Best payday loans: Top 5 online payday loans for bad credit with fast processing time in 2021



In need of a quick loan to sort out an emergency or clear a pending bill? Then you might have heard of the easy-to-secure, security-free payday loans.

Although controversial, payday loans come with their fair share of advantages: No credit checks are conducted, and they’re usually approved and dispensed fast – usually within a day.

But with several lenders offering quick payday loans, choosing one with the best rates, loan limits and friendliest policies can prove daunting.

Luckily, that’s where we come in.

In this read, we’ll take an in-depth look at some of the best payday loans platforms that can give you access to pocket-friendly loans under the best terms.

Ready? Then let’s get you sorted!

Best Payday Loans: Quick Overview

1. – Best Payday Loan

MoneyMutual website logo.

MoneyMutual website logo.

MoneyMutual is among the most popular (and trusted) loan aggregators. The website acts as a linking platform between loan seekers and genuine money-lenders.

Since launching in 2010, MoneyMutual has established itself as a reliable linking platform – in the process serving over 2 million happy clients.

Once you’re signed up, you’ll get access to several lenders, which allows you to choose companies with the best rates.

So how do you get started on MoneyMutual?

Easy, all you’ll need to do is provide your information by filling a simple and secure online form. MoneyMutual will then forward your details to potential lenders for further review.

Upon reviewing your details, the lenders will then decide whether or not they want to lend you. Of course, the decision to loan is usually determined by several factors such as company policy and the details provided in the filled form.

Put simply, MoneyMutual stands out due to its ability to link serious clients with several legit lenders.

But before you , it’s advisable to compare the offers presented and choose one that appeals most to you. Once you agree to the terms, the lender will contact you and provide further assistance on how (and when) you’ll have your funds deposited.

Although MoneyMutual will link you to several legitimate lenders, you should do your diligence and compare different offers before settling for a particular loan package.

Pros

  • Links clients with lenders
  • Instant loans in under 24-hours
  • Large customer & lender base
  • Simplistic website

Cons

  • Not available in New York and Connecticut
  • Interest rates vary depending on the lender

Best Features of MoneyMutual

Matches Borrowers With Lenders

MoneyMutual does all the dirty work for both lenders and clients in pursuit of short loans.

For clients, MoneyMutual gives you a list of potential lenders that are willing to work with you despite your unfavorable credit history.

And for lenders, MoneyMutual provides much-needed leads to serious clients.

This helps save time, especially if you don’t have the luxury of waiting for feedback from lenders who can turn down your loan request.

Free Service

MoneyMutual links clients and lenders at no extra cost to the clients. Basically, you’ll be using the services for free. This means you can use MoneyMutual as many times as possible without incurring any extra costs or deductions to your bank account.

Your work is just to register and compare rates and terms of different lenders to ensure you choose a good financial partner.

The only thing you need is a stable internet connection and relevant documents to prove employment.

Secure, Easy-To-Fill Form

If you’re a new client, you’ll need to fill out a loan application form by providing personal details such as name, where you live, your salary, a form of employment, and duration of employment.

These details will then be forwarded to lenders for further review to determine your eligibility for loans.

MoneyMutual’s form is secure and usually takes no more than five minutes to fill.

You’ll also be glad to learn that no complaints have been lodged about leaked user information since the company’s launch – a true testament to MoneyMutual’s commitment to maintaining user privacy.

Simplistic Website

MoneyMutual has a simplistic, easy-to-use website that makes browsing a breeze for both first-timers and returning customers.

The minimalist interface helps keep everything simple as there’s only one button, the menu button, which is located on the top left side of the website.

Clicking on the menu button will give you access to 3 main buttons, MoneyMutual, Resources, and Legal. You can then tap on these buttons if you want further information and instructions on getting started.

The presence of an FAQ section also helps make things easier for clients, especially new ones that know little about MoneyMutual. In addition, you’ll get to learn more about the network’s policies and limitations, which should help guide your decision-making process.

Friendly Eligibility Criteria

The last thing you want is a financial partner with unfavorable eligibility criteria as it reduces your chances of securing short- or long-term loans.

However, MoneyMutual doesn’t disappoint in this regard as it has one of the customer-friendliest eligibility criteria around.

Besides being 18 years and above, you must have an active checking account and earn no less than $800 a month.

You’ll also need to upload relevant documents as proof of employment.

The higher your yearly income, the more your chances of securing big short-term loans of up to $5000 from lenders that partner win the network.

2. – Best For Quick Loan Approval

CashUSA website logo.

CashUSA website logo.

needs no introduction when it comes to personal loans. For several years, the company has helped tons of clients secure both short and long-term loans.

Point to note, though, CashUSA is a network that links lenders and clients and not a lending company.

The platform’s primary role is to link clients like you with willing payday lenders, ensuring that both parties get what they want – loans for clients and business for lenders!

Before suggests potential lenders, you must file a request form and attach the required documents as proof of employment. The info will then be forwarded to lenders, who will review your details to determine the personal loans that you qualify for.

Fret not, for there is some good news – CashUSA doesn’t conduct credit checks, so you can stop holding your breath now!

And the good news doesn’t stop there.

guarantees a real-time review of your details as your form will be forwarded and reviewed by potential lenders in minutes, boosting your chances of receiving cash in your bank account in less than .

Once your form has been forwarded, you’ll be redirected to interested lenders who can choose to call, email or text you to present their offers.

Did we mention that you can receive a personal loan of up to $10,000 if your annual income is consistent and high enough?

Another feature that makes a trusted payday loan platform is its commitment, through its education center, to educate potential clients on the regulations and best practices of short and loan term loans.

By clicking on the education center button, you’ll learn more about debt, finance, and how to get your money to work for you.

Pros

  • Fast & easy application
  • Ideal for long & short term loans
  • Transparent
  • Education center
  • Wide network of lenders

Cons

  • $1000 minimum monthly income
  • Credit check conducted for long term loans
  • Potentially high-interest rates

Best Features of CashUSA

Simple Eligibility Criteria

As mentioned earlier, CashUSA doesn’t consider your credit score or credit history to determine your eligibility for payday loans.

However, you’ll still need to meet some requirements for your loan request to be successful.

Besides being 18 years and above, you’ll also need to earn a minimum of $1000 per month (after taxes). You must also have a checking account from a recognized bank in your official name and be a U.S citizen or a permanent resident to qualify for a loan.

also requires you to provide a valid phone number(s) and a functional email address.

Educational Resources

Taking same-day loans without understanding the implications they might have on your personal finances is a sure recipe for disaster!

In addition to linking you to potential lenders, CashUSA takes it a notch further and provides valuable educational information to help you make informed choices on matters involving personal loans.

The education center is packed with tons of useful articles that teach you everything from loan management to preparing for payments and even how to choose the best lenders.

You’ll even learn more about the risks that come with payday loans and how to prevent your personal loans from accumulating.

Therefore, if you’re relatively green about short and long-term loans, spending some time reading articles in the education center is highly recommended.

Transparency

CashUSA is transparent in its transactions and activities. On the top right side of the home page, you’ll spot a disclosure button that guides you on what it does with your information and how it earns from lenders.

Not all payday loans service providers are open about their activities and usage of user information, which gives CashUSA a massive edge over its competitors.

Clicking on the disclosure button allows you to learn more about the terms and operational boundaries of CashUSA. This helps you determine whether you’ll continue with the loan aggregator or try out another agency with better policies.

Fast And Flexible

is a favorite for most clients due to its speed. You won’t need to wait for days to receive feedback from potential lenders. All it takes is a couple of minutes to fill out the form and await feedback from interested lenders.

The process is even faster if you’re a returning client.

And although CashUSA lives up to its promise of providing same-day loans, you should compare prices and carefully go through the terms of credit before settling for a particular lender.

Remember to check on factors such as annual percentage rate (APR), penalties for default, and repayment terms before agreeing to personal loan terms.

3. – Best For Direct Deposits

BadCreditLoans website logo.

BadCreditLoans website logo.

As the name suggests, BadCreditLoans is a financial-assistance platform that helps clients, more specifically those with poor credit scores, secure loans of up to $10,000.

BadCreditLoans acts as a link between clients in desperate need of financial assistance and legitimate payday lenders willing to provide unsecured loans without a credit check.

Not too many payday loan aggregators boast a large lender network like BadCreditLoans. The loan aggregator’s lender network comprises both state and Tribal lenders. And although tribal loans are easier to secure, they do come with higher rates and fees due to the risks involved.

To use Bad Credit Loans, you’ll first need to provide your personal details by filling an application form. The loan aggregator will then forward your details to its network of legitimate payday lenders and a host of other trusted financial service providers.

Although BadCreditLoans doesn’t conduct a credit check, you’re still not guaranteed of securing a loan as the final decision comes down to lenders.

However, BadCreditLoans can recommend other lenders or financial partners that offer credit repair, debt relief, and a host of other credit-related services for clients with bad credit scores.

No need to worry about hidden costs as BadCreditLoans will link you to lenders

BadCreditLoans also has several pages dedicated to helping you detect scams. You’ll get to learn more about debt collection scams, job scams, loan scams, mortgage loan relief scams, and wire transfer scams.

Besides payday loans, you can also use BadCreditLoans to secure auto, home, mortgage, business, credit card, student, and installment loans.

Be warned, though, that credit checks will be required when processing long-term loans.

Pros

  • Fast application process
  • Lengthy loan terms of up to 72 months
  • Free scam advise
  • Wide range of loan products

Cons

  • Loan requests might be declined
  • Not BBB accredited

Best Features of BadCreditLoans

Secure Online Form

The last thing you want is your personal information being sold and auctioned to third parties without your knowledge. So BadCreditLoans’ online form is encrypted and regularly monitored for any breaches.

The form is also easy to fill, making the same-day loan request process a breeze!

When filling the form, you’ll need to provide personal details like monthly salary, duration of employment. Attaching relevant documents is also necessary if you’re to secure a loan with BadCreditLoans-recommended lenders.

Simple Eligibility Requirements

You don’t need to have a squeaky clean credit score to secure loans with lenders partnering with BadCreditLoans.

As long as you’re above 18, have a consistent income, and can provide proof of citizenship, then your loan request is likely to be successful.

You also don’t have to be employed to have your loan approved as proof of self-employment, Social Security benefits or disability can also help you get a loan.

However, you must have an active bank account registered under your official name and provide working phone numbers as well as an active email address to have your loan request approved.

Fast Approval

Same-day loans need to be for any urgent bills. BadCreditLoans understands that and acts quickly by forwarding your details to lenders. The lenders then examine your details and decide whether or not they’re willing to give you a loan.

BadCreditLoans will give you a list of interested lenders willing to deal with patients with low credit scores. This means you must review the terms of each lender before making a choice.

If you’re comfortable with a lender’s terms and want to commit to the loan, you’ll then need to make the agreement official through an e-signature to kick start the disbursement process.

Free Resource

BadCreditLoans will do all the dirty work for you at no extra cost. You won’t need to make any payments when filling out the loan application. Your work will be to fill the form as honestly as possible and upload the necessary attachments.

If a particular loan offer doesn’t appeal to you, then you can check other offers, if any, without spending a single coin.

You’ll also appreciate the wealth of free resources on the BadCreditLoans website.

Besides lessons on how to detect scams, you can also access several finance-related articles at no extra cost!

4. – Best For Small Payday Loans

CreditLoan website logo.

CreditLoan website logo.

Since launching in mid-1998, CreditLoan had helped millions of clients secure emergency loans when other lenders disregarded and ruled them out. In addition, the loan aggregator claims to have helped over 33 million visitors to improve their financial discipline.

In truth, is more than just a payday loan aggregator.

The site has several educational resources that discuss credit reports, personal loans, bad credit loans, and other important financial and credit-related topics.

The wealth of information on the website ensures you know what you’re getting into before you apply for a loan. This feature makes it an excellent platform for clients who know little to nothing about accessing payday loans online.

Getting started is fairly straightforward as you’ll need to fill a form and provide your personal details. will forward your details to potential lenders, who will then decide on whether or not to lend you, but without conducting a credit check.

With , you won’t have to worry about a bad credit score ruining your chances of securing loans as it partners with reputable lenders to provide small loans to qualified clients.

Pros

  • Offers financial advice
  • Secure
  • Quick fund transfer
  • No credit check
  • Large network of lenders

Cons

  • Hard to qualify for large online loans

Best Features of

Trusted By Both Lenders And Clients

You won’t find many loan aggregators that command as much respect as . Having been active for well over 20 years, the platform has established a reputation as a reliable link that connects trusted lenders with qualified clients.

Additionally, is also McAfee Secure, and TRUSTe certified, making it a secure gateway for online transactions.

All your details are safe and won’t be shared with third parties without your approval.

Fast Loan Approval

Courtesy of ’s quick preview feature, you can have a quick look at your application details before submission. This eliminates the need for backs and forths that can occur if you submit incorrect details.

Moreover, has a wide network of lenders, which increases the chances of securing payday loans despite having a poor credit score.

Most transactions are completed within one business day, which makes the loan aggregator an ideal platform if you’re after quick loans to offset personal emergencies.

Wealth Of Resources

Another standout feature of is its commitment to providing users with information.

All loan products and services listed on are explained in-depth, ensuring you have relevant information before settling for a particular product. You get to learn important details like the ideal debt-to-income ratio, credit utilization ratio, how to choose lenders, and many more.

also has a detailed FAQ section that explains the loan application procedure and what to expect in greater detail.

5. – Best For High Loan Limits

PersonalLoans website logo.

PersonalLoans website logo.

is a loan aggregator that boasts a wide network of compliant lenders. Once you fill ’s loan request form, your details will be presented to trusted lenders with the aim of securing you a quick cash advance.

The loan aggregator helps clients borrow short and long-term loans for a number of reasons such as debt consolidation, home improvement, bad credit, medical expenses, and even tax loans.

Unlike most loan aggregators that encourage clients to take up loans in order to earn commissions from lenders, PersonalLoan takes a different, more reserved approach by communicating all the pros and cons of the various loan products offered.

For instance, the website strongly advises against taking payday loans not unless the situation is urgent.

Therefore, if you want to make inquiries about a particular loan product, you might want to browse through the site and get more details.

Pros

  • Ideal for a high loan amount
  • Straightforward application
  • Variety of loan products
  • Fast approval
  • Large network of willing lenders

Cons

  • User information might be shared

Best Features of

Large Network Of Lenders

boasts a wide network of lenders that provide different loan products from payday loans to peer-to-peer loans and personal installment loans. This increases your chances of securing a payday loan from a good online lender despite having a bad credit score.

To get a good deal, it is advisable to compare the loan products offered by several lenders.

Ideally, you should check on factors like loan repayment period, interest rates, penalties, and maximum loan amount.

In-Depth Loan Description

Unfortunately, most of us pay little attention to loan terms when in urgent need of money, which, on most occasions, tends to lead to poor financial decisions.

CreditLoans understands the risk that comes with different loan products, hence its decision to educate and caution clients before taking up loans.

For instance, if you aren’t sure about payday loans, you can read more about the product and its pros and cons on the official CreditLoan website.

The loan aggregator also shares more about other personal loan products to help its clients make informed decisions.

Simple Eligibility Criteria

While a credit check might be needed if you’re looking to secure long-term loans on , proof of residence, a valid Social Security number, and proof of consistent income should be enough to have your payday loan approved by lenders.

Besides proof of earning, you must also be a holder of an active bank account where your funds will be deposited by your preferred lender.

Fast Deposits

If you’re in an emergency and want an instant loan without trying out different lenders, then might be your best bet. The linking process is fast since presents your details to lenders immediately after you fill the form.

Be on the lookout for lender feedback, as you’ll need to sign the agreement form electronically for the transaction to commence.

On most occasions, you’ll have your full loan amount processed and deposited to your bank account less than 24 hours after agreeing to the lender’s terms.

FAQs About Payday Loans

Where Can I Borrow Money Asap?

If you’re in need of borrowing money Asap, then you can try requesting an emergency loan from your bank (if you have a good credit score).

However, suppose you have a negative credit history. In that case, you might have to apply for a payday loan, which is usually easy to access if you have a consistent salary that meets a lender’s minimum requirements.

Be warned, though, that most payday loans come with high-interest rates of up to 30%, which can lead to severe salary deductions, consequently creating a costly ‘borrowing cycle.’

How Is Online Lending Better Than Conventional Lending?

(Adobe Stock) person applying for a payday loan on a laptop.

(Adobe Stock) person applying for a payday loan on a laptop.

Although online lending comes with its fair share of cons, its many advantages have caused a shift in lending, with most people preferring digital loans to traditional loans.

Below are some of the reasons behind the massive growth of online lending.

Minimal documentation

Banks are notorious for their endless (and often demoralizing) bevy of paperwork. Besides filling forms, you’ll need to submit photocopies, have documents attested, and present references, which can prove overwhelming, especially when looking for emergency loans.

On the other hand, online lenders take a more business-oriented approach by keeping things simple.

While some soft copy versions of documents will be required, the process is usually smoother and more straightforward than using traditional lenders.

Loan Processing

When applying for loans from traditional lenders, you’ll most probably have to wait for several days or even weeks for a credit check to be conducted before your loan is approved and processed.

Contrastingly, online lenders process loans in a matter of minutes and have funds deposited within 24 hours (if all documents and required details are provided).

The speed of processing loans has made online lenders popular among clients in need of emergency loans.

Ability To Choose

Registering on sites like and gives you the freedom to choose from suitable lenders. This is usually impossible when dealing with traditional lenders like banks that mostly offer loans to registered clients based on savings. .

Eligibility Criteria

Online lenders have less strict repayment terms and policies compared to traditional lenders. While this is a huge advantage, it also comes with higher interest rates and monthly payments due to the risks involved.

Do Payday Loans Affect Credit Score Negatively?

Payday loans are not usually reported to national credit reporting agencies. But if you fail to honor your payments and the lender sends your loan to a debt collecting agency, you might end up being reported to the national credit bureaus, which can further worsen your credit score.

Your credit score is also likely to reduce if you lose a court case due to unpaid payday loans.

What Is The Interest Rate Charged To People With Poor Credit Scores?

The interest rate of a loan usually varies from lender to lender. However, clients with poor credit scores will have to contend with higher interest rates and monthly payments due to the high risk of defaulting.

The good thing is most payday loan lenders don’t check credit scores, meaning your poor score won’t have any implications on your interest rates.

Can I Apply And Get A Loan The Same Day?

(Pixabay) hand with green pen circling the word “Approved!”

(Pixabay) hand with green pen circling the word “Approved!”

You can apply and get a payday loan the same day if you borrow from lenders with fast approval and loan-processing rates, like and .

Therefore, to get your loan in a timely fashion, it is advisable to inquire about loan processing times before agreeing to a loan, as some lenders can leave you waiting for up to 3-5 business days.

And to boost the chances of same-day loans, having all your documents on standby when filling the loan application form is highly recommended. The faster you fill the form and respond to interested lenders, the sooner you’ll have your funds deposited into your account.

What Are the Best Payday Loans Online For Bad Credit?

The best payday loan for bad credit should have reasonable interest rates, be disbursed in a timely manner, and come with good terms of repayments.

Premier loan aggregators like and CashUSA are well known for their large network of reputable lenders, which allows you to choose a lender whose loan limit and terms appeal to you (and your finances) the most.

What Are Some Of The Things To Watch Out For With Payday Loans Companies?

Payday loans companies can come to your rescue in your time of need. However, the risks involved with these easy-to-access loans are usually high, exactly why you should handle them with caution.

Here are some things to consider before entering an agreement with a payday loan company.

Interest rates

It’s no secret that payday loans come with unreasonably high-interest rates. As a result, you should always compare the rates of several lenders before making loan agreements.

Some lenders attach enormous interest rates, especially in states where payday loans are yet to be regulated. And since these loans are usually short-term and deductible from your next paycheck, be sure to pick a lender whose rates won’t leave you worse off than you are currently.

Loan Terms

You should always go through a lender’s terms before agreeing to a loan. Failure to go through terms and conditions might leave you red-faced in case you experience unprecedented salary delays.

Ideally, a good lender should be willing to listen to you and give you enough time and favorable terms to pay back, especially if you communicate early enough.

Avoid lenders with hard-pressing terms and penalties as they’re likely to give you a hard time in case you have difficulties clearing the loan amount.

Reputation

Although most lenders recommended by loan aggregators are usually trustworthy, it is still important to do a quick background check before entering into a loan agreement.

Check on factors like customer reviews, penalties for late repayment, monthly installments, interest rates, and their customer support team.

Choosing a lender with an active support team means communication will be streamlined throughout the loan processing and repayment processes.

Should I Take A Payday Loan?

As much as a payday loan can help out during emergencies, it shouldn’t be your first, second, or even third resort. These loans come with high-interest rates and can easily trap you in a cycle of bad debt if you’re not careful enough.

But if you have a poor credit score and no savings to lean back on, then a payday loan might be your best bet.

However, you should be extra careful when choosing payday loan lenders as some set unrealistic interest rates that can leave your salary severely slashed, forcing you to borrow over and over again!

Best PayDay loans: Wrapping Up

Now that we’ve reviewed some of the best payday loans platforms in the country, the ball is entirely in your court to choose one that perfectly meets your needs.

For instance, is ideal if you want access to a list of credible lenders with fair-enough interest rates, while is a great option if you want your emergency loans processed fast.

You can also consider BadCreditLoans if your credit score is poor and you don’t have any savings to bail you out.

Whichever option you prefer, it is advisable to pay close attention to a lender’s interest rates and loan terms to ensure you don’t sink deeper into debt!

This content was originally published here.