Best Recommended Payday Loans
When it comes to personal finances, everyone has their own personal struggles and hardships at some point or another. Fortunately, there are a variety of options and routes.
MoneyMutual
Pros
- No loan connection fee.
- Same-day approval and funds.
- Accessible to low credit scores.
Cons
- Not available nationwide.
- The middleman between borrowers and lenders.
MoneyMutual should be viewed as one of the best overall payday loan options, offering a range of money up to $5,000 for those who are in dire need of funds. Through their online marketplace, you will have direct access to lenders without any application fee for you to pursue funds!
Viva Payday Loans
Pros
- Approval speeds in as low as 2 minutes.
- Various repayment terms to suit your needs.
- Very low APR.
Cons
- Conditions are dependent on state and availability.
- Must earn $1,000 or more per month.
Viva Payday Loans is a great option if you’re looking for virtually immediate approval with repayment needs that suit your specific needs. Through their quick and efficient process, you can apply and receive the funds within 15 minutes of your application submission! Consider Viva Payday loans as a great option for you if you need funds as quickly as possible.
BadCredit Loans
Pros
- Easy online application process.
- No collateral is required for funds.
- Immediate funds are deposited directly to your bank account.
Cons
- Restricted to certain states.
- Must be a US citizen or legal resident.
- Must have a checking account for direct deposit.
If you are looking for an easy online application process for you to apply for a payday loan and receive the necessary funds, BadCredit Loans is your best bet. The best part about their website? They are completely transparent in their loan conditions regarding the interest rate, fees and other components.
247FastFunds
Pros
- Option for automatic repayment.
- Typically receive funds within one day of application approval.
- Loan amounts up to $5,000.
- Accepts no credit history.
Cons
- Potentially high interest rates or fees.
- Difficult customer support.
- Loan repayment terms up to 24 months.
In terms of payday loans, 247FastFunds is a great option if you are in need of guaranteed approval in a relatively quick turnaround time. With automatic repayment options and the ability to receive approval without any credit history, this is a great option for individuals with completely new credit who are in a pinch for funds!
What is a Payday Loan?
So, what is a payday loan? A payday loan is a short-term, high-cost loan that you can use to cover your cash needs in between pay periods. Essentially, you will borrow a small amount to cover your immediate costs and will then repay the loan in a few weeks.
Typically, these loans are not as cut-and-dried as you might think or expect on the surface. Oftentimes, these loans come with steep fees or rates that could make it more difficult to repay than you might initially think.
Should you take out a Payday Loan?
In terms of making the decision to take out a payday loan, it is really up to you on a case-by-case basis. Generally speaking, you should not take one out unless you are in a pinch and need the funds to pay a required expense or bill like groceries, rent or utilities.
If you decide to use a payday loan for an emergency expense, it is important to know the pros and cons of payday loans in general and specific payday loans that you might pursue – let’s cover that below.
Pros
- Easy application & approval process.
- Nearly immediate access to the requested funds.
- Does not require good or great credit.
Cons
- Steep interest rates & short repayment periods.
- High-risk & can lead to debt snowballing.
Top-Rated Payday Loan Providers
It is important to understand the gravity of payday loans and the dangers of taking one out before you consider it for any emergency expenses or funding requirements. Please proceed with caution and explore all opportunities in front of you – if payday loans aren’t handled accordingly, you risk having the debt snowball out of control and potentially putting you in a worse position than prior to taking the loan.
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