Best Reviews TopConsumerReviews.com Best Payday Loans Best Reviews
Best Reviews
      August 14, 2020

Home  >  Payday Loans  >  Honest Loans vs My Payday Loan

Best

Payday Loans

  1. Cash Advance
  2. Ace Cash Express
  3. Cash Corner
  4. Honest Loans
  5. Payday Loan Today
  6. Helping Hand Adv
  7. Cash Central
  8. Cash Net USA
  9. My Payday Loan
  10. Securaloan
  11. Large Cash Loans

Your Information Is Secure
Personal Loan Tips Newsletter

Compare Products

  • Select any 2 companies in our reviews to compare them head-to-head!

Latest Reviews

Auto Loans

Babysitters

Christmas Cards

Credit Counseling

DUI Lawyers

Fruit Clubs

Home Brew Beer Supplies

Homeschool Supplies

Music Publishing

Senior Care

 

Individual Reviews

Trusted Payday

Cash Advance

ACE Cash Express

Cash Corner

Honest Loans

Payday Loan Today

Helping Hand Advances

Cash Central

Cash Net USA

My Payday Loan

Securaloan

Large Cash Loans

 

Related Articles

Payday Loans Offer Fast Cash When You Need It

Fast Cash Payday Loans vs Traditional Loans

Payday Loans FAQ

The Benefits of Payday Loans

Applying for Payday Loans Online

How to Find Lenders Specializing in Payday Loans

Reasons Why You May Need a Payday Loan

Payday Loans and Your Credit

Tips for Getting and Repaying a Payday Loan

 

Our professional reviewers evaluate products and services independently, but Top Consumer Reviews may earn money when you click on the links on our pages. Learn more.

Better Business Bureau Reliability Seal

Honest Loans vs My Payday Loan

Best Payday Loan Companies

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

To see ALL of our reviews for the Best Payday Loans, please Click Here

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 from the major three credit bureaus. The best payday loans 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

Payday Loan Reviews

3.5 stars
Honest Loans

HONEST LOANS

Visit Site

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, well, 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 payday loans.

You should also know that you are not eligible for a payday loan 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.

Visit Site
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 payday loan lenders we've reviewed, the fact is that they offer a reliable payday loan 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 payday loan 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 payday loan 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 payday loan 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 payday loan 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.

Visit Site

Continued from above

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, the best 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 today. We hope these reviews help you meet your short-term financial needs!

Need Cash Fast? Payday Loans Offer a Solution but Should Be Your Last Resort

The idea of accessing your paycheck before it actually hits your bank account is an appealing one, especially in this economy. Unfortunately, there may be a catch. Payday loans - which are small, ...

Published:  Mon, 10 Aug 2020 07:49:04 GMT



Could payday lenders return to South Dakota? Feds might open the door

The group of lawmakers who crafted the language in the South Dakota's current restrictions knew the industry would try to find ways to evade the rule.

Published:  Wed, 12 Aug 2020 12:07:00 GMT



Choose payday loan lender wisely

While some consumer advocates say a rate cap is a necessary consumer protection, researchers say banks can check a borrower's credit and offer affordable loans - something payday lenders whose APRs ...

Published:  Fri, 31 Jul 2020 13:17:00 GMT



Square's Cash App Tests Small-Dollar, Short-Term Loans

Cash App, Square Inc.'s mobile payment app, has launched a pilot program to offer short-term loans of up to $200.

Published:  Thu, 13 Aug 2020 08:29:00 GMT



Payday loan firms lure borrowers into debt with pictures of exotic holidays, City watchdog warns

The high-cost credit industry was accused of 'normalising' the use of loans that charge interest rates of more than 1,000 per cent - compared with a typical credit card rate of 20 per cent.

Published:  Thu, 06 Aug 2020 18:55:00 GMT



Why a payday loan could cost you, get you trapped for life

Though payday loans are considered a quick option for people who need cash fast, financial experts said the option comes with consequences. "You got to watch out, these loans that are easy to get may ...

Published:  Fri, 07 Aug 2020 00:36:00 GMT



Square's Cash App testing short-term loan feature for borrowing up to $200

The company is currently testing the feature with around 1,000 users, but if Square deems it to be successful, expect a wider rollout. The pandemic has brought economic hardship around the world, and ...

Published:  Thu, 13 Aug 2020 04:44:00 GMT



After a 15-year ban, could payday lending could return to North Carolina? | Charlotte Observer

After a family emergency, Garrett said she could not keep up with the $362 monthly payment. After missing two payments, she came out to the parking lot during her lunch break at work to find her car ...

Published:  Thu, 06 Aug 2020 06:00:00 GMT



Share Us!   

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure