SuperMoney 

Compare Payday Loans

Are you considering a payday loan? These tools can help you compare lenders and find the best deal available. Read on to learn everything you need to know about payday loans, including:

Let's get started with the basics.

Payday loans should be considered as a lender of last resort. Sky-high interest rates coupled with unrealistically short repayment periods trap many borrowers in a cycle of rollovers, partial payments and escalating balances. However, the reality is that for many borrowers, payday loans represent their only option for obtaining money to cover financial emergencies.

If payday loans are your only borrowing option, it’s essential to be educated about how payday loans work, and shop around to obtain the least expensive loan possible. Borrow as little as possible and repay the loan as soon as you can – even if you must make severe budget sacrifices to do so. Once you’ve made it past the financial emergency, begin putting money aside, even if you can only manage a few dollars. You’ll be surprised by how quickly you can accumulate a significant emergency fund – and avoid payday loans in the future.

How do payday loans work?

Payday loans are short-term loans provided by a lender. Some companies refer to them as cash advances or check loans.

Highlights:

  • The average loan term spans about two weeks.
  • The average loan amount ranges from $100 to $1,000 (depending on state laws).
  • Finance charges range from $15 to $30 to borrow $100 (390% to 780% APR).

These loans are secured by a personal check from the borrower, or by electronic access to the borrower's bank account. In the case of the check, the borrower writes the amount borrowed, plus the cost of borrowing.

When the pay date comes, the lender cashes the borrower's check or withdraws the amount from their bank account. Some lenders offer longer-term installment repayment plans. If you can't pay the loan off in full, you can roll it over with additional interest and fees.

Are there different types of payday lenders?

Payday lenders fall into two types: brick-and-mortar stores and online lenders.

  • Brick-and-mortar payday loan stores: Payments are issued in cash, in-store. Borrowers submit post-dated checks made out to lenders, which lenders deposit on the designated repayment date.
  • Online direct payday lenders: With direct online payday lenders, loans are issued and collected electronically as deposits and withdrawals to and from borrowers’ bank accounts. The process is executed through the Automated Clearing House (ACH) system. Some online direct lenders operate out of state or even abroad, which can present customer service challenges.

Online payday loans follow the same principles as payday loans at brick-and-mortar institutions, except they are processed online and involve electronic deposits/repayments.

How do payday loan lenders make money?

Payday lenders make money from the fees and interest they charge borrowers. They benefit when borrowers extend their loans, because it lets them tack on more fees.

Did you know that over 80% of payday loans are not paid on time? Borrowers that default on payday loans are forced to renew them, accruing extra fees and snowballing debt. Further, half of all payday loans are extended 10 times!

For borrowers with bad credit and no savings, a payday loan might be the only way to secure funds in a financial emergency. But if you're not careful, payday loans can be a trap. Their high interest rates and short repayment periods trap many borrowers in a cycle of rollovers, partial payments, and ever-growing debt.

Are payday loans safe?

Payday loans are famously predatory. They are designed for borrowers in desperate situations, and their short repayment periods make them difficult to pay off on time. If you do default on your loan, you have to roll over the balance, paying sky-high interest rates for even longer stretches of time. Being so, you should consider payday loans to be a financially dangerous move.

Do payday loans have a fixed or variable rate?

In most cases, a payday loan has a fixed fee and repayment period.

Are payday loans secured or unsecured?

Payday loans are unsecured loans.

Can payday loans call your work/employer?

Yes, payday lenders can call your work to verify your employment as part of the approval process. However, they can't contact your employer in an effort to collect payment if your loan is unpaid.

Why would you get a payday loan?

The only time you should get a payday loan is when you have no other option. Further, you should never take out a payday loan unless you're certain that you can repay the amount (plus fees) within the allotted time.

Instead, consider include asking your boss for a payroll advance, borrowing from your retirement account, pawning one of your belongings, getting a credit card advance, borrowing from a friend or family member, or obtaining a personal loan.

Now that we've covered the basics, let's look at the specifics of payday loans.

What do you need to qualify for a payday loan?

How do you qualify for a payday loan? Can you get one without a checking account, reference, credit score, id, or payslip? Here's what you need to know.

To take out a payday loan, you'll need:

  • Proof of income (not necessarily employment).
  • Proof of an open and active checking account.
  • Valid government-issued identification.
  • To meet the minimum age requirement.
  • To live in the state you select in your loan application.

Simple enough. There are a few scenarios that can disqualify you, as well. You can't get a payday loan if you are:

  • A debtor in a bankruptcy case.
  •  A regular or reserve member of the Armed Forces (or a dependent of one).

While these are the general requirements and exclusions, terms will vary by lender.

Payday loans and your credit

Many people wonder how payday loans work and if credit is involved. Frequently asked questions include:

  • Do payday loans check credit?
  • Will payday loans affect my credit score and credit report?
  • Can payday loans report to credit bureau?
  • Will payday loans affect my mortgage application?

Do payday lenders check your credit?

The answer is, yes and no! Brick-and-mortar payday lenders typically don't do a credit check, but online payday lenders sometimes perform a soft credit check. As such, if you have bad credit and want to avoid a credit check, pursue a brick-and-mortar lender. Either way, the process won't hurt your credit -- a soft credit check has no impact on your credit score.

Will your payday loan affect your credit?

According to the Consumer Financial Protection Bureau (CFPB), payday lenders don't usually report to the credit bureaus. That means that no matter how reliable you are with your payments, it won't raise your credit, and vice versa. However, if you default on the payment and the account gets turned over to a collection agency, that will appear on your credit.

What happens if you default on a payday loan?

The worst has struck: you can't pay back your payday loan, and the fees have started piling up. What are the consequences? Here are answers to your burning questions about payday loan defaults.

Can payday loans go to collections?

Yes, payday loans can absolutely go to collections if you do not repay them according to the terms and conditions.

Can payday lenders sue you?

If you don't repay your payday loan, the lender can sue you. They can also hand off the account to a collections agency that can sue you. If a judgment is successfully filed against you, the lender or collection agency can pursue other means of collecting your debt, such as wage garnishment.

Whether they do so depends on your lender and your specific circumstances. If you stay in contact with the lender or collection agency and try to work out a payment agreement, they are much less likely to sue you.

Can payday loans be included in a bankruptcy?

Generally, payday loans can be included in a bankruptcy filing, as they are unsecured debts.

Can payday lenders garnish your tax refund?

Federal law only allows state and federal government agencies to garnish a tax refund as payment toward a debt. However, once the refund is in your bank account, payday lenders may be able to access the funds, depending on your state laws.

Can payday lenders file criminal charges?

Criminal charges cannot be filed against you for failing to repay a payday loan. However, if you're sued and you fail to appear in court, you can face criminal charges.

Can payday loans garnish social security benefits?

Social security benefits are exempt from garnishment by private creditors in most cases. However, the funds may be accessible once they hit your bank account. Laws vary by state.

Will payday loan lenders work with you or settle?

If you are at risk of defaulting on a payday loan, most payday lenders will attempt to work with you. However, proceed with caution. Payday lenders are notorious for rolling over balances and extending terms while tacking on fee after fee.

A better approach may be to try to settle for less than the total amount due. If your payday lender won't settle, you may have better luck once they've handed the loan off to a collection agency. However, collection accounts stay on your credit report for seven years.

Will payday lenders freeze interest?

In most cases, payday loan lenders will not freeze the interest. Default rates are high with payday loans so lenders are unlikely to waive fees and interest when a borrower can afford to pay them. Having said that it is always best to talk to your lender and negotiate when you can't afford to make a payment.

Can payday loans be consolidated?

Payday loans can be consolidated. However, for those with poor credit, it may be difficult to get approved for a consolidation loan.

You can find out in a few minutes if you qualify for one here.

How should you compare payday loan lenders?

The best payday loans are those with low fees and long repayment periods. Some have helpful features which increase the value they can offer. For example, LendUp offers free online financial education courses. In some states, it also lets you earn access to larger loans with better interest rates over time.

Which payday loans are best for bad credit?

The best payday loans for people with bad credit are those that don't check your credit, or that do but are extremely lenient.

You can find out in minutes if you qualify with an online payday lender here. Scroll down and click on the payday lender that offers the loan amounts and rates that fit your needs.

Which payday loans are easy to get?

An online payday loan is most convenient. You can get approved as soon as the same day, and can have the money transferred right into your bank account.

Which payday loans are legit?

Payday loan lenders that abide by state laws are legit. Check the legal status of payday loans in your state.

Which online payday loans are safe?

Browse vetted online payday lenders below. Check what other borrowers say about each lender before you ask for a loan. Further, review the laws in your state and ensure that your prospective lender abides by them. And always read reviews from past customers.

Are payday loans legal?

Payday loans are definitely risky. But are they also illegal?

The legality of payday loans depends on where you live. Each state decides if payday loans are legal, and sets that state's maximum loan amounts, maximum loan terms, and permitted finance charges.

Where are payday loans illegal?

Payday loans are illegal in the following states:

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

Payday loans are legal in the other states, but there are often tightly regulated. Find out more here.

How can you minimize your risk when applying for a payday loan?

After learning the risks, is a payday loan still your best option? If so, follow these tips to minimize your risk.

  • Shop around for the lowest available APR
  • Borrow only what you need and repay the loan as soon as possible
  • Avoid loans with excessive administrative fees or prepayment penalties
  • Opt for brick-and-mortar or online direct payday lenders rather than aggregators
  • Check out prospective lenders before providing personal or financial information

Find out if you qualify for a payday loan (or a personal loan with better terms) here. It won't hurt your credit score, and you can get competing offers in minutes.

Compare Payday Loans

Are you considering a payday loan? These tools can help you compare lenders and find the best deal available. Read on to learn everything you need to know about payday loans, including:

Let's get started with the basics.

Payday loans should be considered as a lender of last resort. Sky-high interest rates coupled with unrealistically short repayment periods trap many borrowers in a cycle of rollovers, partial payments and escalating balances. However, the reality is that for many borrowers, payday loans represent their only option for obtaining money to cover financial emergencies.

If payday loans are your only borrowing option, it’s essential to be educated about how payday loans work, and shop around to obtain the least expensive loan possible. Borrow as little as possible and repay the loan as soon as you can – even if you must make severe budget sacrifices to do so. Once you’ve made it past the financial emergency, begin putting money aside, even if you can only manage a few dollars. You’ll be surprised by how quickly you can accumulate a significant emergency fund – and avoid payday loans in the future.

How do payday loans work?

Payday loans are short-term loans provided by a lender. Some companies refer to them as cash advances or check loans.

Highlights:

  • The average loan term spans about two weeks.
  • The average loan amount ranges from $100 to $1,000 (depending on state laws).
  • Finance charges range from $15 to $30 to borrow $100 (390% to 780% APR).

These loans are secured by a personal check from the borrower, or by electronic access to the borrower's bank account. In the case of the check, the borrower writes the amount borrowed, plus the cost of borrowing.

When the pay date comes, the lender cashes the borrower's check or withdraws the amount from their bank account. Some lenders offer longer-term installment repayment plans. If you can't pay the loan off in full, you can roll it over with additional interest and fees.

Are there different types of payday lenders?

Payday lenders fall into two types: brick-and-mortar stores and online lenders.

  • Brick-and-mortar payday loan stores: Payments are issued in cash, in-store. Borrowers submit post-dated checks made out to lenders, which lenders deposit on the designated repayment date.
  • Online direct payday lenders: With direct online payday lenders, loans are issued and collected electronically as deposits and withdrawals to and from borrowers’ bank accounts. The process is executed through the Automated Clearing House (ACH) system. Some online direct lenders operate out of state or even abroad, which can present customer service challenges.

Online payday loans follow the same principles as payday loans at brick-and-mortar institutions, except they are processed online and involve electronic deposits/repayments.

How do payday loan lenders make money?

Payday lenders make money from the fees and interest they charge borrowers. They benefit when borrowers extend their loans, because it lets them tack on more fees.

Did you know that over 80% of payday loans are not paid on time? Borrowers that default on payday loans are forced to renew them, accruing extra fees and snowballing debt. Further, half of all payday loans are extended 10 times!

For borrowers with bad credit and no savings, a payday loan might be the only way to secure funds in a financial emergency. But if you're not careful, payday loans can be a trap. Their high interest rates and short repayment periods trap many borrowers in a cycle of rollovers, partial payments, and ever-growing debt.

Are payday loans safe?

Payday loans are famously predatory. They are designed for borrowers in desperate situations, and their short repayment periods make them difficult to pay off on time. If you do default on your loan, you have to roll over the balance, paying sky-high interest rates for even longer stretches of time. Being so, you should consider payday loans to be a financially dangerous move.

Do payday loans have a fixed or variable rate?

In most cases, a payday loan has a fixed fee and repayment period.

Are payday loans secured or unsecured?

Payday loans are unsecured loans.

Can payday loans call your work/employer?

Yes, payday lenders can call your work to verify your employment as part of the approval process. However, they can't contact your employer in an effort to collect payment if your loan is unpaid.

Why would you get a payday loan?

The only time you should get a payday loan is when you have no other option. Further, you should never take out a payday loan unless you're certain that you can repay the amount (plus fees) within the allotted time.

Instead, consider include asking your boss for a payroll advance, borrowing from your retirement account, pawning one of your belongings, getting a credit card advance, borrowing from a friend or family member, or obtaining a personal loan.

Now that we've covered the basics, let's look at the specifics of payday loans.

What do you need to qualify for a payday loan?

How do you qualify for a payday loan? Can you get one without a checking account, reference, credit score, id, or payslip? Here's what you need to know.

To take out a payday loan, you'll need:

  • Proof of income (not necessarily employment).
  • Proof of an open and active checking account.
  • Valid government-issued identification.
  • To meet the minimum age requirement.
  • To live in the state you select in your loan application.

Simple enough. There are a few scenarios that can disqualify you, as well. You can't get a payday loan if you are:

  • A debtor in a bankruptcy case.
  •  A regular or reserve member of the Armed Forces (or a dependent of one).

While these are the general requirements and exclusions, terms will vary by lender.

Payday loans and your credit

Many people wonder how payday loans work and if credit is involved. Frequently asked questions include:

  • Do payday loans check credit?
  • Will payday loans affect my credit score and credit report?
  • Can payday loans report to credit bureau?
  • Will payday loans affect my mortgage application?

Do payday lenders check your credit?

The answer is, yes and no! Brick-and-mortar payday lenders typically don't do a credit check, but online payday lenders sometimes perform a soft credit check. As such, if you have bad credit and want to avoid a credit check, pursue a brick-and-mortar lender. Either way, the process won't hurt your credit -- a soft credit check has no impact on your credit score.

Will your payday loan affect your credit?

According to the Consumer Financial Protection Bureau (CFPB), payday lenders don't usually report to the credit bureaus. That means that no matter how reliable you are with your payments, it won't raise your credit, and vice versa. However, if you default on the payment and the account gets turned over to a collection agency, that will appear on your credit.

What happens if you default on a payday loan?

The worst has struck: you can't pay back your payday loan, and the fees have started piling up. What are the consequences? Here are answers to your burning questions about payday loan defaults.

Can payday loans go to collections?

Yes, payday loans can absolutely go to collections if you do not repay them according to the terms and conditions.

Can payday lenders sue you?

If you don't repay your payday loan, the lender can sue you. They can also hand off the account to a collections agency that can sue you. If a judgment is successfully filed against you, the lender or collection agency can pursue other means of collecting your debt, such as wage garnishment.

Whether they do so depends on your lender and your specific circumstances. If you stay in contact with the lender or collection agency and try to work out a payment agreement, they are much less likely to sue you.

Can payday loans be included in a bankruptcy?

Generally, payday loans can be included in a bankruptcy filing, as they are unsecured debts.

Can payday lenders garnish your tax refund?

Federal law only allows state and federal government agencies to garnish a tax refund as payment toward a debt. However, once the refund is in your bank account, payday lenders may be able to access the funds, depending on your state laws.

Can payday lenders file criminal charges?

Criminal charges cannot be filed against you for failing to repay a payday loan. However, if you're sued and you fail to appear in court, you can face criminal charges.

Can payday loans garnish social security benefits?

Social security benefits are exempt from garnishment by private creditors in most cases. However, the funds may be accessible once they hit your bank account. Laws vary by state.

Will payday loan lenders work with you or settle?

If you are at risk of defaulting on a payday loan, most payday lenders will attempt to work with you. However, proceed with caution. Payday lenders are notorious for rolling over balances and extending terms while tacking on fee after fee.

A better approach may be to try to settle for less than the total amount due. If your payday lender won't settle, you may have better luck once they've handed the loan off to a collection agency. However, collection accounts stay on your credit report for seven years.

Will payday lenders freeze interest?

In most cases, payday loan lenders will not freeze the interest. Default rates are high with payday loans so lenders are unlikely to waive fees and interest when a borrower can afford to pay them. Having said that it is always best to talk to your lender and negotiate when you can't afford to make a payment.

Can payday loans be consolidated?

Payday loans can be consolidated. However, for those with poor credit, it may be difficult to get approved for a consolidation loan.

You can find out in a few minutes if you qualify for one here.

How should you compare payday loan lenders?

The best payday loans are those with low fees and long repayment periods. Some have helpful features which increase the value they can offer. For example, LendUp offers free online financial education courses. In some states, it also lets you earn access to larger loans with better interest rates over time.

Which payday loans are best for bad credit?

The best payday loans for people with bad credit are those that don't check your credit, or that do but are extremely lenient.

You can find out in minutes if you qualify with an online payday lender here. Scroll down and click on the payday lender that offers the loan amounts and rates that fit your needs.

Which payday loans are easy to get?

An online payday loan is most convenient. You can get approved as soon as the same day, and can have the money transferred right into your bank account.

Which payday loans are legit?

Payday loan lenders that abide by state laws are legit. Check the legal status of payday loans in your state.

Which online payday loans are safe?

Browse vetted online payday lenders below. Check what other borrowers say about each lender before you ask for a loan. Further, review the laws in your state and ensure that your prospective lender abides by them. And always read reviews from past customers.

Are payday loans legal?

Payday loans are definitely risky. But are they also illegal?

The legality of payday loans depends on where you live. Each state decides if payday loans are legal, and sets that state's maximum loan amounts, maximum loan terms, and permitted finance charges.

Where are payday loans illegal?

Payday loans are illegal in the following states:

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

Payday loans are legal in the other states, but there are often tightly regulated. Find out more here.

How can you minimize your risk when applying for a payday loan?

After learning the risks, is a payday loan still your best option? If so, follow these tips to minimize your risk.

  • Shop around for the lowest available APR
  • Borrow only what you need and repay the loan as soon as possible
  • Avoid loans with excessive administrative fees or prepayment penalties
  • Opt for brick-and-mortar or online direct payday lenders rather than aggregators
  • Check out prospective lenders before providing personal or financial information

Find out if you qualify for a payday loan (or a personal loan with better terms) here. It won't hurt your credit score, and you can get competing offers in minutes.

Loading results...

Product

Reviews

Loan Amount

Loan Fee

Minimum Monthly Income

Additional Details

Product Website

CashNetUSA Payday Loans

CashNetUSA Payday Loans

7
 
16
24 total votes
Loan Amount $100 - $1.5K     $50 $5K
Loan Fee $15.49 - $375     $5.36 $540
Minimum Monthly Income $1,000 Minimum Monthly Income
  • Direct Deposit
  • Instant Decision
  • No Credit Check
  • No Other Outstanding Loans
  • Online Application
Show Additional Details
  • Direct Deposit
  • Instant Decision
  • No Credit Check
  • No Other Outstanding Loans
  • Online Application

Get Competing Loan Offers

Compare real offers from multiple lenders.

It's quick, free and won’t hurt your credit score

LendUp Loans

LendUp Loans

19
 
15
37 total votes
Loan Amount $100 - $500     $50 $5K
Loan Fee $17 - $44     $5.36 $540
Minimum Monthly Income N/A Minimum Monthly Income
  • Direct Deposit
  • Instant Decision
  • Online Application
Show Additional Details
  • Direct Deposit
  • Instant Decision
  • Online Application
Check City Payday Loans

Check City Payday Loans

16
5
 
24 total votes
Loan Amount $100 - $2.5K     $50 $5K
Loan Fee $20 - $100     $5.36 $540
Minimum Monthly Income N/A Minimum Monthly Income
  • Direct Deposit
  • No Credit Check
  • Online Application
Show Additional Details
  • Direct Deposit
  • No Credit Check
  • Online Application
Check Into Cash Payday Loans

Check Into Cash Payday Loans

6
 
22
28 total votes
Loan Amount $100 - $1.5K     $50 $5K
Loan Fee $15 - $79     $5.36 $540
Minimum Monthly Income $1,000 Minimum Monthly Income
  • Direct Deposit
  • Instant Decision
  • Online Application
Show Additional Details
  • Direct Deposit
  • Instant Decision
  • Online Application
Speedy Cash Payday Loans

Speedy Cash Payday Loans

11
 
27
39 total votes
Loan Amount $100 - $1.5K     $50 $5K
Loan Fee $5.36 - $420     $5.36 $540
Minimum Monthly Income N/A Minimum Monthly Income
  • Direct Deposit
  • No Credit Check
  • Online Application
Show Additional Details
  • Direct Deposit
  • No Credit Check
  • Online Application