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Compare payday loans

These advances can cover you until your next paycheck — but watch out for high fees.

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Editor's choice: OppLoans Installment Loans

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  • Easy online application
  • Quick approval
  • Fast funding
  • Long repayment terms
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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 2020.

We reviewed over 130 short-term lenders to help you compare payday loans. Select your state to browse our marketplace of lenders and connection services — including same-day options.

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Compare the maximum loan amount, turnaround time and requirements of payday loans available online.

Data indicated here is updated regularly
Name Product Filter Values Max. Loan Amount Turnaround time Requirements
OppLoans Installment Loans
$500 to $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.
Find A Loan
Not stated
At least 18 years old, $800+ month income, employed, checking account, US citizen
CashNetUSA Loan
Varies by state
As fast as same business day
Regular source of income, bank account, US citizen or permanent resident, age of majority in your state
Sign up for its discount program to get access to coupons and deals on everything from dining out to tax services.
Check Into Cash Payday Loan
$50 to $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.
Fast5kLoans Short-term Loans Connection Service
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
Varies by lender
Credit score of 500+, legal US resident, ages 18+
Quickly compare multiple online lenders with competitive rates depending on your credit.
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.
LendYou Short-term Loans
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.

Compare up to 4 providers

What is an online payday loan?

Online payday loans are short-term loans for emergency expenses. The loan application process can be done entirely online from a mobile device or computer. While convenient, they often have high fees that can make it difficult to repay by the due date. And since online payday loans are typically repaid on your next payday, they have a high APR (annual percentage rate) compared to other lending options.

Can I get a payday loan instantly?

In some cases, a payday loan may be available on the same day you apply if you visit a storefront, usually as a check or cash. Some lenders may offer a payday loan through direct deposit, which doesn’t require you to wait the normal business day. You can compare lenders with physical locations to find one that may be able to fund your loan instantly.

How much do payday loans cost?

A payday loan generally has a fixed fee from $10 to $30 for every $100 borrowed. However, it varies based on your state laws and the amount you borrow. This results in a high APR that can often be 300% or more.

If you decide to borrow, read over your payday loan agreement carefully. It 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 the loan agreement.

Learn more: 5 places to find low-cost payday 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 to cover your payment.

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 just 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.

How do payday 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 700%.
  • 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 receive unemployment payments, are on welfare or part of 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.

What are the 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.

What documents are required?

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

  • Government-issued ID
  • Social Security number or Individual Taxpayer Identification number (ITIN)
  • Personal contact information
  • Proof of income
  • Bank account details

3 low-cost alternatives to payday loans

Payday loans are one of the most expensive ways to cover an emergency cost. If you can, consider a payday loan alternative to lower the risk of getting into a cycle of debt.

Looking for a specific amount?

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.

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

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 — which only increases the total cost.

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

Frequently asked questions

Answers to common questions about payday lending.

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.

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.

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 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.

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 avoid trapping yourself in a cycle of debt.

Why do I need to enter my bank account details?

Lenders will ask for your bank account details, such as the account and routing number, to know where to deposit your payday loan and process repayments.

What is an ACH authorization?

An ACH authorization gives permission to withdraw money from your checking or savings account. Unless you can 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.

Can I get a loan if I’m on welfare?

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

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 business 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 funds.

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!


    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,

    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.


    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.


    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.


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