Payday loans are short-term, no-credit-check loans which are paid off on your next payday. They’re aimed at bad credit borrowers and typically range from $50 to $1,000. Most payday lenders don’t charge interest, but rather, a flat fee called a “finance charge” which is $15 to $25 per $100 borrowed – which are equivalent APRs of 300% to 1,300%.
While a payday loan can provide fast cash, they’re expensive. The good news is, there are cheaper borrowing options available – even if you have bad credit. To help you, we’ve narrowed down the best payday loans and alternatives, including payday cash advance apps that are free to use.
OppLoans is a bad credit lender that only does a soft credit check when you apply, which doesn't affect your FICO credit score. While its APRs start at 59% and can reach up to 160% or more – this is still less than what most payday lenders charge, and unlike a payday lender, OppLoans reports your repayments to the three major credit bureaus, which can help improve your credit score.
In spite of its higher rates, the company gets great customer reviews on Trustpilot and the Better Business Bureau website. Its known for its fast funding times and customer service, with extended phone support hours on weekdays. However, the short terms of 9 to 18 months may lead to high payments for some borrowers.
Loan amount
$500 - $4,000
Turnaround time
As soon as the same business day.
Online application
Yes
Not available in: Colorado, Connecticut, Georgia, Iowa, Maryland, Massachusetts, New York, South Dakota, Vermont, West Virginia
OppLoans is a bad credit lender that only does a soft credit check when you apply, which doesn't affect your FICO credit score. While its APRs start at 59% and can reach up to 160% or more – this is still less than what most payday lenders charge, and unlike a payday lender, OppLoans reports your repayments to the three major credit bureaus, which can help improve your credit score.
In spite of its higher rates, the company gets great customer reviews on Trustpilot and the Better Business Bureau website. Its known for its fast funding times and customer service, with extended phone support hours on weekdays. However, the short terms of 9 to 18 months may lead to high payments for some borrowers.
In business for over 50 years, ACE Cash Express is one of the oldest lenders on this list and offers payday loans from $100 to $1,500 both in-store and online. It has over 850 locations across the US and offers in–store payday loans in 10 states and online applications in six states.
While convenient and highly rated by past customers – it's expensive. Expect to pay around $25 per $100 borrowed, making it best for emergencies only. While not accredited with the Better Business Bureau (BBB) website, it has mostly positive reviews from customers on Trustpilot.
Loan amount
$100 - $1,500
Turnaround time
As fast as same business day
Online application
Yes
Only available in: California, Delaware, Florida, Idaho, Kansas, Louisiana, Minnesota, Missouri, New Mexico, Ohio, Texas
In business for over 50 years, ACE Cash Express is one of the oldest lenders on this list and offers payday loans from $100 to $1,500 both in-store and online. It has over 850 locations across the US and offers in–store payday loans in 10 states and online applications in six states.
While convenient and highly rated by past customers – it's expensive. Expect to pay around $25 per $100 borrowed, making it best for emergencies only. While not accredited with the Better Business Bureau (BBB) website, it has mostly positive reviews from customers on Trustpilot.
Cleo is a cash advance and budgeting app with an AI assistant to help keep your spending in check. It's best for people who want to break old money habits and save more. It offers financial targets based on your income and spending habits – with a quirky AI assistant to help you stay on track.
To get 0% interest cash advances with Cleo, you'll need to pay a monthly subscription fee of $5.99, with same-day transfers costing an extra $3.99. And its maximum cash advance is $250, with borrowing amounts ranging between $20 and $70 until you establish a repayment history.
Loan amount
$20 - $250
Turnaround time
3 to 4 days or instant for a fee.
Available in all states
Cleo is a cash advance and budgeting app with an AI assistant to help keep your spending in check. It's best for people who want to break old money habits and save more. It offers financial targets based on your income and spending habits – with a quirky AI assistant to help you stay on track.
To get 0% interest cash advances with Cleo, you'll need to pay a monthly subscription fee of $5.99, with same-day transfers costing an extra $3.99. And its maximum cash advance is $250, with borrowing amounts ranging between $20 and $70 until you establish a repayment history.
EarnIn is a cash advance app that lets you borrow up to $750 of your earned wages before payday with its Cash Out feature. This borrowing limit is higher than most cash advance apps, and unlike payday loans, there's no interest or financing fees to use Cash Outs.
To qualify for EarnIn Cash Outs, you need to be employed, have regular direct deposits and earn a minimum of $320 each pay period. You can transfer $150 a day to a linked bank account or more than $150 per day to an EarnIn card, if you qualify. Regular transfers are available in one to three business days or in minutes for a fee.
Loan amount
Up to $750
Turnaround time
1 to 3 business days or instant for a fee
Not available in: Connecticut
EarnIn is a cash advance app that lets you borrow up to $750 of your earned wages before payday with its Cash Out feature. This borrowing limit is higher than most cash advance apps, and unlike payday loans, there's no interest or financing fees to use Cash Outs.
To qualify for EarnIn Cash Outs, you need to be employed, have regular direct deposits and earn a minimum of $320 each pay period. You can transfer $150 a day to a linked bank account or more than $150 per day to an EarnIn card, if you qualify. Regular transfers are available in one to three business days or in minutes for a fee.
Pros
No credit check required
No mandatory fees, interest or tipping
Cash Out more than $150 per day with an EarnIn card
LendYou is a lender connection service that matches users to short-term payday and installment lenders without a credit check. You may apply for payday loans from $100 to $5,000, and turnaround time is the same business day or one business day.
LendYou isn't a direct lender, so the actual loan requirements and costs depend on the lender you're matched with. The lender may run a credit check depending on the loan you apply for. LendYou doesn't have a BBB page, so be sure you're visiting the official site before applying.
Loan amount
$100 - $5,000
Turnaround time
1 business day
Not available in: Arkansas, New Hampshire, New York, Texas, Vermont, West Virginia
LendYou is a lender connection service that matches users to short-term payday and installment lenders without a credit check. You may apply for payday loans from $100 to $5,000, and turnaround time is the same business day or one business day.
LendYou isn't a direct lender, so the actual loan requirements and costs depend on the lender you're matched with. The lender may run a credit check depending on the loan you apply for. LendYou doesn't have a BBB page, so be sure you're visiting the official site before applying.
MoneyLion is a cash advance app that offers higher borrowing amounts than most other cash advance apps and payday loans. MoneyLion's standard borrowing amount is $500 to qualified users, and you could potentially increase this amount to a max of $1,000 by opening a MoneyLion RoarMoney account.
And unlike a payday loan, MoneyLion is totally free to use for standard transfers, with no mandatory monthly fees, interest or financing fees. But if you want your money sooner, a relatively high Turbo transfer fee will apply – making it expensive to use for instant transfers.
Loan amount
$50 - $500
Turnaround time
Up to 5 days or instant for a fee of $0.49 to $8.99
Available in: Alabama, Arizona, California, Delaware, Florida, Georgia, Idaho, Illinois, Kansas, Louisiana, Maryland, Michigan, Missouri, New Mexico, North Dakota, Oklahoma, South Carolina, South Dakota, Texas, Utah, Washington, Wisconsin, Wyoming
MoneyLion is a cash advance app that offers higher borrowing amounts than most other cash advance apps and payday loans. MoneyLion's standard borrowing amount is $500 to qualified users, and you could potentially increase this amount to a max of $1,000 by opening a MoneyLion RoarMoney account.
And unlike a payday loan, MoneyLion is totally free to use for standard transfers, with no mandatory monthly fees, interest or financing fees. But if you want your money sooner, a relatively high Turbo transfer fee will apply – making it expensive to use for instant transfers.
Pros
No mandatory fees or tipping
No credit check required
Get paid 2 days early with RoarMoney account
Advances to $1,000 possible
Cons
Per transfer amount limited to $100
Regular transfers take 1 to 5 days
Turbo transfer fees run high
Limited state availability
Loan amount
$50 - $500
Interest rate type
Fixed
Loan Term
Due by your next pay date
Turnaround time
Up to 5 days or instant for a fee of $0.49 to $8.99
Loan amount
$50 - $500
Turnaround time
Up to 5 days or instant for a fee of $0.49 to $8.99
Finder’s lending experts review legitimate payday lenders against these key metrics to narrow down the best payday loans:
Finance fees
Loan repayment terms
Number of states served
Online application availability
Repayment flexibility
BBB customer ratings
Trustpilot ratings
We didn’t include tribal lenders on this list, as they’re not subject to the same laws and regulations as licensed payday lenders. They’re known to engage in predatory lending practices and rely on tribal arbitration to resolve customer disputes.
8 ways to tell a payday lender is legit
The following should help you find legit payday lenders more easily:
Accredited by the BBB. The BBB is more than a century-old nonprofit organization that helps identify trustworthy businesses. A high business rating (A+) can indicate the business handles complaints promptly, has adequate licensing and more. However, if it isn’t accredited you can confirm legitimacy using other review sites like Trustpilot.
Provides contact details. If a lender provides no more than a contact form or an email address, see how responsive it is before you apply. A legitimate payday lender shouldn’t shy away from providing a physical address, phone support or live chat.
Transparent. Direct lenders of legit short-term loans are legally required to be upfront about the fees and costs over the loan term, and must adhere to maximum limits. Your loan contract should clearly set out all applicable fees and charges.
Doesn’t guarantee approval. If you encounter a website that claims to provide guaranteed short-term loans, it may be a scam. No legit lender will guarantee approval before you submit an application.
Abides by state regulations. With legit payday loans, you don’t have to worry about lenders charging you more than the maximum limits set by the state. Check the regulations in your state to make sure your lender is operating legally.
Doesn’t require money upfront. One of the biggest red flags is when the lender requests money upfront. Origination fees are paid out of your loan amount, and you shouldn’t have to pay anything before you borrow.
Checks ability to repay. Payday lenders are no longer legally required to make sure you can afford repayments in all states. But legit lenders will still ask about your monthly income and expenses when you apply.
Are payday loans available in my state?
Bottom line
With a payday loan, be prepared to cover the fees and pay it off quickly. If you’re unable to pay on the due date, you’ll be charged more fees and extra interest, which can quickly increase the total cost of your loan.
Even if you have bad credit, there are other – and often cheaper – options for accessing quick cash, including cash advance apps and alternative bad credit lenders, like OppLoans.
We understand that you may be cautious when applying for short-term loans. Here are some of the frequent questions our users have asked.
What is a payday loan?
Payday loans are short-term forms of financing that are typically available in amounts ranging from $50 to $500, depending on your state of residence. And they’re expensive — most come with high fees that translate to APRs in the triple digits.
To qualify for a payday loan, you typically need to meet the following criteria at a minimum:
Steady job or regular income
US citizen or permanent resident
At least 18 years old
Live in eligible state
Have a valid US bank account
How long does it take to apply for a payday loan?
Applying for a short-term loan should take around five to 10 minutes, provided you have all the information needed to complete the application close at hand.
Kellye Guinan is a freelance editor and writer, specializing in consumer lending. Her writing and analysis has been featured on Bankrate, MSN and MediaFeed. She holds degrees in anthropology and German language and literature from Middle Tennessee State University. See full bio
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Kellye has written 66 Finder guides across topics including:
Kat Aoki was a personal finance writer at Finder, specializing in consumer and business lending. She’s written thousands of articles to help consumers make better decisions on their home loans, bank accounts, credit cards, cryptocurrency and more. Kat is well versed in working with leading brands in the real estate, mortgage and personal finance industries, and her expertise has been featured on Forbes Advisor, Lifewire and financial comparison sites like iSelect and realestate.com.au. She holds a BS in business administration from California State University, Sacramento and enjoys hiking and yoga in her spare time. See full bio
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Kat has written 188 Finder guides across topics including:
If you’re referring to the Walmart MoneyCard, according to their website, you can add money to the Card from the website of many banks, credit unions and financial institutions with an electronic funds transfer. This means that funds can be deposited into this account through a bank transfer. I hope this helps.
Regards,
Jhezelyn
FrankieApril 16, 2017
I’m in need of a small loan but don’t have a checking or savings account. Is there any other way around it?
Finder
AnndyJune 15, 2017Finder
Hi Frankie,
Thanks for your question.
If you need funds quickly but don’t have a bank account, you may consider getting a payday loan from a lender and have the funds deposited onto a prepaid debit card. You can start comparing debit card loans and checking if you are qualified.
Please do review the requirements and eligibility criteria when you apply.
Cheers,
Anndy
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Can funds be deposited onto Walmart debit card?
Hello John,
Thank you for your comment.
If you’re referring to the Walmart MoneyCard, according to their website, you can add money to the Card from the website of many banks, credit unions and financial institutions with an electronic funds transfer. This means that funds can be deposited into this account through a bank transfer. I hope this helps.
Regards,
Jhezelyn
I’m in need of a small loan but don’t have a checking or savings account. Is there any other way around it?
Hi Frankie,
Thanks for your question.
If you need funds quickly but don’t have a bank account, you may consider getting a payday loan from a lender and have the funds deposited onto a prepaid debit card. You can start comparing debit card loans and checking if you are qualified.
Please do review the requirements and eligibility criteria when you apply.
Cheers,
Anndy