In today’s fast-paced world, financial emergencies can arise unexpectedly, leaving many individuals in need of quick cash. Payday loans have become a popular solution for those seeking immediate financial relief. Payday lender companies and cash advance apps offer short-term loans with minimal eligibility requirements, making them accessible to a wide range of borrowers. However, it’s essential to understand the pros, cons, and alternatives before choosing a payday loan. This blog explores the top 15 payday lender companies, their features, and how to make an informed decision.
What Are Payday Loans?
Payday loans are short-term, high-interest loans designed to provide quick cash to borrowers until their next paycheck. They typically range from 100 to 1,000 and are repaid within 2-4 weeks. While they offer convenience and speed, payday loans often come with high interest rates and fees, making them a costly borrowing option.
Key Factors to Consider When Choosing a Payday Lender
Interest Rates and Fees: Compare APRs and additional charges.
Repayment Flexibility: Look for lenders offering flexible repayment options.
Eligibility Requirements: Ensure you meet the lender’s criteria.
Customer Reviews: Check reviews to gauge the lender’s reputation.
Top 15 Payday Lender Companies & Cash Advance Apps for Quick Cash
1. Check Into Cash
Loan Details:
• Amount: Typically from $50 up to $1,000
• APR: Around 200%–400%
• Term: 14–30 days
• Example: Borrow $300 and repay $360 in 14 days
Overview:
Check Into Cash has been a trusted name for over 25 years, offering both in‐store and online applications. With more than 1,000 physical locations across 31 states, they provide in‐person support, which can be beneficial if you prefer face-to-face assistance.
• Pros: Easy application process; in‐store and online options; instant approval in many cases.
• Cons: High fees and APR; available only in select states.
Eligibility:
Applicants must be at least 18 years old with a valid ID, a bank account, and proof of income.
2. Speedy Cash
Loan Details:
• Amount: Generally from $100 up to $2,500
• APR: Ranges between 200%–1,400%
• Term: 14–30 days
• Example: Borrow $500 and repay $625 in 30 days
Overview:
Speedy Cash offers quick funding and even provides repayment extensions when needed. They stand out for offering installment options on larger loan amounts, which can help manage repayment over a slightly longer period.
• Pros: Fast cash access and flexible repayment terms.
• Cons: Not available in states such as New York, Connecticut, or West Virginia.
Eligibility:
Must be 18 years old, have a valid Social Security number, and provide proof of income.
3. ACE Cash Express
Loan Details:
• Amount: Ranges from $50 up to $2,000
• APR: Typically 200%–1,500%
• Term: 14–30 days
• Example: Borrow $400 and repay $500 in 30 days
Overview:
With over 800 physical stores, ACE Cash Express offers a variety of loan types—including payday, title, and installment loans. Their diversified options help meet varying cash needs.
• Pros: Versatile loan products; both online and in-store applications available.
• Cons: High APRs and limited availability in only 23 states.
Eligibility:
Applicants must be 18 or older, with a valid ID, proof of income, and an active bank account.
4. CashNetUSA
Loan Details:
• Amount: Generally from $100 up to $3,000
• APR: Often between 200%–2,290%
• Term: 8–35 days
• Example: Borrow $1,000 and repay around $1,350 in 35 days
Overview:
CashNetUSA is known for offering larger loan amounts and even same-day funding through its online application process. Their 24/7 customer support adds to the convenience of accessing funds quickly.
• Pros: Offers larger amounts and same-day funding.
• Cons: Extremely high APRs and not available in 15 states.
Eligibility:
Must be 18 years old, have a steady income, and possess an active bank account.
5. OppLoans
Loan Details:
• Amount: Typically from $500 up to $4,000
• APR: More moderate at 99%–199%
• Term: 9–18 months
• Example: Borrow $1,500 and repay around $2,100 over 12 months
Overview:
OppLoans provides an alternative to traditional payday loans by offering longer repayment terms and reporting payments to credit bureaus. This can help improve your credit history if payments are made on time.
• Pros: Lower APRs compared to many payday loans; longer repayment terms and credit-building potential.
• Cons: Not available in Colorado, Iowa, or Nevada.
Eligibility:
Applicants must be 18 or older, with an active bank account and a minimum monthly income of about $1,500.
6. MoneyMutual
Loan Details:
• Amount: Typically from $200 up to $5,000
• APR: Varies widely (roughly 200%–2,000% APR depending on the partner lender)
• Term: 3–24 months
• Example: Borrow $2,000 and repay approximately $2,600 over 6 months
Overview:
MoneyMutual acts as a matching service, connecting borrowers with over 60 different lenders. This competitive environment often leads to multiple offers, giving you the opportunity to choose terms that suit your needs.
• Pros: Quick, free matching service that shows multiple lender options.
• Cons: As a third-party service, the final terms depend on the individual lender, which can result in high APRs.
Eligibility:
Must be at least 18 years old and have a monthly income of $800 or more.
7. BadCreditLoans
Loan Details:
• Amount: Ranges from $500 up to $10,000
• APR: More competitive at 5.99%–35.99%
• Term: 3–60 months
• Example: Borrow $3,000 and repay about $3,900 over 24 months
Overview:
Specializing in loans for borrowers with poor credit, BadCreditLoans partners with a network of lenders to offer lower APRs compared to traditional payday loans. It’s designed for those who may have struggled to secure credit elsewhere.
• Pros: Offers relatively lower APRs; good option for borrowers with less-than-perfect credit.
• Cons: As a broker rather than a direct lender, the approval process may take longer and requires careful comparison of offers.
Eligibility:
Must be 18 or older, possess a bank account, and show evidence of steady income.
8. CashAdvance.com
Loan Details:
• Amount: Typically from $100 up to $1,000
• APR: Around 200%–2,000%
• Term: 14–30 days
• Example: Borrow $300 and repay approximately $375 in 14 days
Overview:
CashAdvance.com provides quick access to funds through an entirely online process. Their partnership with tribal lenders helps extend their reach and accessibility.
• Pros: No collateral required; application available 24/7 online.
• Cons: Loan amounts are relatively small and come with high fees.
Eligibility:
Applicants must be 18 years old and typically show an income of at least $1,000 per month.
9. Viva Payday Loans
Loan Details:
• Amount: Generally from $100 up to $5,000
• APR: Usually in the range of 200%–1,300%
• Term: 14–30 days
• Example: Borrow $1,000 and repay around $1,250 in 30 days
Overview:
Viva Payday Loans is designed for fast cash access with a streamlined 5-minute approval process. They partner with tribal lenders, which allows for more flexible terms in some states.
• Pros: No credit check required; very fast online approval.
• Cons: Limited state availability (operates in only about 22 states); higher risk for long-term debt cycles.
Eligibility:
Must be 18 or older, possess a bank account, and provide proof of income.
10. CreditFresh
Loan Details:
• Amount: Typically from $500 up to $5,000
• APR: A more moderate 29%–35%
• Term: 6–12 months
• Example: Borrow $2,500 and repay roughly $2,900 over 10 months
Overview:
CreditFresh offers a revolving credit line product—a rarity among payday lenders—that comes with the benefit of no prepayment penalties. This can be an attractive option for borrowers looking for a low-cost credit line alternative.
• Pros: Relatively low APR for a short-term credit line; no fees for early repayment.
• Cons: Available only in a limited number of states; eligibility criteria can be more stringent (e.g., minimum income requirements).
Eligibility:
Applicants must be 18 or older, earn at least $1,500 per month, and have a valid ID.
11. Advance America
Loan Details:
• Amount: Often ranges from $100 up to $1,500
• APR: Can be as high as 400%
• Term: Generally 14–30 days
Overview:
Advance America is one of the largest and most recognizable names in the payday loan industry. With a vast network of storefronts and an online application process, they’re known for their quick turnaround times.
• Pros: Extensive network nationwide; fast approval and cash advances available both online and in-store.
• Cons: Extremely high interest rates and fees; borrowers risk entering a cycle of debt if not careful.
Eligibility:
Typically, applicants must be 18 or older, provide a valid ID and proof of income, and have an active bank account.
12. TitleMax
Loan Details:
• Amount: Varies widely, often higher than unsecured loans due to collateral (your vehicle title)
• APR: High, but often lower than unsecured payday loans
• Term: Usually 30–90 days for title loans
Overview:
TitleMax specializes in title loans, using your vehicle’s title as collateral. This allows borrowers to access larger sums of cash, albeit with the risk of losing their vehicle if they default on the loan.
• Pros: Can provide higher loan amounts with relatively lower APRs than unsecured payday loans; fast funding process.
• Cons: Risk of forfeiting your vehicle if you cannot repay the loan; terms can be less flexible.
Eligibility:
You must be 18 or older and own a vehicle with a clear title, along with valid identification and proof of income.
13. Cash America
Loan Details:
• Amount: Offers a variety of options from small payday advances to larger installment loans
• APR: Generally high, as with most short-term lending products
• Term: Varies depending on the product (typically 14–30 days for payday loans)
Overview:
Cash America is one of the largest payday loan providers in the United States. They offer multiple loan products designed to meet a range of cash needs, and their widespread physical locations ensure accessibility in many communities.
• Pros: Reliable access to cash with both online and in-store applications; long-standing market presence.
• Cons: High fees and APRs; risk of falling into a cycle of debt if loans are not managed carefully.
Eligibility:
Applicants must be at least 18, and provide a valid ID, proof of income, and an active bank account.
14. LendUp
Loan Details:
• Amount: Moderate cash advances typically suited to bridging short-term gaps
• APR: Generally lower than traditional payday rates, though still high compared to conventional credit
• Term: Flexible, often with options for installment repayment
Overview:
LendUp is a fintech-oriented lender that aims to provide more responsible lending options. They focus on helping borrowers improve their financial profiles through educational resources and potential credit reporting, which can help in transitioning to better credit options in the future.
• Pros: Emphasis on transparency and credit building; online application with clear repayment terms.
• Cons: Mixed consumer experiences regarding transparency and overall customer service; not available in every state.
Eligibility:
Applicants must be 18 or older and be able to verify income and identification documents as part of the application process.
15. MoneyTree
Loan Details:
• Amount: Varies widely, as MoneyTree functions as an aggregator
• APR: Dependent on the lender you are matched with, with a broad range of potential rates
• Term: Varies by lender, from short-term payday advances to longer installment loans
Overview:
MoneyTree is a third-party platform that connects borrowers with multiple lending partners, including payday and cash advance providers. This service lets you compare various offers quickly to find the most favorable terms available in your state.
• Pros: Aggregates multiple loan offers; simplifies the process of comparing different lenders in one place.
• Cons: Terms and conditions vary widely between lenders, so careful review of each offer is essential.
Eligibility:
Applicants generally need to be 18 or older, have valid identification, and provide proof of steady income.
Conclusion
While payday lenders and cash advance apps offer rapid access to cash during emergencies, they often carry steep fees and high costs. By comparing the top 15 lenders and carefully reviewing their terms, you can make a more informed decision about which option might best suit your needs. Always consider alternative financing methods and borrow responsibly.
