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      February 16, 2019

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My Payday Loan vs Securaloan

Best Payday Loan Companies

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

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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

2019

Payday Loan 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 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.

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1.5 stars
Securaloan

SECURALOAN Visit Site

Loan:

From $100 to $30,000

Cost:

APR of 9% to 1200%

Securaloan wants to connect you with their lender network for payday loans ranging from $100 to $30,000. The first step in their process is to fill out the short "Qualify Now" form, where you'll enter your credit score range, zip code, monthly income, and whether or not you're active military. From there, you'll be taken to a more lengthy application similar to other services we reviewed: you'll need to give them your contact information, Social Security Number, banking information, and so forth.

From there, you'll be taken to a lender offers page where you can see how much you qualify for, along with any terms and conditions specific to each loan offer. Because they're not an actual lender, Securaloan can't tell you exactly how much to expect in terms of interest rates, but their FAQ does state that their partners typically charge anywhere from 9% to a whopping 1200% APR.

When we tried calling the toll-free number in the "Contact Us" section, the automated system identified itself as the "Cash By Phone Network". It took several tries before the system would accept our zip code for verification; once we did get our location verified, we were told that no loans were available in our area.

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

Then, when we looked up the mailing address provided in the "Contact Us" section, it came up as being the address both for a business called LeadStudio and for Alliance Capital Funding Network. While many businesses operate under different names, Securaloan doesn't make it easy to verify that they're on the up-and-up. We wouldn't feel very secure entering our personal information, such as a Social Security Number or bank information, unless we were assured that the lender was legitimate.

The only positive we found on the Securaloan site is the Financial Fundamental Tips section. For people who are struggling to make ends meet - as is the case with many people who need a payday loan - there are some useful suggestions regarding budgeting, credit scores, and being in control of one's finances.

For people who need the quick help offered by payday loans, having a lender they can trust is extremely important. However, Securaloan does not do much to establish that kind of trust, and for that reason we highly recommend that you consider a payday loan provider with a stronger reputation.

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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!

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