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- Borrow up to $150/day, with a max of $750 between paydays
- No credit check
- No monthly fees or interest
- Connect bank account to access cash advance
Select your state to browse our marketplace of lenders and matching services — including same-day options.
The Finder Score crunches 3+ types of short-term loans across 65+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best short-term loans for all credit types, you can see how each short-term loan stacks up against other short-term loans with the same borrower type, rate type and repayment type.
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.
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 fits 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 a single application, you’re able to compare offers without the labor of finding a series of reputable lenders.
Payday loans generally have fixed fees 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.
If you’re looking to apply for a short-term loan, you have a few options when it comes to choosing a lender:
Option | Description |
---|---|
Online short-term lenders. | Applying for a loan online is quick and easy, and the whole process can be handled without visiting a physical location. Find lenders that don’t require you to fax any documents and can directly debit your loan to you within a few hours of approving you. |
Direct short-term lenders. | These lenders can have both online and physical locations, and you apply directly with them for a loan. If you apply online, you still might have the option to pick up your approved loan in-store. Find direct short-term lender availability. |
Loan matching services. | If you’re unsure which lender to apply with, send your application to a loan matching service. These work with a panel of lenders and match you with a lender that can offer you a loan. |
Storefront short-term lenders. | Some lenders have extensive branch networks, and if there’s one located nearby, you can apply in store. But bring along the required documentation and you could have your approved loan within the hour. |
A payday loan is designed to help you in an emergency. They might be useful if you:
Overdrafting your account can be the closest alternative to taking out a payday loan — it’s fast, you don’t need good credit and you can get the money instantly. But it could actually cost more.
Most payday loans come with a $10 to $15 fee per $100 borrowed, depending on where you live and the lender. The average overdraft fee is $30, according to the Federal Deposit Insurance Corporation (FDIC). In this case, an overdraft fee might only be cheaper if you borrow more than $200 or $300.
Generally, you might want to stay away from payday loans if you:
We’ve put together a short list of CFSA members we’ve reviewed below.
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 |
Payday loans can be risky. Before you apply, make sure this choice is right for you and know your state laws.
A payday loan — or any short-term loan — can be very expensive and get you caught in a cycle of debt. Before you borrow, consider the alternatives to a payday loan. When you’ve exhausted those options and believe a payday loan is your best bet, follow these steps to ensure you get a good deal.
Every state has different payday loan laws. Some have banned them entirely, while others place restrictions on lenders to help borrowers avoid high interest rates.
Research the laws of your state to learn more about what a lender can charge, how much you can borrow and what the turnaround will look like. This will help you spot any discrepancies between government regulations and your lender, helping you to avoid a scam and find a legit payday loan.
If you need to cover an emergency expense under $500, then a payday loan may be appropriate. Otherwise, you should look at your other short-term loan options.
Not all payday loans were created equal. Different terms, rates and loan amounts will affect the way your loan works. By shopping around, you can eliminate lenders that offer lower amounts than you need or don’t operate in your state. And once that’s done, you can compare multiple payday loan providers to find a lender that fits your needs.
Once you’ve found a lender, check its requirements before submitting an application. While eligibility criteria vary by lender, most ask that you meet the following minimum requirements:
A payday loan application shouldn’t take more than 10 minutes to complete, but you’ll want to make sure all the information you submit is accurate to increase your chances of approval.
When you apply, have information about yourself, your employer and your finances ready. This will help make the application process quick, and you’re less likely to submit incorrect information — saving you from rejection.
Most lenders have online applications you can fill out on their websites. But if you aren’t comfortable submitting your information online — or need your funds the same day — then visiting a storefront might be the way to go.
Completing a payday loan application should only take a few minutes if you have the information you need on hand. Lenders typically ask for your personal details — including your Social Security number and bank account numbers. Once you submit your application, it may take a few minutes to receive an answer.
If you’ve been approved, your lender will supply you with a loan agreement. This should include a clear warning on the cost of short-term loans as well as your loan term, APR and the fees you’ll have to pay. Read this carefully and note the full cost of your loan before you sign the contract. If you think the repayments will be more than you can afford, you’re under no obligation to accept the loan agreement.
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 intended for poor 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. Check the eligibility criteria before you apply.
Some lenders don’t require a bank account to apply for a payday loan. But many require you to have a bank account even if you choose to pick up your loan at a store.
Alternatively, some lenders 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.
Most lenders will notify you of a decision a few minutes after you submit your application. If you’re applying online, lenders can typically deposit the funds into your bank account within one to two business days. If you apply in-store, you may be able to receive your funds before you leave via cash or check.
When it comes time to repay, your lender will deduct the principal amount and any fees you owe from your bank account — or cash the check you left. Make sure you have enough money in your bank account on your due date. Otherwise, you could face steep nonsufficient funds (NSF) fees and overdraft fees from your bank.
While your lender should provide a reason you weren’t approved for a payday loan, four of the most likely reasons could be if you:
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.
Part of a company called CoreLogic, Teletrack is a consumer credit reporting service that gives lenders credit history of potential borrowers. It serves to both protect lenders from fraudulent borrowers and assess borrowers’ loan behavior. Many of Teletrack’s clients are services that give payday loans to people with poor or no credit.
No-Teletrack loans are simply short-term loans that don’t check your history on past loans. So any bad credit or unpaid loans that you may have in your history shouldn’t affect your creditworthiness. A no-Teletrack loan is typically approved even if you’ve defaulted on payday loans in the past.
For many years, the three main credit bureaus, Experian, TransUnion and Equifax, didn’t keep track of payday and similar short-term loans. With Teletrack, potential lenders can access information beyond your traditional credit history, including your payment history for things like rent and utilities.
Teletrack instantly determines creditworthiness through two products available to lenders:
Payday loans are one of the most expensive ways to cover an emergency cost. If you can, consider one of these alternatives:
Compare even more alternatives to payday loans
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. You also may look into flex loans, these still have extremely high rates, but offer more of a flexible line of credit to borrowers who have a hard time qualifying for a traditional type of loan.
While title loans are less expensive than payday loans, they’re still a pricey option. And if you default, your car could get repossessed.
Be cautious when considering tribal loans. State governments have no jurisdiction over them, 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.
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. 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.
Consider multiple alternatives to $255 payday loans online the same day.
Borrow up to $5,000 in Utah and Nevada — even without a bank account.
Find out who’s taking out payday loans and what they tend to need the money for.
If you’re in Nashville and need a quick cash advance, read this guide.
An option for borrowers with bad credit who need funds fast.
These legitimate lenders and a selection of potential alternatives to help you gain more control over your finances.
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