Cheap Payday Loans

Search for cheap payday loans online in moments with zaving today.

Last updated by Zaving Editorial Team, on April 26th, 2024

Are you looking for cheap payday loans? If you need some urgent cash to get you through a tight spot, you can turn to zaving to help you explore your options. Our online service makes applying for a loan quick, easy, and hassle-free. If your loan is approved, cash can land in your bank account straight away – it's as simple as that! Start the application process right here today with zaving.

What are payday loans and how do they work?

Payday loans are short-term, small-dollar loans aimed at covering immediate financial needs until the borrower's next paycheck. These short-term loans typically involve amounts under $500, although they can extend up to $1,000 or more in certain cases. They serve as a bridge for individuals facing unexpected expenses or financial emergencies.

The process involves the borrower providing a post-dated check to the lender for the loan amount plus fees, which the lender cashes on the borrower's next payday. Alternatively, borrowers might authorize the lender to electronically debit the funds from their bank account on the due date. The loan term is usually short, spanning around two weeks to a month, coinciding with the borrower's payday.

To secure a payday loan, applicants typically need to provide proof of income, identification, and a checking account. Approval and funding often occur swiftly, within a day or even instantly, making payday loans an attractive option for those seeking cash in urgent situations.
However, due to their high fees and short repayment periods, borrowers may find themselves in a cycle of debt if unable to repay the loan in full, leading to increased financial strain and higher costs in the long run.

Can I get a cheap payday loan?

While payday loans are often easy to secure, they are not the cheapest option when borrowing money. The costs associated with payday loans typically comprise several elements that collectively contribute to the overall expense incurred by borrowers. Primarily, these costs are determined by the lender and are usually outlined in the loan agreement or terms.

Interest rates: Payday loans often come with exceptionally high-interest rates, calculated as an annual percentage rate (APR). These rates can range from 300% to 600% APR or higher, significantly impacting the total repayment amount.

Fees: Lenders often charge various fees, including origination fees, application fees, and service fees. These additional charges can quickly accumulate, substantially increasing the repayment amount.

Loan duration: The short-term nature of payday loans, usually due on the borrower’s next payday, contributes to the high effective interest rates. Borrowers are charged high fees for the short borrowing period.

Loan amount: The loan amount itself also impacts the overall cost. While payday loans are typically small-dollar loans, borrowing larger amounts can lead to higher costs due to increased fees and interest.

Regulatory factors: Different states have varying regulations governing payday loans, affecting the maximum loan amounts, fees, and interest rates allowable. Compliance with these regulations can influence the costs associated with payday loans in different regions.

Considering these factors collectively helps borrowers understand and evaluate the overall costs associated with payday loans. When looking for a cheap payday loan, it’s crucial for borrowers to carefully review and comprehend the terms and conditions provided by lenders to make informed financial decisions.

What are the pros and cons of payday loans?


  • Accessibility: Despite potential credit challenges, payday loans offer accessible options for individuals with poor credit scores or no credit history, providing financial aid.
  • Speed: These loans ensure quick access to funds, often within 24 hours of approval, addressing urgent financial needs promptly.
  • Convenience: The straightforward application process, available online or in-person, offers convenience for borrowers seeking immediate financial assistance.


  • High costs: Despite their accessibility, payday loans are not cheap and often come with exceptionally high-interest rates and fees, resulting in substantial repayment amounts that exceed the loaned sum.
  • Short repayment period: With a typically short repayment window, borrowers face challenges in settling the entire loan amount on their next payday, potentially leading to financial strain.
  • Debt cycle risk: Many borrowers may fall into a cycle of continuous borrowing and repayment, creating a reliance on payday loans for ongoing financial needs.

More of your frequently asked questions about payday loans

Are payday loans available in all U.S. states?

No, payday loans aren't available in every U.S. state. As of 2023, about 18 states and the District of Columbia have prohibited payday loans, while the remaining 32 states and Puerto Rico allow them under different regulations.

Can I get a payday loan with bad credit?

Despite having bad credit, you may still be eligible for a payday loan. These lenders often prioritize your income and repayment capability. However, having poor credit might translate into higher costs when obtaining the loan.

What happens if I default on my payday loan?

Defaulting on a payday loan can result in increased fees, credit score deterioration, and potential legal action from the lender. These consequences may significantly impair your creditworthiness and financial stability. Seeking guidance from credit counseling agencies or financial advisors when experiencing repayment difficulties can provide assistance in managing the situation and exploring potential solutions.

What are some alternatives to payday loans?

Exploring alternatives to payday loans can include seeking small-dollar loans from credit unions or community banks, which generally offer more favorable interest rates. Additionally, negotiating payment plans with creditors, seeking advice from non-profit credit counseling agencies, or exploring peer-to-peer lending platforms are viable options.