If you find yourself with a financial emergency and don’t have the cash to deal with it, don’t stress just yet. There are endless money-lending platforms that may be willing to give you a loan. You can apply for a payday loan. Payday loans are short-term loans that are usually processed in as little as 24 hours. 

However, finding the best payday loans online can be a bit overwhelming due to the sheer number of money lending platforms online. In this article, you’ll find some of the best online payday loan platforms to help you get the money you need as soon as possible. 

Keep in mind that some state laws around payday loan interest rates, amounts, and approvals may vary. In some states, they are even illegal, so options will vary based on where you live. 

Best online payday loan platforms

SiteBest For
rapid1k.comBest for fast funding
BadCreditLoans.comBest for bad credit loans
cashUSA.com Best for emergency loans
lendafy.appBest for short-term loans
Upstart.comBest for lower interest rates

rapid1k.com

  • Requirements: 18 years and older, legal US resident, regular monthly income, bank account, valid email and phone number
  • Loan Type: Short term loans
  • Loan Amount: $100 – $2,500
  • Estimated interest rates:  169% to 1,825.00% APR

Rapid1K connects potential borrowers to a network of short-term loan lenders. Their primary focus is to help those who are looking for emergency funds. You may need this kind of money in a medical emergency; hence the loan terms may differ from other personal loans. 

The loan process for these short-term loans is relatively simple. It takes just a few minutes and some essential information to complete the application. After completing the online form, Rapid1K connects you with online lenders on their platform. 

You can then review the loan terms and conditions and the interest rates of various lenders and choose the one that best suits your financial situation. Once both parties (you and the lender) agree to the terms and conditions, you can expect to receive your funds in as little as 24 hours. 

However, payday lenders on Rapid1K may check your credit history to ensure that you aren’t bankrupt or have an existing non-paid short-term personal loan.

Pros

  • A simple and easy loan process
  • May provide payday loans even if you have a bad credit score.
  • Funds can be ready in 24 hours

Cons

  •  You won’t receive a loan if you have an active or recent bankruptcy or have a history of late payments.
  • APRs are high

BadCreditLoans.com

  • Requirements: 18 years, proof of citizenship, regular income, personal checking account, valid email and work, and home phone number
  • Loan Type: Short & long term loans
  • Loan Amount: $500 – $10,000
  • Estimated interest rates: 5.99% – 35.99% APR

A bad credit score can make it hard to qualify for any loan, whether you need it for an emergency or not. Bad Credit Loans is an online loan marketplace that offers generous loan approval terms for borrowers with bad credit scores. 

 This platform provides a free service that connects you with personal loan lenders who can provide loans ranging from $500 – $10,000. It also provides you with resources that may help you make the wisest borrowing decisions. For instance, you may find articles about spending funds responsibly and future budget income when repaying a loan. 

All you need to do is fill out the online company form with information about your income and location. The completed form is then sent to BadCreditLoans network of lenders, who review your information and determine if you are eligible for a loan. If the lender approves, you can review the loan terms and accept the offer if you agree to them.

Once everyone agrees, the lender will send your funds for your checking account through direct deposit. In some instances, the transfer of funds may take up to three business days. However, if you have a good credit score, you may receive the funds in 24 hours. 

Pros

  • No minimum credit score
  • Free to use
  • Reasonable loan terms

Cons

  • More personal information required for the application
  • Loan amounts may be reduced or take longer to transfer due to low credit scores

CashUSA.com

  • Requirements: Valid ID, regular income, and bank account
  • Loan Type: Short term personal loans
  • Loan Amount: $100 – $10,000
  • Estimated interest rates: varies by lender

CashUSA.com can get you quick access to online payday loans, especially if you need it in a hurry. The simple application process links borrowers and lenders in a matter of mere minutes. If approved, lenders deposit funds into your bank account the very next day. 

CashUSA.com takes a look at your financial history, including employment history, income history, and more, to determine whether you’re eligible for a loan. They have an excellent reputation for working with borrowers with bad credit or short credit history to secure the funds they need. 

This platform is an excellent option for borrowers with poor credit. These payday loans can even help borrowers build themselves up to a better credit score if used responsibly. 

Pros

  • Fast process
  • Receive funds the next day
  • Loans for bad credit borrowers

Cons

  • Your credit score and income determine the loan amount.
  • High origination fee

lendafy.app

  • Requirements: Valid ID, regular income, and bank account
  • Loan Type: Personal loans and small-dollar loans
  • Loan Amount: $100 – $10,000
  • Estimated interest rates: varies by lender

Lendafy Is another service that can connect you to an online payday lender. They offer small-dollar, personal, and payday loans that are perfect for emergencies. These payday loans are small amounts of money expected to be paid back quickly, and if approved, the funds can be in your account by the next day. 

Lendafy accelerates the lending process by allowing you to tap into their network of lenders with a free and simple online form. Answer a few questions about yourself and select the amount of money you would like to borrow. It’s as easy as that to get an offer from one of their payday lenders. 

If you aren’t eligible for a loan from any of their lenders, they may offer to submit your information to other networks that can provide you with smaller loan amounts up to $1500.  

Pros

  • Accelerates the lending process
  • Free application process
  • May offer additional help.

Cons

  • Loans aren’t available if you’re in some states.
  • No long term loans

Upstart.com

  • Requirements: full-time or regular part-time job, source of regular income
  • Minimum Credit Score: 600
  • Loan Type: Short term personal loans
  • Loan Amount: $1000 – $5,000
  • Estimated interest rates: 6.76% – 35.99%

Upstart is a perfect option for short-term loans if you want to borrow money and have a good credit score. Lenders on this platform offer unsecured personal loans that are payable in three- or five-year repayment terms. 

The requirements for an Upstart loan are steeper than they are with other short-term loans. Upstart considers various information when offering short-term loans to borrowers. They may consider your education, job history, residence, and other factors using artificial intelligence when evaluating you. 

These special considerations make it easy to get the funds you need if you are a young borrower with little credit history. If you are borrowing to pay back educational expenses, you are subjected to a three-day waiting period. If not, then your low short-term payout can happen in just one day. 

Pros

  • Same day loans for emergency applications
  • It lets you know if you’re eligible before checking your credit report.
  • Accepts those with little to no credit history

Cons

  • Late fees apply after 10 days of missing a payment.
  • High origination fees

Frequently Asked Questions

What is a payday loan?

A payday loan is a short-term loan that usually comes with high-interest rates. You can get a payday loan when you need to borrow a small amount of money for unexpected expenses. However, payday loan lenders often charge a high-interest rate for immediate credit, referred to as check advance loans or cash advance loans. 

Are online payday loans legal?

All of the platforms we reviewed in this article offer real and legal payday loans.  

To become a legitimate lender, these individuals need to have an operating license to lend money in a specific state. Unfortunately, not every platform or lender has a license to do business in each state; thus, you need to pay special attention to which states the platform is licensed to do so. 

Do I need a bank account to qualify for a payday loan?

If you are getting a personal loan through an online payday network, you must have a bank account. All of the platforms on our list have this requirement. 

Other requirements may include that the applicant is a US citizen or permanent resident, must be 18 years or older, have a regular monthly income, a valid home address, phone number, email address, and in some cases, proof of employment and benefits. 

D note that meeting these criteria does not automatically guarantee you a loan. They are simply the basic requirements needed when applying for a payday loan. Some lenders may even require you to have a checking account under your name so they can automatically withdraw repayment on the due date. 

Conclusion

Unexpected expenses can cause stress and anxiety if you don’t have the money to cover them. Emergency funding from a payday loan may be able to help you, providing that you can repay the money soon.

Most of the money lending platforms in this article can connect you to a network of potential lenders. You can go through each offer and choose the lender with the best rates and terms suited to your financial situation.