Are There Payday Loans Online With No Credit Check and Instant Approval?

Are There Payday Loans Online With No Credit Check and Instant Approval?
Chris Morgan
Author : Chris Morgan
Updated on : April 15th, 2022

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A lot of companies out there claim to offer payday loans online with no credit check and instant approval. As a potential consumer looking for a payday loan, should you trust these claims?

It’s okay to feel skeptical about something if it sounds too good to be true. In the case of payday loans, it’s impossible for lenders to offer instant, guaranteed approval. This is because they must take on risk as well, and cannot just blindly accept all applicants.

While instant approval for payday loans doesn’t exist, they are still considered one of the easiest and most convenient loan types to apply for, especially if you have bad credit. In this article, we’ll explain why lenders cannot guarantee instant approval, and techniques you can use to maximize your odds.


Do No Credit Check Payday Loans With Instant Approval Exist?

No credit check payday loans with instant approval do not exist. This is because companies must always consider risk before extending a loan to someone.

Usually, companies run your credit score when you want to apply for a traditional loan. If your score passes a certain threshold, you’ll get accepted. However, for a no credit check payday loan, companies don’t pull your credit.

This means that payday loan companies must resort to other measures to screen applicants. Usually, they’ll still perform basic background checks, including asking for proof of income. If you don’t meet the minimum income requirements, you could still get rejected.

Is There a Way To Get a Guaranteed Loan?

Payday loans don’t have instant approval because there’s inherent risk. Since there’s risk involved in all types of loans, this argument applies to all loans in general.

Regardless of what type of loan you’re applying for, there is never a guaranteed way to be approved. Companies will always run some sort of check, and that means it’s always possible to be denied.

However, all things considered, payday loans still have one of the highest approval rates in general. If you’re looking for a payday loan, we’ll discuss ways to increase your odds of getting one later in this article. If you’d rather jump to our number one recommendation, then read our complete review of LendYou.

What If a Company Claims To Guarantee Approval?

We’ve shown that companies cannot guarantee instant approval for payday loans. However, this hasn’t stopped them from advertising their loans as such on their websites. This could be due to one of two reasons:

  • They’re simply lying. Some companies will use strong marketing language to try and get you to buy into their loans, even if they know that what they’re claiming isn’t true. Steer clear of them.
  • They attach asterisks to the claim. Some companies will still have flashy banners claiming instant approval. However, they might follow that up with a footnote saying that loans are guaranteed as long as you have a certain income.

Both practices are questionable and potentially misleading. For a safe payday lending experience, we recommend choosing LendYou. They are a popular payday lending platform that never claims to offer instant approval.


What Loans Are The Easiest To Get Approved For?

For those with bad credit, personal installment loans are usually off the table. These loans require a credit inquiry as part of the application process.


Your best bet, then, is to turn to no credit check loans. There are a few types of popular no credit check loans that involve collateral, such as title loans and pawnshop loans. However, perhaps the easiest type of no credit check loan to get approved for is a payday loan, and it doesn’t involve any collateral.


In a payday loan, lenders require that you repay the loan once you receive your next paycheck. This is also why payday lenders must see proof of income in order to accept you.


Just to reiterate, none of these loans have instant approval. However, payday loans tend to have the fewest requirements, and are thus the easiest to get approved for.


Can I Apply For a Payday Loan With Bad Credit?

Yes, bad credit should not stop you from applying for a payday loan. As we’ve already discussed, payday loans do not involve a credit check.

However, there are some other basic requirements that you should meet in order to qualify for a payday loan. Here are the main ones:

  • You must be at least 18 years old.
  • You must be a permanent resident of the US.
  • You must live in a state where payday loans are legal.
  • You must have a checking or savings account. If you can’t get an account due to past banking troubles, consider second chance banks.
  • You must be able to provide proof of income. Many companies, including LendYou, will require a gross monthly income of at least $1,000.


How Do No Credit Check Payday Loans Work?

LendYou is an online payday loan marketplace designed to connect you with one of many partner lenders on the platform. Applying for a no credit check payday loan at LendYou is incredibly easy, and involves these five steps:

  • Make sure you meet the requirements. We listed these requirements in the previous section. It helps to have official documents ready, such as your government issued ID, recent pay stub, and bank statements.
  • Sign up for LendYou. LendYou has a sign up form online that you can use to get started. They will also ask you how much you’re looking to borrow.
  • LendYou will match you with partner lenders. After signing up, LendYou will automatically start matching you with dozens of potential lenders.
  • Review the terms carefully. Interested lenders will reach out to you through LendYou’s platform. From there, you can discuss loan terms. When you receive the final loan contract, be sure to review all the terms carefully.
  • Accept or decline the offer. If you’re sure you can repay the loan on time, you can go ahead and accept the offer. If not, you can also decline. LendYou will continue to try and find matches.

If you accept an offer, you should receive your funds via wire transfer in around one business day. Payday loan terms usually last no longer than one month. Ensure that you pay off this loan in full and on time.

During your search process, don’t hesitate to reach out to LendYou customer service if you have any questions. Their representatives will be happy to offer their opinions on specific loan terms and guidance on payday loans in general.


Can I Get a Same-Day Deposit or Payout?

Yes, if you start your LendYou application early in the day, it may be possible to sign a contract and get a same-day deposit or payout. However, this isn’t guaranteed, and will vary from lender to lender.

Typically, you should expect the payday loan search process to take around one business day from start to finally receiving your funds.


The Best No Credit Check Payday Loans Online

We recommend LendYou as the top choice for no credit check payday loans online. Applying at LendYou allows you to connect with multiple potential lenders, which greatly increases your chances of approval.

Still, you might choose to consider other companies as well. Indeed, simultaneously applying at multiple companies can further increase your odds. For more of our top recommendations, refer to our list of the best no credit check payday loans online.


Is It Safe To Get a No Credit Check Payday Loan Online?

Yes, it’s safe to get a no credit check payday loan online, as long as you work with a reputable company like LendYou. To determine if a company is trustworthy, make sure they satisfy the following criteria:

  • They don’t guarantee approval. It’s impossible for companies to offer instant approval for payday loans. Good companies know this and don’t try to mislead clients.
  • They give you fair lending terms. Some lenders charge crazy high interest rates–this is one reason why some consider payday loans “predatory.” However, good companies will account for your entire financial situation and offer fair lending terms.
  • They follow the law. Know the payday lending laws in your state. Avoid companies that charge rates higher than what is allowed by law.

How Do You Increase Your Chances of Getting a Payday Loan?

We’ve mentioned multiple times that instant, guaranteed approval is impossible for payday loans. However, here are three things you can do to greatly improve your chances:

  • Have all your documents ready. One common reason why people get rejected for payday loans is that they don’t have their paperwork in order. Whether you apply online or in-store, always have your government issued ID and proof of income on hand. Eventually, companies will always ask for this information.
  • Ask for less cash. When it comes to payday loans, the more cash you ask for, the higher risk you are. You might also need a higher income in order to qualify for more cash. To improve your chances, we recommend asking for as little cash as possible.
  • Use LendYou. LendYou works with many partner lenders. Applying for LendYou is the most efficient way to reach as many payday lenders as possible.

Is a Payday Loan With No Credit Check Right For You?

Payday loans aren’t for everyone. Because they have very high interest rates, you should carefully consider whether or not a no credit check payday loan is right for you.

In general, payday loans should be reserved for true financial emergencies. Usually, this means a rent bill, utility bill, or sudden medical bill. Payday loans shouldn’t be used for discretionary expenses such as gifts or vacations.

Also, payday loans should only be used as a backup option to a traditional installment loan, which have much cheaper rates. This may not be possible for many people, especially if you have bad credit.

Overall, you must be 100% sure you can repay the loan before signing any payday loan contract. Not paying off your loan can have dire consequences. If you have any doubt as to whether you can repay the loan, we advise holding off on it.


What Are 3 Alternatives To Getting a Payday Loan?

If you decide not to get a payday loan but still need some emergency funds, here are three alternatives you can consider.

  • Title loans are loans where you trade in your vehicle title in exchange for cash. Note that you use the title as collateral, and not the car itself. This means that you can continue to drive your car for the duration of the loan. Check out our list of the best title loan companies in the United States for our top recommendations.
  • Pawnshop loans are similar in that you can exchange any item you want for cash. The value is determined by the pawn shop, but it’s usually 20 to 50 percent of the true value of your item.
  • Of course, personal installment loans are always available as well. However, these require a credit check, so you need good credit. It’s always a good idea to dedicate time to fixing your credit score as soon as possible. You may want to check out our Ultimate Review Guide for Credit Saint to learn more.

Conclusion and Next Steps

If you’re looking for payday loans online with no credit check and instant approval, you’re out of luck. It’s impossible for companies to offer instant, guaranteed approval on payday loans, let alone any type of loan.

However, this doesn’t mean that you should give up on your payday loan search. In fact, you can still secure pretty high approval odds as long as you go in prepared with your documents and ask for less cash. You should also definitely use LendYou, as their platform has successfully helped connect many clients with the right payday lenders.


When doing research, Credit Help Info relies on credible and authoritative sites. These research sources are provided so that you can see exactly where we get our information.


About the Author

Chris Morgan

Chris Morgan is a credit expert and founder of Credit Help Info. He has been featured in Addition Financial, GOBankingRates, MSN Money, Yahoo Finance, and many other publications. He has read hundreds of books and resources on finance and the credit industry. Because he did this, you don’t have to. As a school teacher for over 20 years, Chris enjoys taking complicated material and breaking it down into manageable information that’s easy to understand.


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