We live in a world where money can be urgently needed at any moment, even at night. Banks are closed, and neighbors are sleeping. What can you do in such a situation? The easiest solution is to get an online payday loan, but it’s easy to get lost in a variety of lenders on the US market. We’ve made up a selection of the best payday loans for 2022.
What Are Payday Loans?
A payday loan (also known as a cash advance loan) is a small-dollar, short-term loan that can help you cover emergency cash needs until you get paid. This lending product is very popular in the USA due to easy-to-meet borrower requirements, high approval rates, quick online applications, and same-day funding. Besides, many clients may be accepted despite their poor or zero credit history.
Such loans can be used to cover a wide range of personal expenses. Payday loans can be unsecured, which means you do not need collateral to get cash.
The common reasons why you may need a cash advance loan are car repairs, debt consolidation, home renovation, moving costs, medical emergencies, large purchases, wedding expenses, tuition costs, vacation costs, etc.
The payday loan amounts typically range from $100 to $1,000 (or even $5,000). Lending terms usually do not exceed 31 days. The precise loan terms and rates will be given by the lender as they are individual for each borrower and depend on the loan term, amount, and interest rate. You should always carefully read the loan agreement before signing it.
Payday loans are usually paid off in one lump sum. Repayment options will be specified in a loan agreement.
Why Do People Prefer to Take a Payday Loan Online?
According to statistics, in 7 out of 10 cases, people in search of quick loans use the services of microfinance institutions. Despite the myths about these companies, payday loans have firmly entered the list of the most popular financial products among US residents. Do you know why?
- High approval rates. Unlike banks, microfinance institutions approve loans in 90-95% of cases.
- Borrow online, 24 hours a day. To get cash, you do not need to go anywhere. Money will be credited to your bank account in a few hours or even immediately.
- Relaxed eligibility criteria. To get a payday loan online, you will need to do paperwork. You only need to meet a few borrower requirements.
Top 5 Loan Companies For Payday Loans: Get Approved Instantly
MoneyMutual.com
MoneyMutual is a popular company that has been issuing payday loans for over 10 years and has helped thousands of consumers get through tough times. The lender strives to offer short-term loans to people with poor credit histories. It is well-reputed for its credibility and straightforward services.
Applying for a loan with this lender takes a few minutes. It takes about 5 minutes to fill out the application form. MoneyMutual then processes your request and matches you with the right lender from its vast network of lenders. They send the application form to potential loan providers who decide which customer’s data fits best.
One of the company’s benefits is that it allows users to compare lenders’ offers and assess them before accepting them. This enables you to go through the available offers and choose accordingly. As a result, your chances of getting approved increase.
When using this platform, you can rest assured that your information is reliably protected. The website uses up-to-date encryption to make an application as secure as possible. Also, the website is intuitive and well-designed. You won’t have to waste time and effort trying to find all the necessary information on the website.
Pros
- Different loan types
- Fast processing time with speedy funding
- Secure website
- Numerous educational resources
- Easy to use platform
Cons
- Not available in New York and CT
- Controversial reviews
BadCreditLoans.com
BadCreditLoans.com was launched in 1998 in Washington. Since then, the company has helped many consumers with poor credit histories get fast payday loans online with no credit check and instant approval. It also helps with credit tracking, debt relief, and other money solutions. This company works by matching you with multiple lenders to save you time and get you the cash you need urgently.
This is a free, 24/7 online lending platform. It uses reliable encryption technology to ensure data safety. This allows you to make requests to a wide network of trusted lenders. BadCreditLoans.com has partnered with loan providers who also offer other money solutions besides traditional loans.
Besides helping consumers with poor credit, the company also distinguishes between state and tribal loan providers in its extensive network. They operate within different jurisdictions. Tribal lenders issue more expensive loans because they operate under federal and tribal laws. However, state lenders function according to the state in question. Because of its attention to lender categories, BadCreditLoans.com is able to provide consumers with better loans than others.
With several lenders in the network, the borrower requirements for each type of loan vary from lender to lender. So, when you submit your request online, it is matched against the given criteria and presented to loan providers accordingly. If you don’t find a suitable lender at once, the online platform will show you alternative options to keep searching.
Pros
- Secure website
- Multiple lenders in the network
- Offers debt consolidation services
- Bad credit is ok
- Provides comprehensive information about its lenders
- Easy and fast application process
- All services are free
Cons
- A stable monthly income of $1,000 needed
- There are bad reviews
CashUSA.com
CashUSA is another trusted online loan platform that partners with an extensive network of trustworthy lenders. It is respected for its intuitive user interface, designed to make the entire process as easy and fast as possible. The platform has helped thousands of consumers in finding the right loans by matching them with reliable loan providers.
The loan referral platform is free to use. Once you’ve met the lender’s basic borrower requirements, your information is received by potential lenders in the network. User safety is a relevant part of the service, it uses up-to-date encryption and security protocols. CashUSA guarantees the safety of user privacy and personal information.
The online platform is very transparent about its lending process. They provide comprehensive information on how you can review the offers you get from loan providers. It also provides legal policies around companies’ transparency and client acceptance.
With quick payday loans from CashUSA, you can borrow anything from $1,000 to $10,000. That will depend on the loan provider, your state, and your reliability. The APR varies depending on the company, though it remains between 5.99% and 35.99%.
The loan term can be anywhere from 3 to 72 months.
Pros
- High loan amounts
- Effective customer care
- Bad credit is ok
- The quick and convenient application process
- User-friendly website
- Secure website
- Wide network of lenders
Cons
- Possible high rates for bad credit loans
PersonalLoans.com
PersonalLoans.com is among the most reliable credit lending platforms on the market. Along with giving US residents access to its extensive network of lenders, the platform matches users with direct lenders. This ensures affordable rates, which is especially attractive for people who have poor credit scores and need money urgently.
The online platform offers access to fast cash within 24 hours, which can be a real rescue during unexpected financial crises. This can be emergency medical bills, home improvement, vacation, family events, tuition costs, or car repairs. You can do this effortlessly from the comfort of your home or office, provided you have a device with internet access.
The company maintains high standards of transparency. They provide comprehensive information about its interest rates. Loan amounts vary between $1,000 and $35,000. The minimum APR is 5.99%, the maximum APR is 35.99%. The interest rate will depend on the desired loan amount and term, and your credit history.
In some cases, the selected repayment term may also affect the borrower’s interest rate.
PersonalLoans.com offers repayment terms of 3 months to up to 72 months on their loans. Short-term loans might have a repayment period of fewer than 6 months.
The lender also utilizes secure encryption on its website to keep your sensitive personal information safe and secure.
Pros
- Fast approval and funding
- High loan amounts
- Secure and easy to use website
- Great customer support
- Longer repayment periods
- Wide network of lenders
Cons
- Strict protocols
1stSouth.com
1stSouth.com is one more online loan referral service that works by matching Tennessee residents with large and credible lenders that issue the most affordable payday loans in amounts ranging from $1,000 to $2,500. The company has a wide network of online lenders that are licensed to operate in TN. The portal helps people in need of fast cash find the right loan offer for their unique needs in just a few clicks.
With 1stSouth.com, you are able to apply for a short-term loan online with no credit check and paperwork. To get fast cash, you do not need to go anywhere. The application usually takes 3-5 minutes. You will need to fill out a short application form. The service will analyze your request and connect you to the right lender for your individual needs. You will be required to provide some basic personal and employment.
Bad credit is not a reason for loan rejection because payday loans are designed specifically for people with poor credit histories. Nevertheless, bad credit may influence the interest rate and the available loan amount.
The website is easy to use and intuitive. An additional advantage: you do not need to create a personal account to apply for a loan online – this will save you time and effort.
According to the ScamAdviser report, 1stSouth.com has a 100% trust score. This means you can safely use this website.
Pros
- Options for bad credit scores
- Small lower limit of loan ($100)
- Quick online application
- Can help improve credit score
- Fast approval and disbursement
- Secure and easy to use website
- Excellent customer support
- Easy lender-borrower connection
Cons
- Only available to Tennessee residents
Top 5 Online Payday Loan Comparison Chart
For your convenience, we have made a payday loan comparison chart:
| Payday loans | Eligibility requirements | Lending amount |
| MoneyMutual.com |
|
$200 to $5,000 |
| CashUSA.com |
|
$500 to $10,000 |
| BadCreditLoans.com |
|
$500 to $10,000 |
| PersonalLoans.com |
|
Up to $1,000 |
| 1stSouth.com |
|
$100 to $2,500 |
Conclusion
All of the presented payday lenders are safe and reliable, however, 1stsouth.com is considered the best payday lender of 2022. The website makes an application as easy as possible. It enables users to access trusted US lenders and helps find the right loan option. The company is not a direct lender and does not make loan decisions but it has a wide network of reliable lenders, which is very convenient as it helps you find the most suitable loan in 2022. It’s great that people can get matched with the right loan by filling out one single application. Thousands of users have already used the services of 1stsouth.com and were able to get cash as soon as the same day. The website uses reliable encryption, enjoys good user reviews and has a high trust score from ScamAdviser. Customer support is there 24/7 and is ready to answer all the questions you might have. So, 1stsouth.com seems an easy and convenient online platform to find the best lender 2022 for your emergency money expenses.