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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 a week 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.
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.
A loan connection service works to pair borrowers like you with a suitable lender. They don’t provide loans. Instead, they compare your application against a network of lenders and show you which best fit your needs and situation.
Most loan matching services don’t charge a fee for their services. Their money comes from generating leads or referring you to direct lenders, similar to a commission. Some also function as a lender subscription service.
A payday loan matching service is a solid solution if you’re short on time and need a little help with comparing your offers. By submitting just one application, you’re able to compare offers without the labor of finding a series of reputable lenders.
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.
On average, the APR works out to around 400%. Typical ranges are from about 390% to 780%. For credit cards and personal loans with standard banks, the APR is a lot lower. For example, the national average APR for credit cards is around 15%.
To give you an example of how APR works with short-term loans, take a $200 loan amount with a loan fee of $30. If you have a repayment term of 12 days, your APR would come out to 456.25%.
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
Payday loans are meant to cover small expenses — as low as $50.
| $50 | From pay advance apps to payday loans, you have options. | Get a $50 loan |
| $100 | Sometimes all you need is access to $100 for your short-term needs. | Get a $100 loan |
| $500 | Borrow this amount as a payday loan or an installment loan with longer terms. | Get a $500 loan |
| $1,000 | Apply for a $1,000 loan online today, even if you have bad credit. | Get a $1,000 loan |
Like the application process, the specific requirements you need to meet will vary by lender. However, most lenders have similar criteria:
And while payday loans are meant for bad credit, meeting these eligibility requirements doesn’t guarantee that you will be approved for a loan. If a lender offers guaranteed approval, you should steer clear — it’s likely a scam.
You may also be approved if you’re self employed. To increase your chances of approval, you’ll need to show evidence of a regular income, which you need to do by supplying bank statements. Some lenders won’t consider self-employed applicants regardless, but others will. You can check the eligibility criteria before you apply.
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.
Most students don’t have steady enough income to get approved for a standard loan. Short-term loans, on the other hand allow students to access emergency funds they can repay when they get income from other sources.
Most lenders require students to provide their identification details and show they can repay their loans by providing 90 days worth of bank statements. The online application and approval process removes the need for any paperwork or face-to-face meetings, allowing you to possibly get your money faster.
Remember that you may be required to pay for the loan in less than a month depending on the terms of your particular loan, and that the interest rates are a lot higher than what you’d normally find in a personal loan.
A lender may be able to fund your loan as soon as you’re approved if you visit a store — potentially even on a Sunday, depending on the lender’s hours. Some online providers and lenders that offer debit cards may also be able to fund your short-term loan instantly.
You may face higher fees if you go for an instant option. Depending on your state, there may be limits to these charges — check your local APR regulations before you apply.
These are the most common fees when you borrow a payday loan — but the exact fees will depend on your lender and your state.
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.
Payday loans have some of the shortest terms and highest fees, which make them one of the most expensive forms of credit.
Learn more: An in-depth guide on how payday loans work
Payday loans are one of the most expensive ways to cover an emergency cost. If you can, consider one of these alternatives:
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.
And while they can be expensive, pawn loans let you put up valuables you may have around the house as collateral. But you won’t have access to what you use again until after you pay back the loan in full — plus any fees.
Answers to common questions about payday lending.
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. And read more about payday loan scams with our guide.
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.
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Dailypay can advance you up to 100% of your net pay — but it’s only available to you if your employer signs up. And if any problems arise, customer service is lacking.
This employer-based app is one of the few that offers advances on tips and commissions on top of base pay. But is it worth the cost?
Payactiv offers advances of up to 50% of your earned wages, sometimes for free. But it’s limited if your employer isn’t a partner.
This app makes it east to borrow from friends and family at a low rate. But loan amounts and terms aren’t right for everyone.
The Klover app is a good choice for people with steady income. And its optional boosts are an added benefit to using its service.
This pay advance app gives you access to your paycheck 15 days in advance. But with a $4.99 monthly fee, it may not be worth it for everyone.
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.
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
Can i pawn my car to get cash from u guys
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
Can I borrow some money today?
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
Could I borrow $100,000. for few days and how much would it be the interest? I repay in few days.
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
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
Hi Deedee,
Thank you for your inquiry.
I would highly recommend that you check our list of lenders offering $2000 loans. Feel free to compare and explore your options to find the best fit for you.
I hope this information has helped.
Cheers,
Harold