It is estimated that approximately 2.5 million households in the U.S., or about one in 50, utilize at least one payday loan each year. The fact is, these types of loans are a viable option when you need money in a hurry.
The problem for some, though, is finding a reputable and honest payday lender. If you are considering a payday loan, your first step should be to take a look at payday loan reviews.
Here, you can find the top payday loan companies, as well as what to look for when searching for a payday lender. After all, being informed and knowing what to look for is half the battle.
What to Look for in a Payday Lender
One of the first things you should realize is that up to 20 percent of payday loan lenders operating in the U.S. are scams. This means you need to be armed – with information – to ensure you choose the right lender.
If you work with one of those “scammers,” it can cost you hundreds, thousands or even more. Don’t let this happen. There are quite a few horror stories out there, so make sure you don’t become another one.
While there are several things to consider when choosing a payday lender, there are some factors that are more important than others.
Some tips to help you choose the right lender can be found here.
The first thing you should do when trying to get a loan is a bit of simple bookkeeping. Carefully calculate the amount of money you need to make it to your next payday.
Realize that the more money you take, the higher your interest will be. Only take what you really need and double-check the amount to make sure it is accurate.
Only Use Certified Lenders
Don’t include any unauthorized or uncertified lenders on your list of considerations. On any website of payday lenders, it will be clearly stated if the services offered by the company are certified.
If they are, they can provide you with some type of guarantee.
You need to become familiar with the laws and regulations for payday loans in your state. Be sure to learn what the maximum and the fixed interest rates are and choose the companies that have adhered to these limitations.
Look for Transparency
There is a simple rule in business – transparent companies won’t impose hidden fees or overcharge their customers.
Late charges, interest rates and any other important information related to the cost of the payday loan should be easy to find on the website. If this isn’t spelled out precisely, then it may be time to find a different lender.
Fast Response Time
Make sure you check to find out if the company you plan to use has at least one office in your state. More than one is a better sign.
They should also have a phone number you can call, and a customer service or care department you are able to easily get in touch with if any issues arise.
Now that you have a few tips to keep in mind when searching for a payday lender, the next step is to learn about some of the most popular lenders out there.
By taking the time to learn about some of the companies, you can make an informed decision about what lender to use.
The company opened in 1997 and is now one of the fastest growing and largest providers of financial services and short-term loans in the U.S., U.K., and Canada.
The amount you can acquire from Speedy Cash depends on your state. Generally, the amounts will range from $255 to $2,500.
If you are interested in a title loan, then you can get approved for an amount ranging from $300 to $25,000. This service also offers money orders and check cashing services.
This company serves customers in their physical stores, over the phone, through a mobile app and online. Services are currently available in 27 states.
Operating in the U.S. since 2005, CashNetUSA used to be owned by Cash America before it became its own, independent company.
Today, the company operates in 31 states and offers a wide array of loans based on each state’s policies and laws.
With this company, applicants will usually receive an instant decision regarding if they are approved for funding. Some of the requirements set by this company to be considered for financing include:
- Applicants must be 18 years or older
- Applicants must be U.S. citizens
- They must have a regular source of income and make a minimum of $1,000 per month
- They must have an established and valid checking account
One of the most appealing factors of this payday lender is that they have customer service representatives available 24 hours a day, seven days a week.
Blue Trust Loans
For the past four years, Blue Trust Loans has provided loan options for people across the U.S. The company offers loans up to $2,000 and the repayment term is six months.
The company is owned, operated and managed by the Wisconsin based Lac Courte Oreilles Lake Superior Band of Chippewa Indians. This is a sovereign and federally recognized American Indian tribe.
Many people prefer this lending company because they don’t require a credit check. While this s true, the company does ask those who apply if they plan to file bankruptcy. They will not issue a loan to a debtor in current bankruptcy cases, or those who plan to file in the near future.
The negative aspects of this company according to reviews include a lack of transparency, the possibility of additional fees and the fact that they may share your information.
ACE Cash Express
Headquartered in Irving, TX, ACE Cash Express was originally founded in 1968. This company provides prepaid debit card services, bill pay, short-term consumer loans and check cashing services to individuals in 23 states.
This company can provide loans to individuals with bad or no credit. The goal of ACE Cash Express is to serve customers who want an alternative to traditional financial services.
The good qualities of this company include that they offer a fast application policy and there’s no penalty for paying off the loan early.
However, according to some users, the company issues fees and penalties for late payments, have a high APR, and a lack of transparency. In most cases, these things are determined by the state you live in.
Cash Central is a top rated online lending company. Originally founded in 2005, the company currently operates in 23 states. Currently, the company offers payday loans in 20 states.
When you choose Cash Central as your loan provider, you receive fast approval for your loan and exceptional customer service. Also, no fees are applied for extending your payments.
If you believe you are going to need some extra time to repay the loan, then this company may be the best option. You can also cancel your loan within a day of receiving the funds if you change your mind.
What Not to Do When Taking Out a Payday Loan
Before jumping into a personal loan, it’s important that you don’t make some of the most common mistakes related to payday loans. Unfortunately, these mistakes can cost you quite a bit in the long run.
Some of these common mistakes include:
- Taking out more money than you really need
- Not understanding the terms of the loan
- Rushing into a loan without understanding what you have to pay back
- Not comparing interest rates
The best way to avoid making one of these common mistakes is to do your homework. Getting to know some of the most popular companies and what they have to offer will ensure you get the loan you need.
Payday Loan Reviews Put the Decision Power in Your Hands
By taking the time to review the information here, you can make an educated decision regarding which payday lender you want to use.
The fact is, payday loan reviews can be invaluable when it comes to getting the fast cash you need.
If you want more information about payday loans, or to work with a company dedicated to providing high-quality financial products, contact our team.
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