Sometimes having a monthly paycheck it’s not a guarantee of financial security. Not even your emergency savings kit can help, but online payday loans can. Whether in need of money for medical bills, buying groceries, or garage fees, legitimate payday loans online from direct lenders come in handy.
Getting these loans doesn’t need you to visit office setups, nor doesn’t involve paperwork. Instead, you apply and get approved for the loans online, which saves money and time that you would have wasted going from office to office.
However, applying for payday loans can not be effectively achieved unless you locate a legitimate lender. Many online lenders have promises that don’t concur with their output services. Therefore, we are indebted to studying and providing you with the best online payday loan companies that you can rely on. So keep reading to find out more details!
Legitimate Payday Loans Online With Direct Lenders (Full Overview)
We grouped our choices categorically based on the area they perform best as follows.
- Money mutual– Best Overall Payday Loans Lender With Low Interest
- BadCreditLoans– Top Rated Payday Loans Platform With Low Credit Score
- RadCred– Most Reliable Payday Loan Provider With Bad Credit
- PersonalLoans– Direct Lender With Numerous Loan Alternatives For Payday Loans
- CashUSA– The Most Recommended Payday Loan provider With Low Interest
#1. MoneyMutual– Best Overall Payday Loans Lender With Low Interest
MoneyMutual is our number choice, a reliable link between potential borrowers and lenders. This means that the company is not an actual lender; hence it is good to note that it won’t be involved in the lending process. However, this doesn’t deter the zeal and dedication of MoneyMutual to provide fast cash loans to interested borrowers like you.
This company was created in 2010 to meet the demand of many Americans who regularly needed urgent loans. Markedly, finding reliable and sustainable loan offers tend to be time-consuming, confusing, and even frustrating. But in response, MoneyMutual created an online network of reliable bad credit loan lenders. Hence you can access quick, simple, and secure loans through the company.
Since 2010 to date, MoneyMutual has managed to help millions of Americans in accessing various types of loans, such as cash advance loans, title loans, personal installment loans, and even payday loans. The firm allows its customers to access different direct online payday loan lenders. Every lender is screened and determined to be satisfying. However, MoneyMutual allows customers to inquire and raise concerns when dissatisfied.
Further, getting loans through MoneyMutual is simple. You are required to send your information details by filing their secure online form. After that, your application is sent to a direct lender in the network to review. If the lender accepts your request, they will ask you to review the loan terms and sign the loan agreement. Finally, the lender will deposit the money directly into your account. It’s that simple.
Notably, the process is free, and you will be asked to pay no fee by MoneyMutual. Besides, the process is fast. It can take you less than five minutes to complete the application form and have the money in your account as soon as the next business day.
Simple requirements: Whether looking for a personal loan, installment loan, cash loan or payday loan through MoneyMutual, the requirements are all simple and easy to meet. You can apply for the loans if you have an active bank account, are 18 years old, and have proof of monthly income. This is unlike bank loans, which demand many details such as clean credit reporting bureaus’ status.
Simple application: As explained above, the payday loan application process through MoneyMutual is simple and clear. The platform has a fast response and simple online application form, which you benefit from in every step of applying for the loan funds. Further, the lenders in the network approve your loan in time and send the money into your account within one business day.
No credit checks: Many borrowers cannot access loans due to credit difficulties. This is because most financial firms won’t be able to offer loans unless you have a clear credit financial history. However, MoneyMutual guarantees loan approval without running credit checks, which increases the chances of securing a loan even with poor credit scores.
Loan amount: MoneyMutual offers sustainable short-term loans. Customers can get a short-term loan between $200 and $5000; however, the exact amount you can get depends on your qualifications. What’s more, they execute a direct deposit of the amount you qualify for into your account within one business day after your loan approval. Notably, this speedy loan approval is vital if you want the money for emergency needs.
- An extensive lender network
- Simple website interface
- Faster loan approval
- Educational information on the website
- Flexible terms of loan payments
- 100% customer support
- Secure and confidential
- Not available in some states such as Connecticut and New York
- An income threshold of $800 is needed before a loan offer
#2. BadCreditLoans– Top Rated Payday Loans Platform With Low Credit Score
Even though many payday loan lenders offer higher amounts of loans, not all will have the mercy to grant loans to people with credit difficulties. Similarly, most lenders will not be willing to lend money to borrowers whose only income source is a disability or social security. However, BadCreditLoans is unique in this case.
Like its name, people with a bad credit history and benefit beneficiaries can easily get payday loans through BadCreditLoans. You can apply for loan amounts between $500 and $1000, which is sustainable. What’s more, whatever amount of loan you qualify for, the money is deposited into your account as soon as the following business day. This speedy turnaround is crucial for sorting out urgent needs for the money.
Note that BadCreditLoans is not an actual lender. Instead, it is a loan broker bridging the gap between the lender and borrower; hence they don’t decide on loan agreement terms and conditions. However, they must ensure borrowers get in touch with various lenders in their network. The rates and loan agreement terms for each lender are reliable. For instance, depending on your chosen direct lender, you can access loans at rates ranging between 5.99% and 35.99% per annum.
Further, this organization provides many financial informative resources that help borrowers make decisions. For instance, they publish various articles on their website discussing better ways of healthy spending and borrowing.
Nevertheless, the firm has a straightforward and paperless loan application process. They require potential borrowers to send details by filling out a simple online form. After that, borrowers’ information is shared with various lenders across the network, who reviews and sends loan offers to anyone who qualifies. Subsequently, the lender deposits money to the recipient’s bank account within 24 hours of accepting the offer. Indeed, BadCreditLoans is an outstanding payday loan online lending firm, especially for people with poor credit history.
Security: BadCreditLoans offer private and secure marketplace operations when applying for credit loans. The company’s website uses encryption and high technology measures to guard its customers’ information. Moreover, the firm doesn’t request personal data such as passwords during the application process.
Fees: BadCreditLoans is very open and doesn’t charge you for using its services. In addition, the APRs charged by lenders in the company network include competitive rates ranging from 5.99 to 35.99%. This helps lenders manage their loans, preventing the risk of going bankrupt due to debts.
Customer service: The excellent reviews from previous customers show BadCreditLoans is a leading payday loan lender with 100% customer satisfaction. This is courtesy of a dedicated and professional customer care team available 24/7 to respond to customer queries. They have numerous communication channels, including emails, and free toll calls, which you can reach them through. Most importantly, you can use their live chat feature on the website to get prompt responses.
Bad credit Loans: This highlight defines what the company name stands for. Hence, BadCreditLoans is ideal for people whose bad credit history prevents them from accessing bad credit loans. However, if you have credit difficulties, you should seek credit counseling to avoid the adverse risk of getting loans while having a bad credit score.
- Huge loans ranging from $500 to $1000
- Faster money transfer
- Bad credit doesn’t matter
- 24/7 Customer support
- Long-term financial solution
- Flexible terms and conditions
- Enough repayment period of about 36 months
- Having a poor credit score is subject to higher interest rates
- Penalties for late repayment
#3. RadCred– Most Reliable Payday Loan Provider With Bad Credit
RadCred is a trusted and reliable source of payday loans. The organization is an intermediary connecting potential lenders and potential borrowers. It receives loan requests from borrowers and shares them with a direct payday lender on its networks. Besides, the firm has a third-party network of payday loan lenders to ensure everyone gets the money they want.
This company has its headquarters in the United States, serving thousands of customers across the states. It is among the oldest, more experienced, and most intelligent financial businesses that link borrowers with perfect loan lenders. Apart from offering short-term loans such as payday and personal loans, the firm also provides long-term loan packages such as title loans and installment loans.
Among all other payday loan lenders we have come across, RadCred provides the most significant and sustainable amounts of loans. You can secure a loan amount from $1000 up to $35,000. Moreover, obtaining huge sums of money as payday loans through this firm has few restrictions; however, the loan fees tend to be high.
Further, lenders in the RadCred network and those in their third-party network will offer you cash loans without any credit checks. Instead, they only undertake soft and hard pull, which doesn’t affect your possibilities of getting approved for a cash loan. All in all, the services are free of charge—RadCred charges the lender but not you when the lender decides to offer you a loan.
Superior customer support: If you encounter problems when applying for loans through RadCred, there are no worries since there is always a hand to help. The RadCred customer care team is accessible round the clock to ensure that all customers have a seamless site experience. Nevertheless, the company provides educational material that enables customers to troubleshoot finance management and planning problems.
Customer experience: Everyone who deals with RadCred is always satisfied beyond expectations. Customers praise the company for granting them an opportunity to compare offers from different loan lenders in their network before choosing. This helps customers review and decide on loan offers with competitive rates and flexible terms depending on personal preferences.
Flexibility: Besides offering sustainable loans of up to $35,000, RadCred also provides flexible loan terms. The company permits borrowers to take bad credit payday loans for up to 90 days or 72 months, depending on the loan types and amount you request.
Trustworthy and reputable: RadCred is among the oldest loan lenders in the marketplace. Over the decades it has been in the industry, RadCred has developed a reputable portfolio that makes even new borrowers trust them. Over the years, there have been no fraudulent cases reported from the company, which proves the company’s trustworthiness and reliability to all lenders looking for a quick financial source that never disappoints.
- Huge loan of up to $35,000
- Simple loan application process
- Bad credit loans
- Competitive interest rates
- Quick money transfer
- Cost-free services
- Higher APR for large amounts of loan
- Some lenders in the network may conduct a credit check
#4. PersonalLoans– Direct Lender With Numerous Loan Alternatives For Payday Loans
This is a payday loan lender listed with the OLA and the most popular loan lenders offering significant loan amounts. You can obtain loan amounts ranging from $1000 to 35,000 through the company’s simple and paperless online application process. PersonalLoans ensures that the loan approval process is swift and that money gets to the applicant’s account within 48 hours.
Similar to other lenders in this guide, PersonalLoans doesn’t act as a lender. Instead, they connect potential borrowers with a wide network of reputable lenders. So if you seek hassle-free and fast financial help, this company is a force to reckon with. What’s more, all financial assistance services they offer are free yet quality.
Besides, the company has an expansive network of third-party lenders who can alternatively offer loans if you fail to get from lenders in its network. Either way, all lenders in the network have one thing in common. They offer competitive interest rates and flexible loan repayment terms from 90 days to 72 months.
Further, the requirements of obtaining various types of loans, such as online personal loans, online installment loans, and payday loans through PersonalLoans, are basic to meet. For instance, the threshold monthly income is $500, which is way far Less than what the majority of lenders need before issuing loans. Also, most borrowers with a credit score of 580 to 600 and who have been denied loans by financial institutions and other conventional lenders always end up getting help from PersonalLoans.
Nevertheless, this organization is not only interested in offering loans but also in educating borrowers on healthy borrowing practices. Many blogs on the company’s sites are a significant tool for customers in making mature decisions before borrowing. In addition, the customer care crew is available 24/7 to guide and assist borrowers on issues they encounter before, during, and after applying for their payday loans.
Website interface: The PersonalLoans site is made simple and easy to navigate. Whether tech-savvy or not, everyone is able to follow simple procedures and complete the loan application. For instance, the “get started” button is very visible on the website home page, which you click and follow the prompted easy steps to complete your application. Also, the website interface loading time is fast and effective without glitches.
Customer service: All customers have the freedom to access professional help whenever they want. You can reach the support crew through phone calls, chats, or emails for any inquiries, suggestions, comments, or claims. The support team is available round the clock on all working days.
Annual percentage rates: PersonalLoans is an intermediary between lenders and borrowers. This means that the APR on your payday loan cannot be accurately determined as it can vary from lender to lender. However, the rates are all competitive but usually depend on factors such as loan amount borrowed, credit score, income, and asset liability status. Either way, the rates can range from 5.99% to 35.99% based on such factors.
Quick response: PersonalLoans is aware payday loans are precisely for emergency needs; hence they strive to avoid unnecessary delays. For that reason, they provide speedy loan approval and timely deposit of the funds to the recipient’s account. Regardless of the amount of loan you qualify for, the lenders are thrilled to ensure your money gets into your account in less than 48 hours after approval which is pretty quick.
- Easy and swift application process
- Flexible terms
- Substantial loan amounts of up to $35,000
- Quick money transfer
- Honest customer service
- Safe and secure
- Having a poor credit score can attract small loan amounts
- Higher interest rates, especially for people with poor credit history
#5. CashUSA– The Most Recommended Payday Loan provider With Low Interest
Most borrowers like CashUSA as it is the market’s capable and most trustworthy payday loan lender. Although it doesn’t act as a direct lender, the company helps millions of Americans locate authorized and reliable payday loan lenders online. Procedures involved in getting the loans through this company are simple as they include filling out an online form, and in less than five minutes, you get a preferred lender.
Most importantly, these services are free of charge. CashUSA doesn’t charge you for finding a lender, unlike other intermediary sites. Instead, the firm gets a commission from the lender when they link them with borrowers. The lenders are numerous in the network, and none of them can violate the rights of borrowers. CashUSA protects all borrowers by ensuring strict screening of various direct loan lenders before they join the network. Further, the lender does the hardest to provide competitive rates to borrowers based on their individual credit history.
You can borrow substantial loans ranging from $500 to $10,000 through CashUSA. The organization ensures everyone can access loans regardless of credit scores. It compels lenders to issue loans based on borrowers’ intended usage, a great advantage for people who are blurred from getting loans from conventional lenders such as banks.
Besides that, borrowers are obliged to be careful when borrowing. This is done through numerous blogs on the company’s website that relate to finance topics. Overall, CashUSA is a good choice if you’re seeking substantial loans for various reasons, such as credit card financing, debt consolidation, and other urgent needs.
Simple application procedure: Unlike other competing payday loan lenders in the market, CashUSA provides a simpler loan application process. It takes a few minutes to complete their online form and less than one business day to get funds into your account.
Eligibility requirements: All prospective borrowers must meet certain criteria to qualify for loans through CashUSA. These requirements are not as stringent as in other lenders. For instance, the most basic ones include being a legal U.S. citizen, 18 years old, having a checking account, and proof of income. This doesn’t include credit checking, which prevents most people from accessing loans.
Loan disbursement and repayment: After a lender accepts your loan request, you are given a chance to review the offer and accept it if you agree with its contents. After that, the money gets deposited into your account in as little as one business day via electronic or direct transfer.
- Educational resources
- Professional customer support base
- Maximum privacy and security
- Diverse repayment alternatives
- Substantial loan offers of up to $10,000
- Quick loan approval process
- Wide network of lenders
- No loans are available without a valid checking account
- Higher interest rates than competitors
How We Made This List?
We understand that the market is full of many lenders for whom it is hard to quantify their reliability. Due to that, we did a rigorous and research-driven study to come up with the best bad credit loan lenders that offer legitimate online payday loans.
At first, we reviewed the most popular lenders in the market. This list included dozens of lenders; hence we looked for customer reviews to cut it short. As a result, we shortlisted the lenders to 10 that received praise from their previous customers.
Further, we found ten payday lending companies were not quite good for a beginner to choose wisely. Hence, we consulted various team players in our network who had borrowed. Fortunately, with the cooperation of our team members, we managed to cut the list shorter, up to 5 best sites offering real online payday loans.
What We Looked For?
Some key factors helped to narrow down from dozens to tens to 5 sources of the best online payday loans. Those factors include:
- Brand reliability and reputation: The brand image was our most vital consideration. We wanted to have a lender or loan broker who is reputable in their services. This was crucial to avoid scams that also brand themselves to offer loans but end up conning payday loan borrowers. Besides brand reputation, we also wanted to choose a payday loan lender that can provide a long-term financial solution. This involves the amount of loan a lender can offer and if its rates are competent.
- Flexibility: Acquiring online loans is not easy since many lenders are always skeptical of whether a borrower will be able to repay their money. As a result, it forces lenders to subject borrowers to thorough credit screening to determine the borrowers’ creditworthiness. Although a credit limit check is allowed, we wanted to choose a lender that offers flexible credit check terms. That means the lenders can lend you money even with a bad credit score.
- Credibility and transparency: Most loan lenders, especially online payday lenders, are not always open to their customers. They have hidden terms and conditions that you will later incur charges when you violate, regardless of not being aware. Due to that, we selected honest and upfront lending firms. Our recommended payday loan lenders have clear terms and conditions that you’re enlightened about before deciding to borrow with them.
- User reviews: We could not make the list of best online payday loan lenders if we ignored the role of customer reviews. The reviews are present on each lender’s website and act as decision-making assistance when looking for the best online payday lender. However, not all online reviews are authentic and reliable, as some lenders have many positive reviews from unverified customers. To avoid such discrepancies, we looked at each review’s authenticity and determined that every payday lender on our list provided true information.
- Privacy: How your data and information details are protected matters a lot. Thus, the privacy measures offered by each payday lender were a point of consideration. We selected lenders that promise high security and confidentiality of your details.
Factors To Consider When Choosing Legitimate Payday Loans Online Direct Lenders
It is crucial to perform preliminary research before deciding which payday loan lender to settle with. Remember you will be sharing your sensitive data like phone number and social security number; hence the lender should be trustworthy and able to guarantee the protection of your information.
Hence to achieve this, you should subject various lenders to close investigation and screening with the help of various factors as follows:
- Lender Legalization
Before deciding on a particular lender, ensure they are legally authorized to operate in your area. Ensure the regulatory authority licenses the company by asking them to show their valid license.
This helps to determine the company’s legitimacy and reputation and minimizes the danger of fraudulent dealers. Companies with dubious licenses don’t adhere to federal regulations, so you should avoid them.
- Application Process
Payday loans are fast and effective when the lender can offer online application procedures. This will ease the burden involved in visiting offices with a lot of paperwork. Hence look for payday loan lenders that provide loan application services online. Also, the entire website interface should be simple to navigate, and its loading time should be speedy for a seamless experience.
- Online Reviews
It is essential to consult previous customers who have dealt with some of these lenders and determine if they were satisfied or not. It should be a red flag if you hear people talk bad about certain lenders. Otherwise, look for lenders with excellent reviews and numerous five-star ratings as they have the potential to be trustworthy and reliable.
The lenders’ annual percentage rate, typically known as the cost of borrowing, is another factor to consider when choosing a payday loan lender. Keep in mind cheap payday loans are non-existent.
Hence knowing the monthly payments and interest rates is good, although not sufficient. Thereby you should clearly understand the APR, which will indicate the total cost of credit you will incur at the end.
- Terms of Loan Repayment
This refers to how long and technique you will use to repay the borrowed money. Therefore, you should consider the loan repayment terms before signing off on any loan. Check your income sources and compare them with monthly repayment for the loan to determine if it’s payable.
If you have a stable income, set a repayment method that makes you complete the loan as soon as possible. This is because smaller payments take a long time to repay the loan fully, which would mean more interest is accumulated.
FAQS About The Top Rated Payday Loans Lenders
- What are online payday loans?
Generally, online payday loans are short-term loans that are usually paid back within a short time. However, some options may allow borrowers to repay the loan in installments. Either way, the loans have an interest attached to them, which increases the longer you take to repay your debt.
It’s good to know online payday loans are not bank products; rather, private lenders offer them. The loans can come in handy when one needs fast cash. For example, during times of emergency, many people find themselves borrowing payday loans.
- How can I apply for online payday loans?
The application process for online payday loans is fast and straightforward, as there is less paperwork. All you need to do is to fill out all the forms provided. Otherwise, failure to do so can lead to your application being rejected. The best thing about online payday loans is that you can apply them wherever you are.
However, first, you must ensure that you have some information like proof of income, your identity, and your address on hand before making an application. After application, your information is given to multiple lenders who examine your request. If it is successful, your loan will be approved, and you will receive funds in your account either directly or electronically.
- Can one get online payday loans with a low credit score?
Your credit score does not necessarily determine the success of getting an online payday loan. Unlike conventional lenders like banks and other financial lenders, you can get an online payday loan even if you have a low credit score. The companies that offer these types of loans do not put more emphasis on the borrower’s credit rating.
For that reason, if you have a low credit score and wish to borrow online payday loans, you can get them from the companies such as Money Mutual, bad credit loans, and others, because they are not as stringent as banks.
- How much can one borrow, and how can one use the borrowed money?
Payday lenders often offer loans to their borrowers from as little as a hundred dollars. However, the lender will weigh up your loan request against your income. This usually determines whether the borrower will repay the loan on time. If your lender sees that you earn less or your income is unstable, you will be offered a lesser loan. Similarly, if your income is stable enough to repay the loan, the lender may offer you a large loan. Nevertheless, you must understand that the loan must be repaid on time.
On the other hand, online payday loans are very helpful and should be utilized with careful forethought. For example, there is no need to borrow if there is any expense that can be put pending till the end month or when you have more money in your savings account.
- What are the advantages of online payday loans?
The major reason why most people seek online payday loans is because of the numerous advantages borrowers get. For instance, if you need cash in case of an emergency, like paying an electricity bill, payday loans get covered. Moreover, you can still get a payday loan even with bad credit, unlike other financial loan types.
Another advantage of these loans is that the application process is quick, paperless, and straightforward. You just need to fill out all the forms and then wait for a short time. Additionally, you can make applications even in the comfort of your house. Lastly, the lenders do not disclose your personal information to unauthorized personnel. So, you can rest assured that your data is safe and secure.
- Do borrowers need a bank account to qualify for a payday loan?
Some lenders may require you to have a bank account to get the loan. For example, some payday loan lenders mentioned in this article, like CashUSA, require a checking account from prospective borrowers. The account is used to deposit funds from the loan provider. Some lenders can allow you to use a savings account if you don’t have a checking account. Either way, the account must have money to make payments.
Luckily, you can still get a payday loan even if you don’t have a bank account. The lender will still approve your loan. In such cases, the loan proceeds are usually sent to you in cash or debit card or can be sent to your email as a check. Those who don’t have bank accounts can ask their lenders which action to consider.
- What are some of the requirements needed for one to qualify for a loan?
For prospective borrowers to qualify for online payday loans, they must meet certain requirements. They include being eighteen years and above, a permanent U.S. resident, or a U.S. citizen. Moreover, the borrower must have a stable monthly income that they can prove upon request.
In addition, the customer must provide a valid email address, home phone number, and work phone number. However, meeting all these requirements doesn’t guarantee that you will get a lender. But they are just basic requirements needed when applying for any type of unsecured loan.
- What are the disadvantages of online payday loans?
One of the greatest disadvantages of an online payday loan is that a high-interest rate is likely to be charged. This is because these loans are borrowed by people with bad credit scores and are considered a higher risk. For that reason, higher interest rates are usually charged. It is usual for lenders to charge their borrowers a 391% APR or even 2,290%.
Another disadvantage is that most borrowers do not meet their monthly expenses. If you cannot afford rent and other expenses, then borrowing a payday loan can be another stress for repayments. Lastly, payday loans are due quickly, usually within two weeks. So, if you don’t have money two repay within those few days, it can add more stress.
Conclusion: Who Is The Most Reliable Payday Loans Online Direct Lender?
At last, the above-discussed companies are the legitimate payday loan direct online lenders we have in the market. Note that a payday loan is a quick and sufficient source of funds to sort out unanticipated needs. However, they have dire consequences, especially when dealing with unreliable and illegitimate payday loan lenders.
But, hopefully, you can find one of the five aforementioned payday loan lenders for reliable, honest, and upfront financial assistance services. Be confident to try any of the sites as they have been selectively screened and determined to be worthy. However, ensure you do your preliminary research before accepting loan offers from lenders. Look for APRs, terms of loan repayment, lender permit, online reviews, and many other factors to conclude if the lender is good for you based on your financial preferences.