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When you need cash quickly and have limited options to access it, a payday loan might seem like a solution. A payday loan is a short-term, high-interest personal loan, usually for a small amount, due on your next payday. While the idea sounds simple enough, such loans are extremely risky and often offered by untrustworthy lenders.

According to the Consumer Financial Protection Bureau (CFPB), a typical two-week payday loan with a $15 per $100 fee equates to a nearly 400% APR. That means if you borrow $200, in two weeks you'll owe $230. Often, payday loan borrowers can't come up with enough money in such a short time, so they keep extending the loan, paying exorbitant fees. To manage the growing debt burden, some take out additional payday loans, becoming stuck in a toxic debt cycle.

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To avoid finding yourself in such a situation, consider safer loan options. CNBC Select looked for personal loans with a minimum amount of under $1,000 and 24-hour funding (learn more about our methodology). Here are the best alternatives to payday loans we have found.

Oportun offers personal loans as small as $300 and accepts applicants without a credit history. The maximum APR is high, but not untypical for personal loans with lenient credit requirements. Term lengths start at 12 months so you'll have plenty of time to repay your loan. And since Oportun doesn't charge early payment penalty fees, you can pay off your balance quicker if you want.

If you do have a credit history but your score leaves a lot to be desired, you might still be able to get approved. To be on the safe side, you can get pre-qualified with a soft inquiry, meaning there will be no impact on your credit. Plus, if you get approved, your payment history will be reported to credit bureaus, which can help you improve your credit. Meanwhile, traditional payday lenders don't report positive payment history to the credit bureaus

Who's this for? If you (or a family member) are an active military member or a veteran, or an employee or retiree of the Department of Defense and need quick cash, joining Navy Federal Credit Union to get a loan might be a good idea.

The loan amounts start at $250, and you can opt to repay the loan in as little as six months. Choosing a short repayment term is beneficial since it allows you to save on interest charges. The interest rates at Navy Federal are also on the lower side, compared to most personal loan providers. Plus, there are no early prepayment penalties if you finish paying off your balance before your loan's term end.

You can borrow as little as $500 and, if you need to, you can defer your first payment for up to 45 days after the funding date. But as with most credit unions, you'll need a membership to apply for a loan. First Tech provides several ways to qualify for membership: working for a company on First Tech's partners list, working for the state of Oregon, working or living in Lane County, Oregon, or having a membership at the Computer History Museum or the Financial Fitness Association (an annual membership only costs $8 and anyone can join). Additionally, you're eligible if someone in your family or household is a First Tech Credit Union member.

The credit union doesn't charge any origination fees or early payoff penalty fees. You can check the interest rate you may be eligible for with no impact on your credit score. According to First Tech, most applicants can get approved right away and receive the money on the same day.

You can borrow as little as $600 with no origination fees. Terms range between one and five years, and there are no early payment penalty fees if you pay the loan off before the term's end. And as with many credit unions, the interest rate on personal loans are on the lower side. You don't need to be a member to apply. However, to receive the funds, you'll need to sign up for a PenFed membership and keep $5 in a qualifying savings account.

On the other hand, if you fail to repay the loan, the lender might sell your debt to a debt collector. In this case, the collection agency could report the debt as unpaid which most likely would have a highly negative effect on your credit.

The catch to payday lending is the combination of high financing costs and short repayment terms which can trap you in a debt cycle. While a payday loan might seem like a quick solution when you need cash urgently, how likely is your financial situation to change when the payment date comes? If you can't part with $500 right now, chances are, $500 plus interest will be too much of a hit on your budget next month too. And if you can't make the payment, it's all too easy to take on even more debt to keep your loan current.

In fact, many people do just that. The CFPB found that four out of five payday loans are rolled over or renewed within 14 days. Further, for 22% of new loans, borrowers extend the loan six times or more. With a typical payday fee of 15%, in this scenario, consumers end up paying more in fees than the original loan amount.

Given how risky payday loans are, many states have outright banned them. Payday loans are illegal in states such as Arizona, Connecticut, Georgia, Maryland, Massachusetts, New Jersey, New York, Pennsylvania and New Mexico, among others.

Payday loans are a risky practice with lenders often targeting financially vulnerable individuals. Avoid getting caught in a payday loan debt cycle by opting for a small personal loan that can offer fast funding. And even if that option doesn't pan out, there are still other safer solutions to consider, like using a cash advance app, negotiating with your creditors or borrowing from a friend.

To determine which personal loans are the best payday loan alternatives, CNBC Select analyzed dozens of U.S. personal loans offered by both online and brick-and-mortar banks, including large credit unions, that offer loans under $1,000 and can fund them within one business day.

Note that the rates and fee structures advertised for personal loans are subject to fluctuate in accordance with the Fed rate. However, once you accept your loan agreement, a fixed-rate APR will guarantee interest rate and monthly payment will remain consistent throughout the entire term of the loan. Your APR, monthly payment and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more.

Catch up on CNBC Select's in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.

Your account's ACH/MICR number is often used by merchants, government agencies, and others to directly pull money from or deposit funds directly into your account. Here's how to find your account's ACH/MICR number through SAFE's Online Banking and Mobile App.

A hard money loan is a short-term loan that often requires the borrower to use an asset, like a home, as collateral to secure the loan. Hard money loans are also referred to as bridge loans and can be used to help finance one house while preparing to sell another.

Traditional lenders go through this sometimes-lengthy process to minimize their risk when they lend money. Lenders can offer better rates and more affordable financing by ensuring borrowers are creditworthy.

The lender may superficially check your credit or finances, but, in general, the process will be much less rigorous than with a traditional loan. The less stringent credit check allows borrowers to get their money in days instead of weeks or months.

The most common examples are developers and house flippers who need cash flow to help fund their next real estate investment. Real estate investors use these loans for funding since the funding time frame is often much shorter than mortgage loans.

Miranda Crace is a Senior Section Editor for the Rocket Companies, bringing a wealth of knowledge about mortgages, personal finance, real estate, and personal loans for over 10 years. Miranda is dedicated to advancing financial literacy and empowering individuals to achieve their financial and homeownership goals. She graduated from Wayne State University where she studied PR Writing, Film Production, and Film Editing. Her creative talents shine through her contributions to the popular video series "Home Lore" and "The Red Desk," which were nominated for the prestigious Shorty Awards. In her spare time, Miranda enjoys traveling, actively engages in the entrepreneurial community, and savors a perfectly brewed cup of coffee.

A payday loan is a short-term, high-cost loan that must be paid back on or before your next payday, whether your income is from employment or government benefits. Payday loans are made by storefront lenders, check cashers, pawn shops, credit unions, and Internet-based providers. Publication #0600EN

You do not get approval for a payday loan based on any credit check, as with a standard loan. Payday loans do not show up on a credit report. They cannot improve your credit if you pay the loan back on time. Payday loans can only hurt your credit rating if you fall behind. The lender can

You write a post-dated personal check to the payday lender or authorize them to take money directly out of your bank account on the date of the check or authorization (authorization for short). Generally, this is on your next payday.

When the payday loan is due, either you give the payday lender cash in return for your post-dated check, or you let the lender deposit your check. If you authorized the payday lender to take the money from your account, the lender will do so on the due date.

The contract you sign with the payday lender must tell you the annual percentage rate (APR) for the amount you borrow. The APR is the interest rate for your loan spread over a year. The less time you have to pay back the loan, the higher your APR. 17dc91bb1f