Which Is the Best Payday Loan Company in the USA? [2024 Guide]

Payday loans are short-term, high-cost loans that you’ll need to repay when you get your next paycheck. These are no-credit-check loans of $50 to $1,000 that are accessible to borrowers with bad credit. For those who are struggling to pay bills or emergency expenses, this may seem like an attractive option.

Remember that you won’t pay interest but a “finance charge” on your payday loan, which can be $10 to $30 for every $100 you borrow. If you’re facing a difficult financial situation and need to rely on these loans, we’ve compiled a list of the best payday loan companies in the USA to help you make the right decision.

5 Best Payday Loan Companies in the USA

With sky-high annual percentage rates (APRs) and short repayment terms, payday loans for bad credit can be very risky. If you have no other option and need to rely on one temporarily, it’s important to compare your options carefully.

We reviewed 20 lenders based on loan amounts, APRs, repayment terms, and reviews to select our recommendations for the five best payday loan companies in the USA to make the process easier for you.

1. MoneyMutual: Best Overall

• Loan Amounts: $200 to $5,000
• APR: Varies

MoneyMutual is a lending platform that connects you to payday lenders in your state. While it doesn’t charge any fees for its services, the finance charges you pay will depend on the lender you borrow from.

You’ll need to fill out the online application form to get access to a loan offer and review the terms before you decide to borrow. However, MoneyMutual has no loan connection fees and quick funding, so it’s a good option for bad credit borrowers in need of fast cash.

Pros

• Accessible to borrowers with bad credit
• Quick funding
• No loan connection fees

Cons

• Not available in all states
• Finance charges vary based on the lender

2. SmartAdvances.com: Best for Quick Loan Approval Process

• Loan Amounts: $100 to $20,000
• APR: 5.99%-35.99%

SmartAdvances.com offers payday loans and personal loans without a credit check. You can fill out an online form to connect with lenders that may have options for your credit profile.

Keep in mind that the APRs listed above are typically reserved for larger loan amounts. If you’re planning to borrow a loan of less than $1,000, you’ll likely pay a higher finance charge.  

Pros

• Get a loan decision in as little as a few minutes
• No fees for connecting you with lenders
• Flexible loan amounts of $100 to $20,000

Cons

• Approval isn’t guaranteed even though there may not be a credit check
• High interest rates for smaller loan amounts.

3. CashNetUSA: Best for Same-Day Funding

• Loan Amounts: $300 to $3,500
• APR: 241%-449% (approximately)

CashNetUSA is an online lender that offers a number of credit options based on where you live. Depending on your state, you may be able to borrow a short-term loan or line of credit.

Loan amounts, repayment terms, and APRs vary based on where you live. For example, if you live in Wisconsin, you may be able to take out a loan of $300 to $1,000 with a term of six to nine months at an APR of 241% to 449%.

Pros

• Easy online loan application
• Same day funding
• Offers various loan options

Cons

• High interest rates in most states
• Not available in all states
• Can only borrow one loan at a time

4. Speedy Cash: Best for In-Store Services

• Loan Amounts: $100 to $700
• APR: 212.92%-729.82% (approximately)

Speedy Cash offers title loans, lines of credit, payday loans, and installment loans in multiple states through its stores as well as online. The APRs you’ll pay vary based on the state you live in, the type of loan you borrow, and the term length.

Pros

• In-store and online services
• Funding in one business day
• Available in multiple states

Cons

• High APRs for 14-day terms
• Additional verification may be needed for some borrowers

5. Ace Cash Express: Best for Smaller Loans

• Loan Amounts: $50 to $1,500
• APR: 662% (estimated)

Ace Cash Express offers payday loans in eight states online and through its physical stores. In some states, you may be able to borrow loans as small as $50. The website offers detailed information about the finance charges you’ll pay depending on your state.

Pros

• Transparent about fees
• Multiple short-term loan options
• Several physical locations in eight states

Cons

• You may not qualify if you’re in the military
• APRs can be quite high in some states

What are Payday Loan Companies?

Payday loan companies are financial institutions that provide short-term, high-interest loan services. These lenders don’t rely on your credit score but will instead make a lending decision based on your income.

These lenders typically offer small loans of up to $1,000, which need to be repaid on your next payday. Keep in mind that the legal status of payday lending varies by state. In states that have usury laws, payday lenders have to follow the state’s small loan rate cap.

How do Payday Loan Companies Work?

Payday loan companies can offer their services online or through physical stores. Borrowers can apply for the loan by filling out a simple application form with questions about their income and employment status.

Payday lenders don’t check your FICO score but will determine your eligibility based on your income. If approved, they’ll provide you with a loan agreement that specifies the loan amount, repayment date, and finance charges, which are often $10 to $30 for every $100 you borrow.

You’ll usually receive the funds in your checking account within one business day. On your next payday, the lender will automatically withdraw the loan amount you borrowed plus fees from your bank account.

Risks and Benefits of Borrowing From Payday Loan Companies

Payday loans can be quite expensive, especially if you can’t repay the loan on time. While there are some immediate benefits of payday loans, carefully consider the risks before you borrow.

Risks

• Payday loans don’t help build credit because they don’t report to credit bureaus
• It may be very difficult to get out of debt if you can’t repay on the due date
• Payday loan companies charge very high finance charges

Benefits

• It’s easy to qualify for these loans even with bad credit
• You’ll get quick cash for emergencies
• You don’t risk losing your assets if you fail to repay the loan since these are unsecured loans

How To Find Payday Lenders Near You

You can borrow from payday lenders online or through physical stores near you. These loans are offered by local lenders, and you can simply walk into the store and apply for the loan.

A simple online search will provide you with the names of lenders that serve payday loan borrowers in your city. You’ll then have to narrow down the options to find a lender that’s best for your financial needs. Keep in mind that payday loans are not legal in all states.

How To Choose the Best Payday Loan Company

If you’re planning to borrow a payday advance loan, there are a number of things you should consider to choose the best possible option:

• While you don’t need good credit to borrow a payday loan, lenders will still look at your income. Check the lender’s qualification requirements to ensure you qualify.
• Expect to pay a high APR on payday loans. However, some loans have rate caps to protect the borrowers. Compare the finance charges of different payday loan lenders to choose the most cost-effective option.
• Check to see what additional fees you may have to pay, such as late fees, origination fees, and processing fees.
• Check the lender's online reviews on websites like Trustpilot and the Better Business Bureau (BBB).

Explore Alternatives Before You Borrow From a Payday Loan Company

While a payday loan company can provide you with loan funds within one business day, it’s not cheap. You’ll likely pay triple-digit APRs for the convenience. We recommend exploring other alternatives before you decide to borrow a payday loan. Here are a few options to consider:

• Borrow from family members or friends for a low-cost loan.
• Check if your credit union offers a payday alternative loan (PAL). These loans are safer and cheaper than payday loans.
• Apply for a personal loan through a credit union, bank, or online lenders. Some lenders may offer loans even if you have bad credit.
• Check to see if you qualify for peer-to-peer loans through online marketplaces.