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The Best Payday Loan Providers

Who Can You Trust When Looking for the Best Payday Loans?

That's a great question, because "payday loans" and "trustworthy" don't tend to be said in the same breath! That's pretty valid: they often come with extremely high interest rates and should be the last resort you consider if you're strapped for cash.

You'll usually pay much, much more in interest than you borrowed to begin with. But, with more than 2.5 million Americans each year who take out payday loans, it's important to know how to find a lender that's reputable.

Saturday, March 25th

2023 Payday Loan Provider Reviews

Top Consumer Reviews Best-In-Class Blue Ribbon Award Check Into Cash Review 5 Star Rating

Check Into Cash

5 Star Rating
  • Both payday and installment loans available
  • Can apply online or in store
  • "A+" rated and accredited by the BBB
  • In business for almost 30 years
  • Transparent rates and fees
Top Consumer Reviews Best-In-Class Blue Ribbon Award

Check Into Cash is the most reliable, trustworthy option available for payday loans. The company has been in business for nearly three decades and is the only lender in our review to get a perfect "A+" rating and accreditation from the Better Business Bureau. That's a big deal, especially in an industry known for having some shady operators.

Online and in-person options

Check Into Cash gives you the option to apply online or in store, if they have a brick-and-mortar location near you. We appreciate that the company offers that, especially for anyone who might not have easy internet access or who doesn't want to submit sensitive personal information online. Having face-to-face locations also means that you can pick up your loan funds in person if you prefer, another solid option for anyone that might not have a bank account that they want to connect with their payday loan money (though an active checking account is still required to apply).

Extra verification step required

The online application only takes a few minutes and asks all of the usual questions: name, address, birthdate, employment and pay date details, and banking information. Once your application is completed, a representative will reach out to verify your application - an extra step you don't get with rival payday lenders. Once that's cleared, your loan money will typically be available the following business day.

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Check site for your state's rates and fees

What will you pay in fees and interest when you get a payday loan from Check Into Cash? That depends on where you live and how much you want to borrow, and you can find that information clearly displayed on their Rates and Fees page. We recommend that you do that first, because your state may not even be eligible for payday loans here. (For instance, we clicked on Minnesota and found that there are none available there.)

Transparent about what you'll pay

But, as an example, Florida residents can get payday loans up to $500 and installment loans up to $100, with APRs ranging from 287% to 391%. Those rates aren't fantastic, but at least they're transparent! And, if you consider that, for those quoted rates, it equals a $115 payment on a loan of $100, it's not quite so scary.

Most reputable, reliable place to get payday loans

No one wants to be in the position of needing a payday loan, right? But, if you find yourself needing quick cash and want a lender you can trust, your first stop should be Check Into Cash. The company has been around for a long time, has plenty of options for getting your money online or in person, and has the highest possible recommendation from the Better Business Bureau. Check Into Cash is the obvious first-place winner among payday loan providers.

Blue Trust Loans Review 4 Star Rating

Blue Trust Loans

4 Star Rating
  • Loan repayments made in installments
  • Loans available up to $3000
  • "A" rating from the BBB
  • Not available in Arkansas, Connecticut, Georgia, Massachusetts, Minnesota, New York, Pennsylvania, Vermont, Virginia, Washington, Wisconsin, or West Virginia

Blue Trust Loans does payday loans a little differently than most. Instead of having one big lump sum repayment due when you get paid next, they break down your repayments into weekly, biweekly or monthly payments. That makes it more likely that you'll be able to get your loan paid off, since you can do it over time.

Not available everywhere, or to active duty military

The amount you can borrow and your repayment terms will be determined by the state where you live, but most Blue Trust Loans max out at $3000. At the time of this review, there were several states where Blue Trust Loans wasn't offering funding: Arkansas, Connecticut, Georgia, Massachusetts, Minnesota, New York, Pennsylvania, Vermont, Virginia, Washington, Wisconsin, or West Virginia. That seems like a lot, but some payday lenders have an even smaller service area. In the fine print, we also found that active duty military and their dependents aren't eligible for payday loans through Blue Trust.

Highest interest rates we found

Blue Trust Loans has some of the highest interest rates we've ever seen for payday loans. You'll pay anywhere from just under 472% to 842% in interest. That might be hard to visualize, but imagine paying a fee ranging from $14.75 to $59 on every $100 you borrow.

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Easy to apply

To apply for a loan with Blue Trust, you'll start by entering your name, address, birthdate and SSN for identity verification. The desired loan amount is in a dropdown box at the top of the form. You'll then provide info about your income: where it comes from, whether you receive it by direct deposit or check, your net pay and how often you get paid, and the date of your most recent paycheck. By the way, your pay dates can't fall on a weekend or holiday. Finally, enter your bank routing and account numbers and choose how you'd like to make your repayments.

Plan A and Plan B

Once you submit your application, you'll either be approved and get the details of your loan, or you'll have the option to "try another lender" if you weren't approved right away. That will take you to a more detailed series of questions about your work, banking, living situation, and also asks for your driver's license number. It's a "hail Mary" if you have to take this extra step, but it might help you get a loan.

Governed by tribal law, not federal

Borrowers should be aware that Blue Trust Loans is owned by the Lac Courte Oreilles Band of Lake Superior Chippewa Indians, a federally-recognized sovereign American Indian Tribe. That can limit your options if you have a problem with your payday loan here: they're governed by Tribal law, not by federal law.

Decent rating from the BBB

We're happy to see that Blue Trust Loans has an "A" rating from the Better Business Bureau. The BBB is very quick to point out that the lender isn't bound by federal law and consumers should adjust their expectations accordingly. Most complaints we found were from people who didn't pay attention to the details and were shocked by how much they were paying in interest: but it's literally right there on the website.

Worth considering for payday loans

Should you use Blue Trust Loans for a payday loan structured in installments? Payday loans are already a last resort, and when you take out a loan with interest rates in the triple digits, it's always a risky proposition. But, if you like the idea of being able to make repayments over time instead of just with your next paycheck, you might want to keep Blue Trust Loans in mind.

Jora Credit Review 3.5 Star Rating

Jora Credit

3.5 Star Rating
  • "A" rated by the BBB
  • Loans from $400 to $4000
  • APRs from 99% to 349%
  • Loans funded same or next business day
  • Helpful tool makes it easy to look up loans and rates in your state
  • Not available in many states

Jora Credit is a newer option on the market for payday loans, in business for just under 5 years. They are "committed to the lending of responsible credit products to eligible applicants in need of emergency credit" and allow you to repay your payday loan over time instead of in one big payment at your next paycheck date.

Super-fast payments

Jora Credit's loans fund quickly. If you complete their four-step online application and are approved, you can get your money deposited the same day if you sign your loan agreement before 10:30AM Central (Monday through Friday, excluding bank holidays). Otherwise, you'll get your loan the next business day.

Easy to look up rates and available loan amounts

Unlike many payday loan providers, Jora makes it easy to find out how much you can borrow in your state and what APR you can expect. Just click on the "What It Costs" link at the top of the site, then click on your state, choose your desired loan amount and payment frequency (bi-weekly or monthly). Overall, you can borrow anywhere from $400 to $4000 with APRs between 99% and 349%, but this tool tells you much more about payday loans where you live.

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Rates vary by state

For example, if you live in Alabama, you can borrow a minimum of $2100 and a maximum of $4000 with an APR of 99% if you make 65 biweekly payments. Idaho residents can borrow anywhere from $500 to $4000, with an interest rate of 349% for the lower loan amount and 99% on the higher loan.

Many states not eligible for payday loans

It's also a smart way to find out if your state is included before you submit an application or any other personal details. That's how we found out that Jora no longer offers payday loans in California. Alaska, Arizona, Colorado, Connecticut and Florida were just the first handful of states we checked out that are not included in Jora's coverage area, so you might have a hard time getting a loan here.

Good reputation with the BBB

That's the biggest reason Jora doesn't get a higher rating for payday loans: there are just too many people in the US who won't be eligible because of where they live. Beyond that, Jora Credit does well: the BBB gives them an "A" rating, and there were only 15 complaints registered there in the year leading up to our review. Among payday lenders, that's a pretty good track record!

Solid option if you're eligible

Jora Credit is a solid choice for quick cash loans if you are fortunate enough to live where they operate. Unfortunately, most Americans won't be within their service area and will have to choose a different payday loan provider.

Honest Loans Review 3 Star Rating

Honest Loans

3 Star Rating
  • Loan referral service
  • Eligibility requirements include income of at least $800/month, a checking account, 18 years of age or older, and permanent US residency
  • Borrow up to $50,000 based on your qualifications

Honest Loans works by connecting customers with lenders in their network. There's no need to wait in line or go to a store: you can get the money you need deposited right to your bank account. Their application takes five minutes or less and, if you're approved, you should get your funds within a business day.

Needs to provide more information upfront

Honest Loans has the widest range of loans available, from $200 to $50,000. Of course, most applicants won't qualify for loans in the tens of thousands, especially those who are looking for payday-type lending options. When you fill out Honest Loans' online application, you'll find out how much you're approved to borrow. That's also the only way to find out how much you'll pay in interest: while this company may be honest like its name, it's a little lacking in the "openly provides specifics" department.

May pass you on to other lending services

Bear in mind that Honest Loans is essentially a payday loan referral service. When you complete your application - bank account number, employment information, driver's license number, and so on - you'll be passed off to any lender that Honest Loans thinks will fund your borrowing request.

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Trust issues

Can you trust the lenders in their network? That's hard to say: our application took us to a third-party site that was also a referral service, and there we were going to be charged a $1 transaction fee to verify our identity. No thanks!

Still not enough company feedback

We had hoped that, in the time that has passed since our last evaluation of this lender, there would be more customer feedback to go on. That didn't happen: the company still has no listing with the Better Business Bureau, and it's hard to find many comments from clients who have used this service to get money. That doesn't mean this is a bad place to get a payday loan, but it's definitely not the most established one we've found. You may want to try a higher-ranked payday loan service before giving your information to Honest Loans.

Zoca Loans Review 2.5 Star Rating

Zoca Loans

2.5 Star Rating
  • Loans up to $1500
  • "B" rated by the BBB

Zoca prides itself on offering "simple, small loans" . Within 10 minutes, your application can be filled out and verified, and funds deposited to your bank in a business day or less. Unlike many payday loans that make you pay back all of the money within a week or two, Zoca Loans breaks it down into multiple installments: you might have a payment every other week for 6 months, for example.

Easy, basic loan application

In order to apply for a payday loan with Zoca, you'll need your driver's license number, your bank account and routing numbers, and your debit card number. When you finish the application, you'll be told immediately if your application is approved and how much credit Zoca Loans is offering. When you accept their payday loan, you'll sign the documents electronically and get the funds deposited to your bank account: while Zoca Loans says it can take up to one business day, you could have the money as quickly as 15 minutes from when you accept the loan!

Doesn't disclose interest rates upfront

Zoca Loans isn't clear about how much you can borrow: while their main page lets you choose a loan amount up to $900, their Rates and Fees page says that the maximum is $1500. They're also not very upfront about how much you'll pay in interest; on that same Rates and Fees page, they give an example payment schedule with an APR of 795% (*gulp*) but "your APR may vary based upon your total loan duration and amount funded" . To get an idea of what that would look like, on a $300 loan with 12 biweekly payments, you'll end up paying $888 in interest.

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Lackluster reputation

This lender also doesn't have the best reputation, compared with the other payday loan providers we reviewed. The Better Business Bureau only gives Zoca Loans a "B" grade, under the name of Zoca's parent company Rosebud Lending. There were nearly 100 complaints registered with the BBB against Rosebud in the year leading up to this evaluation; most of them described rude customer service representatives and payments continuing to be deducted even after loans are repaid in full. We get that payday loans with high interest rates can be hard for a lot of people, but the problems with Zoca Loans go beyond that.

Look elsewhere for a payday loan

Zoca Loans' parent company promised the BBB that they're working hard to improve, and we hope to see that happen. But, until they become much more transparent with their loan rates and terms on their website, and unless customers start reporting much more satisfaction with their borrowing experience, this payday lender will stay towards the bottom of our rankings.

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Continued from above...

How do payday loans work? They're meant to be short-term loans to hold you over until your next paycheck. You'll either have to repay the loan and all of the interest right at the time of your upcoming, scheduled payday, or you may be able to set up your loan with weekly, biweekly or monthly repayments. If you happen to get paid earlier than you expected or come into extra money, most payday loans can be repaid in advance, which will save you some money in interest fees.

These types of loans are popular for several reasons. First off, you rarely have to have good credit; many payday loan companies only ask for ID, a bank account number, and proof of a steady paycheck. Payday loans are also easy to get: some states have more in-person loan "stores" than McDonald's locations!

What are the downsides of a payday loan? Besides the obvious one, the extremely high interest rates, many borrowers find these loans hard to pay back. Up to 20% of payday loans go into default, and as much as 80% of loans are followed over or reborrowed within 30 days. As you might imagine, that racks up huge fees - translating into big bucks for the payday lender and even less in your pocket.

Now that you know the drawbacks of payday loans, how can you increase your chances of getting the money you need from a lender you can count on not to plunge you into deeper trouble? Look for these things when you're choosing a service for a payday loan:

  • Open disclosure of rates and fees. If a payday lender hides their rates and fees, they may not be trustworthy. Everyone expects high interest rates, so there's no reason for a company not to put them right on their site.
  • Good reputation. When you're dealing with payday loans, you need more than interest rate details to make your decision. Check out what borrowers say about the lender: is everything upfront? Did they feel taken advantage of in any way? See if the Better Business Bureau has given the service a good rating.
  • Repayment options. The more choices you have, like biweekly or monthly repayments, the more likely it is that you will be able to pay back your payday loan without rolling it over or defaulting.

TopConsumerReviews.com has evaluated and ranked the most popular sources of payday loans available today. We hope this information will help you choose a lender that will get you the cash you need with terms you can afford.

The Best Payday Loan Providers Compare Payday Loan Providers Compare Payday Loan Provider Reviews What are the best Payday Loan Providers Best Payday Loan Provider Reviews

Payday Loan Provider FAQ

A payday loan provides you with a cash, where you are essentially borrowing from a future paycheck. If you just need a little bit of money to hold you over until your next deposit, a payday loan could help.
That depends on the lender you select and the laws in your state. Most payday loan services offer smaller loans to first-time customers and increase the amount available to repeat clients. You can expect to qualify for a loan amount between $100 and $1,000 - and possibly up to $2,500.
No, and that's part of the appeal of a payday loan. You have to provide proof of income, and that doesn't depend on your credit score. In fact, many payday loan providers don't even run a credit check, so you can still qualify for a loan even if you have a bad credit rating.
You'll usually have a service fee that's a percentage of the loan amount, in addition to any interest you're charged. Be aware that interest rates on payday loans are extremely high: you may see APRs of over 2,000%! In other words, payday loan services should probably be considered as a last resort for any cash flow issues.
Many payday loan providers can deposit your funds as quickly as the next business day, once you've been approved. The quicker you fill out the application and provide any requested documentation, the sooner your funds will be transferred.
Because your loan is borrowing against your next paycheck, you'll typically have until that pay date to repay what you borrow. For example, if you're paid twice a month, you'll probably have a loan term of 15-17 days, or up to 31 days if you get paid once a month.
Frankly, yes. These are some of the highest-interest loans on the market, and you could incur stiff penalty fees and other charges if you don't pay them back on time. Laws vary by state; if you're lucky, you could have a grace period if you can't pay your loan off by the due date and you request an extension beforehand.
Yes. There are many lenders that have been in business for decades and that have a positive reputation for providing funds to clients in desperate situations. However, because of the higher-risk nature of payday loans, you should take the time to read all of the fine print and verify that the lender you're considering is trustworthy before you commit.

What to Look for in a Payday Loan

When searching for any type of loan, including payday loans, there are a number of factors to consider. Although fast cash payday loans are different in some respects, they are very much like any other loan in that convenience, cost and quick replies are essential. With that in mind, this article is designed to give you an accurate and detailed look at some of the factors to look for when choosing where to submit your application for payday loans.

  • Convenience. Can you apply online? If so, how long will the application process take? With the internet being so popular, many lenders now allow for fast and easy online applications, which also means quicker approvals. Due to the fact that payday loans focus less on credit history and more on your current ability to repay the debt, there is often a faster response, especially if your employment and income and easily verifiable.
  • Response Time. While considering payday loans, you should look at the average length of time for an approval and an estimate on how long it will be before you receive the cash advance. Payday loans are often referred to as a cash advance because, quite simply, they are a cash advance with your next paycheck being used as collateral.
  • Loan Fees. Every lender is different, but one thing remains virtually universal when it comes to payday loans. Almost every lender will impose a fee that is based on the amount of money that you borrow. In addition to the full amount of the loan being repaid, the fee must also be paid before the loan will be satisfied. It is crucial that you know exactly how much these fees are prior to applying for payday loans.
  • Loan Amount. Most payday loans are issued for an amount up to and including $1,500.00, but some may only lend up to $500.00. Available loan options, including the maximum loan amount, may differ from one lender to another. Prior to requesting payday loans, you should think about how much money you actually need and then look for a lender who can help you.
  • Reputation. One of the most important things that a company can have is its reputation, which is why it is important to research a payday lender as thoroughly as possible. It may be a good idea to research company both with the Better Business Bureau (BBB) and through reviews produced by independent, third-party reviews.

Payday loans offer quick cash for those who need it and, best of all, they are available almost immediately. These types of loans help those who may be faced with life's unexpected events, expenses or are just running short on cash and need a helping hand until the next paycheck rolls in. Whatever the reason, payday loans provide a valuable service and it's important to know what to look for and how to choose the right lender for you.

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