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Best Payday Loans Online For Bad Credit With Guaranteed Approval In 2022

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We’ve all been in a situation where some emergency cash can solve many of our problems. Maybe you need to pay a medical bill, repair your faulty car, or even get groceries. Payday loans have been around for a while, but with reliable lenders doing business online, it’s never been easier to get approved for a loan.

Instead of going around town to find a lender that will suit your needs, you can just apply for an online payday loan. We’ve developed a list of services that provide loans online, offering short-term loans and installment loans for people with all kinds of credit.

The lending network companies on our list are reliable, willing to work with almost all credit types, and the best part, you will get the loan deposited in your checking account in as little as 24 hours. Applying will take you only a couple of minutes, and you will be connected to dozens of lenders across the country, increasing your chances of getting approved.

2022’s Best Same Day Payday Loan Lenders Online

1. MoneyMutual : Overall Best Online Payday Lending Club, Editor’s Pick
2. BadCreditLoans.com : Top Rated Approved Payday Loans
3. CashUSA.com : Popular For Instant Cash With Guaranteed Approval
4. PersonalLoans : Best Interest Rates On Personal Loans

#1. MoneyMutual Overall Best Online Payday Lending Club, Editor’s Pick

Overview
MoneyMutual is a well-established network of lenders that provide short-term loans for many occasions and all kinds of emergencies. It’s on top of our list for many reasons, one of them being the super-fast application process, as well as consumers getting the cash deposited in as little as one business day.

Based out of Las Vegas, Nevada, it has been providing loans since 2010. MoneyMutual has a vast network of lenders numbering around 60 that give out loans ranging from $200 to $5000. To get started, you just fill out a secure and basic form that gets sent out to the lenders that are online and best suit your needs, and you just wait for potential offers.

MoneyMutual has helped more than two million customers around the US, providing them with loans for all kinds of occasions. Some of these include unexpected bills, holidays, emergency expenses, house repairs, etc.

The service is a member of the OLA (Online Lenders Alliance), dedicating itself to providing the best customer service, good business practices, and education about short-term loans to avoid predatory lenders.

Requirements
To be eligible for a loan, you will need to meet a few primary qualifications:

• Receive a regular income through employment or other means
• Have an income of at least $800 per month
• Be 18 years old and a US resident
• Have a valid checking account with a bank

Note that some lenders might require additional information before offering you a loan.

Features

Educational resources
MoneyMutual has information on many topics regarding online loans. If you head on to the FAQs page, you will learn everything you need to know about the company and the whole lending process.

There is also information regarding loan fees and repayment, the type of loan like payday loans, and guides to taking out loans with bad credit. Moreover, there is a legal section that has a consumer advisory and information regarding your privacy and use of data.

Fast turnaround
By working with various lenders, MoneyMutual can connect you to lenders in a matter of hours and sometimes minutes. Because they work with over 60 lenders, your chances of getting approved for a loan are much higher, and the whole process is very quick compared to competitors.

Comparing rates
Because MoneyMutual connects you to many lenders, you as a consumer have a considerable amount of choice for payday loans and other short-term loans, regardless of your credit score. You will be presented with lenders who offer different terms, so you can compare and see what loan best suits your needs and budget.

Pros

• The service is free
• Short-term loans of up to $5000
• A vast network of over 60 lenders
• The simple online form takes only a few minutes to complete
• Funding is available in 24 hours
• Great educational resources
• Member of the Online Lenders Alliance

Cons

• Can’t assist you with loan problems after you sign
• Not available in the states of New York and Connecticut

Customer experience
Almost any question you might have can be found answered in the FAQ, How it Works, and About Us sections on MoneyMutual’s website.

If you need to confirm additional things, you can talk to a customer support rep via phone or write an email. The customer service team is helpful and will do their best to respond to your inquiries in a timely manner.

Having served over two million customers, MoneyMutual has tons of reviews from satisfied customers to show for it.

People genuinely like how fast the whole process is and the surprisingly good interest rates they got on a bad credit score. Customers also compliment the service team, saying they were quick to respond and discuss the benefits of their service in detail.

#2. Bad Credit Loans  Top Rated Approved Payday Loans

Overview
BadCreditLoans is one of the best lending platforms when it comes to payday loans, especially for people who need money urgently but don’t have a great credit score.

It works as a marketplace, where you, the borrower, will be matched with an array of lenders that are ready to provide you with a loan.

BadCreditLoans offers loans that range from $500 to $10,000, matching most people’s needs for short-term loans. Depending on the credit score, you can have great APRs starting from 5.99% to higher rates that can go up to 35.99%, which is not ideal.

What we like about BadCreditLoans is that they offer more than just easy loan applications. If you visit the site’s news section, you will learn about anything loan-related, as well as the charity work the company is involved in.

You can find many articles that touch on the topics of payday loans and suggestions on when to take out a loan, how to manage and spend the funds, and how to prepare a budget to pay off your loan in an efficient way.

Requirements
You don’t need a perfect score to be considered for a loan, you can qualify even if you have bad credit. To get started with the application process, you need to meet a few requirements:

• Be 18 years of age
• Provide proof of citizenship or legal residency
• Have a regular monthly income like employment or social security benefits
• Have an active checking account
• Provide a legitimate email address and phone number

Meeting the requirements does not guarantee you a loan, but you must meet these to even be considered.

Features

Transparency and information
There is a fair bit of information regarding loans on the website, and it’s very well organized. The company is transparent about the rates you could get and that as a platform, they have no control over the negotiations between you and the lender.

BadCreditLoans also reminds you to always read fine prints before finishing a contract with a potential lender. There is also information about the types of lenders you might get matched with, like tribal lenders.

Accessibility and easy applying
The whole application process is very straightforward and simple. Moreover, the service doesn’t have a minimum credit score requirement, meaning it does not exclude any borrowers from trying out their service.

A vast network of lenders
Once you fill out the loan request form, your info will be sent out to the extensive network of lenders. Some of them might contact you, asking for more information, and offer you a loan.

You complete the agreement with an electronic signature, and the lender will deposit the funds to your account in the following 24 hours.

What’s cool about BadCreditLoans is that if the company does not match you with any of the lending partners, you will be shown ads for other third-party lenders who might be willing to work with you.

Pros

• Get loans ranging from $500 to $10,000
• A vast network of state and tribal lenders
• Fast applying process
• The service is free of charge
• Willing to work with all credit scores
• Information about loans and scams
• Education about all types of loans

Cons

• The company does not have BBB accreditation
• People with bad credit might get hefty interest rates

Customer experience
We really enjoyed how much detailed information BadCreditLoans offers. You can learn so much about different types of loans and get informed on how to spot a loan scam. There is also a How it Works page detailing the whole lending process.

If you have any questions, you can talk to a service rep via phone or just fill out a contact form on the website; BadCreditLoans is eagerly waiting to assist you.

We haven’t found too many customer reviews from third-party sites, but people with bad credit are grateful they have a service to turn to in times of need. BadCreditLoans is widely regarded as one of the best places to get online payday loans.

#3. CashUSA.com Popular For Instant Personal Loans Online

Overview
Based in Las Vegas, Nevada, CashUSA.com is the next payday loan alternative on our list. It is transparent and upfront about the interest rates you might get and how the loan terms are negotiated between borrowers and lenders.

CashUSA.com works with many different lenders and gives you a chance to get a loan anywhere from $500 to $10,000. The APRs usually range from 5.99% to 35.99% and are typically repaid in three to 72 months.

The service is among the highest-rated by customers. Having an excellent streamlined application process, financial education, and millions of users over the years, there are plenty of good things to say.

The whole process is very simple. You complete a secure online form that is sent out to the network of lenders, and if you get connected to a lender, you review the presented offer.

If you accept the offer, you will need to provide some additional information to the lender. Once the deal is finalized, you will have the funds in the next business day.

CashUSA.com cares about your safety and privacy, using industry-standard data encryption to protect your personal information.

Requirements
As with other companies on our list, to be able to apply for a loan, you need to meet a few basic requirements.

• Be 18 years old
• Be a citizen of the US or have permanent residency
• Earn at least $1000 per month
• Have a bank account
• Provide an email address and phone number
• Additional information might be asked from you by lenders from the network.

Features

Detailed loan request
To provide better service and more relevant lenders, CashUSA.com’s loan application requires more detailed info compared to competitors. Some of this includes the basics like name, email, zip code, the amount you need, if you’re a member of the military, etc.

The next step asks for more details like income source, SSN, bank account type, physical address, job title, whether you own a car, whether you own a house, how often you get paid, etc.

This seems like a hassle, but having a more detailed application process increases the chances of you getting an offer, especially for payday loans.

Loan purpose options
Building upon the detailed process, to increase your chances of getting a loan offer, CashUSA.com will ask you for the purpose of the loan. This is categorized in:

• Debt consolidation
• Auto purchase/repair
• Moving
• Home improvement
• Medical
• Emergency situation
• Business
• Rent/mortgage
• Vacation
• Tax relief
• Wedding/holidays
• Student debt/education
• A major purchase

Educational center
CashUSA.com has tons of valuable information regarding loans, helping you make an informed decision. You can find this info at the education center, categorized in Credit, Finances, Debt, and Banking sections.

Each section has articles and news about the respective topic. We strongly suggest visiting the education center and learning more before applying for a loan.

Pros

• Variety of purpose options
• A vast network of lenders
• Get loans up to $10,000
• Excellent education center
• Receive a loan offer and decision in minutes
• Funds directly to your account in 24 hours
• Encryption and security
• Available in all 50 states

Cons

• Not a direct lender
• Interest rates go up to 35.99%

Customer experience
CashUSA.com is ready and willing to answer customer questions and has a great customer support team on standby during business hours.

The best way to get in touch is by submitting a query through the contact form, but you can also communicate directly via phone or email. The customer service is top-notch and very helpful. You can also find them on social media like Twitter and Facebook.

We found some customer reviews on third-party sites like Financer. It has a solid score of 3.9, with many people complimenting the customer service team who helped them make a decision on whether they should take out a loan or not.

Moreover, customers get surprised by the relatively low-interest rates with bad and average credit scores.

#4. PersonalLoans Best Interest Loans With Bad Credit Score

Overview
PersonalLoans is a platform designed to provide consumers with a convenient and discreet way to find a loan through a third-party lender. It’s a service known for having the best online payday loans lenders, with amounts ranging from $1000 to $35,000.

We liked how good of a job PersonalLoans does in explaining the types of loans and the risks of getting one.

When it comes to payday loans, the service explains that they do come with relatively high-interest rates, and you should not take more than you need.

Moreover, PersonalLoans understands its clients very well, knowing that they might have bad credit scores, the lenders they work with only perform soft pull checks on credit history. PersonalLoans offer three types of personal loans: peer-to-peer, bank personal loans, and personal installment loans.

To get started, all you need to do is fill out a short loan request with personal data. The secure form submission process lets you get your information out to potential lenders in the network. If you get connected with a lender, you will finish the loan process on their website.

Requirements
The eligibility requirements are pretty standard. All you need is:

• To be at least 18 years old
• Have a valid SSN (Social Security Number)
• To be a US citizen or have permanent residency
• Have regular monthly income through a job or other benefits
• Have a valid checking account
• A minimum credit score of 580, type, and payment history
• No recent bankruptcies

Features

Loan Guides
PersonalLoans has one of the most extensive knowledge bases when it comes to loans. There is a loan guide for every type of loan, explaining the pros and cons, how interest rates vary, how much you usually need to repay, etc.

These guides are tailored for many types of loans like bad credit, fast cash, debt consolidation, tax loans, payday loans, home improvement, emergency, and much more.

For example, there is a step-by-step guide to how payday loans work, and a detailed explanation of things to take into consideration before taking out a payday advance loan.

Obligation-free applying
One of the best features of PersonalLoans is the obligation-free rates quote. This means you can apply for a loan without submitting your bank account information

You can get a feel of the terms and offers you could get without giving away your personal information. It’s a great feature that lets you browse your options while keeping your privacy safe.

User friendly
The website and every step of the application process at PersonalLoans felt very natural, and everything was thoroughly explained. The service does well in explaining why it asks for certain information about yourself and how it’s being used in the lending process.

Moreover, being a member of the Online Lenders Alliance ensures that you are treated fairly and your personal information is protected.

Pros

• Member of OLA (Online Lenders Alliance)
• Loans up to $35,000
• Many types of loans
• Loan guides explaining pros and cons
• Personalized offers
• Get funds deposited as soon as one business day
• Fast applying process and loan decision
• Well-designed website

Cons

• Some lenders might perform a hard pull on your credit
• Might share your personal data

Customer experience
We appreciate the transparency shown at PersonalLoans, with everything explained in loan guides, how it works, about us, and FAQs pages.

There is also a very professional and friendly customer service team dedicated to helping you out through the whole process. You can contact the service reps via email or the contact form. There is also a phone you can call that is active Monday to Friday.

People seem to like PersonalLoans because of its transparency and detailed information on each loan. Customers have had a great experience, getting approved for a loan quickly and having the funds deposited the next day. It is rated 4.6 on TrustPilot.

Everything You Should Know About Online Payday Loans

Payday loans are a form of short-term loans where a lender will extend high-interest credit depending on your income. There is no exact definition for a payday loans or payday lenders, but it’s usually a high-cost loan that comes due on your next payday.

Payday loans are also known as:

• Cash advance loans
• Payday advance loan
• Bad credit loan
• Secured personal loan
• Deferred disposition transaction
• Cash loan
• Short-term loan
• Instant payday loan

Features of payday loans

• The loan is of relatively small size, and many states have laws limiting an online payday loan lender to sanction online personal loans. The most common limit is set on $500, although there are limits above and below this threshold.
• Generally, payday loans are repaid in a single payment differing from installment loans. The payment happens on the borrower’s next payday or when other forms of income like social security benefits arrive.
• The due date of the repayment is usually around two to four weeks from the day the loan has been given. A specific date will be set between you and the lender.
  To repay the loan, you need to write a check that is post-dated with the amount you need to repay, including the fees.
• Apart from a traditional payday loanAnother way to repay it is by providing the lender with authorization to electronically transfer the funds from your bank account, prepaid card account, etc.
• If you fail to repay the loan on time, the lender can cash the check or withdraw the money directly from your account.
• Lenders do not consider your ability to repay the loan while simultaneously meeting your other financial obligations, so always make a budget before taking out a loan.

Applying for a payday loan

We’ve already discussed the process and what are the requirements needed to apply for a loan using the services on our list. There are many small physical stores that offer payday loans that provide on-site approval of a loan. But, we’re here to talk about online loans.

To complete a payday loan agreement, you will need to provide pay stubs from your employer that show and prove your monthly income. Lenders calculate the loan principal based on a percentage of your predicted income in the near future. Many lenders also use your wage as collateral.

Before requesting a payday loan, you should consider:

• Borrow only the amount you need. Getting offered a little extra cash from what you initially required may seem appealing, but the fees and high-interest rates are not worth it.
• Consider more than one offer. All lenders are different and will offer you varying loan terms. Make sure you look around and consider which loan will better match your repayment plan.
• Look for a regulated lender. The companies on our list act as a marketplace for lenders. Once you get connected to a lender, make sure to visit their website and find out if they are FCA regulated. Companies that are regulated are considered safer, and they are obligated to follow good lending practices.

The cost of a payday loan
Every state has varying regulations when it comes to these types of loans. Usually, the limit on fees ranges from $10 to $30 for every $100 borrowed.

For example, a two-week loan with $15 fees per $100 equals an APR (Annual Percentage Rate) of 400%. You can compare that with credit cards that have APRs of around twelve to thirty percent. Payday loans are not the worst thing in the world. Just try to calculate how much it will cost you before agreeing to take one.

The advantages of a payday loan
The most significant advantage of a payday loan is how quick and convenient the whole process is. The requirements to apply for a loan are as simple as they get. Applying online has never been easier; you get connected to many lenders in a matter of minutes, and you could have the funds in your account within a few hours to a day.

Lenders won’t perform a hard pull or might not even check your credit at all. This means your credit score will not be harmed. With traditional loans, credit scores matter a lot. It is much easier to get approved for a payday loan, even on lousy credit.

Payday loans are not secured with collateral, although you will lose your next paycheck by giving lenders permission to access your bank account. Payday loans can prove to be a life-saver when you’re in a tight situation and you need the money urgently.

The downside of a payday loan
Payday loans usually cost the borrowers more money because they are given out with high-interest rates. They do not require any safety collateral, making them a type of unsecured loan.

Some people even consider these types of loans to be predatory lending because lenders do not consider the ability of the borrower to repay the loan. Some payday loans could have additional hidden fees and provisions.

Payday loans can create a debt trap for consumers who are desperate for some emergency funds. So before taking out a payday loan, make sure it’s within your budget and you have the ability to repay it.

The legality of payday loan online
As of spring 2019, there are a couple of states that prohibit payday lending, these are:

• Arkansas
• Arizona
• Georgia
• North Carolina
• New Mexico
• The District of Columbia

Many other states have regulations and legislatures that allow for payday lending with some limits and caps on the loans’ interest rates. You should consider taking the time to learn about the conditions of payday loans in your state, usually, the higher the regulation, the better conditions for the consumers.

 

What’s the best service for payday loans online?

Our top pick would have to be MoneyMutual. It’s the best online marketplace for connecting lenders and borrowers looking for payday loans.

MoneyMutual offers excellent customer service, has an extensive network of lenders, and more than two million people have used the service and been successful in getting a loan.

It also had the best ratings by satisfied customers on multiple third-party rating websites. The whole process of getting a loan through MoneyMutual is easy and simplified.

You fill out a convenient online form, the information is sent out to the lenders, and some of them might be eager to work with you and offer you loans of up to $2500. If you accept an offer, you will have the money in your account within the next 24 hours.

 

Frequently Asked Questions

Q1. Are these online payday lending services legit?
Yes, of course. Online loans have been available for a while, and they’re definitely real and legit. The list of companies we reviewed are real, and they work with established lenders that offer legitimate payday loans.

By legitimate lender, we mean companies that own a license that allows them to operate in your state. Most of the companies on our list operate in every state, but some states may be excluded. To find out if you can get an online loan in your state, you should read the fine print at the footer of the company’s web pages.

For example, MoneyMutual does not conduct business in the state of New York due to regulations limiting interest rates.

Suppose you’re unsure the payday service or lender is legit. In that case, you can do a little research using the BBB (Better Business Bureau) or contact your state attorney’s office for more information.

Some lending companies try to avoid state regulations and laws by having their headquarters in another country or on tribal lands. Try to avoid companies that are not domestic.

You should not do business with companies that operate without licenses. Having a license means you, the customer, are protected and ensure that the lenders will not charge extremely high fees and interest rates.

Q2. Which loan is the easiest to get?
Loan approval depends on several factors, with the most notable being credit score. But, in general, the smaller the amount you apply for online payday loans, the easier it is to get approved. If you borrow just a small sum of money, it doesn’t pose as much of a risk to the lender compared to a large loan.

Having a good credit score helps, but do not worry, the companies on our list are more than willing to work with people who have poor credit scores. The credit score is measured using the FICO system, and anything below 580 is considered a bad credit score. If you fall under this threshold, do not worry because lenders will still consider you.

Most of the lending networks we presented have very low minimum loan amounts, starting at $250. If you have a regular monthly income of $800 to $1000 and have been employed for at least three months, you will most likely get approved for a payday loan.

Always keep in mind that payday loans have enormous interest rates, but getting a $250 loan and paying back $280 is not a bad trade-off if you need to buy groceries and put food on the table.

Q3. Can I get a payday loan with a bad credit score?
Yes, we’ve already discussed how most lenders do not care about credit history when it comes to payday loans, as long as you have a regular stream of income. Of course, having a low credit score will mean you are a risky borrower, and you will be given higher interest rates.

Your credit score is calculated using the FICO scoring system that ranges from 300 to 850. A bad credit score is anything between 300 and 580. The most important components that make up your credit score are credit utilization and payments history.

To maintain and improve a good credit, you should cover your bills and payments on time, as well as keep a credit utilization rate below 30%.

If you’re employed and in need of money urgently, you will most likely find a lender that will give you a payday loan, just make sure you can deal with high-interest rates and less money on your next payday.

Q4. Are there better alternatives to a payday loan?
We’ve mentioned that there are downsides to taking out a payday loan, such as the high-interest rates and giving private companies access to your bank account.

The Federal Trade Commission warns consumers to be careful when taking out a payday loan. If you fail to pay out your loan, you could get into a vicious cycle of debt. Moreover, if you’re late on payments, you could further harm your credit score.

Payday loans are a type of unsecured loans, meaning you do not have to put up collateral to get approved for one. You typically repay the loan in full with your next paycheck. This can be done automatically from your checking account by the lender itself.

If you’re not happy with the loan terms or giving access, you should consider an installment loan. Installment loans are paid off with fixed monthly payments and come with better loan terms.

The lending networks on our list also offer installment loans, you can apply and see what kinds of offers you will receive. Compare interest rates, due times, origination fees, etc., before you make the deal. Installment loans could prove to be more affordable.

Your less volatile loan options are asking a friend or family member for a loan and repaying them without an interest rate or with a small fee. You can also get someone to cosign a loan or put up collateral like your car for a secured loan that comes with better terms.

You could also opt-in for a cash advance on your credit card. You can get a certain sum of cash advance depending on your available limit.

Q5. Can I get a payday loan without a bank account?
All the companies on our list require a checking account where the lender will deposit your funds. There might be some credit lending companies with physical stores that will give you cash on hand, but this is not possible in the case of online loans.

The most common requirements for getting a loan by the companies on our list are:

• Being at least 18 years old
• Having a US citizenship or permanent residency
• Earning a monthly income of $800 to $1000 through employment or other sources
• Having a valid email address and phone number

These requirements are a must, but meeting these won’t guarantee that you will get approved for a loan.

Having a checking account is essential for both receiving the loan from the lender and the lender is able to withdraw the money on your next payday.

If you do not have a checking account, you will at least need to have a savings account, but not all lenders will work with just a savings account.

 

Final Thoughts: Should You Get an Online Payday Loan?

Payday loans can be a blessing or a curse. On one side, they are the most volatile loans with hefty interest rates and fees, but they could be crucial when you need some urgent cash.

Emergency money from a payday lender can help; just make sure you can repay it on time and have a budget to cover your regular expenses.

The lending services on our list are a great place to start looking for one, they have a good reputation and extensive networks of lenders, meaning you can have multiple options to choose from.

Even if you have very poor credit, you can qualify for a payday loan, and the best place to start looking is MoneyMutual or PersonalLoans.

 

 

The news and editorial staff of the Bay Area News Group had no role in this post’s preparation.