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      December 13, 2018

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Payday Loan Today 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 Payday Loan Today 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

2018

Payday Loan Reviews

3 stars
Payday Loan Today

PAYDAY LOAN TODAY Visit Site

Loan:

$500

Cost:

$17.50 per $100 loaned

Payday Loan Today strives to provide customers with the fastest online payday loan service on the web, turning around loan applications in 24 to 48 hours to get customers the cash they need as soon as possible. Their online application is a simple one page form with minimum input of information required for the customer. Once an applicant submits the online application, it is processed in real time and potentially pre-approved within minutes. If a payday loan request is submitted by 3pm Pacific / 6pm Eastern it will be 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 a deterrent for anyone seeking a more substantial payday loan. In order to qualify for a $500 loan a customer must have 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 stringent qualification list than some of the other payday loan services we have reviewed. While this may be a discouraging to some people, it also indicates that Payday Loan Today has a responsible lending policy.

Something else we like about Payday Loan Today is that they are a direct lender, which means they do not write loans off to some other lender once approved. Customers deal with this company directly and can make use of 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 saying that it does not support all mobile devices, and some of the text is awkwardly spaced. However it was simple enough to complete once getting past the odd appearance.

Overall Payday Loan Today is an average choice among the many payday loan providers in the market today.

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!

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