When you need emergency cash to pay for unexpected expenses, an online payday loan may help you get the money you need, when you need it. The process of getting a payday advance can be fast and easy, with funds being deposited into your bank account in as little as 24 hours.

Finding the best payday loans online isn't easy though. Not all online lenders are created equal and some charge outrageous interest rates, especially if you have bad credit.

To help you find the best online payday loans, we’ve reviewed the top personal loan companies. We took into consideration their loan amounts, repayment terms, interest rate, speed of funds, and eligibility requirements.

If you’re ready to get the money you need for unexpected expenses, here are the best payday loan providers to check out.

Online Payday Loan Companies

• PlanBLoan: Best overall
• LendYou: Best for bad credit
• YourFaasterPayday: Best for installment loans up to $5,000

• LoansAngel: Best Overall Personal Loan For Emergencies

  What Are Payday Loans Most Commonly Used For?

Despite their prevalence, borrowers rarely use payday loans for discretionary spending, vacations, or entertainment. In many cases, the short-term loan represents a final effort to make an important payment.

Borrowers should consider other, more affordable types of personal loans before taking out online payday loans. However, if you find yourself in financial distress with no other options, a payday loan can help you recover — as long as you pay it off on time.

With that in mind, some of the most common uses for payday loans include:

1. Unexpected car payments
2. Family expenses
3. Childcare costs
4. Student loans
5. Medical charges
6. Payments for another loan

Simply put, borrowers primarily use payday loans for costly, unavoidable transactions or expenses. For instance, most Americans rely on a car to get to and from work. Without a functioning vehicle, they could lose their jobs and sole source of income.

Instead of risking their employment, they turn to payday loans for quick cash, especially if they have a poor credit score or minimal credit history.

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Payday Loans Online