Compare Top Payday Lenders

Online Payday Loans at a Glance

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Ranking Of Companies That Offer Online Payday Loans

Online Payday Loans in Depth Analysis.

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What is a Payday Loan?

A payday loan is a short-term, small-principal loan (sometimes called a cash advance) and is usually repaid upon your next payday. Some states allow loan extensions and many of the best payday loans will be structured to allow this. The Rates & Terms of the loan may vary by state. The amount that the applicant may borrow varies from state to state, yet predominantly ranges between $100 to $1000.

One of the most appealing aspects of payday loans is that applicants usually do not have to provide a credit report or credit history. In most cases, cash is deposited quickly and securely into an applicants checking account, generally by the next business day. This means that those who do have poor or nonexistent credit histories still have a chance to acquire the much needed funds fast and efficiently!

Logistics

In most scenarios, each loan payment is automatically debited from a client's checking or savings account. It's critical that there are enough funds in the account to cover the payment. Otherwise, a lender will likely assess additional interest charges and late fees. While most lenders no longer accept check payments, it's still somewhat common with retail or neighborhood payday lenders. Much like the direct deposit method, it's important to have enough money in an account to cover the payment by check.

In certain states you may have the option to pay off the loan early, which may result in you being eligible for a refund of all or part of your finance charges upon prepayment (if applicable). If unable to make timely payments on your loan, some loan lenders offer the chance to renew or extend a payday loan.

While online payday loans have many advantages, the world of lending can be confusing. So take time to educate yourself about general payday loan requirements before applying for a cash advance loan.

What Should I Pay Attention to When Comparing The Best Payday Loans

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Secure Site

Consider the underlying security technologies of the payday loan site, for example, the presence of an SSL certificate that indicates the use of Secure Sockets Layer encryption, as well as its policies concerning the sharing of your personal information and whether you can control or limit the extent of information sharing.

Ease of Use

Observe how well the top payday lenders organize their websites and application process. Can you find the information you need without difficulty? What are the payday loan requirements and what does it take to submit an application? How much personal information must you give out in order to apply for the best online payday loans?

Cost of Loan

Instant payday loans are far more expensive than the interest rates you would pay if your debt were on a credit card bank loan. The rates and terms vary from lender to lender and state to state, as does the amount available to be borrowed. It's best to start with a comparison of the best payday loans lenders. Most lenders only offer loans in specific states so we recommend find a lender comparison service in your city state. For example, here's a site that lists the best payday loans in Las Vegas.

Customer Service

While you compare and research the best payday loans, search for any online compliments or complaints. Find out what type of customer support is available and whether it corresponds with the days and times that suit you best.

Co-signer

Does the loan agency require an individual (a co-signer or a guarantor) who must willfully sign part of the loan agreement with the borrower and partly assumes the responsibility of repayment of a loan? Similarly, do you need to offer any collateral prior to applying for the loan?

Payday loan default issues.

Many of the best online payday loans will still have drawbacks if you fall behind on payments. Assuming one or two missed payments, you can expect at least a phone call or letter informing you that the loan is payday due. If the loan falls farther behind, a lender or third party bill collector may take more aggressive action. At this point it's important to know your rights and work with the creditor to reach an amicable solution.

Why Choose a Payday Loan?

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Do I need a payday loan?

Payday loans are extreme remedies for those with no credit card, no savings and a reluctance to borrow from family and friends when in need of a source of cash in the case of emergencies.

The requirements for when applying for many of the best payday loans are usually much less stringent than that of more conventional institutionalized banking practices. Many lenders will only require that the applicant be over 18 years old, have gross salary of over $1000 per month and be a resident of the state in which they apply for the loan.

However, the interest rates are often quite high because the top payday lenders are keenly aware that applicants for payday loans are not likely to have excellent credit histories. Therefore, if you must resort to quick loans, understand the rates and terms in detail. Paying back the loan as soon as your next paycheck arrives will keep you on financial track and keep interest rates and repayments from spiraling out of control.

What are the Best Alternatives to a payday loan?

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  • Contact the payday lender as soon as it's apparent that you won't make a payment. Try to do this as soon as possible. The lender should appreciate your honesty and they will hopefully work with you to remedy the situation. What typically happens in a situation like this is that the lender will agree to not mark the loan as being in default. The will often put the borrower on a payment plan or try to come up with another due date. This is why it's important to know what the payday loan requirements are when it comes to each specific company.

  • Discuss your financial situation with family and close friends. You'd be surprised at how likely your friends and family are willing to help when it comes to an urgent financial situation. Also, unlike even the best online payday loans, it's likely they won't charge you much interest for a small loan!

  • A cash advance on your credit card may also be possible but it may have a higher interest rate than other sources of quick funds.

  • And of course, prevention! - Did you know that most consumers would not need to search for the best payday loans if they had only kept a simple budget? There are many resources both online and at your library that can assist anyone with getting a budget or debt reduction plan in order. It's important to at least start a small savings plan. This way there's money available if a financial crisis occurs. Even a small amount in savings is better than having to search for and compare the best payday loans