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      July 21, 2019

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My Payday Loan vs Securaloan

Best Cash Advance Companies

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

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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

2019

Cash Advance Reviews

2 stars
My Payday Loan

MY PAYDAY LOAN Visit Site

Loan:

$200 - $600 for first time customers

Up to $1,000 for returning customers

Cost:

Varies based on your state and the length of the loan

While at first glance the website at My Payday Loan may not look as professional as some other cash advance lenders we've reviewed, the fact is that they offer a reliable cash advance application process and fast delivery of your approved funds - as long as you apply during their normal business hours.

It takes no time at all to complete the online cash advance application at My Payday Loan. If you complete the application within their business hours (9am - 6pm est M-F), you can be approved within minutes. However, if you complete your application outside of these hours, you may not hear back on your status until the following day.

If your cash advance application is approved by 5pm est, you will receive your funds electronically deposited into your checking account the following business day. Of course, this means that if you complete your loan application outside of their business hours, you may not receive your funds until 48 hours after you complete your application. This can result in a frustrating delay if you need access to your funds more quickly than that.

As part of the cash advance application process, My Payday Loan requests you to submit references and their phone numbers. They state that they verify all references before approving your loan, however they do not disclose the name of their company or the nature of your loan. It's important, though, to provide valid phone numbers with your references.

We wish My Payday Loan was more flexible in order to accommodate customers who apply for a cash advance outside of normal business hours. Their insistence on contacting references also may also give some people pause - however they do keep your personal information safe and confidential.

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1.5 stars
Securaloan

SECURALOAN Visit Site

Loan:

From $100 to $30,000

Cost:

APR of 9% to 1200%

Securaloan connects you with their lender network for cash advances that can range from $100 to $30,000. If you're looking for a lender that funds loans directly, Securaloan is not that company.

The first step in their cash advance process is to complete the "Qualify Now" form. Here you'll enter your credit score range, monthly income, zip code, and whether you're active military. Next you're taken to a longer application, similar to other services we reviewed. You'll be asked for your contact information, bank information, Social Security Number, and so on.

After completing this longer form, you're shown a "lender offers" page where you can see the cash advance amount that you qualify for, along with the terms and conditions for each offer. Since they're not an actual financial lender, Securaloan can't give you specific quotes for how much you'll be charged in interest rates. However their FAQ page does state that their partners typically charge anywhere from 9% to 1,200% APR.

We tried calling the toll-free number in the "Contact Us" section, but the automated system identified itself as the "Cash By Phone Network". We had to make several calls before the system accepted our zip code for verification; once past that, we were told that no loans were available in our area.

We then tried a zip code from a different area and were asked several automated questions; once we answered that no one in our household was active military, the recording stated "We cannot help you at this time". We're not sure why not being active military would disqualify us from their process since we said that we had a current source of income and we were 18 or older. After this, we entered the same information in the online "Qualify Now" form and were then taken to the detailed application. This inconsistency is very troubling.

Intrigued, we looked up the mailing address provided in the "Contact Us" page. It came up as being the address for two other businesses - LeadStudio and Alliance Capital Funding Network. While it's true that businesses can legally operate under different names, Securaloan doesn't make it easy to verify that they're completely legit.imate. We would not feel secure entering our personal information, such as your bank information or Social Security Number, unless we knew the lender was trustworthy.

The one positive we found on the Securaloan website is the Financial Fundamental Tips section. For many people who struggle to make ends meet - as is the case with those who are looking for a cash advance - there is useful information about credit scores, budgets, and being in finanical control of your life.

Having a lender you can trust is extremely important. Unfortunately, Securaloan doesn't establish that kind of trust, and for that reason we recommend that you look for a cash advance provider with a stronger reputation.

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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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