Also called a short-term loan or cash advance, a payday loan is a signature loan that is typically paid back through your paycheck or another source of income. If you work, and receive a paycheck once a week or every two weeks, you may be eligible for this kind of loan. Even if your monthly income comes from a pension check or Social Security benefits, you may also qualify.

One of the attractions of payday loans is that approval can happen quickly. While some lenders may require credit reporting, many still approve people with low credit scores. MoneyMutual is not a lender but rather an online portal where borrowers can connect with lenders—and our process is simple! Just fill out your information on our secure website, submit your information for lenders to review, if a lender is interested in working with you, complete the lender’s application, review the terms of any offer you receive, and finalize the process at the lender’s website. That’s it!

Before you move forward, let’s get a few things straight, because there’s a lot of misinformation out there about payday loans. In addition to providing you access to lenders, we are committed to offering the best information on payday lending. The following details are grouped into sections so you can easily find what you are looking for:

  • Types of payday loans
  • How payday loans work
  • How to get payday loan you can trust
  • How to qualify for a payday loan
  • Characteristics of legitimate payday loan sites
  • Advantages of online payday loans

Types of payday loans

The term “payday loan” itself is a bit all-encompassing, as there are several types. The terms of each loan may be similar, but lenders offer a variety of loan products to meet the unique needs of each consumer. So, just what kinds of payday loans are out there? Here’s an overview:

  • Military: If you’re serving in the armed forces and face unexpected financial challenges, there are lenders who offer specialty loans. When applying for a payday loan, military personnel should let the lender know of their status so they can take it into consideration.
  • Online: If you prefer the privacy and convenience of completing the entire loan process online, MoneyMutual is a resource you can use to connect with a lender at no additional cost. If you use our service, you’ll get simple, quick and secure access to online lenders.
  • No Fax: Back in the day, faxing loan applications was necessary, but not today. No fax or faxless online lending allows consumers to access emergency funding without all the messy paperwork.
  • Poor Credit: Today’s payday lenders are often willing to consider people with subprime credit ratings for loans, provided minimum lender qualifications are met.
  • 24-Hour Payday Loans: The fastest online loans could be in your bank account in as little as 24 hours. MoneyMutual offers access to lenders who offer 24-hour payday loans to consumers who qualify with individual lender requirements.

Beware of offers that seem too good to be true, especially sites who claim to deliver funds in less than 24 hours. Getting approved for an online payday loan can take just minutes, but there’s almost always a grace period before the money is deposited in your account. When you visit MoneyMutual to connect with lenders, the process of finding a loan is fast and simple. If you are approved by a lender and extended a loan offer, funds could be deposited into your bank by your lender in as little as 24 hours after you accept the loan offer.

All payday loan lenders, regardless of the type of loan, are required by law to tell you all of the terms of your loan, including how much you will pay in finance charges and fees, along with when payment will be due. Take the time to read over them carefully before you accept—and remember, always borrow responsibly.

How payday loans work

A payday loan can be a valuable resource for someone who needs emergency funding, fast! These are not reserved to people with bad credit, but anyone who finds themselves in a financial bind where they don’t immediately have the funds or credit available to cover an emerging cost.

But just how do payday loans of today really work, you ask? Let’s dig in.

In days of yore, a payday loan was more like exchanging a post-dated check for cash on the spot. Consumers could walk into a payday loan store, rent-to-own company, check cashing company, or pawn shop, and hand over a personal check for the amount borrowed, to be cashed by the company on their next payday. In turn, the company would offer cash, as long as minimum requirements, like proof of income, were met.

Today, payday lenders rarely deal with personal checks. Instead, consumers walk into a store and prove minimum requirements, then authorize the lender to electronically remove funds from their account on a later date, their payday. With the advent of electronic transactions, lenders have grown their footprint in this field, as well. Payday loans are no longer only offered in brick-and-mortar locations, like pawn shops, that may carry a stigma for consumers. A robust group of online lenders can offer you a payday loan from the comfort of your living room.

By using the free MoneyMutual marketplace, you may be able to find a lender, quickly, based on the information provided at our secure website. If you qualify with a lender, you’ll be taken to the lender’s website where you can fill our the lender’s application and be given a loan offer. By using MoneyMutual.com you may be able to find a lender who can get you the money you need in as little as 24 hours without having to leave the comfort of your home.*

How to get a payday loan you can trust

Trust is a major factor when looking for payday loans, online. Consumers should be cautious of professional looking sites, masquerading as payday lenders, phishing for important bank account information. A simple google search of “payday loans” offers more than 54 million choices. Figuring out where to get legitimate loan offer and not get scammed can be overwhelming.

MoneyMutual was created for borrowers looking for a one-stop shop to provide them with verified lenders who offer payday loans online. We are a marketplace where qualified borrowers can connect with trusted lenders at no additional cost. The process of providing your information on our website takes only minutes.

If qualified with a lender, you’ll be forwarded to the lender’s website where you can begin to apply for a loan offer. The offer should also include the lender’s contact information if you have any questions. Make sure that you keep this contact information for your records.

The whole process takes place over four simple steps:

  • Submit your information to lenders on MoneyMutual’s website
  • Lenders may return an offer as quickly as a few minutes, if you qualify
  • If you’re interested in a potential offer received, you’ll be redirected to work directly with the lender
  • Once a payday loan is accepted, the money could be deposited into your account in as little as 24 hours*

Since MoneyMutual is not a lender, we do not have a hand in making lending decisions or in collecting your repayment. Make sure to read the terms and conditions provided by the lender carefully before signing on to any loan, as these sometimes vary by lender.

How to qualify for a payday loan

It’s likely easier than you think to qualify for a payday loan. While some lenders specify requirements that are unique to their business, in general, you must have the following:

  • Proof of regular income: Regular income can come from a job. It can also come from benefits from disability or retirement checks. Either way, you have to provide proof you receive either income or benefits.
  • $800 in monthly income: It’s possible to qualify if you make more, but generally you must make at least $800 a month.
  • Be 18 and a U.S. resident: Lenders only qualify residents of the United States that are 18 years or older.
  • A valid checking account: Most lenders will require you to have a checking account so they can make a direct deposit as well as withdraw repayment.

Be aware that other lender requirements and various terms may apply.

Characteristics of legitimate payday loan sites

When it comes to finances, safety and security are of primary concern. Unfortunately, there are people online who want to steal your information, and possibly even your money. By design, fraudulent lending sites look realistic enough to trick consumers, which can make the payday loan process seem daunting. Armed with the right information, you might be able to avoid a scam. Here are a few clues that a potential loan site could be untrustworthy:

  • HTTP vs HTTPS: The “s” in https:// indicates a server is secure. Today, most consumer sites exist on secure servers. If you’re on a site that isn’t hosted on a secure server, that’s a red flag.
  • Look for a Lock: One simple way to check if a site is secure is to look for a lock image that should appear near the address bar at the top of your browser.
  • Security You Can Click Through: Many websites will tout safety by using a number of logos from trusted names in website security. If those logos aren’t clickable, meaning they don’t take you to a different website about security when you click them, turn back now.
  • Warning — Unsafe: It’s not uncommon for a website to have many pages, some that are secure and some that are not. Today’s browsers will often send you a pop-up window to warn that you are venturing into insecure territory. Heed these warnings.

Privacy and security are essential at MoneyMutual. When you use our website to find a lender, we always take steps to help make sure that your information is kept safe.

Advantages of online payday loans

The advantages of payday lending are simple. These loans offer quick access to funds during the times you need it most. If you use MoneyMutual, you can rest assured you are submitting your information to actual lenders, that you’re putting your information into a secure site, and that the process will be quick and simple via our marketplace.

MoneyMutual was created for people who are looking for a short-term loan, but don’t want to venture into a payday loan store, pawn shop, or other lending institution to get one. With your needs in mind, we put together a marketplace where people just like you can find a lender for free, ensuring privacy, speed and security every step of the way.

Why wait in line? Get started with MoneyMutual today.

You can get started now!

Our simple form takes five minutes to complete and you could have the money you need from a lender in as little as 24 hours*

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