What matters is you can prove your ability to repay the loan

Where the money comes from might not even be an issue. It could come from gainful employment, Social Security, disability, a pension, or other benefits.

Finding the Best Payday Loan

By reading our guide, you should have some idea of what to look for in a lender or network. You don’t have to get stuck with a high interest rate for the sake of convenience.

We’ve made recommendations on different payday loan sources, but they are just that – recommendations. We can help you get started, but it’s up to you to pick the best option for your needs.

One of the biggest things you’ll see is an APR. APR stands for annual percentage rate. It’s a measurement of what you can expect to pay in interest on your loan over the course of a year, assuming no changes to how much you owe over that time.

For example, if you have an APR of 350% on an $800 cash advance, you will have paid $1,050 by the end of 12 months for this loan. The amount you owe will be $1,650 due to accumulated interest paid out over the life of the loan. This is just one example of how APRs work and how they can be misleading at times. Understanding how interest rates work is the first step in finding the best payday loan.

Are There Alternatives to Payday Loans?

We understand not everyone wants to deal with payday loans. Some of them have ridiculously high interest rates – so much so the Federal Trade Commission warns against taking them out. If you don’t pay the full amount back on time, you could roll over the loan and find yourself stuck in a never-ending cycle of debt. Late payments and missing payments also wreak havoc on your credit score.

Payday loans are unsecured loans, meaning you get them without offering collateral. These are small loans that are often due within a few weeks or within a month. The idea is you pay the loan back in full when you get your next paycheck.

You might need to give permission for an automatic withdrawal from your checking account to repay the loan. If you can’t pay back like this, you might want to consider getting an installment loan. Installment loans are paid back in monthly installments. These loans also tend to have fairer loan terms and interest rates compared to payday loans.

The online networks we’ve looked at today can help you choose from different lenders to get competitive interest rates and fair fees and timelines for repayment. They could make securing a payday loan more affordable for you because of this.

Never forget that you always have options. The easiest alternative to a payday loan is to ask friends or family members for money to cover your emergency. These loans are the least complicated – if you repay them on time and are confident you can do so. You should never borrow money from people without the means to pay them back. It won’t hurt your credit score, but it will damage your relationship, which is a lot more important. Put the loan into writing as much as possible and create a payment timeline that you and the other person agree to.

Another option is applying for a cash advance on a credit card. How much you can borrow depends on your available credit limit. You might find yourself unable to borrow more than 20% of your available limit, but that’s still better than nothing.

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Keep in mind that the annual rate you pay for a cash advance is likely going to be much higher than credit purchases. You should attempt to repay the advance as quickly as possible to keep interest fees down.