Are there payday loans with guaranteed approval available online?
While the financial world has few lending options that will automatically be approved no matter how low your credit rating is, these payday loan options come close.
Having bad credit can happen to anyone. A bankruptcy, a foreclosure, not paying bills on time, or not paying them at all are a few of the situations that can result in a bad credit score, but so can having a high ratio of debt to income.
A financial emergency can make a payday loan seem like salvation, but the interest and fees attached to payday loans can sink a careless consumer into a debt hole they might be in for years.
However, if the payday loan keeps you from having even more expense from overdraft fees from your bank and if you can repay the loan on time and not opt to renew, an online payday loan with guaranteed approval makes sense.
We recommend that consumers agree to online payday loans carefully and to make sure they know exactly what they’re signing up for.
How Do Payday Loans Work?
An unexpected expense such as a car repair or an error in budgeting can be an emergency if payday is a week or more away. These expenses can lead to checking account overdraft fees if you bounce a check trying to pay these expenses.
Payday loans help consumers through these short-term needs. These loans are for small amounts, sometimes as little as $100, and are usually repayable in 30 days or less, depending on when your next payday is. If payday loans keep you from incurring other costs that are more expensive, then they make sense.
For example, if a $200 payday loan costs you $50 to $60 but saves you from multiple insufficient funds penalties at your bank that would add up to $90, then getting an online payday loan could be smart.
These short-term loans are usually risky for lenders since they are aimed at those who need to borrow smaller sums and may have credit histories that are less than perfect. This is why these loans have steep interest rates and penalties for slow repayment.
What Are Payday Loans & How Do They Work?
10 Payday Loans with Guaranteed Approval
After reading those warnings, you might want to consider alternatives to online payday loans. With careful consideration, though, an online payday loan might solve a short-term financial problem. If an unexpected expense will leave you facing overdraft fees from your checking account, getting an online payday loan to shore up your balance might make sense.
Keep in mind that while most payday loan applications are approved, they’re not guaranteed to be. Being 18 or older, a U.S. citizen or permanent resident, and having a job and a checking account are required for most if not all payday lending.
Here are 10 virtually guaranteed ways to get money fast, including online payday loan sites that offer guaranteed approval or close to it, even for those with bad credit.
CashUSA lenders can advance amounts up to $10,000 in loans, although some credit scores won’t qualify for the maximum loan amount. Consumers with all types of credit scores are free to search for lenders on CashUSA.com.
To qualify for these loans, a checking account, email, and phone number are required as well as, being at least 18 years or older, a U.S. citizen or permanent resident, and having a job paying a required minimum of income each month.
If your short-term money problems can be solved with a payday loan for $250 to $2,500, check into MoneyMutual.
MoneyMutual works with lenders who specialize in helping those with less than perfect credit. These lenders compete for your business, so from your laptop or cell phone, you can compare rates and terms to see what’s best for your situation. You could have your money in as little as 24 hours.
BadCreditLoans name says it all. They’ve been helping consumers with poor credit scores since 1998, connecting them with lenders who want and will compete for their business. BadCreditLoans is not a lender, but when filling out their online application you will be matched with several lenders in the industry that can provide you with the help you need for your financial situation.
Loan mounts range from $500 to $10,000, and funds are transferred as soon as the next day. Interest rates vary by lender but tend to be steep for payday loans.
PersonalLoans offers loans up to $35,000 even to customers with low credit scores. Options may include peer-to-peer loans as well as payday loans and bank loans. Payday loans will not offer as much money, and normally average around $500.
Repayment periods range from three months to six years, and the interest rates on these loans can go all the way to 35.99 percent or more. For payday loans, your loan offers and amounts will depend on your credit history, income, and the laws in the state you call home. Though PersonalLoans works mostly with offering personal loans, they do offer payday loans.
If you have a job, but payday is a week away, CashAdvance is a good option for loans from $100 to $1,000. Keep in mind, though, that interest rates from CashAdvance lenders range from 200 percent to 2,290 percent, making these loans quite expensive.
While CashAdvance doesn’t see bad credit as a problem, their lenders will require that you have a job that pays at least $1,000 a month and that you have been working there for at least 90 days.
At most payday lenders, customers get the same high interest rate no matter their credit score or repayment history. LendUp’s difference from other online payday lending options is that they reward their customers’ prompt repayment with future access to larger loans at lower interest rates.
If you plan to take out payday loans often, LendUp might offer you better interest rates over time, depending on your timely repayment. Of course, frequent payday loans should be a sign that your budget should be reviewed.
Keep in mind that with single-payment loans, LendUp only offers loans that range from $100 to $255 with an APR of 458%, so this site may not be the right option if you need several hundred dollars.
With Check Into Cash, the goal is to make the application process as quick and easy as possible – and it’s extremely easy to get approved. Unlike some lenders, there’s no credit check, and approval could come within minutes.
While they’re known for their payday loans, Check Into Cash does include options for installment loans, title loans, and a flex line of credit. For their payday loans, you can receive as little as $50 to as much as $1,500 – depending on where you’re located. Like any payday lender, they can only offer as much as your state allows.
Currently, Check Into Cash doesn’t serve every state, but they do have over 650 locations in over twenty states.
8. Check ‘n Go
With locations in fifteen different states, Check ‘n Go is more than just a popular payday lender – they’re actually one of the founding members of the Community Financial Services Association, which helps monitor responsible and ethical lending practices.
Unlike an in-person payday lender, you don’t need access to a fax machine to get your money with Check ‘n Go. As long as you’ve got an internet connection and a few minutes to fill out their online application, you could get your funds deposited as soon as that same day, or early the next.
As a CFSA member, Check ‘n Go also gives its customers a limited time frame to rescind or refund their loan if they decide they don’t want the cash advance after they’ve already signed up for it. As far as how much you can borrow, Check ‘n Go abides by state laws – so, they’ll offer the minimum and maximum borrowing amounts that your state allows.
If you need cash in your hands within the day, you can get it from SpeedyCash without ever leaving your couch. The mission statement behind SpeedyCash is that they want to provide loans to everyone – regardless of how poor your credit score is. And, since their beginning in 1997, SpeedyCash has lived up to that promise.
For this reason, you don’t need to worry about a credit check when you apply for a payday loan with this lender. As long as you’ve got proof of steady income, a bank account, an ID, and a working phone number, you’re almost guaranteed approval from this lender. The application process is just as simple, and most of the time, you’ll have approval within the hour of submitting your online application.
Depending on your state, some of their loans may only be available in-store, but SpeedyCash does still offer online loans in states where they can. Pay rates also depend on where you live – but SpeedyCash hands out everything from $50 to $500 in payday loans.
10. ACE Cash Express
Some online lenders may not have the best reputation, but with ACE Cash Express, you’ll be getting one of the leading financial service providers as well as the largest owner of check cashing stores across the country. With stores in eighteen different states, people anywhere from California to Minnesota are eligible for a payday loan.
In fact, they’ve had their doors open since 1968, so ACE Cash Express has no shortage of lending experience as a financial service provider.
ACE Cash Express seeks to make their online application process as simple as possible, and there’s no credit check to deal with. All you need is your social security number, a source of income, and your banking information, and you’ll have your funds deposited overnight (or the morning of the next business day).
There’s also the added perk of a 72-hour refund policy. If, within 72-hours of receiving your loan, you decide that you no longer want the money, all you need to do is return the money and there’s no added fees or interest.
As far as how much you can borrow, the amount depends on your state, but ACE Cash Express offers anywhere from $100 to $1,500 in payday loans. If you need to, ACE Cash Express will allow you to refinance your loan if you’re eligible to do so.
Costs of Payday Loans
Regardless of where you get them, payday loans can come with some hefty fees, such as:
- High interest rates: Depending on where you live and how much you borrow, the annual interest rate on your payday loan can range from 391% to up to 521%. Most lenders calculate this by dollar amount per $100. So, if you have an APR of 400% and you borrow $300, you won’t owe $300 when you pay it back in two weeks – you’ll now owe $345.
- Rollover fees: If you can’t pay the loan back on the due date, some lenders may allow you to roll it over, which can incur additional interest charges when you do pay.
While these are the standard costs for payday loans, you may still need to deal with additional fees with specific lenders.
What are the Risks of Payday Lending?
Getting the funds you need deposited into your checking account with just a few clicks of a mouse may seem too good to be true, but online payday lenders can and will get you the money you need, sometimes in as little as a day.
At the beginning of the loan, you might feel like there is no downside to payday lending since you have the money you needed.
VIDEO: Alternate Viewpoint – Payday Loans Are Dumb!
The Cycle of Debt
The risks for consumers come when the loan must be paid back at the next payday. Often, paying back the high-interest payday loan will leave a consumer short of cash again, so they’re tempted to take out another payday loan. This can be a slippery slope that can leave consumers sliding into deeper debt.
The other risk is if your payment is late or isn’t made at all. Interest and penalties will begin to pile up, leaving you owing a rapidly increasing total.
Payday lending is best used carefully and for a short-term cash flow issue. Using a short-term payday loan to fix what is a chronic financial problem will leave you worse off than you were before you took out the loan.
Providing Your Personal Information
Anytime you apply for a loan, you’ll have to provide your social security number, your address, and your banking information. Although providing your personal information is necessary if you want a payday loan, it can be risky if you’re using a predatory lender or a company that’s not reputable.
For this reason, it’s crucial to stick to companies that not only have great reviews from people who have worked with them, but also follow CFSA guidelines.
If a lender promises extremely large amounts in payday loans (more than your state allows) or that you can get a loan regardless of where you live, this is a red flag that they’re not following ethical lending practices.
Alternatives to Online Payday Loans
Unfortunately, payday loans aren’t available in every state, even if you use an online lender. However, even if you’re not eligible for a payday loan, there are other types of short-term loans that you may be eligible for.
Bad Credit Loans
If your attraction to payday loans is because you’ve got poor credit, you may want to check out bad credit loans. These are personal loans that you can get from a bank or credit union, and they’re usually designed for people who have no credit or a poor score (300 to 629 on the FICO scale).
Some bad credit loans may use your car or home as collateral, although you may not have to use collateral. The good news is that you can borrow up to thousands of dollars with a bad credit loan, and the APR (typically around 35%) will still be lower than a payday loan.
Payday Alternative Loans
Some credit unions may offer you what’s referred to as a “payday alternative loan.” Like payday loans, these are short-term loans that you can get quickly, and you can typically borrow anywhere from $200 to $1,000 with a maximum interest rate of 28%.
Unlike payday loans, you don’t need to pay it back within a month – most credit unions will allow you up to six months to pay back your payday alternative loan.
Credit Card Cash Advance
If you’ve already got a credit card, you may be able to take out a credit card cash advance on your card. The amount you can borrow depends on the issuer, although it’s usually capped at a few hundred dollars or a little more.
Like payday loans, the fees on these cash advances are a little hefty with an APR of 25%, and the interest can pile up if you don’t pay it off quickly.
The Bottom Line
Online payday loans with guaranteed approval may seem like a fast option for getting the money you need fast, and they are. In nearly all cases, online payday lenders can put cash into your checking account in as little as 24 hours.
Enter into these loans with caution, though. When used as a way of coping with chronic cash flow problems instead of short-term emergencies, online payday loans with guaranteed approval can leave consumers worse off and with debts that could take them years to repay.
Consumers can access funds in an emergency more cheaply and easily if they have a good credit history. That may seem unfair, but that’s how lending works.
Because payday lenders either don’t do credit checks or lend to consumers with poor or sub-par credit ratings, these loans come with very high-interest rates and high fees and penalties for delays in repayment due to the lenders’ level of risk.
Because of the high-interest rates and steep penalties attached to payday loans, we think these should be your last option in a cash emergency.