out which options are available to you.

Are payday loans available in my state?

How do I repay my payday loan?

How you repay your loan depends on the lender you apply with. Here are three of the most common repayment methods:

• ACH withdrawal from your bank account
• Post-dated check cashed on your due date
• Manual online payment made from your bank account

Make sure you understand your repayment terms before signing the contract. Some lenders may only set up renewal or rollover fees on the day your loan is due, meaning you can extend your loan term instead of paying it off at that time. In some cases, you may get three months or more to repay your payday loan.

What happens if I can’t repay my loan?

It’s not uncommon to have trouble paying off a payday loan, but sometimes it’s unclear what your lender can and can’t do to get the money you owe. If you default, your lender will likely turn your debt over to a collection agency.

Debt collectors sometimes take extreme measures to ensure you repay what you owe, some even going as far as — illegally — threatening you with jail time. While you can’t face criminal charges for defaulting on a cash advance, your lender can sue you for assets to cover what you owe.

Borrowing guides for other types of short-term loans

Auto title loans

Get a loan using your car as collateral.

Debit card loans

Receive your loan funds on a prepaid debit card.

Installments

Get cash with a little more time to pay it back.

Direct lenders

Get a loan directly from a lender — not a broker.

For bad credit

Poor credit — or no credit at all? These lenders can help.

Cash advances

Apply online before your next paycheck.

Frequently asked questions

• Can I get a payday loan without a bank account?

  Possibly. Some lenders don’t require you to have a bank account to apply or allow you to pick up your money in person at a nearby store.

• Can I roll over my payday loan?

  States have different regulations in place regarding waiting periods and rollover loans. If it’s legal in your state, your lender may offer the option of paying a fee to lengthen your loan term, which is typically referred to as renewing or rolling over.

  The fee usually isn’t what you have to worry about, however: It’s the mounting interest over a longer term that can make your loan unaffordable. Before you roll over your loan, consider the potential costs to make sure you aren’t trapping yourself in a cycle of debt.

• Will borrowing a payday loan impact my credit?

  Payday lenders generally don’t send your information to the main credit reporting agencies — Equifax, Experian and TransUnion. However, they may send information on your loans and repayments to smaller credit reporting agencies, like Teletrack or LexisNexis.

  The main danger to your credit scores is repayments. If you’re late on or miss repayments, your credit score could be negatively affected. Your lender may choose to take legal action to bring in unpaid loans or pass your loan on to a debt collection agency, which will affect your score.

  In short: It probably won’t help your credit, but it could hurt it.

• Can I get a loan if I'm on welfare?

  Provided you can afford your loan, you may still qualify with government benefits.

• How do I make sure the lender I'm applying with is safe?

  Check the lender’s state licenses, online reviews and contact information. If you can easily find out how to get in touch with a representative and find its license to operate in your state, then your lender will likely be above board.

  However, it still pays to be careful. Some scams have been known to adopt the logo and website design of popular lenders. Always confirm that the lender you choose is the real thing before submitting any personal information online or over the phone.

• What is an ACH authorization?

  An ACH authorization gives a lender permission to withdraw money from your checking or savings account. Unless the lender allows you make repayments by check, you will need to sign an ACH authorization.

  But before you do, make sure you know how much will be debited and on what dates, whether this amount will repay your loan or simply renew it, and how to revoke the authorization.

• Why do lenders ask for my bank account details?

  Lenders will ask for your bank account details, such as the account and routing number, to know where to deposit approved funds, process repayments and confirm you have an operating bank account — which is a requirement for most lenders.

• Can a payday lender garnish my wages?

  A lender or debt collector can only garnish your wages if it has obtained a court judgment. A court judgment could be the result of you failing to repay the loan and then disputing the lender or collector after you’ve been sued to collect the losses.

  If someone is threatening to garnish your wages and you’re unsure if they can, seek the advice of a lawyer or nonprofit credit counselor.

• Can I get a payday loan for my business?

  Yes, some lenders like MoneyTree offer payday loans to business owners. And there are other types of business financing that work similarly to payday loans, including merchant cash advances and short-term loans.

  However, these are best saved as a last resort since they tend to come with ridiculously high costs and inflexible repayments. You can learn more with our guide to business payday loans.

• Are there any restrictions on how I can use my loan funds?

  While you can use your loan funds for a variety of purposes, there are some restrictions in place on how you spend your loan. Loan funds can’t be used to pay for anything illegal, and you typically can’t use them for gambling or college expenses, either.

  Other restrictions may vary by lender — so check with yours to ensure you aren’t violating your loan contract when you spend your loan.