Best online payday loans: Top 10 companies in 2023

Payday loans are small, short-term loans intended to cover you until you receive your next cash. The best online payday loans help you out with emergencies, we are going to be taking a look at 10 of them.

This blog post is intended to give you an overview of what payday loans are, as well as highlight the best online pay day loans.

Before we proceed, what are payday loans?

Payday loans

A payday loan is a short term, and high interest loan.

Usually, they are available in small amounts of cash – typically much less than what you can borrow from a bank, or online lender.

Alternative names include: installment loans, no credit check loans or a cash-only loan.

They are called payday loans because they are short term loans, meant to last until your next paycheck.

The typical length of a loan is two weeks, but loan terms can be flexible.

Payday loans are exciting because besides being very fast money, there is no credit check.

10 best online payday loans

Lets take a look at some of the best online payday loans.


Lendup is the best for money on the go.

It offers credit cards, loans, free financial education, and where available, the opportunity to build credit, from your phone.

LendUp comes with numerous advantages for borrowers.

A major advantage of applying for LendUp personal loans is that they strive to make the fees and business model as transparent as possible.

If you get approved for a loan, they disclose exactly how much you will pay back and when you will pay back.

2. Renmoney

Renmoney is one of the loan companies in Nigeria that offers micro-business loans up to 4 million NGN.

To apply for this loan, your business ought to have a good income statement history and can boast of regular monthly earnings for repayments.

The minimum loan amount is 100, 000 NGN, while the interest rate is up to 2.8% per month.

3. Carbon

Carbon was formerly called PayLater.

It is an instant loan that gives you access to a loan in few minutes, currently operating in Nigeria.

Carbon is a 3 year old lending app that is known as ‘ a simple digital finances management platform.’

It provides instant online loans to help you cover urgent and unexpected cash needs.

The platform usually requests for access to your BVN to determine your loan worth.

This company can give out loan as high as 20 million NGN, while interest varies.

The mobile app is available on web and mobile apps.

Their interest rates range from 5-15% and it depends on the loan repayment period and the amount of money borrowed.

It also provides a platform that allows its customers recharge airtime, transfer funds and pay bills.

See also: Cash out refinance loan explained (+ requirements and tools)

4. Branch

Branch is another platform that offers quick loans in Nigeria.

The company gives you access to loan that ranges from N1,000 to N200,000 within 24 hours, with a payback duration of 4 to 40 weeks.

It is one of the best online payday loans platforms, because of its mode of operation.

Its interest rate usually ranges from 15% to 34%

The company doesn’t request for collateral. Its interest rates are determined by a number of factors like the lender’s repayment history and the cost of lending branch.

This is one of the best online payday loans in Nigeria that have made it easy for Nigerians to request for loans without collaterals or physical engagement.

5. Fair money

FairMoney offers quick loans to cater for needs like bill payments.

It usually requires your Bank Verification Number (BVN), and debit card details to obtain a loan.

It is a licensed loan app that gives interest ranging from 5% to 28%, depending on how much you are borrowing.

The payback date is usually between 4 to 26 weeks.

Interestingly, if you pay back your loan before the due date on FairMoney, you’d repay at a reduced interest rate.

See also: Personal loan application: Step by step guide (+ quick tips)

6. Petty cash

Pettycash is a lending firm in Nigeria with its customers in the 36 states of Nigeria.

They don’t have a physical location, but have enough employees dedicated in helping its customers borrow and invest funds.

They also offer a digital experience by providing instant loans to salary earners in Nigeria through their employer or individually.

What that means is that their customers can access finance anytime and anywhere.

They give out loans ranging from 5,000 NGN to 50,000 NGN to salary earners as payday loans.

7. Payday Hub Online

Payday Hub Online is a non-banking financial organization which offers private investment and short term loan facilities to paid employees or reputable companies without any charge hidden or collateral .

This is done to enable its customers get fast cash to meet basic and emergency needs.

You will need to reach specific loan requirements like:

1. Applicants must have a means of identification, i.e driver’s license, international passport, or national ID card.

2. Applicants must have a company ID card, and employment letter.

3. Applicants must possess a three months bank statement of account showing previous salaries.

8. Migo

Migo was formed out o its partnerships with companies, banks, and other technology companies.

It is also one of the best online payday loans in Nigeria.

They request for your Bank Verification Number (BVN), and also your account number.

Migo gives you access to loans as high as 500,000 NGN, without requesting a collateral.

You can access their lending services via their website or mobile app.

Its interest rate lies between 5% – 15%, and you have to repay within 14-30 days.

9. Lidya

Lidya launched in Novemeber 2016, with a mission to bridge credut gap, both in Nigeria and emerging markets.

Businesses seeking for a loan can make use of the Lidya mobile app, or visit their website.

The loan amount at Lidya ranges from N150, 000 and above, with an interest rate of 3.5% per month.

10. Social Lender

Social lender is a lending platform based on social reputation on mobile, online and social media.

It is also one of the best online payday loan creditors that aim to bridge the gap of immediate funds for people with limited access to formal credit. It performs a social audit of the user on social media, online and other related platforms.

How can I obtain a 5-minute quick loan?

The quickest option to obtain an instant loan within five minutes is to borrow from a friend or relative who can give you cash or utilize an electronic transfer service to lend you money immediately. No credible company will send you funds within minutes or even an hour of your application.

What app can quickly lend me $250?

Brigit allows you to borrow $250 on the same day you apply if you submit your application before 10 a.m. EST. A monthly subscription is required to access the app’s cash advance function. Brigitte has free access to financial specialists who can assist you in structuring your expenditures within your budget.

Which loan is the simplest to qualify for?

Payday loans, automobile title loans, pawnshop loans, and personal loans with no credit check are the easiest loans to obtain. These loans provide quick money and have minimum criteria, making them accessible to individuals with poor credit.

Which app provides quick credit within minutes?

With millions of app downloads and over 7 million consumers worldwide, the Tala quick personal loan app provides mobile loans online in minutes. Obtain instantaneous personal cash loans in India with no documentation necessary – no pay stubs, bank statements, or credit score needed (100 percent paperless process).

Can I obtain a loan from PayPal?

PayPal Working Capital is an economical, fixed-rate company financing. You pay back the loan and charge with a proportion of your PayPal sales (minimum payment required every 90 days). There are no recurring interest charges, monthly bills, late fees, pre-payment costs, or other fees.

Does Cashapp provides payday loans?

Cash App charges consumers 5% in fees and an additional 1.25 % if payments are late, which can mount up. Viva Payday Loans provides access to lenders with interest rates beginning at 5.99%.

Is it secure to obtain an online payday loan?

There are hazards associated with disclosing sensitive personal and financial information online. By applying for payday loans online, you may increase this risk. Many payday loan advertising websites are not legitimate lenders.

Is it challenging to qualify for a payday loan?

Even while obtaining a payday loan has become rather simple for most individuals, it is still necessary to do all possible to improve your chances. This post will discuss the most effective strategies for enhancing your likelihood of acceptance.


Need a business loan? Reach out to any of the best online payday loans 2022 creditors listed above now!

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