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      July 11, 2020

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Honest Loans vs Payday Loan Today

Best Cash Advance Companies

To help you find the Best Cash Advances, TopConsumerReviews.com provides you with an in-depth comparison of Honest Loans and Payday Loan Today.

To see ALL of our reviews for the Best Cash Advances, please Click Here

Cash advances 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 cash advance (a loan against a future paycheck) can provide the cash necessary to meet those needs.

The advantages of cash advances are many. Often they don't require a credit check from the major three credit bureaus. The best cash advances offer amounts that can range from a few hundred dollars to $1,000. And you receive your loan very quickly; sometimes as soon as tomorrow.

Continue reading below reviews

Best Reviews

2020

Cash Advance Reviews

3.5 stars
Honest Loans

HONEST LOANS

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Loan:

Up to $2,500

Cost:

APR ranging from 200% to 2,290%

Honest Loans provides connections between prospective borrowers and a network of partner lenders. Their application process only has two steps, but you'll be required to enter detailed personal information, including your bank routing number and account number.

We were glad to see that Honest Loans is very, honest when it comes to disclosing interest rates: their partners are likely to charge anywhere from 200% to 2,290% (yes, that is two thousand two hundred and ninety percent) APR. Full terms and fees are only available once you are matched with a prospective lender.

Honest Loans also has a higher lending amount, up to $2,500, than many of the services we reviewed. Of course, this depends on your personal situation, including your credit history, employment status, and so on.

Unfortunately, we were not able to find further information as to Honest Loan's history or track record with respect to customer satisfaction. We would definitely like to see customer testimonials, reviews on independent websites, or a rating with the Better Business Bureau, in order to know if they are successful with connecting borrowers with reputable sources of cash advances.

You should also know that you are not eligible for a cash advance from Honest Loans if you are a resident of one of the following states: Arkansas, Arizona, Connecticut, Georgia, Maryland, Massachusetts, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Vermont, Virginia, Washington D.C., and West Virginia.

We give Honest Loans good marks, which would easily improve with a more established reputation for good customer service.

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3 stars
Payday Loan Today

PAYDAY LOAN TODAY

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Loan:

$500

Cost:

$17.50 per $100 loaned

Payday Loan Today strives to provide customers with the fastest online cash advance service on the web, turning around applications in as little as 24 to 48 hours. Their online application is a simple one-page form with a minimum amount of input from the customer. Once the online application is submitted, it's processed and potentially pre-approved within minutes. If a cash advance request is submitted by 3pm Pacific / 6pm Eastern it is typically processed the same day and, once approved, funds will post to the account the next business day.

Payday Loan Today focuses on loans of $500, which may be discouraging for anyone seeking a larger cash advance. In order to qualify for a $500 loan a customer must show the following:

  • A monthly net income of at least $1,000
  • No more than two payday loans currently out with other lenders
  • No delinquent payday loans with other lenders
  • Must be actively employed
  • Must have payroll direct deposit going to your checking account (no savings accounts or pre-paid debit cards)

This is a more strict qualification list than some of the other cash advance services we've reviewed. While this will undoubtedly disqualify some people, it indicates that Payday Loan Today has a responsible lending policy.

Another feature we liked about Payday Loan Today is that they are a direct lender, which means they don't send loans off to some other lender once approved. Customers deal directly with this company and can utilize their live customer service Monday through Thursday, 8:30am - 4pm Pacific Time (11:30am – 7pm Eastern Time), and Fridays 10am - 3:30pm Pacific Time (1pm – 3:30pm Eastern Time). The toll free number is clearly displayed on the main page of the Payday Loan Today website.

The online application itself seems a little clunky. There is a notice on the application that says that it doesn't support all mobile devices, and some of the text is spaced awkwardly. However it was simple enough to complete the application once getting past the odd appearance.

People who are in the market for a cash advance should find Payday Loan Today an acceptable provider.

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Continued from above

Drawbacks? Cash advances 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, the best cash advances 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, cash advances can provide a fast and easy solution. When evaluating different cash advances, 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 cash advances available today. We hope these reviews help you meet your short-term financial needs!

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