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Best Payday Loans & Short installment loans (2018)

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Payday Loans: Explained

Payday loans help cushion your wallet when you’re running low on cash before your next paycheck. Whether you need to get your car fixed or pay an unexpected medical bill, everyone sometimes need some quick cash, and payday loans are one way to do it. These small, short-term loans are usually due on your next payday, hence the name. But what does getting a payday loan actually entail? Read on to learn the ins and outs of payday loans so you can make the most informed decision for your finances.

Payday Loan Features
Most of the best online payday loans last two weeks or less, since you usually repay the loan when you receive your next paycheck. Unlike other personal loans, payday loan amounts are small, about $1,000 or less. Most lenders offer several options for paying you, either by giving you cash or a check, providing you with a prepaid debit card, or doing a direct deposit straight into your checking account.

Depending on the lender, you may be required to give them access to your checking account or pre-date a check for the date the loan amount comes due. You can also choose how you want to repay the loan, whether you want to pay the full amount on a specified date or make payments on the interest over an extended period of time. Talk to your lender about the different options available.

Your state:
Lender Amount Payout Cost of Credit Repayment Terms States Facts
Min: $200
Max: $2,500
In some cases same day deposit
Decision Time: 90 seconds
Cost: $30 - $750 No Penalty for Early Payoff 43 Bad credit OK
Required age: 18+
High acceptance rates
Loan connector
Min: $100
Max: $5,000
In some cases same day deposit
Decision Time: 90 seconds
Individual rates No Penalty for Early Payoff 45 Bad credit OK
Required age: 18+
High acceptance rates
Founded 2012
Loan connector
Min: $500
Max: $10,000
In some cases next day deposit
Decision Time: 90 seconds
Individual rates No Penalty for Early Payoff 49 Bad credit OK
Required age: 18+
High acceptance rates
Founded 2009
Loan connector
Longer repayment terms, from 90 days
Min: $100
Max: $1,000
In some cases same day deposit
Decision Time: 90 seconds
Cost: $15 - $300 No Penalty for Early Payoff 43 Bad credit OK
Required age: 18+
High acceptance rates
Loan connector
Need a bigger loan? Personal loans up to $35,000 »

Average decision time:
Average time from completed application to credit decision. Yes or no. Most lenders calls you on the phone after application so be prepared to answer.

Average decision time

Approved for a loan

More on Payday Loans

Who Should Get a Payday Loan?
Anyone needing a small cash advance is eligible for a payday loan. It’s an especially convenient option if you don’t have a credit card or a savings account. You don’t even need a credit check – lenders usually just require a checking account to qualify.

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Who qualifies?
Anyone over 18 can apply. But payday loans are generally easiest to secure from age 20 and over, and you need a monthly income over $1500. Lower is possible also, but chances to qualify are lower. You can also try a personal loan, longer repayment time and loans from $500. Requirements are similar to those of payday loans. All of this is also subject to state laws, but these are the general rules.

Getting a Second Chance Payday Loan
Second chance payday loans are most commonly used for individuals with bad credit who, as the name implies, need a second chance at getting a loan. Since there’s no credit check that shows up your credit report, lenders place more importance on your income since that’s what you’ll probably be using to repay your loan. Essentially, it’s like an electronic cash advance. You need your paycheck a little early, and the payday lender can front you that money via direct deposit.

When you do have bad credit and get a payday loan, you usually pay a fee that’s incorporated into your loan amount. If you view it as an APR, it can look extremely high. If you view it as a one-time charge, it may seem more manageable than other options available. Each lender has a different fee structure, so take that into consideration when you’re looking for the best payday lender available.

Don’t automatically assume that there’s no way you could qualify for a loan just because you have bad credit. Second chance payday loans are a legitimate way to take care of short-term financial emergencies, as long as you have a way to pay them back on schedule.

How to Find a Lender
Depending on where you live, you likely have access to a payday loan store nearby. Speed up the process by applying online before heading to the store to pick up your cash, use one of our listed lenders above. Or you might be offered a loan directly, this is convenient because you don’t even have to leave the house to apply and receive your funds. Loan terms and conditions vary depending on the lender, so shop around for the best deal before making a decision.

Short-term Installment Loans: A Payday Loan Alternative
If you’re looking for an alternative to payday loans, consider a short-term installment loan. This type of loan is quite similar to a payday loan, but comes with a few crucial upgrades:

  • Spread out over a longer period as a 12 month loan
  • Can provide financing up to $10,000
  • Still accepts bad credit borrowers

Plus, many of these lenders still don’t require a credit check, which helps to increase your chances of qualifying and getting the cash you need. And while most payday loans are capped between $500 and $1,000, a short installment loan can give you access to more funds. Whether you’re looking for a $3,000 loan with bad credit, a $4,000 loan, or even a higher amount, you can spread out those higher payments over a longer timeframe.

This is a big game changer for people who frequently struggle to repay their payday loans within a two-week time frame. While you should always compare rates to understand the true cost of any loan, you may be able to set yourself up for success more easily by spreading out your payments over the course of an entire year.

Short personal loans are a new trend in the financing industry and can potentially bridge the gap between traditional personal loans for prime borrowers and payday loans for bad credit borrowers. It’s always better to have more options to compare so you can find a customized financing solution for your own needs.

Summary
When choosing between a short personal installment loan and a payday loan, explore all of your opportunities to get the best deal. With the amount of reputable online lenders increasing every day, it’s never been easier to find exactly what you’re looking for. Take the time to read reviews so you make the right choice.

Valerie Mellema

Valerie Mellema
Author & writer

Article writer

Valerie is an adept writer with over 10 years of experience as a journalist. Her official launch into the journalism profession was as an Associate Editor for the College newspaper published in the Tulsa community. She has authored many books/guides. She has a degree from the West Texas A&M University. You can connect with Valerie on LinkedIn https://www.linkedin.com/in/wordsyouwant/. Read more about us »

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