Denice R. Preston
Our picks for the top payday loans on the market will help you find the right loan for you.
The best for new-to credit borrowers: Upstart
Why Upstart stands apart: Upstart employs artificial intelligence in an alternative lending model that “improves access” to personal loans. Upstart’s underwriting process considers your education, work experience, and financial history. This means you might be eligible for a loan even if you are a new borrower or someone with poor credit.
- The loan amounts can range from $1,000 up to $50,000
- Upstart provides a prequalification option that doesn’t impact your credit scores. However, your terms will not be finalized until you submit a formal request and submit a credit inquiry.
- Upstart reports your loan payments to credit bureaus. This may help you build credit better if you pay on time and in full each month.
- The amount of loan you are eligible for may vary depending on the information you provide and the whereabouts you reside.
The best for borrowers with poor credit: OppLoans
Why OppLoans stands apart: It can be hard to get a personal loan if you have poor credit. However, OppLoans has loan products suitable for those with less than perfect credit. OppLoans offers loans up to $4,000.
- OppLoans instalment loans are available only in Alabama, Georgia and Nevada. However, loans originated by lending partners can be found in other states.
- Its loans are all fully amortizing and have no balloon payments.
- Without incurring prepayment fees, you can repay your loan at any moment.
- OppLoans reports all payments to the major credit bureaus. This means that if you pay your bills on time, your credit score will improve.
Ideal for small-to-medium loan amounts: OneMain Finance
OneMain Financial stands apart: If your need for cash is to bridge the gap between paydays, you can apply for a personal loan starting at $1,500 from OneMain Financial.
- OneMain Financial has fixed rates and payments and doesn’t charge prepayment fees.
- Online applications are possible.
- You can also meet in person at OneMain to discuss your loan options.
- You may be able to receive your funds the same day if you apply for your loan before noon. You may need to wait depending on the bank before you get access to your cash.
- Your local branch may be able to change your due date. To inquire, call, write or email your branch.
Best for getting funds quickly: CashNetUSA
Why CashNetUSA stands apart: If you have a loan approved before 1 p.m. central time, you might be eligible for same-day payment. CashNetUSA loans can be used to fund an emergency quickly.
- It takes only a few minutes to complete the application, and you will receive a fast decision.
- The loan amounts are smaller — they can only be as high as $500
- Your loan will need to be repaid on your next paycheck. However, if you pay your loan off early, there are no prepayment penalties.
- CashNetUSA loans may not be available in every state.
Best for credit repair: Possible Finance
Why Possible Finance stands out: Possible Financing allows borrowers to get up to $500 within minutes, even though they don’t have good credit.
- Potential Finance does not conduct a credit inquiry when you apply. It also doesn’t consider your credit in determining your eligibility for a loan.
- Possible Finance can help you build your credit history by lending to you. The lender reports your instalment payments directly to the three major consumer credit bureaus.
- You must have regular income and valid identification to be eligible for a personal loan from Possible Finance. Your checking account must also have at least three months of history. It would help if you had income deposits of approximately $750 per month and a positive balance in your bank account.
