What is a payday loan?
A payday loan is a small, short-term, high-cost cash advance — typically $100 to $1,000 — designed to be repaid in full out of your next paycheck, usually 14 days to a month away. The fee is usually $15–$30 per $100 borrowed. On a 14-day term, that translates to an APR of 391% to 782%, far higher than credit-card rates (15–30%) or personal-loan rates (5–36%).
About 12 million Americans take out a payday loan each year, according to Pew Research. About 80% of payday loans are taken out within two weeks of a previous loan being repaid — what the CFPB calls "the cycle of debt." This is the central problem the regulator pays attention to, and it's why Quick Cash always shows alternatives first.
Looking for a specific path? See our online payday loans guide, installment loans comparison, or the what to do if you can't repay action guide.
Real-dollar cost across the US
Here's what a typical $300 / 14-day loan costs in the five highest-population states:
| State | Status | Fee on $300 | Total owed | Effective APR |
|---|---|---|---|---|
| California | $300 cap (CDDTL) | $52.95 | $352.95 | ~459% |
| Texas | CAB/CSO model | ~$66 | ~$366 | ~568% |
| Florida | $500 cap | $33 | $333 | ~286% |
| New York | Banned (25% APR cap) | N/A | N/A | N/A |
| Illinois | 36% cap (2021) | $3.31 | $303.31 | ~36% |
For the full 50-state breakdown with sortable data, see our 50-State Payday Loan Cost Index 2026 — original Quick Cash research, peer-reviewed methodology, CC-BY 4.0.
Eligibility — what you need
- Be 18+ (19+ in Alabama, Delaware, Nebraska)
- Have a U.S. bank account in your name (checking, typically)
- Have verifiable income — W-2, 1099, government benefits, or self-employment
- Provide a valid phone number and email
- Live in a state where the product is permitted (we check this in step 2)
- Not be a covered borrower under the Military Lending Act (or, if you are, only see ≤36% MAPR options)
You do not need perfect credit. Most payday lenders use alternative data (income verification, banking history) rather than FICO scores. However, "no credit check at all" is rarely literally true — most lenders do at least a soft inquiry. Quick Cash will tell you the type of inquiry before any pull happens.
How Quick Cash matches you with a lender
- You complete a 5-step form (~3 minutes).
- We check your state's rules at step 2. If your state bans payday lending, we redirect to alternatives before collecting PII.
- If MLA covered: we limit options to 36% MAPR-compliant products only.
- We ping our network of 23+ state-licensed lenders in waterfall priority order. The first to accept becomes your match. If none accept, we offer alternatives.
- You decide whether to take the offer. No obligation. No prepayment penalty (in every state we operate).
Almost always cheaper: 4 alternatives
The compare tool above is interactive. Here's the short version:
1Credit-union PAL
NCUA-regulated. 28% APR cap. Up to $2,000 (PAL II) over 1–12 months. Membership often broad and inexpensive.
2Earned Wage Access
DailyPay, EarnIn, Brigit, Payactiv. Advances pay you've already worked for. Zero interest. Optional tip.
3Hardship deferral
Mortgage / utility / credit-card issuer hardship programs. Most are willing to defer a payment without fees. Free call.
4Local nonprofits + 2-1-1
NFCC counseling, Catholic Charities, Salvation Army emergency assistance. Free and confidential.
See all 15 alternatives ranked →
If you can't repay on time
Contact the lender first. Most states require an Extended Payment Plan (EPP) at no extra cost once per year — exercise it. Don't let the loan default. See our step-by-step guide to handling repayment trouble for FDCPA rights, ACH revocation, and what to do if a lender threatens criminal action (they can't).
FAQ
How fast can I get the money?
Most lenders fund the same business day (if approved before ~2pm local time) or next business day. ACH transfer is standard; some lenders offer instant deposit to qualifying debit cards.
What's the difference between payday and installment loans?
Payday loans are repaid in one payment (typically 14 days). Installment loans are repaid in scheduled payments over 2–12+ months. Installment APRs are usually lower (35–100% vs payday's 391%+) but total interest paid can be higher because of the longer term.
Can a payday lender garnish my wages?
Only after they sue you, win a judgment, and get a wage garnishment order from a court. They cannot garnish without legal process.
Can I cancel a payday loan after I sign?
Most states require a rescission period of 24–72 hours during which you can return the principal at no cost. Check your specific loan disclosure — it must list this period.