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!

 

Loan:	Up to $1,500
Cost:	Varies; they automatically match you with the lender providing the highest loans with the lowest fees.

 

Team Quick Cash works hard to match you with the best lender in their extensive network of loan providers. This ensures you get their best loan rate with the highest loan amount possible.

The loan application offered by Team Quick Cash is among the easiest we've found. In less than 2 minutes you can enter all the information needed to apply for the loan. And since you don't need to fax any documents, the application process is over almost before it begins!

Problems with your credit history? Not here. Team Quick Cash performs no credit check, so they will not be influenced by any issues you've had in the past. Another positive aspect is that obtaining a loan from Team Quick Cash does not show up on your credit report. This means future credit checks will never show that you obtained a payday loan. This is another way in which Team quick Cash protects your privacy.

Once approved, your money is automatically deposited into your checking account, usually later that same day.

When it comes time to repay your loan, Team Quick Cash provides you with convenient, flexible options. For online customers they automatically extend your due date, and only deduct the renewal fee from your checking account. You are renewed every pay period until you are ready to pay the loan balance in full. This is extremely helpful if you are still running short on funds the next time you get paid.

The Team QuickCash website is very easy to navigate. From their main page, you have access to the following:

•  A short description of how their loan process works;

•  Testimonials from satisfied customers

•  A list of helpful Frequently Asked Questions

•  A review of their Privacy Policy

•  An easy way to report spam and remove yourself from their mailing list

Team Quick Cash is an excellent payday loan program. With their easy qualification, high loan amounts, and low fees, this program earns our highest rating.

 

Loan:	Up to $500
Cost:	$10 per $100 loaned

 

This site is easy to navigate and spells out the loan application process for first timers. PayDay One goes out of their way to provide safety and security to their borrowers with their completely online process. They employ passwords and a secret question & answer prompt to ensure privacy. This is a welcome measure that not all loan sites take.

PayDay One is also one of the only programs that is up front about the fees that a customer will incur. They are straight forward with their rates and even offer a loan calculator. As far as service fees go, they have a low cost guarantee, claiming to provide the cheapest loans online. In fact, the website promises to match the price of any payday loan provider that you can do business with. That may be hard to find - at a cost of only $10 per $100 borrowed (APR 260.71%), they were indeed the lowest cost provider we found. Most other payday loans charge fees that are double, and even triple, that amount.

PayDay One boasts no faxing and no paperwork hassles. Delivery of your loan is within 24 hours. The only potential drawback to PayDay One is the $500 loan limit. If you don't need a larger amount, PayDay One is a great option. Their dependability, ease of navigation, and upfront fee disclosure earn PayDay One very high marks from our reviewers.

 

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

 

WeGiveCash is 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 an excellent choice.

 

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.

 

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.