10 Best Payday Loan Providers


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Rank Company Loan Terms APR
APR is an annual rate, the actual rate for your loan will be calculated according the length of the loan
Approval Cost Per $100
Loan fees for a standard $100, 14-day loan term. *Additional lender fees may also apply.
Funding Max-Loan Users Score
User score is based on visitors votes from on a scale of 1 to 5
Loan amount
Maximum loan amount available for this provider
LoanSolo logo
  • APR: 200% - 2290%
  • Approval: 3 Min
  • Funding: Up to 24H
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200% - 2290% 3 Minutes
Up To 24H
30 Days 5
Rate It!  (1717)389
$100 - $1,000
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Apply Now
ExtraLend logo
  • APR: 200% - 1350%
  • Approval: 90 Seconds
  • Funding: Same Day
  • Up To 60 Days To Repay
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200% to 1,386% 90 Seconds
Same Day
60 Days 4.7
Rate It!  (977)388
$200 - $3,000
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Apply Now
OnlineLoanNetwork logo
  • APR: 200% to 2,290%
  • Approval: In Minutes
  • Funding: Up to 24H
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200% to 2,290% In Minutes
$15-$30
Up to 24H
30 Days 4.5
Rate It!  (107)394
$100 - $1,000
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Apply Now
Opencashadvance logo
  • APR: 200% to 1480%
  • Approval: In Minutes
  • Funding: Up to 24H
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200% to 1480% In Minutes
$15 - $30
Up to 24H
30 Days 4.3
Rate It!  (233)393
$100 - $1,000
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Apply Now
247FastFunds logo
  • APR: Varies by State
  • Funding Time: 24H
  • Network of Over 100 Lenders
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Varies by State Minutes
$15 - $30
Up To 24H
30-45 Days 4.2
Rate It!  (413)380
$100 - $1,000
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Apply Now
Lendyou logo
  • APR: 200% - 1386%
  • Funding Time: 24H
  • 128-bit Secured Encryption
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200% - 1386% Minutes
$15 - $30
Up To 24H
30 Days 4.1
Rate It!  (853)374
$100 - $1,000
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Apply Now

Latest Expert Reviews Summary


“LoanSolo offer a quick and easily solution to getting cash fast without the need for credit checks to be carried...”

score: 5

Pros
  • 24/7 Telephone Service
  • 3 Easy Ways To Apply
  • Fast cash depositing (one-business day)
Cons
  • Not a direct lender

“If a quick fast cash loan is something that you need then you will find that the services offered by...”

score: 4.7

Pros
  • Borrow up to $3,000 with quick application
  • Same Day Cas
  • OLA accredited
  • Chat support
Cons
  • Not available in every state

“Online Loan Network is a website and free service that can match borrowers with prospective lenders for the purposes of...”

score: 4.5

Pros
  • Fast, private and convenient application process
  • Funds deposited directly to your bank account as soon as the next day
  • Member of Online Lenders Alliance
Cons
  • Not a direct lender
  • No live chat

“Open Cash Advance is a website and free service that uses the latest industry algorithms to match borrowers with prospective...”

score: 4.3

Pros
  • Free service & simple application
  • Funds deposited directly to your bank account
  • Member of Online Lenders Alliance
Cons
  • Not a direct lender

“Overall this is a good company to work with. They provide a very straight forward service and don’t charge...”

score: 4.2

Pros
  • Fast Application & Approval
  • No credit check
  • Secure and Safe
Cons
  • Some Financers Require a Fax Machine

“This is a good lending broker that has helped a lot of people get the money they need, when they...”

score: 4.1

Pros
  • Work with Many Lenders
  • Easy to Apply
  • Available in Most States
Cons
  • Not an Actual Lender
Image of Thumb Up How Do We Calculate Ranking

Each customer has a unique set of needs for their Personal loan. With that in mind, we ranked each company on several factors including Minimum credit score, Loan amount, personal details, APR and more to ensure accurate results.

Image of Best Choice How to Select the Right Loan for You

The best way to get the perfect unsecured personal loan for you is to read through each review to find the service that meets your specific needs, regardless of where it lands in our ranking system.

What is a Payday Loan?

Payday loans are a very common option, and one of the fastest and easiest to get, which makes them popular for short term financial situations where you need to get money right away.

Payday loans are typically for between $100 and $1000. Due to the short length of the loan, the APR will also appear significantly higher ranging from hundred up to around 2000%. While the APR does seem high, it actually isn’t as bad as it sounds because the loan is paid off so quickly. Don’t confuse these with personal loans, which are typically for a higher dollar amount and spread out over a much longer period of time. One other thing to note about payday loans is that they are highly regulated by the states. Each state has its own rules and regulations and they can vary quite significantly. The following are a few examples of state regulations:

  • Alabama - Payday loans are limited to $500 in this state, and their finance charges can’t be higher than 17.5% of the total amount lent. The loans in this state must be for at least ten days, but no more than 31.
  • Delaware - Delaware limits payday loans to a maximum of $1000 and they may last no more than 60 days.
  • South Carolina - You are limited to borrowing up to $550 plus any fees. The loan can last a maximum of 31 days and the total fees cannot be higher than 15% of the amount loaned.

Calculating APR


Calculate

As mentioned above, the APR for payday loans can be confusing and difficult to determine in some cases. The APR is confusing because of the fact that it can be calculated differently from state to state. Some states, for example, will include any origination fees in with the APR while others have them separate. In addition, the APR will appear very high in most cases because it is the annual percentage rate for the loan, even though the loan is set to be paid off within a few days or weeks. For example:

  • A $400 loan with a total finance charge of $60 spread out over a 14-day repayment time will have a 391.07% APR - This is how you calculate the fee: (400*3.9107)/ (365/14) = $60
  • A $400 loan with a total finance charge of $60 spread out over a 21-day repayment time will have an APR of 260% - (400*2.6)/ (365/21) = $60

Regulations

Payday loans are regulated by both the state and federal governments. The regulations vary significantly from state to state so it is important to take the time to read about and understand the applicable laws for your specific state. All payday loan lenders must follow the rules and regulations of the state where they operate so learn about these regulations before taking out a payday loan.

Financial Consequences

If you are unable to repay your loan on time, there will be a late payment penalty. The total amount of the penalty will be disclosed to you before you accept the loan and can vary from state to state. To avoid this type of late payment penalty it is best if you can notify the lender that you are not going to be able to make the payment and see if you can make other arrangements.

Most lenders can work with you to make payment arrangements that won’t cost you as much as the fees. For example, they will often offer you the option for a loan extension, which pushes the due date out a set amount of time (often until the date of your next paycheck).

Furthermore, failure to repay a loan will cause a negative impact on your credit history that could lead to credit score deduction.