Best Payday Loans in 2020

Note to readers: We recommend that you do not rely on payday loans alone to get you out of financial ruts.

You can explore alternatives, such as credit protection on your checking account. If you decide to go for the payday loan option, we are not direct lenders and neither are we responsible for the actions or decisions of lenders in general.

Make sure you understand the terms of use between you and the lender through your contract.

Importance of payday loans

You know the embarrassing feeling that occurs when you are in a financial emergency and have no money to bail you. For many people, payday loans are a good solution for this problem. What are they and why do you need them?

What are payday loans?

 payday loans no credit checks

For you to understand this, you should know that lenders usually do credit assessments of borrowers. When it comes to payday loans, however, the situation is slightly different. You are in dire need of money for emergency reasons, and you take out a loan. But the lender does not do hard credit checks on you. For instance, they do not examine aspects such as collateral. This is because aggregators operate the majority of online payday loan websites instead of actual lenders. In short, they will just do soft credit checks that are minimal, and this is in order to establish:

  • Your identity
  • Your previous repayment history (in case you have taken out loans before)
  • Your ability to pay back the loan

When the lender certifies that the borrower passes the checks, as well as have a regular income source like government salary or paychecks, the lender approves the borrower.


What about payday loans?

Payday loans that have no credit checks are typically short-term payday loans (lasting for a day to about two weeks). Unlike regular loans, the lender gives them without many formalities and they are online.

When the lender approves the borrower, you can have the money deposited in your bank account on the same day. This speed of processing transactions is due to the short loan application form that does not need much paperwork, resulting in shorter processing times.

Note that we do not say that you must access instant payday loans without credit checks. We are just saying that it is good to consider it as an option. Keep in mind that this is a contract between the lender and you.

Basic requirements for taking online payday loans

Similar to storefront loans, there are basic requirements you must meet when applying for a payday loan, which includes:

  • Steady income source
  • Valid Taxpayer Identification number or Social security number
  • Active email address
  • Active check account

Best sites to work with

The payday loan industry is under high levels of regulation, and is only available in 32 states. That means that it is common to find even reputable lenders getting into lawsuits. However, this is just a summary of the best payday loan sites to count on.

  • LendUp – this is very good for online payday loans in general. They offer good rates and  secure your financial information to prevent unscrupulous agents from taking advantage of it.
  • Rise – this is the best at offering users flexible terms of payment. With most direct lenders giving you up to 14 days to repay the money, this site gives you an option for loans that last longer.
  • Check ‘n Go – this is a good option if you are unemployed but still need a payday loan (which other lenders will not give you easily). You just require another income source and offer the lender this proof. It is also a flexible option for self-employed individuals or those that work on freelance and contract basis.
  • Check Into Cash – This online lender acts like a traditional lender because of the in-person service and lower rates. They also have other storefront services such as title loans, lines of credit, check cashing and installment loans.

Note: Under state and federal law, every website should have a privacy policy on the homepage. The privacy policy should explain what information the lender collects from the user and its use. If your company does not have a privacy policy or think yours is insufficient, seek legal counsel.

no credit check payday loans direct lenders

Things to avoid when dealing with payday loan services

  • Roll-overs

This refers to debt traps of paying loans you cannot afford and is among the greatest risks when taking payday loans. That means that when you cannot pay, you take out another loan to pay it off. This gets expensive very instantly.

Some states prohibit this behavior. And you must pay a percentage of the original loan in others.

  • Careless borrowing and lack of monitoring your progress

You will sometimes find that the best lenders in reputation suffer lawsuits due to the nature of the industry. Merging of lenders and acquisitions of others is also a common occurrence, so ensure you keep track of your loan and make sure that the lender still owns it. In addition, keep track of your payments.


You cannot underestimate the convenience of payday loans today. Many sites exist to provide the service, though you still need to be cautious when dealing with them.

In addition, paying your debt early and keeping track of your progress is helpful in minimizing the chances of endless debt cycles, and ensures that payday loans remain a convenient option for you.

Author: Leroy Kumar

George has been a loan advisor for the past ten years. He is the go-to person on all the information about APRs and interest rates. He hopes to gain enough capital to open up his very own online payday lending company in the near future.

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