PAYDAY LOANS

Payday loans provide a much-needed service to millions of people. There are many times when short-term debts outrun the ability to pay. In times like this, a payday loan (a loan against a future paycheck) can provide the cash necessary to meet those needs.

The advantages of payday loans are many. Often they don't require a credit check; so the loan, and your repayment, never show up on your credit history. Loan amounts can range from a few hundred dollars to $1,500. And you receive your loan very quickly; usually within 24 hours.

Drawbacks? Payday loans typically charge service fees that are greater than traditional loans. These service fees can range from $10 to $30 per $100 loaned, and sometimes even more. Many states have regulations stipulating the amount of service fees that can be charged. Obviously, payday loans are meant to address quick cash needs, and should not be used as a long-term solution.

Still, in order to meet short-term obligations, payday loans can provide a fast and easy solution. When evaluating different payday loans, there are certain factors you want to consider. Some of these include:

•  Loan Amount.  How much money do you need? A variety of loan amounts are offered by different lenders.

•  Service Fees.  Look for companies that state their fees up front or guarantee lowest fees.

•  Convenience.  Can your application be processed entirely online, or will you need to fax in documents? How quick will the money be deposited to you?

TopConsumerReviews.com has reviewed and ranked the best payday loans available. We hope you find these reviews helpful in meeting your short-term financial needs!

 

 

TEAM QUICK CASH

 

 

ONLINE CASH 911

 

 

Loan:	Up to $1,500
Cost:	They search their network of lenders to find you the lowest rate possible.

 

Online Cash 911 has one of the easiest and quickest payday loan applications we've found. You simply fill out a form right on the first page, and within seconds can be approved and waiting for your cash to arrive.

The payday loan application process is not only quick but entirely online. Online Cash 911 doesn't require you to fax or send any documentation in with your application. All the information they need is taken right off the one-page form that you fill out online. Nothing could be easier.

Online Cash 911 supports payday loans up to $1,500. We like that they perform no credit check against your personal history. Regardless of whether you've had recent problems meeting your bills, Online Cash 911 will still provide you with the cash you need - no questions asked. This also eliminates any negative impact that can occur with checks of your credit history.

Once approved, Online Cash 911 conveniently delivers your cash into your checking or savings account by direct deposit. This means that they will automatically deposit your money into your account, usually within just a few short hours of your approval.

Online Cash 911 accepts payday loan applications 24 hours a day, 7 days a week. While convenient, you must keep in mind that in order to provide instant approvals, they must communicate with lenders in their network. Some of these lenders may only be open during normal business hours, 8am - 5pm. To maximize your chance for approval, we suggest that you apply during those hours. If you apply outside of these hours and for some reason your application is rejected, then just reapply again between 8 and 5. Since there are no credit checks, there's absolutely no cost to you in applying again.

Online Cash 911 boasts an easy application process, with no faxing and no paperwork hassles. Delivery of your loan is within 24 hours and is not dependent on your credit history whatsoever. If you need a payday loan fast with low fees and no stress, Online Cash 911 is an exceptional value.

 

NATIONAL PAYDAY

 

 

Loan:	First loan up to $400 Subsequent loans can be made up to $1,000
Cost:	First loan FREE Subsequent loans $25 per $100 borrowed

 

National Payday offers a unique program for first time applicants. If you have never received a payday loan from National Payday before, you can obtain a loan for up to $400 absolutely free. This offer is unique among all payday loan companies we reviewed.

To be eligible for a payday loan from National Payday, you need to meet the following qualitifications:

•  a checking account open for at least one month with no bounced checks;

•  a steady job making at least $1,000 a month;

•  not more than one other payday loan with another lender

In order to have no charges applied to your payday loan, you must pay the loan off with your next paycheck - something we advise you do with any payday loan anyway. National Payday doesn't actually require you to pay it off - you can pay a partial amount - but then you will be charged service fees for the remainder.

After you pay off your first loan with National Payday, if you obtain another loan from them your limit will be raised by $100. Similarly, the limit for each subsequent loan you obtain from My Payday Loan will be raised by $100, up to a maximum of $1,000. So, your first loan would be $400, your second loan $500, your third loan $600, and so on until you reach their $1,000 loan limit.

National Payday doesn't require you to pay the loan off in full at your next pay period. At your option, you can pay the minimum amount, and extend your loan into the next pay period.

The loan application process was quick and easy. Simply fill out some information on the first page - name, employer, how often you get paid, and your desired loan amount - and click the Apply button. In just a few seconds you'll be told whether you qualify for the payday loan.

National Payday typically requires no faxing of documents, and they perform no credit check on your personal history. This is convenient for those people who might otherwise not qualify for a loan, due to delinquencies on their reporting record. Once approved, the money is transferred to your banking account usually within 24 hours.

Since National Payday is a direct lender, they are only open during normal buinsess hours - from 9am to 5pm est, and closed on weekends and holidays. Unfortunately, this can introduce delays in the processing of your loan application. You might be "pre-approved" within minutes, but National Payday reviews each application manually before granting full approval. This means that if you apply late in the day or during off hours, your payday loan may not be approved until the next business day - and you won't get your money for another 24 hours after that. If you need to apply for a payday loan during one of these times, or need your money faster, one of our higher-rated companies may be a better fit.

National Payday offers a truly consumer-friendly opportunity for first time visitors to obtain a payday loan for zero fees. We wish the loan approval process was faster, and the no-fee limit for payday loans was more than $400. Still, National Payday earns high marks for giving consumers a break who are in need of just a little extra money.

 

WE GIVE CASH

 

 

Loan:	Up to $1,500
Cost:	Do not state their cost. Claim to be among the lowest online.

 

WeGiveCash is one of the fastest online payday loan site we've found. They are proud of their ability to provide cash to their customers within one hour. Rightly so; such quick delivery is quite a feat in this business.

In their application process they offer no credit checks, no faxing of documents, and provide a very easy online application. Unfortunately they do not offer any information regarding their interest rates or their fees. This is probably because they work with over 20 lenders in order to match the best loan program with each borrower. Each of the lenders may charge a different fee; however WeGiveCash looks to match up their borrowers with the lowest-fee programs. All this is done conveniently for you behind the scenes, so you are simply presented with the best program available. WeGiveCash will lend anywhere from $100 up to $1,500 depending on what the customer qualifies for. Requirements include an income of at least $1,000 per month, and a checking account with direct deposit access.

The website is very user friendly. Their application process has three sections to fill out; personal, employment, and financial. What makes this so easy is that many of the blanks are already filled in; the applicant simply goes through and selects the options that apply to him or her. This makes the process fast and efficient, leaving less time for typos or inaccurate information.

For loans up to $1,500, and for those people who need their money right away, WeGiveCash is a good choice.

 

PAYCHECK TODAY

 

 

Loan:	Up to $1,000
Cost:	$30 per $100 loaned.

 

PaycheckToday does a nice job of spelling out the way they operate. Rather than trying so hard to sell people on their payday loan program, they inform potential customers about their process. This approach is refreshing, given that many programs offering similar services take a much more aggressive approach.

PaycheckToday is clear about their criteria to accept potential borrowers. In order to be approved you must have an income of at least $1,500 per month, and they don't lend to self-employed individuals. They also acknowledge the possibility of being denied, by letting clients know that they will have a decision in a few short minutes. If approved, borrowers receive their money on the next business day.

The information they request is similar to the other payday loan programs out there; personal information, employment information, and financial/banking information.

We liked this site. While they don't try and hide their high rates, ($30 per $100 loaned, APR 782.14%) they are also forthcoming about how this type of loan works, and how and when it can be paid off. A solid choice for loans up to $1000.

 

CASH CENTRAL

 

 

Loan:	Up to $500
Cost:	Varies by state. Average rate is $15-$20 per $100 loaned.

 

Cash Central is an actual lender with a building and 400 plus employees, not just a brokering website. That may or may not be important in the end, but they do offer 24/7 customer service and when you call you get to speak to a real person, who will happily give you the interest rates for your state. The downfall of Cash Central is that they are only set up to lend to residents in certain states, all in the western half of the US.

The information they request is pretty much the same as all the others; personal, employment and financial. After the loan has been approved, which takes just a few minutes, the customer's account usually funds the next business day. They have 24 hour live customer service if a borrower has questions.

Cash Central understands the importance of repeat business and fosters that customer relationship by being accessible via phone, email, and postage mail. This may not seem like a big deal, but most of these online businesses don't offer that level of service.

One additional incentive to Cash Central is their "refer a friend" program. Every time an existing customer refers a new customer to Cash Central, they receive $20.

Their application process is simple, with no faxing, no paper hassles, and no credit checks. As they say, they are "Easy, no driving, no bullet proof glass, no leaving the house."

Cash Central offers a good payday loan program with competitive rates. We just wish it had a higher limit and was offered in more states.

 

PERSONAL CASH ADVANCE

 

 

Loan:	Up to $500
Cost:	Vague. They only state that they are in compliance with state and federal laws.

 

Personal Cash Advance, like most of it's competition, touts an easy approval process with no credit checks or application fees. In most cases the money can be deposited directly into the customer's account within 24 hours. However, they do not advertise "nothing to fax" like many other payday sites, and you may need to fax documentation. Their other pre-qualifications are pretty standard; must be a US citizen at least 18 years old, have an income of at least $1,000 per month, and have an active checking/savings account. As long as these criteria are met, and the loan application is complete, you should be able to get a payday loan/cash advance for up to $500.

Personal Cash advance provides a very comprehensive and informative site. For example, there is an entire section entitled "Resources". This section includes information on credit services, credit repair, debt consolidation, bankruptcy, credit cards, mortgages and insurance. Phone numbers and websites are provided for most of these services. Personal Cash Advance seems to target a more international market, with references to services in the US, Canada and the UK.

Personal Cash Advance also holds security in high regard. They explain at length the security and privacy measures they have taken to keep their customer's information confidential. In today's world of identify theft, this is reassuring to know.

Customer Service is lacking compared to other companies in our review. In order to contact Personal Cash Advance you have to send an email and wait for a reply - less than ideal if you need a question answered now. Most other sites in this business have a 1-800 number for related questions. Having to wait in this business can be a deal breaker for many people, especially if the cash amount is low and the cost of doing business is not readily available.

Although the information provided on their website is very helpful, their payday loan program suffers from low limits, unknown fees, and customer service delays. There are better payday loan programs available.