With roughly $9.3B in revenue generated by the payday lending industry (2020), these loans are big business. However, they have long been known for predatory 400% APRs and budget-breaking debt cycles, even with small loans of up to $500. Fortunately, many reputable online marketplaces offer the best cash advance no credit check opportunities from legit, fair practice direct lenders.
Best Payday Lenders
MoneyMutual
FundsJoy
ZippyLoan
VivaLoan
Keep reading to learn more about the best payday lenders, including our four preferred online marketplaces, the pros/cons of payday loans, the types of expenses they can be used for, and how to obtain cheaper APR loans with credit score boosting techniques.
MoneyMutual
Founded in Las Vegas, Nevada, MoneyMutual is one of the more popular lending networks in the country. It’s an excellent source of instant approval, alternative payday loans no credit check from a legit network of participating direct lenders.
Land on the MoneyMutual site and see immediate loan offers anywhere from $200 to $5,000. Most loans have sub 35.99% APRs and lengthy repayment terms as long as 60 months, offering greater budgeting flexibility for borrowers with limited to no credit history. Plus, there is no credit check with only a soft inquiry upon submitting a loan request form.
Another benefit to using MoneyMutual is its fast and easy application process. It takes less than five minutes to complete an online application with near-guaranteed approval and matching with a minimum of three direct lenders ready to offer you competitive rates and terms.
How to Apply: Applying for a Money Mutual alternative 1-hour payday no credit check loan could be one of the easiest things you do today. On the homepage, click the bright orange “Get Started” button and follow all on-screen instructions, answering each question to the best of your ability. Once your loan application is submitted and all loan documentation signed, expect same day approval and funding to your checking or savings account as early as the next business day.
Eligibility:
- 18 years of age or older
- US citizen or permanent resident
- Not a resident of Connecticut or New York
- Government-issued photo ID
- Completed application through the MoneyMutual website
Highlights:
- Loans from $200 to $5,000
- Competitive APRs up to $35.99%
- 5-minute online application
- More than 2MM customers served to date
Fees:
- No origination fees
- No prepayment penalties
- Late and insufficient funds fees vary by lender
Pros:
- Loans from $200 to $5,000
- APRs up to $35.99%
- Access to an extensive network of lenders
- Quick and easy 5-minute application
- Diversified range of loan products (e.g., instant online cash advances and no credit check, alternative 1-hour payday loans)
- Helpful resource library with engaging topics
Cons:
- Higher than average interest rates
- Not all lenders are equally transparent
- Not available to Connecticut and New York residents
FundsJoy
If you’re facing unexpected expenses or a gap between paychecks, then FundsJoy is ready to offer a lifeline with fast and easy cash.
For starters, FundsJoy is an intermediary connecting borrowers with a network of qualified, legit no credit check lenders offering loans of up to $5,000 at favorable sub-35.99% APRs. With a 3-year repayment term Loan, expect hundreds of dollars of savings and interest charges versus traditional payday loans with no credit check.
On top of FundsJoy terms, it has one of the smoothest loan request forms we’ve encountered. A step-by-step form with a speedometer-based progress bar (by percentage) guides each step to approval and loan signing. Expect to be matched with at least three direct lenders offering competitive rates and terms.
How to Apply: To get started with FundsJoy, visit the homepage and click the purple “Get Started Now.” From there, you will be prompted to answer questions, including your desired loan amount, home address, employment information, and credit profile questions. Once submitted, expect to be approved with several direct lenders competing for your business. Carefully examine all rates and terms before committing to any FundsJoy loan.
Eligibility:
- 18 years of age or older
- US citizen or permanent resident
- Minimum monthly income of $800 a month
- Valid bank account and home address
- Submitted online application through the FundsJoy portal
Highlights:
- Loans up to $5,000
- APRs up to 35.99%
- Flexible repayment terms of up to 60 months
- Loose eligibility requirements
- Quick and easy online application
Fees:
- Origination, prepayment, late, and insufficient funds fees depend on the lender
Pros:
- Loans up to $5,000
- APRs up to $35.99%
- Soft inquiry
- Flexible repayment terms
- Same-day approval and next business day funding
- Quick and easy 10-minute online application
- Excellent source of “1 hour payday loan no credit check” lenders
Cons:
- Not a direct lender
- Origination fees of up to 5%
- Information may be shared with third-party partners
- No forbearance or debt hardship options are available
- Non-existent customer support line
- Lower maximum borrowing limit ($5,000) than competitors
- Not all borrowers qualify for the advertised rates
ZippyLoan
Need help to qualify for traditional loans with an eye on accessing a network of qualified and legit bad credit direct lenders? If so, look no further than ZippyLoan.
ZippyLoan is an online marketplace that connects prospective borrowers with a network of direct lenders willing to offer loans from $100 to $15,000. Expect APRs up to 35.99% with flexible repayment terms and no origination or prepayment penalties, unlike predatory traditional payday loans that charge up to $30 for every $100 you borrow.
For perspective, a 14-day loan charging a $15 fee for every $100 borrowed will charge you a whopping $391% APR, a completely unnecessary step. On top of generous loan terms, ZippyLoan provides a quick and easy online application with bank-level 256-bit encryption to keep your information safe.
How to Apply: If you are ready to take out a loan using ZippyLoan, expect a speedy process. On the homepage, you will find text fields to enter your desired loan amount, zip code, and email address before completing the rest of your application. Once submitted, expect loan offers from a minimum of three direct lenders. Take all the time you need to carefully research and assess your options before signing on the dotted line.
Eligibility:
- 18 years of age or older
- US citizen or permanent resident
- Minimum monthly income of $800 a month
- Valid email and home address
- Valid checking account
- Not a New York, Oregon, West Virginia, or Washington, DC resident
- Completed application through the ZippyLoan portal
Highlights:
- Loans from $100 to $15,000
- Solid APRs up to 35.99%
- Repayment terms from six months to six years
- Adheres to fair and responsible lending practices
- Excellent source of no credit check 1-hour alternative payday loan companies
Fees:
- No origination fees
- No prepayment penalties
- Late and insufficient funds fees vary by lender
Pros:
- Loans up to $15,000
- APRs up to 35.99%
- Repayment terms up to 72 months
- 5-minute online application
- Extensive network of qualified and legit direct no credit check lenders
Cons:
- Higher than average interest rates
- Mainly a source of unsecured, not secured loans
- No co-borrower or cosigner options are available
- No guarantee of a loan match
- Not available to New York, Oregon, West Virginia, or Washington, DC residents
VivaLoan
If you are looking for quick emergency cash for unexpected expenses like a broken water heater or engine repair, VivaLoan can step up to the plate.
All participating direct lenders on the VivaLoan platform offer loans from $200 to $15,000. We appreciate its well-rounded terms, starting with sub-35.99% APRs and repayment terms as long as 60 months (even 72 months in some cases). Expect greater flexibility than predatory payday, auto title, and pawnshop loans with crippling 300% and 400% APRs designed to break your monthly budget with repeated extensions.
On top of generous borrowing limits, VivaLoan also makes submitting a loan request easy using a 256-bit encrypted, two-page form to keep all your information safe. Expect to take no longer than five minutes to complete it.
How to Apply: Starting a loan request on the VivaLoan platform is quick and easy. On the homepage, navigate to the upper right corner and click the “Start Here” button. From there, you will be presented with a two-page form. Complete all questions to the best of your ability, including your desired loan amount, primary source of income, and date of your next payday. Once approved, expect to be matched with several direct lenders offering competitive rates in terms before signing any loan documentation.
Eligibility:
- 18 years of age or older
- US citizen or permanent resident
- Government-issued photo ID
- Minimum monthly income of $800
- Must be currently employed
Highlights:
- Loans from $100 to $15,000
- APRs up to 35.99%
- Repay loans in fixed monthly payments
- 256-bit data encryption technology
- Quick and easy 5-minute online application
- Excellent source of no credit check loans
Fees:
- No origination or prepayment penalties
- Late and insufficient funds fees apply
Pros:
- Loans up to $15,000
- Competitive APRs up to 35.99%
- 256-bit SSL encryption for data security
- Member of the Online Lenders Alliance (OLA)
- Does not collect or sell loan applications
- Many lenders report on-time payments to credit bureaus
Cons:
- Not a direct lender
- Higher than average interest rates
- No dedicated customer support email and phone number
- No co-signer, co-borrower, or secured loan options
- No guarantee of being granted desired loan amount
- New York, West Virginia, or the District of Columbia residents cannot apply
What Are Payday Loans?
One of the biggest sources of emergency cash for unexpected expenses are traditional payday loans no credit check. Before you read this article, check for payday loan alternatives. They are cheaper.
Payday loans are instant approval short-term loans offering anywhere from $10 to $1,000, repaid in two to four weeks (or on the borrower’s next payday). Unlike traditional loans from banks and credit unions, payday loans have much more loose eligibility requirements, typically only requiring proof of income and a valid government-issued photo ID.
With these two conditions, bad credit borrowers who score in the 300 to 580 range can quickly obtain instant approval on a payday loan. All that’s needed is an issued post-dated check for the loan proceeds (plus all interest charges) or authorized payday loan companies’ electronic withdrawals. Regrettably, both methods can rack up two or more overdraft/insufficient funds fees in a hurry, especially dangerous for people with account balances close to $0.
Although payday loans are an excellent source of quick emergency cash with instant aproval, they are notorious for their fee structure. For starters, traditional 1-hour payday loan no credit check companies charge anywhere from $15 to $30 for every $100 borrowed, skyrocketing up to 400% APRs (even higher in some cases).
On top of that, the dangers with instant approval payday loans include extra finance charges, including non-loan-related charges like bank overdraft fees. Remember, payday lenders may be authorized to issue electronic withdrawals. Two or more consecutive electronic withdrawals with account balances close to $0 can rack up overdraft fees totaling $70 or more.
Along with rollover and loan extension fees of up to $60 (for the privilege of two additional weeks of being able to pay back the payday loan), payday loans are amongst the most predatory types of loans out there.
Fortunately, there are much better options offered by lending networks like MoneyMutual and VivaLoans. It is easy to forgo predatory 300% and 400% APRs in favor of a borrower-friendly loan with sub 35.99% APRs, High borrowing limits (typically up to $10,000), flexible repayment terms, and no origination or prepayment penalties.
Continue reading our guide below to learn everything there is to know about the best 1- hour payday loan no credit check lenders from reputable lending networks like MoneyMutual.
Pros and Cons of Payday Loans
Here are the pros and cons of payday loans:
Pros
Loose Eligibility Requirements. Out of all the different types of loans, guaranteed approval payday loans may have the least restrictive eligibility requirements. Typically all you need is to be 18 or older with a government-issued photo ID and proof of income. Some of the more stringent payday loan providers may make a deep dive into your debt-to-income ratio.
Fast Funding. Visiting any local guaranteed approval payday loan store means you need more fast funding within the same business day. The only comparable option is 0% cash advance apps like Brigit, which can disburse funds in minutes for a small fee.
Used for All Types of Emergency Expenses. There is virtually no limit to the types of small unexpected expenses payday loans can be used for. Payday loans have a wide variety of uses, from unpaid $280 utility bills to covering a large $500 gap between paychecks.
Cons
400% Annual Percentage Rate (APR). Regrettably, traditional payday loan APRs climb upwards of 400% (or up to $30 for every $100 borrowed). For perspective, a one-year repayment term equals four times the amount borrowed; all strictly finance charges, not rollover/extension fees.
Short Repayment Terms. Payday loan repayment terms for anywhere from two to four weeks, a hit to cash-strapped borrowers who may need more time to repay the loan. Two or more extension fees create a vicious debt cycle with ever-accruing fees and interest charges.
Overdraft Fees. If traditional instant approval or guaranteed approval payday lenders cash out your post-dated check or authorize two or more consecutive electronic withdrawals within a day or so, it may lead to overdraft fees with $0 or limited account balances, further compounding debt. Remember, payday loans are not limited to finance charges, but third-party bank charges payday lenders do not have visibility into.
In short, traditional instant approval payday loans should only be used as a last resort. Thankfully, many alternative lending options have lower APRs, longer repayment terms, and no origination or prepayment penalties designed to break your budget.
Tips to Get a Cheaper APR Loan
Here are our top recommendations for getting the cheapest APR loan possible:
Boost Your Credit Score. All lenders use your credit score to determine loan eligibility. A 50-point increase in your credit score could have paid tremendous dividends, cutting as much as 10 points off your APR.
Five ways to boost your credit score include:
- Paying your bills on time.
- Keeping credit card balances low
- Only close some of the credit accounts
- Checking credit reports regularly
- Avoiding too many new lines of credit
Remember, payment history accounts for 35% of your FICO score, so a single missed payment with a 30-day or 60-day late could be catastrophic.
Apply for Shorter Repayment Terms. The lower the repayment term, the lower your interest rates.
Enlist Co-signer Help. Although our recommended 1 hour no credit check alternative payday lending networks are mainly a source of unsecured loans, adding a cosigner may help your chances of securing a lower APR.
Shop Around. Be sure to retrieve quotes from at least three direct lenders, comparing APRs, fees, and repayment terms. Remember ease of use and transparency with clearly written disclaimers citing advertisers’ disclosures, representative loan examples, and other fine print to help you make an informed decision.
How Did We Choose These Lenders?
To create this guide, we perform rigorous research, starting with an initial list of 25 “1 hour payday loan no credit check” lenders before narrowing our preferred options to four. Judging criteria include APRs, fee structure, repayment terms, funding speed, and ease of use/transparency.
APRs. In most states, 35.99% is the highest APR lenders can charge before entering predatory rate territory. In addition, it encourages responsible lending and protects borrowers against debt cycles while allowing lenders to enjoy a healthy markup/profit.
Plus, a 35.99% APR is an established baseline with the Truth in Lending Act (TILA) and the Military Lending Act, which requires lenders to provide accurate disclosures, offer right of rescission periods, and advertising compliance for regular consumers, former, and active military personnel.
By adhering to sub 35.99% APRs, predatory 300% and 400% APRs offered by payday, auto title, and pawnshop loans are out the window.
Fee Structure. Unlike payday loans, no credit check companies can rarely charge origination and prepayment penalties. However, there are a few exceptions. For example, FundsJoy and Upstart charge origination fees of up to 5% and 8.99%, respectively. However, submitting a loan request form will reveal at least three loan offers, many of which will assess no origination fees, so this charge is very easy to avoid.
Keep in mind that lenders charge origination fees to cover loan processing expenses. However, this is not your concern; you should look for lenders that do not charge it.
Repayment Terms. All of our recommended payday loans and no credit check companies offer flexible repayment terms, as short as two to four weeks upwards of 60 months (even 72 months in some cases). This wide net allows borrowers to customize repayment schedules and avoid late fees/penalties.
Remember, the longer the repayment term, the higher the interest charges you will pay over the life of the loan. So for higher dollar loans (e.g., $5,000), aim for a one-year repayment window versus two to three-year windows if you can afford it.
Funding Speed. Regarding 1-hour payday no credit check lending companies, fast funding is the name of the game. With an urgent need for funds, forgo long approval processes in exchange for 24-hour disbursement of funds to your bank account. Even a single day of lapsed debt repayment on other lines of credit could accrue high interest and finance charges, so same day or next business day funding is paramount.
Ease of Use/Transparency. One of the biggest drawbacks of traditional payday loans no credit check is a need for more transparency with poorly worded disclaimers, no physical addresses, and a clear distinction between a direct /non-direct lender.
All of our recommended online marketplaces have ironclad disclaimers, citing the potential high cost of defaulting on payday loans using representative loan examples. They also note states of operation, applicable usury laws, privacy policies, and information on how data is shared with third parties who may advertise their loan products and services.
A small subset of these lending networks are Online Lenders Alliance (OLA) members. This trade organization promotes responsible lending practices amongst member lending networks and improves access to credit for payday loans no credit check.
Frequently Asked Questions
Can I get a loan without running a credit check?
Yes, you can be approved for a loan without a credit check. Our preferred online marketplaces feature direct lenders that require no minimum credit score. Instead, they base eligibility on other criteria such as age (18 years or older), US citizenship/permanent residency, and a minimum monthly income in the $800 to $1,000 range.
What is the easiest loan to get right now?
The easiest loans are our payday, auto title, and pawnshop loans. However, all three charge upwards of 300% and 400%APRs with predatory rollover/extension fees as high as $60 for two additional weeks of repayment. We highly encourage avoiding them at all costs.
Arguably the second easiest loan type belongs to 0% cash advances apps like Earnin and Brigit. However, these are more as paycheck advance services than actual direct lenders, awarding you a percentage of funds you’ve already earned.
How do I get cash ASAP?
One of our recommended ways to get quick cash is via online no credit check payday loan companies from legit online marketplaces like Upstart and VivaLoan. Although they do not offer same day funding, they provide the next best thing (subsequent business-day financing as long as a daily 5 pm cutoff approves you). Some exceptions apply.
Conclusion
Suppose you need quick emergency cash to pay for expected expenses. In that case, many reputable payday loans or credit check companies from online marketplaces are ready to fill the void. From sub 35.99% APRs to repayment terms as long as 60 months with no origination or prepayment, typing in ” cash advance place,” ” same day guaranteed approval loan.”, or one of the hundreds of variations of this search term into Google will soon be a thing of the past.
