Payday loans are a form of short-term lending that often receive a bad reputation for high interest rates, excessive fees, and short repayment turnaround. Many Americans use payday loans to get by, but their financial impact can be devastating in the long run.

Many or all of the companies featured provide compensation to LendEDU. These commissions are how we maintain our free service for consumers. Compensation, along with hours of in-depth editorial research, determines where & how companies appear on our site.