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Compare payday loans

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Data updated regularly
Name Product Filter Values Loan amount Turnaround time Requirements
OppLoans Installment Loans
$500 - $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.
Check Into Cash Payday Loan
$50 - $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.
Pheabs installment loan connection service
$100 - $35,000
As soon as next business day
Fair credit accepted
Fast5kLoans Short-term Loans Connection Service
$100 - $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.
Monevo Installment Loans
$500 - $100,000
Varies by lender
Credit score of 500+, legal US resident, ages 18+
Quickly compare multiple online lenders with competitive rates depending on your credit.
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This article was fact-checked and reviewed by Brad Stevens, a business loans consultant with an MBA in finance. Content has been updated for 2021.

What is a payday loan?

Payday loans are small loans, usually under $1,000, meant for emergencies. Unlike other loans, lenders don’t require you to have good credit — and many won’t check your credit score with the big three credit bureaus.

Since payday loans are repaid within seven to 31 days, they have a high annual percentage rate (APR). In many cases, your APR can be 300% or higher. But some of the best payday lenders have more reasonable fees.

The application can be done online from a mobile device or computer, although some lenders also allow you to apply over the phone or by visiting a store.

To repay your loan, you will either need to provide your lender with access to your bank account for an automatic transfer or sign a post-dated check.

Are payday loans legal?

It depends on where you live. Some states prohibit payday loans by enforcing a cap on interest rates. Other states restrict how much payday lenders can charge or impose other regulations to protect borrowers.

Unfortunately, many states allow payday lending without enforcing heavy regulations. This can put borrowers at a disadvantage and allows lenders to charge fees that lead to APRs of 700% or higher.

You can browse payday loan regulations by state to learn more about your state’s laws surrounding payday loans.

How much do payday loans cost?

Payday loans generally have fixed fee from $10 to $30 for every $100 borrowed. However, it varies based on your state laws and the amount you borrow.

Your loan agreement should outline the total cost of your loan as well as any additional fees. If you don’t understand the costs, speak with a customer service representative before signing.

Learn more:5 places to find low-cost payday loans

Looking for a specific amount?

Payday loans are meant to cover small expenses — as low as $50.

$50From pay advance apps to payday loans, you have options.Get a $50 loan
$100Sometimes all you need is access to $100 for your short-term needs.Get a $100 loan
$500Borrow this amount as a payday loan or an installment loan with longer terms.Get a $500 loan
$1,000Apply for a $1,000 loan online today, even if you have bad credit.Get a $1,000 loan

5 common eligibility requirements

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

  1. Open checking account
  2. Employed or receiving regular benefits
  3. Regular source of income
  4. US citizen or permanent resident
  5. At least 18 years old

And while payday loans are meant for bad credit, meeting these eligibility requirements doesn’t guarantee that you will be approved for a loan.

Can I get a payday loan without a bank account?

Some lenders don’t require you to have a bank account to apply. But many require you to have a bank account even if you choose to pick up your loan at a store.

Alternatively, there are also lenders that offer prepaid debit cards that won’t need to be connected to a bank account.

Common payday loan fees

These are the most common fees when you borrow a payday loan — but the exact fees will depend on your lender and your state.

  • Financing fee. The amount you pay to borrow a loan.
  • Rollover fees. An additional fee if you choose to pay off your payday loan with a new loan.
  • Late payment fees. A fee charged if you are unable to make a payment.
  • Returned check or nonsufficient funds (NSF) fees. A fee if your check doesn’t clear or a lender is unable to withdraw your payment from your bank account.

Will I have to pay interest?

Not usually. Payday loans have a high APR, but it isn’t because of a high interest rate. APR is an expression of the loan’s total cost as a percentage, which includes both interest and fees.

Since payday loans have such short terms — sometimes as little as seven days — there’s not enough time for interest to add up to a profit. When it comes to payday loans, a high APR is a reflection of the loan’s high fees, not its high interest rate.

Where payday loans fall short

Payday loans have some of the shortest terms and highest fees, which make them one of the most expensive forms of credit.

  • Smaller loan amounts. How much you can borrow depends on the state you’re in, but most lenders offer loans between $100 to $1,000.
  • High 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% — and sometimes over 1,000%.
  • Short loan terms. Because payday loans are designed to be short-term solutions, you generally won’t find a loan that extends beyond six months, although terms differ by state.

Learn more: An in-depth guide on how payday loans work

Low-cost alternatives to payday loans

Payday loans are one of the most expensive ways to cover an emergency cost. If you can, consider one of these alternatives:

  • Pay advance apps. Mobile apps that allow you to get a cash advance for a small fee or optional tip.
  • Payday alternative loans (PAL). You’ll need to open an account, but you can borrow up to $1,000 from a federal credit union.
  • Lending circles. You can take part in a rotating savings club to get a hand up and help someone else out when you’re able.

More short-term loan options

In addition to payday loans, many lenders offer installment loans. These allow you to borrow a larger amount — usually between $1,000 to $5,000 — for up to 18 months. But because you have more time to pay, there’s also more time for interest and fees to add up.

While title loans are less expensive than payday loans, they’re still a pricey option. And if you default, you could have your car repossessed.

You should also be careful when considering tribal loans. These aren’t regulated by state governments, which means you could pay extremely high fees when you borrow.

Finally, connection services allow you to browse multiple lenders. However, these aren’t regulated — and some may direct you to tribal lenders or other connection services.

Frequently asked questions

Answers to common questions about payday lending.

Can I get a payday loan instantly?
A lender may be able to fund your loan as soon as you’re approved if you visit a store.

You can compare lenders with physical locations to find one that may be able to fund your loan on the same day you apply.

Will borrowing a payday loan impact my credit?
Most payday lenders won’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 score is payments. If you’re late on or miss repayments, your credit score could be negatively affected.

Your lender may also choose to take legal action to bring in unpaid loans or pass your loan on to a debt collection agency, which will affect your credit score.

What happens if I can’t repay my loan?
Like most things about payday loans, it ultimately depends on your state laws. 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. But according to the Consumer Financial Protection Bureau (CFPB), you can’t be arrested for defaulting on a payday loan.

While you can’t face criminal charges for defaulting on a payday loan, your lender can sue to cover what you owe. A lender or debt collector can only garnish your wages if it has obtained a court judgment.

How do I know 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 legitimate.

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 permission to withdraw money from your checking or savings account. Unless you can make payments by check, you will need to sign an ACH authorization.

Before you do, make sure you know how much will be debited and on what dates — and how to revoke the authorization.

Read more on this topic

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10 Responses

    Default Gravatar
    SarondaJuly 22, 2018

    Can I receive a cash advance loan from a lender who accepts award letters from SSDI BUT I have no job, bank accounts unemployed, horrible credit, no collateral and no job history ? Can my award letter get me a cash loan within a hour to pay due bills immediately while waiting for award checks from SSDI.

      Avatarfinder Customer Care
      JoshuaAugust 5, 2018Staff

      Hi Saronda,

      Thanks for getting in touch with finder. I hope all is well with you. :)

      Some lenders do consider Social Security Disability Insurance as a form of income. However, please note that you might have fewer options. To explore available lenders, please check our guide on how to get a loan when you’re on welfare. On that guide, there’s a table that compares your options. You will also learn more about how to get a loan when you’re on welfare through that page.

      I hope this helps. Should you have further questions, please don’t hesitate to reach out again.

      Have a wonderful day!

      Cheers,
      Joshua

    Default Gravatar
    SheilaOctober 10, 2017

    Can i pawn my car to get cash from u guys

      Avatarfinder Customer Care
      JudithOctober 10, 2017Staff

      Hi Sheila,

      Thanks for your reaching out.

      Please note that finder is a comparison website and general information service. While we do not represent any company we feature on our pages, we can offer you general advice.

      You may check the list of options on the page you are viewing. Simply click on “Go to site” and “More” for you to have a comparison of the lenders and for you to choose the best one that would best suit your needs.

      Please be reminded to check if payday loans are available in your state by scrolling down on the page then hover your mouse to the state where you live to see the result.

      I hope this helps.

      Best regards,
      Judith

    Default Gravatar
    EarmaAugust 1, 2017

    Can I borrow some money today?

      Default Gravatar
      DanielleAugust 1, 2017

      Hi Earma,

      Thank you for contacting Finder. Generally, if you apply for your loan online, the soonest you can get your money is the next business day. However, you may be able to expedite the process and get your approved funds quickly if you apply in-store.

      Do take caution when applying for “same day” short term loans and be aware of any potential risks before making a decision.

      Cheers,
      Danielle

    Default Gravatar
    HildaJuly 25, 2017

    Could I borrow $100,000. for few days and how much would it be the interest? I repay in few days.

      Default Gravatar
      MarlouJuly 25, 2017

      Hello Hilda,

      Thank you for reaching out.

      Short term loans are usually for a smaller amount of loans. If you would be borrowing $100,000, you may compare your personal loan options. Please review the criteria, details of the loan product you’ve chosen, and contact the lender directly to discuss your eligibility. Once you’ve chosen a loan and you think you are eligible, you may click on the ‘Go to site’ button to be redirected to the lender’s main website and apply from there.

      Hope this helps.

      Cheers,
      Marlou

    Default Gravatar
    DeedeeApril 4, 2017

    I have plied for oak phone and all that and they’re up to $1000 I don’t need $1000 I need two thousand dollar loan and I can’t find it

      Avatarfinder Customer Care
      HaroldJuly 10, 2017Staff

      Hi Deedee,

      Thank you for your inquiry.

      I would highly recommend that you check our list of lenders who offer loans of up to $2,000. Feel free to compare and explore your options to find the best fit for you.

      I hope this information has helped.

      Cheers,
      Harold

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