As payday loans are often shrouded in many prejudices, people try to keep away from them. But actually, these small loans may be a good solution if you know how they work and use them correctly. If your credit history is tainted by past financial mistakes or you're in need of emergency cash, a payday loan may be your way out of that. However, before you apply for instant payday loans online, you need to choose the right one among all the offers on the market.
If you're now in need of a short-term financial solution but wonder where to find a reliable lender to deal with, we're here to help. Here is our editor's pick for the top 3 best companies for fast cash loans with guaranteed approval from a direct lender.
Top 3 Online Payday Loans Direct Lenders
- 1F Cash Advance – Overall best cash advance loans online.
- ASAP Finance – Get a payday loan via direct deposit instantly.
- 15M Finance – Best for a convenient online payday loan process.
#1. 1F Cash Advance - Overall Best Cash Advance Loans Online
If you want to get the best possible deal without wasting much time comparing multiple offers, here is a firm to consider. 1F Cash Advance is a loan matching service that can link you with a reliable direct lender from anywhere in the country.
The company shows that getting a loan with a bad credit score is not tough. All you need to access fast cash loans online is to fill out and submit a simple form. Once completed, the platform shares your application with its network of trusted lenders. The one that can help you get money fast will send you a loan offer within 5 to 15 minutes.
Accessible loan options
You don't need to fit any minimum credit score requirements or gather many documents. Just being an adult resident with an active checking account and steady monthly income is enough.
No hard credit checks
If you're looking for a loan that doesn't hurt your credit, 1F Cash Advance can offer you a great deal. Its partner lenders don't make a hard credit check, so their small-dollar loans don't leave records in your credit report.
You can access all the information about the products the company offers, including its topical blog on financial literacy. Its website seems to be aimed at helping you get how the payday lending space works from the inside.
With nearly 5 years of experience in the industry, the company has assembled a strong customer service team that consists of professionals who are always here to help you with any questions.
- Direct payday lenders only; no third-party fees;
- Fast approval decision within one hour;
- Simple loan stipulations;
- Money access by the end of the next day;
- The website works 24/7.
- Loans can't be used as a long-term financial solution;
- Most lenders offer high-interest loans.
#2. ASAP Finance - Get a Payday Loan via Direct Deposit Instantly
Even if traditional financial institutions have already rejected your loan request, you can still turn to ASAP Finance. The service offers various types of same-day loans online from many lenders across the United States. The platform's partner loan providers specialize in short-term loans but also offer payday alternative loans.
As your credit score is not a crucial factor in making a loan decision, lenders usually ignore it. However, they still look at your income to determine whether you're a reliable borrower. If you're approved, a direct payday lender will transfer the loan funds to your bank account as soon as the next business day.
Quick loan verification
It takes less than an hour for a lender to review loan applications and estimate all the risks. Thereby, most customers get loan decisions within less than 15 minutes.
Modern security services
Your data is always safe due to the secured connection the company uses to protect your personal information from a leak. Your application details will be used only for making a loan decision and depositing money into your bank account.
No hidden fees
The service is 100% free. You don't have to pay a fee to get a loan offer.
- Your credit score doesn't matter;
- Flexible loan products on any occasion;
- Doesn't affect your credit history;
- May receive loan proceeds within 24 hours.
- You need to have proof of income of at least $1,000 per month;
- High annual percentage rate may be applied.
#3. 15M Finance - Best for a Convenient Online Payday Loan Process
15M Finance is known by many poor credit borrowers for accessible loan options with requirements that are declined to a basic minimum. The company specializes in up to $5,000 short-term loans and works with trusted online lenders only. Thus, you don't need to worry about your data safety.
Customers typically like that you're not obliged to pay any fees for using the service. Moreover, 15M Finance streamlines the whole process of getting a loan, so it's something that anyone can do. You can access money at any moment you need it just by filling out a form in a few minutes. Its website has a user-friendly interface that grabs attention but stays simple and clear.
No loans restricted to a specific use
15M Finance offers loans for making debt consolidation, covering medical bills, utilities, car repairs, or even your daily basics.
The service has an intuitive website and a straightforward application form.
Options with no origination fee
You're welcome to apply for bad credit cash advances for free. The company doesn't earn anything from its customers.
- Wide loan availability;
- Fast loan transaction within 24 hours;
- An intuitive and informative website that works day and night;
- Simple application procedure that takes place online;
- Bad credit OK.
- Lenders may charge an origination fee that will be deducted from your initial loan amount;
- Get ready for a high annual percentage rate with poor credit scores.
How We've Made the List of The Best Payday Loans Online
Before picking up companies from the payday lending space, we've done small research and made a comparison based on the following loan features.
Annual percentage rate (APR)
An annual percentage rate is an amount that shows how much your loan costs if you use it for the entire year. People use this rate to put all the loans they compare in equal terms. It may seem lender fees are affordable until you look at the cost of the loan expressed in the annual rate. Thus, we've picked the companies with the most favorable possible rates.
Loan application process
The easier the process, the better it is for people who need a short-term loan right away. If you need to go through a tough loan application procedure and wait for days to get approved, it's not the emergency loan you deserve. Thus, we've paid special attention to how easy it is to apply through the various services and picked those with straightforward processes.
Loans for bad credit must be accessible. Therefore, we've picked only the lenders that set no minimum credit score requirements and reduced the eligibility criteria to the basic minimum.
The platforms we've selected are known for being reputable. We've checked out several popular customer review platforms in order to determine whether the companies are reliable. Borrowers typically note they have pleasant lending experiences while working with them.
Even if you choose a payday lender with reasonable interest rates, it may turn out that you have to pay more than you expected. It can happen due to additional charges and fees a platform sets. The services above have no origination fees, so you're not obliged to pay anything to apply.
What Are Payday Loans Online Same Day?
Payday loans are small cash advances you can easily access to cover your short-term financial needs. A single payday advance usually has repayment terms by your next payday, so you can obtain them for two to four weeks. Payday lenders typically allow you to take out from $100 to $1,000. Minimum and maximum loan amounts may vary based on your state laws, income, credit and payment history, and the direct lender.
If you have poor credit, the following information may be useful for you. Payday loans are allowed with any credit score until you can make a loan payment up to date. These loans are also no credit check loans, which means they have no impact on your credit score.
A typical payday loan provides almost instant funding, so it may be a good way to cover your urgent financial needs. You can count on same-day approval and a prompt money transfer as soon as the next business day. However, pay attention to its cost. Payday loan products tend to be expensive, so you shouldn't expect to get a low interest rate. A short-term loan can cost you an extra $15 to $30 per each $100 you've borrowed.
Who Can Geta Payday Loan: Requirements
The criteria for getting fast payday loans online are minimum, as loan providers don't want to limit the credit possibilities of low credit borrowers.
First, you need to reach the age of majority in your state to access a state licensed lender. Next, you have to provide a lender with your contact and personal details, such as your full name, permanent address, contact phone number, and active email. Also, you will be asked to specify your employment status. Finally, it's mandatory to have an active bank account and provide proof of income.
Can I Get Payday Loans With Guaranteed Approval?
Unfortunately, online lenders don't guarantee they will approve your loan request. They need to check your creditworthiness first to find out whether you're able to make loan payments on time. You will get a guaranteed loan decision, but it can be negative too.
Alternatives to Online Payday Loans
If online payday loans seem inappropriate for you, here are some alternative ways of financing you can access with bad credit.
Installment loans are payday loan alternatives that provide borrowers with higher loan amounts and longer terms. Thus, you can get up to $5,000 if your income is high enough to repay the money without issues. To make it easier, lenders allow you to pay off the debt in equal monthly installments within 3 to 24 months.
Auto title loans
An auto title loan is a secured debt you can obtain at competitive rates by providing a lender with collateral in the form of your vehicle. You can typically get up to 50% of your car's estimated price and will be asked to repay the loan principal plus interest rates within up to 30 days. Otherwise, a lender can confiscate your auto.
Cash advance apps
What to Pay Attention to When Choosing a Payday Cash Advance Loan?
Choosing the right payday cash advance loan may be a piece of cake if you know what to look at. First, consider at least a couple of offers from various lenders who have high ratings on customer review platforms. Pay attention to interest rates, loan terms, available loan amounts, and processing fees they offer. Then, choose the one with the most favorable conditions.
Although payday lenders consider borrowers with any credit, applicants with credit difficulties should seek credit counseling before applying for a loan. Also, read your loan agreement carefully to avoid unpleasant surprises and contact the lender straight off the ice if something seems suspicious to you.
How to Apply for a Payday Loan Online?
Getting a payday loan online is simple. Generally, you just need to fill out a form and wait a few minutes to get a response from a lender. If approved, you will receive a loan agreement by email. Read your loan agreement carefully and put an e-signature to get cash on your checking account or one of your debit cards. Then, access the money by the end of the next business day. The whole application process typically takes less than half an hour.
When Might I Need Quick Payday Loans?
Although you can spend the money on any needs, quick cash loans online can't be used as a long-term financial solution. These loans are almost perfect for financial emergencies. Take out a quick payday loan to cover your utilities, medical expenses, or daily needs.
What Are The Best Online Payday Loans?
It depends on your current situation and personal needs. Commonly, the best payday loans are those that provide reasonable rates and flexible loan repayment terms, have no additional fees, and offer instant funding. But it may be challenging to get an option with all these features at once.
How Fast Can I Get a Payday Loan Amount?
Lenders are more likely to transfer instant payday loans as soon as the next business day. However, your bank's working hours can also affect the speed of the process.
Do Payday Loans Online Affect My Credit Score?
In most cases, quick loans online don't affect your credit. At least as long as you pay on time. As lenders don't check your credit report through major credit bureaus, payday loans can help you cover your short-term financial needs without hurting your credit rating.