Payday Loans: How To Choose The Right Lender? Top 10 Best Online Companies To Borrow Money

November 6, 2018

Many Americans have used a payday loan at least once in their lifetime. And unfortunately, a huge percent of those have fallen victim to the payday loan debt cycle.  Also known as a cash advance, a payday loan is a small, short-term loan with extremely high interest rate and fees. People usually get this type of loan to cover their daily and regular expenses, whereas it was initially designed to help borrowers in case of some unexpected financial emergencies. Another popular usage of payday loans is to get extra money to be able to live till one’s next paycheck.

Although this type of loan is not recommended in any case scenario (it is even allowed only in 36 states), you need to know how to choose the right lender if you seriously need to borrow extra money. There are lots of scams in this business, but you can easily learn how to distinguish those from the good and respectable lenders. Here are some tips on how to choose the right payday loan company.

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Choosing the right lender

There are few ways of making sure your lender is reputable and reliable. The first one is checking their validity. How do you do it? Let’s look at these 8 simple steps:

  1. Look for the kind of lender who clearly discloses the interest rates and fees, as well as any additional terms and conditions on the loan. This also concerns online lenders.
  2. In general, big lending institutions which offer diverse services (not only payday loans) are better than other small loan companies.
  3. Another important thing you should do is to check the lender’s license. It indicates that the lender is allowed to offer the service and generally follows approved business practices.
  4. Watch out for excessive advertisements. Many lenders may promote their services by advertising easy borrowing terms or no credit checks. Although this may sound great, typically, such lenders have unreasonably high fees if you fail the repayment.
  5. NO multiple loans. In many states, there are restrictions that limit the amount of money you can borrow with one loan. So, some lenders try to avoid the law by offering you multiple small loans to exceed the limit.
  6. Many untrustworthy lenders run their business on the Native American lands to avoid laws and restrictions of the states.
  7. Check the information about the lender on the website of your state’s Attorney General. You can check the license there and see if there were any complaints against the lending company. Or you can also contact the Federal Trade Commission (FTC) and ask for a support in case you have issues with your lender.
  8. Learn your state’s regulations regarding payday loans at the National Conference of State Legislatures (NCSL) website here.

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Overall, to sum up these tips, you should focus on three major factors when choosing the lender: license, interest rates, and terms. Check the license at your state’s Attorney General website, look for lower and clear interest rates, and make sure that the lender provides clear terms and conditions.

Top 10 best online payday loans in the U.S.

There are thousands of payday loan companies on the streets and even more online. Since it would be extremely time-consuming to look through and analyze each one of them, we did this for you. Here’s the list of loan companies in the U.S. that are considered one of the best in the payday loan department. Moreover, the services below are known for approving poor credit.

1. – America’s Cash Network

The company offers security and fast, convenient process of receiving a personal loan. has simple requirements: you must be over 18, a U.S. citizen, earn more than $1,000 per month, and have a checking account in your name as well as a valid email and phone number.

  • loan limit: $500 to $10,000;
  • interest rates: 6% to 36%;
  • terms: from 3 to 72 months;
  • overall rating: 4.8.

2. MoneyMutual – At The Speed Of Life

Like, MoneyMutual is basically an online market, which connects lenders across the country with you. According to the company, more than 2,000,000 people have used MoneyMutual’s services. One of the benefits of the loan company is a simple online form that takes up to 5 minutes to complete. The requirements are: making at least $800 per month, being at least 18 years old, having an active checking account.

  • loan limit: up to $2,500;
  • interest rates: different;
  • terms: different;
  • overall rating: 4.8.

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Another loan platform that connects you with lenders of absolutely different loans,, is not an actual lender. There, you can educate yourself about the types of loans and even get information about recent scams to stay alert. The requirements are: 18 years old, proof of the U.S. citizenship, a regular income (the amount is not specified), a checking account, and a valid email and phone number.

  • loan limit: $500 - $5,000;
  • interest rates: 6% - 36%;
  • terms: from 3 to 60 months;
  • overall rating: 4.7.


The company provides safe and secured loans for any purpose, from covering regular expenses or debt consolidation. The requirements are: older than 18, a Social Security number, proof of the U.S. citizenship, a regular and stable income, and an active bank account.

  • loan limit: $1,000 - $35,000;
  • interest rates: 6% - 36%;
  • terms: from 90 days to 72 months;
  • overall rating: 4.7.


According to the company, more than 2.5 million people have used its services and more than $38 billion has already been borrowed since 2007. The company also offers business loans and auto refinancing. You must be over 18, a U.S. citizen, and a holder of a verifiable checking account. The company, however, checks your credit score, and offers variable interest rates depending on it. The minimal credit score is around 600. can surely be called one of the best personal loan companies.

  • loan limit: up to $40,000;
  • interest rates: 33.5% on average;
  • terms: up to 3 years;
  • overall rating: 4.5.


The company, based in Chicago, provides reliable customer support 7 days a week. It offers clear terms and conditions, as well as interest rates and fees. Moreover, you can check different loan options depending on the state you’re in. The requirements are: being older than 18 and a U.S. citizen, having a valid bank account and a job with a stable monthly income.

  • loan limit: $2,000 - $35,000;
  • interest rates: 9,95% - 36%;
  • terms: from 24 to 60 months;
  • overall rating: 4.4.

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The company claims that its services are absolutely perfect for paying off credit cards and increasing your personal credit score. is a great helper for people who want to consolidate their debts and start saving money. The requirements, however, are relatively stricter: a FICO score of 640 and higher, debt-to-income ratio of 50%, and at least 3 years of credit history.

  • loan limit: $5,000 - $35,000;
  • interest rates: 5,94% - 22,60%;
  • terms: from 2 to 5 years;
  • overall rating: 4.3.


The company has been successfully providing the services since 1997. A quick application, safe and secure information, and poor credit approval make one of the most popular choices nowadays. You must be over 18, a U.S. citizen, an income of minimum $1,000 per month, a valid bank account, email address, and phone number.

  • loan limit: $100 - $1,000;
  • interest rates: 200% - 2,290%;
  • terms: different;
  • overall rating: 4.1.


This loan company offers quick money, which you can receive at one of the local ACE Cash Express stores or have them deposited into your bank account. Online payday loans are available in California, Idaho, Florida, Kansas, Minnesota, Ohio, Texas and Louisiana. One great advantage of the company is that you have 72 hours to change your mind and return the borrowed money without any fees. You must be at least 18 years old, reside in the state you write in the application form, have a stable source of income (you don’t necessarily have to be employed), provide a valid Social Security Number, have a valid bank account, email and phone number.

  • loan limit: $100 - $1,000;
  • interest rates: APR of 460% on average;
  • terms: 14 days to 28 days on average;
  • overall rating: 4.0.


Last but not least, CashNetUSA, is arguably one of the best online payday loan company. Despite the high interest rates, the application process can be considered one of the strongest sides of the company. The company offers legitimate payday loans online with no credit check! Moreover, the application form takes less than 5 minutes to complete, and you receive the borrowed money the next day.

  • loan limit: $100 - $3,600
  • interest rates: APR of around 180% to 920%
  • terms: from 14 days to 2 years
  • overall rating: 4.0. /

We hope this information will prevent you from getting into any financial troubles related to payday loans. Remember, it is indeed best to avoid this type of loan. Before taking out a payday loan consider every other option and weigh all the pros and cons.

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