$255 Payday Loans Online Same Day
Are you in urgent need of money and unsure where to turn for some quick cash? Many in your situation opt for a $255 payday loan online with same day approval to help them get rid of all their troubles.
Every company that we have compared on this page offers $255 payday loans with same day approval and no credit check.
Best $255 Payday Loans
- Advance America – Same Day Funding
- Ace Cash Express – Instant Funding to Debit Card Possible
- Low Credit Finance – Best for Longer Term Loans
- 5kFunds – Best for Multiple Loan Offers
- BadCreditLoans – Best for Higher Loan Limits
Why $255 payday loans specifically?
For residents of California, the reason for this precise amount is likely familiar, but let’s clarify.
According to California law, the maximum amount a payday loan can grant is $300.
The law also stipulates a maximum interest of $15 for every $100 borrowed. Thus, from a $300 loan, the maximum interest charge is $45, leaving you with a net sum of $255.
This rule applies exclusively to payday loans and only within the state of California. Other states have their own limits, such as Washington ($700 maximum) and Florida ($500 maximum).
Furthermore, some states outright prohibit payday loans, including Arizona, Arkansas, Colorado, The District of Columbia, Georgia, Massachusetts, Maryland, New Jersey, New York, North Carolina, Pennsylvania, West Virginia, and Vermont.
These specific caps and/or restrictions are designed to protect consumers from excessively high fees and to prevent the risk of falling into a debt cycle, common with payday loans.
Comparing $255 Payday Loan Online Lenders
The Financer team has dedicated more than 20 hours to creating this article and has compared the offers of 20+ lenders to make sure that the companies we recommend are the best ones our visitors could choose from.
While the fees for $255 payday loans online and in-person are the same for California lenders, selecting the right one involves considering various other aspects.
In this context, Ace Cash Express and Advance America emerge as our top $255 payday loans direct lender. Here’s why they stand out:
- Direct Lending: They are direct lenders, which streamlines the loan process and enhances customer privacy.
- Same-Day Funding: Crucial for urgent financial needs, both lenders offer same-day instant funding, accessible online and in-person services.
- High Customer Satisfaction: Strong ratings on Trustpilot reflect their high customer satisfaction.
- No Credit Reporting: Neither lender reports to major credit bureaus for payday loans, protecting your credit score from late or missed payments.
- Physical Presence: With multiple locations in California, they offer flexibility and personal service options.
- Quality Customer Support: Known for exceptional customer service, these companies provide comprehensive support throughout the loan process.
Here’s our comparison of the top 6 companies offering $255 payday loans online with same-day approval. We made it relevant to California, adding a section dedicated to physical locations each of the company has in this state:
| Company | Trustpilot Rating | Physical Locations in CA | Same-Day Funding | Credit Reporting |
|---|---|---|---|---|
| Ace Cash Express | 4.6 (10,000+ reviews) | 85 | Yes | No (Uses Factor Trust) |
| Advance America | 4.8 (93,845 reviews) | 81 | Yes | No |
| Check City | 3.7 (1,400 reviews) | No | Yes (Only for returning customers) | Yes |
| Speedy Cash | 3.7 (8,000 reviews) | 27 (25 LA, 2 SD) | Yes | Yes |
| Check into Cash | 3.9 (944 reviews) | 24 | Yes (Redirects to Speedy Cash online) | Yes |
| Check ‘n Go | 4.4 (7,500 reviews) | No | No | Yes |
Ace Cash Express
Chosen 13,951 times- Offers Instant Funding to debit card
- Apply with no impact to your credit score
- Apply online or instore across 850 branches
- Easy application process
Same Day Funding: Offers instant funding to debit cards, making funds available within 30 minutes of loan approval and verification. This service is efficient and caters to those in urgent need of financial assistance.
Credit Reporting: Does not report missed payments.
Customer Reviews: Ace Cash Express has a Trustpilot rating of 4.6 from over 10,000 reviews, reflecting high customer satisfaction.
Physical Locations: 85 locations across California.
Ace Cash Express is a top choice for $255 payday loans online with its efficient same-day funding option. While they are not the only lender offering instant funding, their service speed and the volume of positive customer reviews stand out. Their process is streamlined for quick access to funds, making them a viable option for emergency financial needs.
Quick access to funds with instant debit card funding.
High customer satisfaction and positive reviews
Extensive physical presence across California
Apply without impacting Credit Score
Pros:
Not available for active military members
Cons:
Advance America
Same Day Funding: Offers same-day funding for both online and in-store applications submitted before 10:30 AM EST. In-store applicants might receive cash immediately, while online applicants can receive funding as quickly as 15 minutes post-approval.
Credit Reporting: Advance America does not rely on pulling major credit reports, and does not report missed or late payments.
Customer Reviews: Boasts an impressive Trustpilot rating of 4.8 from 93,845 reviews, indicating high customer satisfaction and commendable customer support.
Physical Locations: 81 locations across California
Advance America’s blend of convenience, rapid service, and customer support makes them a compelling choice for those seeking $255 payday loans online same day no credit check.
They offer streamlined and rapid application processes, with the option for same-day funding. The company’s commitment to customer service is reflected in their high Trustpilot score and their approach to loan repayment flexibility and support.
Quick and easy same-day online funding option
High customer satisfaction and positive reviews
No credit reporting for missed or late payments
Pros:
Requirement for early application submission for same-day funding
Cons:
Check City
Same Day Funding: Available only to existing customers who have previously successfully repaid a loan. New customers do not have access to this option.
Customer Reviews: Trustpilot rating of 3.7 from over 1,400 reviews, indicating mixed customer experiences.
Credit Reporting: Instances of credit reports being run unexpectedly, which has raised concerns among some customers.
Physical Locations: No physical locations in California; their services are provided online.
Check City’s online payday loan services are marked by a mix of customer experiences. While they offer the convenience of online transactions, the limitation of instant funding to returning customers and concerns about credit reporting practices are important considerations.
Also, in reviewing this company and reaching out to support, they opened with asking for full name and last 4 of social security, which was off-putting.
Online convenience for loan processing
Instant funding available for returning customers
Pros:
Mixed customer reviews and concerns over denials
Credit report checks that may be unexpected
Instant funding not available for new customers
Cons:
Speedy Cash
Same Day Funding: Speedy Cash offers instant funding to debit cards, allowing approved loan funds to be deposited immediately. This service is available for both online and in-store applications. Customers without a debit card can apply online and pick up approved cash at a store instantly.
Customer Reviews: Speedy Cash has a Trustpilot rating of 3.7 from over 8,000 reviews, indicating a mix of customer experiences.
Credit Reporting: Speedy Cash may report late or missed payments to major credit bureaus, which can affect borrowers’ credit scores.
Physical Locations: 27 locations, primarily in Los Angeles (25) and San Diego (2).
Speedy Cash is recognized for its efficient service in providing payday loans, especially with its instant funding option. Their ability to offer immediate access to funds, both online and in-store, caters well to urgent financial needs. While customer reviews are mixed, the instant funding feature is a notable advantage.
Instant funding to debit cards for quick access to funds
In-store pickup option for online applications
Significant physical presence in Los Angeles area
Pros:
Mixed customer reviews on Trustpilot
Cons:
Check into Cash
Chosen 14,829 times- Physical locations in many states
- Payday and installment loans
- Title loans and flexible lines of credit
- Easy online application
Same Day Funding: Offers same-day funding, but this service is facilitated through Speedy Cash when applying online. In-store applications might allow cash pickup on the same day.
Customer Reviews: Trustpilot rating of 3.9 from 944 reviews. While generally positive, some reviews indicate customer service concerns.
Credit Reporting: Similar to Speedy Cash, Check into Cash may report late or missed payments to credit bureaus, which can impact the borrower’s credit score.
Physical Locations: Operates 24 physical locations across California, offering an alternative for those who prefer in-person services.
Check into Cash shares ownership with Speedy Cash, and also provides payday loans with a focus on both online and in-store services. Online applications are actually redirected to Speedy Cash, meaning you’ll deal with Speedy Cash’s system for online loans. Their physical presence in California provides convenient access for in-person applications.
Option for same-day funding via Speedy Cash’s online platform
Physical locations available for in-person service
Generally positive customer reviews
Pros:
Online applications are redirected to Speedy Cash
Reports to credit bureaus, affecting credit scores if payments are late.
Mixed reviews regarding customer service experiences
Cons:
Check ‘n Go
Same Day Funding: Not available.
Customer Reviews: Trustpilot rating of 4.4 from over 7,500 reviews, suggesting a generally positive customer experience.
Credit Reporting: Reports to major credit reporting agencies for late payments, potentially impacting borrowers’ credit scores.
Physical Locations: No physical locations in California; services are offered entirely online.
Check ‘n Go caters to the California market with an online-only presence, making it a convenient option for those comfortable with digital transactions. While they have a strong customer satisfaction rating, the lack of same-day funding and the practice of reporting late payments to credit agencies are key considerations. The service suits customers who can wait a bit for their loan and are confident in timely repayments to avoid credit score impacts.
High customer satisfaction rating
Convenient online loan processing
Pros:
No same-day funding option
Reports late payments to credit bureaus
Absence of physical locations in California
Cons:
What is a $255 Payday Loan?
A $255 payday loan is a short-term, high-interest financial product which, just like any other type of payday loan, is typically due upon receiving your next paycheck. It’s designed as a quick solution for immediate cash needs and is usually for a small amount of money.
The loan amount, plus fees, is expected to be repaid in a lump sum. They are also known as cash advance loans or check advance loans.
What are the costs for $255 Payday Loans?
Payday loans are often associated with high Annual Percentage Rates (APR), which can be startling at first glance.
That being said, the total costs a loan will bear are dependent on a number of factors, including the state where you live, your income, your credit score, and the company that you are applying through.
$255 Payday Loans Online Same Day California
For a payday loan in California, the total cost of borrowing is capped at $300, which includes the original loan and fees.
At the same time, the maximum amount of fees cannot be more than 15%.
Depending on the repayment term, all these numbers translate into a stated APR that can vary significantly: 215% for a 30-day repayment period and 460% for a 14-day repayment period.
Why Such High APRs?
The high APRs of payday loans are primarily due to their short-term nature. Here’s a breakdown of why these numbers seem so high:
- Short Repayment Terms: Payday loans are designed to be short-term solutions, typically repaid within 14 to 30 days. APR is calculated on an annual basis, but these loans don’t last a year, skewing the percentage when annualized.
- Flat Fees Structure: The cost of a payday loan is often a flat fee (15% of the loan amount in California), not an interest rate. When this flat fee is converted into an annual rate to calculate the APR, it results in a high percentage because the loan term is so short.
APR: Might not be the best measure for these products
While APR is a standard way to compare the cost of different financial products, it may not always be the most relevant or accurate method for short-term products like payday loans. Here’s why:
- Annual vs. Short-Term Comparison: APR is more relevant for long-term loans where the interest compounds over a year or more. For a loan intended to last only a couple of weeks, the annual rate can distort the actual cost in practical terms.
- Actual Cost Perspective: A more straightforward way to understand the cost of a payday loan is to look at the total fees charged on the loan amount. For instance, borrowing $255 with a cost of $45 over two weeks may be more meaningful to a borrower than an APR figure.
While APRs on payday loans appear astronomical due to their short-term nature, they might not accurately represent the cost of the loan to the borrower. It’s essential to consider the actual fees and the loan’s duration when evaluating the affordability and suitability of a payday loan.
Requirements for a $255 Payday Loan Online
- Personal Identification: Most lenders require a valid government-issued photo ID or driver’s license. This helps in verifying your identity and age.
- Proof of Income: You’ll need to provide evidence of a steady source of income, such as recent pay stubs or bank statements. This assures lenders of your ability to repay the loan. The income can come from employment, disability, retirement, self-employment, or other sources.
- Active Checking Account: An open and active checking account is crucial. You might need to provide proof of routing and account numbers. The account typically needs to have been active for at least 30 days.
- Valid Contact Information: A working phone number and a valid email address are required for communication purposes.
- Social Security Number or Tax ID: A valid Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) is often necessary for the application process.
- Age Requirement: Applicants must be at least 18 years old (or the age of majority in your state).
- Residency: You should reside in the state where you are applying for the payday loan.
- Bankruptcy Status: Applicants should not be current debtors in an ongoing bankruptcy case or planning to voluntarily file for bankruptcy relief.
- Military Status: Some lenders have specific requirements regarding lending to military members and their dependents.
How to save $619.00 on your loan
The price difference for a $500.00 loan in 90 days is $619.00.
Steps to Apply for $255 Payday Loan Online
Start by Comparing Lenders
Begin by clicking this link to compare the companies that are offering a $255 payday loan online.
Select Your Preferred Lender
After reviewing your options, identify the lender that best suits your financial situation and preferences. Click the “Apply Now” button associated with your chosen company. Clicking this button will redirect you to the lender’s website, where you can initiate the loan application process.
Complete the Application Form
Upon reaching the lender’s application page, you will be required to fill out a form with your personal and financial information. This typically includes:
- Your name
- Address
- Employment details
- Income level
- Bank info
Ensure that all the information you provide is accurate and up-to-date to avoid any delays in the approval process.
Submit Necessary Documentation
To expedite the submission process and verify the information provided in your application, prepare the following documents in advance, as some lenders may request them:
- Government-issued ID: A copy of an ID such as a driver’s license or passport to verify your identity.
- Proof of Income: Documents like pay stubs or bank statements to confirm your income level.
- Proof of Residency: A utility bill or similar document to prove your current living address.
Review and Accept the Loan Agreement
If your application is approved, the lender will present you with a loan agreement outlining the terms of the loan, including the interest rate, fees, repayment schedule, and any other pertinent conditions.
Carefully review this agreement to ensure you fully understand your obligations. If everything is in order, accept the agreement to proceed.
Receive Your Funds
After you accept the loan terms, the lender will proceed with the disbursement of your $255 payday loan. Depending on the lender’s policies and the timing of your application, the funds are typically deposited directly into your bank account within one business day.
Additionally, some companies offer instant same-day funding to a debit card, providing even quicker access to your funds. Alternatively, if you prefer or if it’s more convenient, you may have the option for same-day in-store pickup at a designated location.
Repay Your Loan
Mark your calendar with the repayment due date(s) to ensure you repay your loan on time. Adhering to the repayment schedule is crucial to avoid any additional fees or impacts on your credit score.
$255 Payday Loans Pros and Potential Risks
Payday loans come with some advantages, among which:
- Same-day Approval: Rapid approval process, crucial for urgent financial needs.
- Simple Online Application: Easy application process that can be completed anywhere online.
- Minimal Requirements: Basic qualifications like proof of income and a bank account, making it accessible to many.
- Flexible Repayment: Options to choose repayment schedules, with some lenders offering extensions.
- No Credit Check: Availability for borrowers with poor credit, focusing on current income for loan approval.
However, when considering short-term payday loans, it’s important to also look at their potential risks:
- High Interest Rates: Payday loans often have high interest rates, which can lead to a cycle of debt if not managed properly.
- Short Repayment Terms: These loans typically require repayment by your next payday, which can be challenging if you’re already facing financial difficulties.
- Potential for Debt Cycle: The ease of obtaining payday loans can lead to repeated borrowing, potentially resulting in a cycle of debt.
- Alternative Options: Before opting for a payday loan, consider other alternatives like borrowing from friends or family, using a cash advance app, or exploring lender finding services.
- Financial Planning: It’s crucial to have a repayment plan in place and to borrow only what you can afford to repay.
Payday loans should be used responsibly and as a last resort for immediate financial needs.
Customer Reviews and Experiences with $255 Payday Loans
Navigating the process of obtaining a $255 payday loan can be a mixed bag of experiences, as shared by various customers through their testimonials. While the convenience and customer support provided by these services are consistently appreciated, it’s the cautionary tales that often provide the most valuable lessons for prospective borrowers.
Voiced Concerns and Cautions:
- Unexpected Terms: A common grievance is the discovery of unforeseen loan terms. One customer revealed, “The loan agreement was not explained to me verbally… I just found out today the payments are biweekly”, highlighting the importance of clear communication and thorough review before signing.
- Application Denials: Some customers have been baffled by denials despite apparent eligibility. “After collecting so much personal and financial information about me they denied a $255 loan to me,” shared one applicant, suggesting potential mismatches between lender criteria and applicant expectations.
- Privacy and Information Security: Concerns about the extensive collection of personal data have been raised, with one customer stating, “I feel like I just got fished for personal information”, cautioning others to be mindful of privacy when applying.
Customer Advice:
- “Read the Fine Print”: This phrase is a common thread among reviews, underscoring the necessity of fully understanding the terms and conditions of the loan to avoid any surprises.
- “Compare Rates”: Borrowers encourage using comparison tools to evaluate different lenders, suggesting that a little research can go a long way in finding a favorable deal.
- “Consider Alternatives”: Exploring other financial options is another piece of advice given, reminding potential borrowers that payday loans are just one of many avenues for quick cash in times of need.
Frequently Asked Questions
What is a $255 payday loan?
A $255 payday loan in California is a short-term loan with high interest, designed to be repaid on your next payday. The amount is specific to California, where state regulations cap the total loan amount at $300, including a maximum fee of $45. This results in borrowers receiving $255.
Can I get a $255 payday loan on the same day?
Yes, some lenders like Ace Cash Express and Advance America offer same-day funding for payday loans.
Do $255 payday loans online require credit checks?
This varies. While some lenders may not perform traditional credit checks, they may check creditworthiness through other means.
Are there alternatives to $255 payday loans?
Yes, alternatives include lender finding services, cash advance apps, borrowing from friends or family, or credit card cash advances.
$255 Payday Loan Alternatives
For those exploring alternatives to $255 payday loans, there are several options to consider:
- Lender Finding Services: Services like BadCreditLoans and Low Credit Finance can assist in finding loans, but be aware that they may monetize customer data and typically offer installment loans, not payday loans. These services can suit individuals with bad credit seeking larger loan amounts and longer repayment terms.
- Cash Advance Apps: Apps that offer cash advances are another alternative. These can provide small, short-term loans often without the high fees of traditional payday loans. For more information, explore our page on cash apps like Dave.
- Personal Loans from Friends and Family: Borrowing from friends or family can be a viable option, usually without the high interest rates of payday loans. It’s essential to treat such loans seriously and to have clear terms for repayment.
- Credit Card Cash Advances: Using a credit card to get a cash advance can be an option, but it usually comes with higher interest rates and additional fees.
Each of these alternatives has its pros and cons, and it’s important to consider your financial situation and needs carefully before choosing the most suitable option.
Responsible Lending Practices
When considering a $255 payday loan, it’s crucial to select lenders who adhere to responsible lending practices. Responsible lending involves offering clear, comprehensible loan terms and ensuring that borrowers can realistically repay their loans without falling into a detrimental cycle of debt. These practices protect borrowers from entering agreements that could worsen their financial situation.
An essential step in finding such lenders is utilizing comparison tools like Financer. Our platform allows you to compare different financial companies side by side, evaluating their terms, interest rates, fees, and customer reviews.
By leveraging such tools, you can tailor your search to find a lender that not only meets your immediate financial needs but also aligns with your ability to repay, ensuring a fit unique to your situation and needs.
Contact Information for Financial Advice and Support
Navigating the complexities of loans and managing debt can be challenging. Fortunately, several reputable resources and organizations are available to offer financial advice and support:
- National Foundation for Credit Counseling (NFCC): A nonprofit organization that provides comprehensive financial counseling and education services. They can assist with budgeting, debt management plans, and understanding your loan options. Visit their website or contact them at 800-388-2227 for support.
- Consumer Financial Protection Bureau (CFPB): A government agency that ensures consumers are treated fairly by banks, lenders, and other financial institutions. The CFPB offers resources to help understand financial products, including loans, and provides guidance on dealing with debt. For educational materials and information on how to file complaints in case of encountering unfair lending practices, click here to visit their website.
Utilizing these resources can empower you to make informed decisions about payday loans and manage your financial health more effectively.
Whether you’re seeking advice on creating a budget, understanding the nuances of various loan terms and products, or need assistance in managing or consolidating debt, these organizations can provide valuable guidance and support.
