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First-Time Payday Loans

First-Time Payday
Explore our selection of the first-time payday loans, offering quick approval with no credit checks. Ideal for urgent financial needs, our payday loans cater to bad credit and ensure a fast, hassle-free process with reputable direct lenders.
Offers: 11
Updated:
27.02.2024
14:24
Best Quick Loan Today 27.02.2024*
Finanso
Need a Quick Loan Now?
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
100.00 – 2000.00 $
Rate
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Effective interest rate on the product

0.05 – 2.50 %
Term
i

Loan term for the financial product

5 days – 3 months
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.09
(20 Ratings)
Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

from 4.00 %
Term
i

Loan term for the financial product

to 1 months
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Check Into Cash
Payday Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

4.06
(20 Ratings)
Recommended FinScore™
0
300
650
1000
$50-$1,500
Rate
i

Effective interest rate on the product

APR 390%
Term
i

Loan term for the financial product

up to 30 days
Apply
Submit One Loan Application Online!
Submit One Loan Application Online!

Use our quick loan matching system with a free credit check!

Moneytree
Payday loan
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.138
(13 Ratings)
Recommended FinScore™
0
300
650
1000
$100-$500
Rate
i

Effective interest rate on the product

up to 482.32%
Term
i

Loan term for the financial product

up to 14 days
Apply
CashNetUSA
Payday Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.68
(25 Ratings)
Recommended FinScore™
0
300
650
1000
$50 -$500
Rate
i

Effective interest rate on the product

up to 805.28%
Term
i

Loan term for the financial product

up to 30 days
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Approved Cash
Payday Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

2.956
(14 Ratings)
Recommended FinScore™
0
300
650
1000
100.00 – 15000.00 $
Rate
i

Effective interest rate on the product

2.00 – 2.00 %
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Money Mart
Payday Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
50.00 – 500.00 $
Rate
i

Effective interest rate on the product

0.50 – 0.75 %
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EZ MONEY
Payday Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
150.00 – 150.00 $
Term
i

Loan term for the financial product

5 days – 35 days
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Cash Central
Payday loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

2.81
(20 Ratings)
Recommended FinScore™
0
300
650
1000
$300-$5,000
Rate
i

Effective interest rate on the product

up to 703.93%
Term
i

Loan term for the financial product

14-31 days
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FaaastCash
Payday loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

2.3
Recommended FinScore™
0
300
650
1000
$100-$1,000
Rate
i

Effective interest rate on the product

up to 2% per day
Term
i

Loan term for the financial product

up to 30 days
Apply
Payday Loans Calculator of February 2024

Utilize our First-Time Payday Loans Calculator for precise estimates on potential loan amounts, interest rates, and repayment plans in the U.S. An indispensable tool for your short-term borrowing needs.

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The Legal Status of Payday Loans in the USA

A payday loan is an expensive short-term financial solution. Some lenders call it cash advance. Typically, a borrower repays it on their next payday. We recommend getting payday loans only to cover unexpected expenses and emergencies. Each state regulates payday lending to protect its residents from predatory lending. Payday loans amount, interest, and fees must not exceed the value under your state law. More

Reviews
CreditFresh
4.8
The application process was a breeze, and I received a response within minutes. This straightforward and prompt procedure proved to be a great help to me during a crucial time of need.
Review
JG Wentworth
4.6
The assistance I received was exceptional. My representative handled my case with care and provided all the necessary information...
Review
OneMain Financial
4.4
The loan application process was straightforward, and the representative I interacted with displayed patience, provided informative answers, and was quite pleasant throughout...
Review
My Funding Choices
4.6
The process was swift and straightforward, which was particularly helpful during a time when, despite my reluctance to seek assistance, I genuinely needed help.
Review
Plain Green Loans
2
The interest rate is shockingly high, and it feels like taking advantage of individuals facing financial challenges when unexpected expenses arise...
Review
Advance America
4.6
I have never encountered any issues with this company. They consistently deliver funds on time, and the repayment process is straightforward...
Review
First-Time Payday Loans

A payday loan is offered by lenders to individuals who need quick access to cash. These loans are designed to provide temporary relief for individuals facing unexpected financial emergencies, such as car repairs or medical bills.

In the United States, payday loans are usually offered by specialized lending institutions. They are regulated on a state-by-state basis, often with different laws governing interest rates, loan amounts, and terms. In general, in-person and online payday loans have very high interest rates, often exceeding 400% annual percentage rate (APR), making them one of the most expensive forms of credit available.

To obtain a first-time payday loan, borrowers are typically required to provide proof of income, a valid checking account, and a government-issued ID. The loan amount typically ranges from $100 to $1,500, and the loan must be repaid in full within a short period, typically within two weeks to a month, depending on the borrower's payday schedule.

Critics of payday loans argue that they often trap borrowers in cycles of debt, as many borrowers are unable to repay the loan within the short time frame and are forced to renew the loan, accruing additional fees and interest. Some borrowers may take out multiple loans at once, further exacerbating their financial difficulties.

Features

  1. Loan amount. The maximum loan amount available for payday loans differs from state to state. Some states have a maximum borrowing limit of $500, while others have a limit of $1,500.

  2. Loan term. The loan term for payday loans ranges from 7 to 31 days, depending on state regulations. Some states also allow for rollover or renewal of the loan, while others prohibit it.

  3. Costs and fees. Payday loans are notorious for their high costs and fees. The fees charged for payday loans differ from state to state and are usually a percentage of the amount borrowed. Some states also have restrictions on how much lenders can charge for a payday loan.

  4. Lender operations. Payday loans in the USA can be obtained from storefront lenders, online lenders, and even pawnshops. Some states have restrictions on the number of loans an individual can take out at a time, while others do not.

  5. Repayment plan. Some states require payday lenders to offer a repayment plan to borrowers who are unable to repay the loan on time. This plan allows borrowers to repay the loan in installments rather than a lump sum.

  6. Requirements. The requirements for obtaining a payday loan differ from state to state. However, most lenders will require borrowers to provide proof of income, a valid ID, and a checking account.

Pros and Cons

Pros

Quick access to cash. Payday loans provide the borrower with quick access to cash. This is because the application process is simple and takes only a few minutes to complete.

No need for good credit. Unlike traditional loans, payday loans do not require good credit. This makes them a suitable option for people who have a low credit score or no credit history at all.

Easy to qualify for. Payday loans are easy to qualify for because lenders only require the borrower to have a steady source of income and a valid checking account.

Cons

Expensive. One of the biggest disadvantages of payday loans is that they are very expensive. According to the Consumer Financial Protection Bureau (CFPB), the average payday loan carries an annual percentage rate (APR) of around 400%.

High fees. In addition to high interest rates, payday loans also come with high fees. For example, a borrower may have to pay a fee of $15 for every $100 borrowed.

Debt cycle. Payday loans can easily lead to a cycle of debt for the borrower. This is because many borrowers are unable to pay back the loan in full when it is due and end up rolling the loan over or taking out another loan to cover the original loan.

Lack of regulation. Payday loans are not highly regulated in many states, which means that lenders can charge very high interest rates and fees. This lack of regulation can put borrowers at risk of financial exploitation.

How to Get a Payday Loan the First Time?

Apply For a Loan

  1. Check for eligibility. Most payday lenders require applicants to be at least 18 years old and to have a steady income source. Some lenders may require applicants to have an active checking account.

  2. Research lenders. There are many payday lenders in the USA, and it's important to find one that is reputable and trustworthy. Look for lenders with good customer reviews and a track record of fairness and transparency.

  3. Gather necessary documentation. Most payday lenders require applicants to provide proof of income, like pay stubs or bank statements, as well as identification, such as a driver's license or passport.

  4. Fill out the application. The application process for a payday loan is usually straightforward and can be completed online or in person. Provide all necessary information, including personal and financial details.

  5. Review and sign the loan agreement. Once approved, read through the loan agreement carefully to make sure you understand the terms and conditions, such as the interest rate and repayment schedule. Sign the agreement if you are satisfied.

  6. Receive funds. Depending on the lender and the method of payment, you may receive your funds immediately or within a few hours or days. Be sure to use the funds responsibly and repay the loan on time to avoid fees and potential damage to your credit score.

Requirements and Conditions

  1. Age. To be eligible for a payday loan, the borrower must be at least 18 years old.

  2. Income. Payday lenders typically require borrowers to have a regular source of income. This can be from a job or other form of steady income such as disability payments or social security benefits.

  3. Identification. Borrowers must provide a government-issued ID such as a driver's license or passport.

  4. Bank account. Most payday lenders require borrowers to have an active bank account. This is because the loan amount will be deposited into the borrower's account, and the repayment will be deducted automatically on the due date.

  5. Contact information. Borrowers must provide their contact information, including a phone number and email address.

  6. Residence. Borrowers must provide proof of their current address, like a utility bill or lease agreement.

Ways to Get the Money

  1. Direct deposit. This is a common method used by payday lenders to disburse loans. With direct deposit, the funds are deposited directly into the borrower's account. After the loan is approved, the borrower provides the lender with their bank information, and the money is transferred into that account. Direct deposit is the quickest way to disburse loans as it reduces the risk of loss or theft of funds.

  2. Cash disbursement. Some payday lenders offer borrowers the option of receiving cash disbursements at the office location. The borrower can visit the office in person and collect the approved loan amount in cash. This method of disbursement is convenient for borrowers who do not have access to bank accounts or ATM machines.

  3. Check disbursement. This method involves the issuance of a check or a money order for the approved loan amount, which can then be cashed by the borrower. Check disbursement is the least convenient method of disbursement, as it requires the borrower to find a place to cash the check, which may come with additional fees.

Things to Pay Attention To

  1. Understand the terms and conditions of your loan. Payday loans often come with high fees and interest rates, which can make them expensive if you're not careful. Read the fine print carefully and understand the total cost of borrowing, including any fees or charges that may be associated with the loan.

  2. Consider your ability to repay the loan. Payday loans typically require payment in full by your next payday, which can be as little as two weeks away. If the loan amount is too large or your budget is too tight, you may struggle to make the payment on time. Late payments can lead to additional fees and damage to your credit score.

  3. Explore other options. If you need money to cover an unexpected expense or bill, consider whether there are other sources of funding available to you. For example, you may be able to borrow from friends or family, negotiate a payment plan with the creditor, or find ways to reduce your expenses.

  4. Be wary of predatory lenders. Unfortunately, there are some unscrupulous lenders who prey on vulnerable borrowers and charge exorbitant fees and interest rates. To protect yourself, do your research and only borrow from reputable lenders who are transparent about their fees and terms.

How to Repay the Loan

  1. Make a repayment plan. Once you understand the terms of your loan, create a repayment plan that works for you. This could include making a budget, cutting back on expenses, or finding ways to increase your income.

  2. Set up automatic payments. Many lenders offer automatic payments, which can help you avoid late fees and missed payments. You can usually set up automatic payments through your bank account or the lender's website.

  3. Pay off the loan early. If you have the means, try to pay off your loan early. This can save you money on interest and fees and help you avoid getting stuck in a cycle of debt.

  4. Seek help if you need it. If you cannot repay your payday loan, don't hesitate to seek help. Many lenders offer repayment plans or other assistance programs. You can also seek help from a credit counselor or financial advisor.

Alternatives

Apply For a Loan

Payday loans are controversial because they usually come with exorbitant interest rates and fees that can trap borrowers in a cycle of debt. Fortunately, there are alternatives to payday loans in the USA that are more manageable and affordable. Here are the most popular alternatives:

  1. Personal loans. A personal loan is an installment loan that can be used for any purpose, such as debt consolidation or unexpected expenses. These loans offer lower interest rates and fees than payday loans, but they may require a credit check and proof of income.

  2. Credit cards. Credit cards can be a good alternative to payday loans if used responsibly. They may offer lower interest rates than payday loans and can be used for emergency expenses. However, it's important to pay off the balance each month to avoid accumulating debt.

  3. Local community resources. Some nonprofit organizations, churches, and community groups offer financial assistance or loans to individuals in need. These resources may offer lower interest rates and more flexible repayment terms than payday loans.

  4. Employer advances. Some employers offer advances on paychecks or emergency loans to employees in need. This can be a good alternative to payday loans because it is often interest-free and can be repaid through payroll deductions.

  5. Government assistance. In some cases, individuals may be eligible for government assistance programs such as short-term emergency loans or grants. These programs usually have strict eligibility criteria and limited funds, but they can provide a helpful alternative to payday loans for those who qualify.

Editorial Opinion

Payday loans may come with extremely high interest rates and harsh repayment terms. In many cases, individuals can end up trapped in a cycle of debt that they cannot escape from. While there may be instances where individuals need urgent financial assistance, remember that payday loans are not a sustainable solution to money problems. Carefully weigh the pros and cons of payday loans before making a decision. If possible, it may be better to explore other options or wait until a more stable financial situation arises. At the end of the day, the goal should always be to take steps toward long-term financial stability rather than relying on quick fixes that may lead to even deeper financial troubles down the line.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

  2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Methodology

At Finanso, we've carried out a comprehensive analysis of over 100 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional resources

FAQ

Can I get a loan with my first paycheck?

Getting a loan with your first paycheck is possible, but it depends on the lender and the loan type you are looking for. Generally, lenders prefer borrowers with a stable source of income or a good credit history. A first paycheck may not qualify as a stable source of income, especially if you have started your first job recently.

However, some lenders offer loans specifically designed for people with no credit or limited credit history. These loans may have higher interest rates or fees to compensate for the higher risk of default, but they can be a good option for those who need money urgently.

What is the easiest first-time loan?

The easiest first-time loans are payday loans, known as cash advance loans or check advance loans. Payday loans online are short-term loans designed to help people cover their expenses until their next paycheck arrives. These online loans are easy to qualify for and do not require a credit check, but they come with high-interest rates and fees.

What do I need to borrow a payday loan for the first time?

To borrow a payday loan for the first time, you will need to provide proof of income, like a pay stub or bank statement. You will also need to have a checking account in good standing and a valid ID. Some lenders may require additional documentation, such as proof of residency or references.

Can I get a payday loan with no credit history?

If you have no credit history, getting a payday loan can be more challenging, but it is still possible. Many payday lenders do not require a credit check or have minimum credit score requirements. However, they may ask for additional documentation, such as proof of employment or income.

Be cautious when getting a payday loan, especially if you have no credit history. Payday loans can be expensive, and the high-interest rates and fees can make it difficult to repay the loan on time. If you cannot repay the loan on time, you may end up in a debt cycle that can be hard to break.