What Are The Best Online PayDay Loans?

Updated: Nov 9

Let's face it, money is tight these days. The economy is slowing down and everyone seems to need a little extra cash.

So, let's tackle the question: "what are the best online payday loans?"

In this article, we're going to discuss:

  • The best online payday loans providers

  • How to apply for a payday loan

  • Alternatives to payday loans

  • How to boost your credit score

Table of Contents

What are PayDay Loans?

Alternatives to PayDay Loans

How to PayDay Loans Work?

The Three Best Online PayDay Loans

Drawbacks of PayDay Loans

Understanding Credit

You Need a Budget!

What are PayDay Loans?

Payday loans are a type of short-term loan which are designed to help individuals meet unexpected expenses. Many people use payday loans to pay unexpected bills.

However, payday loans are short-term and are meant to be used only for emergencies. The loan amount is usually a sum of money that is far greater than what can be found in the average bank account.

A lender will fund the credit by giving the borrower an amount of money. The lender will then receive the amount back from the borrower. The lender will often charge interest on the amount provided by the borrower. This interest rate is usually higher than what you would pay on a credit card.

A majority of companies offering payday loans do not have a proper license or authorization. This means that the lender is not regulated by any government agency. It also means that you are unlikely to get any problems or issues with regard to your credit history or credit score.

That's why payday loans are relatively easy to obtain.

Alternatives to PayDay Loans

There are other non-loan options for certain people who are facing financial hardships. These two companies specialize in helping people with bad credit, or who need money as a result of getting sick or being hurt.

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Genesis Financial

Genesis Financial is unique is that they specialize in "second-look financing," meaning that they only deal with consumers that have been denied credit cards by larger financial institutions.

Their credit cards are accepted anywhere that accepts Mastercard, and come in three tiers. Each tier comes with its own application and approval odds so don't get discouraged if your first application doesn't go through. Each card is a seperate application.

The best part is that applying for these cards has no impact on your credit score!

Recover old 401(k)s

If you've ever had a job that paid into a 401(k) account for you, that money may still be out there waiting for you to claim it!

You can check to see if you have any 401(k) money from past employers with Beagle. It's free to check and they can help you recover thousands of dollars that rightfully belong to you.

How to PayDay Loans Work?

A payday loan is a small loan that is granted to be paid back at a later date, usually due within 30 days. The loan usually takes the form of a bill. The amount of money borrowed and the interest is usually charged on the day the loan is granted.

Whenever a loan is granted it is always with certain conditions.

  • The borrower must be over the age of 18

  • The loan must be paid off in full within a certain time frame, usually 30-90 days.

There are a number of other rules and regulations which affect payday loans. For instance: It is illegal to take out a loan that is more than 44% of your monthly take-home pay.

Payday loans are marketed as a quick and easy way to get money when money is needed. They are expected to typically have a fast application process.

You are usually able to apply online and your loan will be approved within 1-2 days. The loan is usually deposited into your bank account within 24 hours.

The Three Best Online PayDay Loans

There are A LOT of options when it comes to choosing payday loans. We've chosen our top three based on odds of approval and general customer satisfaction.

#1. Personal Loans

Personal Loans is