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Payday Loans

Updated November 06, 2019

2019 Payday Loan Rankings

Payday loans can be quick and easy ways to get cash. They do not require good credit or collateral and cash can typically be deposited into your bank account overnight. The drawback is that these loans can be very expensive. Banks, credit cards, friends, or family are an generally a cheaper option. The best choice, if possible, is to put off the expense until your next paycheck as borrowing shor-term, quick money can be very expensive.

Payday loans are best used for emergency, short-term cash situations and when full repayment can be done with the next paycheck. We rank and review direct loan providers according to our Sniff Test, costs, and features. Inclusion in our rankings is not an endorsement.

Filter by state:
Company Name Description Rating
Loan By Phone

eligible credit type ⓘ

Visit Loan By Phone to determine actual product eligibility. This is a general estimate and actual eligibility will vary. Credit Types are defined below.

Credit Type FICO® Score
All All Scores
Fair 620+
Good 680+
Great 720+
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all
fair
good
great
  • Loans: $500 - $1000
  • APR: 195% - 521%
  • State Licensed Lender
Check Into Cash

eligible credit type ⓘ

Visit Check Into Cash to determine actual product eligibility. This is a general estimate and actual eligibility will vary. Credit Types are defined below.

Credit Type FICO® Score
All All Scores
Fair 620+
Good 680+
Great 720+
[close]
all
fair
good
great
  • Loans: $100 - $25,000
  • APR: 195% - 521%
  • State Licensed Lender
Ace Cash Express

eligible credit type ⓘ

Visit Ace Cash Express to determine actual product eligibility. This is a general estimate and actual eligibility will vary. Credit Types are defined below.

Credit Type FICO® Score
All All Scores
Fair 620+
Good 680+
Great 720+
[close]
all
fair
good
great
  • Loans: $100 - $2,000
  • APR: 175% - 1,029%
  • State Licensed Lender
CashNetUSA

eligible credit type ⓘ

Visit CashNetUSA to determine actual product eligibility. This is a general estimate and actual eligibility will vary. Credit Types are defined below.

Credit Type FICO® Score
All All Scores
Fair 620+
Good 680+
Great 720+
[close]
all
fair
good
great
  • Loans: $100 - $2,000
  • APR: 299% - 456%
  • State Licensed Lender
LendUp

eligible credit type ⓘ

Visit LendUp to determine actual product eligibility. This is a general estimate and actual eligibility will vary. Credit Types are defined below.

Credit Type FICO® Score
All All Scores
Fair 620+
Good 680+
Great 720+
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all
fair
good
great
  • Loans: $100 - $500
  • APR: 155% - 164%
  • State Licensed Lender
Check City

eligible credit type ⓘ

Visit Check City to determine actual product eligibility. This is a general estimate and actual eligibility will vary. Credit Types are defined below.

Credit Type FICO® Score
All All Scores
Fair 620+
Good 680+
Great 720+
[close]
all
fair
good
great
  • Loans: $100 - $500
  • APR: 158% - 639%
  • State Licensed Lender
Cash Central

eligible credit type ⓘ

Visit Cash Central to determine actual product eligibility. This is a general estimate and actual eligibility will vary. Credit Types are defined below.

Credit Type FICO® Score
All All Scores
Fair 620+
Good 680+
Great 720+
[close]
all
fair
good
great
  • Loans: $100 - $5,000
  • APR: 180% - 740%
  • State Licensed Lender
Quik Check

eligible credit type ⓘ

Visit Quik Check to determine actual product eligibility. This is a general estimate and actual eligibility will vary. Credit Types are defined below.

Credit Type FICO® Score
All All Scores
Fair 620+
Good 680+
Great 720+
[close]
all
fair
good
great
  • Loans: $100 - $500
  • APR: 146% - 548%
  • State Licensed Lender
Speedy Cash

eligible credit type ⓘ

Visit Speedy Cash to determine actual product eligibility. This is a general estimate and actual eligibility will vary. Credit Types are defined below.

Credit Type FICO® Score
All All Scores
Fair 620+
Good 680+
Great 720+
[close]
all
fair
good
great
  • Loans: $100 to $2,000
  • APR: 178% to 680%
  • State Licensed Lender
Check 'n Go

eligible credit type ⓘ

Visit Check 'n Go to determine actual product eligibility. This is a general estimate and actual eligibility will vary. Credit Types are defined below.

Credit Type FICO® Score
All All Scores
Fair 620+
Good 680+
Great 720+
[close]
all
fair
good
great
  • Loans: $250 to $5,000
  • APR: 314% to 662%
  • State Licensed Lender
Cash Advance Now

eligible credit type ⓘ

Visit Cash Advance Now to determine actual product eligibility. This is a general estimate and actual eligibility will vary. Credit Types are defined below.

Credit Type FICO® Score
All All Scores
Fair 620+
Good 680+
Great 720+
[close]
all
fair
good
great
  • Loans: $300 to $1,500
  • APR: 725%
  • Tribe Based Lender
Big Valley Financial

eligible credit type ⓘ

Visit Big Valley Financial to determine actual product eligibility. This is a general estimate and actual eligibility will vary. Credit Types are defined below.

Credit Type FICO® Score
All All Scores
Fair 620+
Good 680+
Great 720+
[close]
all
fair
good
great
  • Loans: $300 to $500
  • APR: 780%
  • Tribe Based Lender
NationalPayday

eligible credit type ⓘ

Visit NationalPayday to determine actual product eligibility. This is a general estimate and actual eligibility will vary. Credit Types are defined below.

Credit Type FICO® Score
All All Scores
Fair 620+
Good 680+
Great 720+
[close]
all
fair
good
great
  • Loans: $200 to $1,500
  • APR: 782%
  • Unlicensed Lender -- Costa Rica
MyPaydayLoan

eligible credit type ⓘ

Visit MyPaydayLoan to determine actual product eligibility. This is a general estimate and actual eligibility will vary. Credit Types are defined below.

Credit Type FICO® Score
All All Scores
Fair 620+
Good 680+
Great 720+
[close]
all
fair
good
great
  • Loans: $100 to $500
  • APR: 782%
  • Unlicensed Lender -- Costa Rica
Cash in a Wink

eligible credit type ⓘ

Visit Cash in a Wink to determine actual product eligibility. This is a general estimate and actual eligibility will vary. Credit Types are defined below.

Credit Type FICO® Score
All All Scores
Fair 620+
Good 680+
Great 720+
[close]
all
fair
good
great
  • Loans: $100, to $1,000
  • APR: 456% to 2,281%
  • Unlicensed Lender
Tremont Lending

eligible credit type ⓘ

Visit Tremont Lending to determine actual product eligibility. This is a general estimate and actual eligibility will vary. Credit Types are defined below.

Credit Type FICO® Score
All All Scores
Fair 620+
Good 680+
Great 720+
[close]
all
fair
good
great
  • Loans: $100 to $750
  • APR: 495%
  • Tribe Based Lender
East Side Lenders

eligible credit type ⓘ

Visit East Side Lenders to determine actual product eligibility. This is a general estimate and actual eligibility will vary. Credit Types are defined below.

Credit Type FICO® Score
All All Scores
Fair 620+
Good 680+
Great 720+
[close]
all
fair
good
great
  • Loans: $300 to $1,000
  • APR: 550% to 780%
  • Unlicensed Lender

* Rates and fees vary by state. Not all lenders operate in all states. Check each lender's website for up-to-date information.

What Are Payday Loans

They are paycheck based loans. In others, they rely less if at all on credit and more on your paycheck and access to your bank account. If approved for a loan, the typical process is for the lender to deposit funds directly into your checking account. On your next pay date, the lender will automatically deduct the principal and fees from your checking account. These fees range from around $9 to $45 per $100 borrowed. For example, if $300 is borrowed and deposited into your checking account, on your next payday $327 to $435 will be automatically deducted from your account depending on the fee for your particular loan. If the full deduction can be made then the loan is paid in full and you are done. If you are unable to make this full payment some payday lenders allow you to renew the loan. The extension usually is at the same rate and you will pay fees on the unpaid fees from the previous loan. This means at your next payday (now the second payday since you took the loan) $356 to $631 will be automatically deducted from your account. As you can see, the fees add up fast and one can end up owing significantly more than the original loan. Please be careful with these loans. If you think you will be unable to pay the loan off in one or two pay periods, an installment loan may be a better option.

These loans are also referred to as direct lender payday loans, online payday loans, and payday advances.

Why Are Payday Loans So Expensive

Payday loans are unsecured loans and not based on credit history. Traditional lenders evaluate a person's credit history or take collateral, e.g. a home mortgage loan. Evaluating credit history and taking collateral helps lenders predict the likelihood of being repaid and, in the event of not being repaid, helps lenders recoup losses by seizing the collateral. Payday loans have neither credit history checks nor security. This makes them risky loans for lenders so they charge more to cover the losses from people that do not pay back their loans. In addition, there is adverse selection. This means individuals who do have good credit history and collateral are more likely to be taking payday loans. So one of the reasons these loans are expensive is the structure of the loan and another is the average profile of the borrower.

Another reason they are expensive is the lack of consistent regulation, enforcement, and transparency. This is why pricing varies so much. The market is very inefficient. See Payday Loans Too Taboo To Touch for more information on improving the payday lending space. Finally, these types of loans can be very expensive because some lenders take advantage of the emergency nature of these loans and charge very high rates.

Avoid a Vicious Debt Cycle

Payday loans are a very expensive form of borrowing. Costs can quickly spiral out of control. This is what is often referred to as a debt cycle. One starts off in a bind with a small amount of debt but within weeks the debt quickly escalates into an unimaginable amount. For this reason The Payday Hound believes these loans should only be used for emergency situations. This means one should almost never use one of these loans. See Don't Use A Payday Loan for Summer Vacation Cash or Borrow Money Options to determine if there are other options.

How Payday Loans Work

If you do decide you need emergency cash, the application process typically takes 5-15 minutes and approval is often instant. To qualify one generally must be employed, have direct deposit, and be over 18 years old. These loans are not available to members of the military. If approved, the money is typically deposited into your checking account by the next business day and is due on your next pay period plus fees. The loan can sometimes be renewed, but additional fees are incurred. Renewing is generally not a good choice, so if you believe you are unable to pay your loan in full at your next pay period, consider an installment loan.

Installment Loans Versus Payday Loans

Installment loan payments are spread out over multiple pay periods. This reduces the amount of individual payments and tje APR for an installment loan versus a payday loan but the absolute total fees paid may be higher. See Payday Loans or Installment Loans for more information. Many consumers prefer installment loans because paying the entire loan at your next pay period is often too difficult or impossible and renewing becomes extremely expensive.

Payday Loan Lenders

Companies offering these loans vary greatly. There are numerous stories in the press of individuals being taken advantage of by unscrupulous lenders. The Payday Hound prefers using established state licensed lenders. See Payday Lenders to learn more about lenders.

Find Loan Lenders by State

Payday loans are state regulated so not all lenders make loans in all states. Select your state below to find available lenders in your state.