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Payday Loan Today vs Cash Central

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PAYDAY LOAN TODAY

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.

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CASH CENTRAL

Cash Central is an actual lender with a building and 400 plus employees, not just a brokering website. That may or may not be important in the end, but they do offer helpful customer service, and when you call you get to speak to a real person, who will happily give you the interest rates for your state. The downfall of Cash Central is that they are only set up to lend to residents in certain states, all in the western half of the US.

The information they request is pretty much the same as all the others; personal, employment and financial. After the loan has been approved, which takes just a few minutes, the customer's account usually funds the next business day. They provide live customer service 7 days a week if a borrower has questions.

Cash Central understands the importance of repeat business and fosters that customer relationship by being accessible via phone, email, and postage mail. This may not seem like a big deal, but most of these online businesses don't offer that level of service.

Their application process is simple, with no faxing and no paper hassles. As they say, they are "Easy, no driving, no bullet proof glass, no leaving the house".

Cash Central offers a good payday loan program with competitive rates. We just wish it had a higher limit and was offered in more states.

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Payday Loans

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

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.

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!



What to Look For in a Payday Loan

When searching for any type of loan, including payday loans, there are a number of factors to consider. Although fast cash payday loans are different in some respects, they are very much like any other loan in that convenience, cost and quick replies are essential. With that in mind, this article is designed to give you an accurate and detailed look at some of the factors to look for when choosing where to submit your application for payday loans.

  • Convenience. Can you apply online? If so, how long will the application process take? With the internet being so popular, many lenders now allow for fast and easy online applications, which also means quicker approvals. Due to the fact that payday loans focus less on credit history and more on your current ability to repay the debt, there is often a faster response, especially if your employment and income and easily verifiable.
  • Response Time. While considering payday loans, you should look at the average length of time for an approval and an estimate on how long it will be before you receive the cash advance. Payday loans are often referred to as a cash advance because, quite simply, they are a cash advance with your next paycheck being used as collateral.
  • Loan Fees. Every lender is different, but one thing remains virtually universal when it comes to payday loans. Almost every lender will impose a fee that is based on the amount of money that you borrow. In addition to the full amount of the loan being repaid, the fee must also be paid before the loan will be satisfied. It is crucial that you know exactly how much these fees are prior to applying for payday loans.
  • Loan Amount. Most payday loans are issued for an amount up to and including $1,500.00, but some may only lend up to $500.00. Available loan options, including the maximum loan amount, may differ from one lender to another. Prior to requesting payday loans, you should think about how much money you actually need and then look for a lender who can help you.
  • Reputation. One of the most important things that a company can have is its reputation, which is why it is important to research a payday lender as thoroughly as possible. It may be a good idea to research company both with the Better Business Bureau (BBB) and through reviews produced by independent, third-party reviews.

Payday loans offer quick cash for those who need it and, best of all, they are available almost immediately. These types of loans help those who may be faced with life's unexpected events, expenses or are just running short on cash and need a helping hand until the next paycheck rolls in. Whatever the reason, payday loans provide a valuable service and it's important to know what to look for and how to choose the right lender for you.

 



Payday Loans In The News

BBB issues payday loan warnings

MONTGOMERY, AL (WSFA) - Many people may be cash strapped after overdoing it for the holidays. The simple fact is some people can't qualify for a traditional loan because either they don't make enough, ...

Published:  Tue, 15 Jan 2019 11:53:00 GMT



Should I Get a Payday Loan for the Holidays

For those of us who work a full-time job, payday often can't come soon enough. Sadly, what often comes too soon are the bills that have to be paid from our paychecks. When shopping for the holidays ge...

Published:  Tue, 18 Dec 2018 09:20:00 GMT



Payday Loans Can Trap Borrowers In A Cycle Of Debt, But Should They Be Wiped Out

Payday loans are in the cross hairs on this year's ballot. Proposition 111 would limit interest rates to 36 percent on loans that are often advertised as quick-fixes or one-time deals for emergencies. ...

Published:  Thu, 18 Oct 2018 16:35:00 GMT



High rate of payday loans continues

TUPELO " A recent survey by CNBC Make It/Morning Consult found that millennials may be taking out or considering payday loans more than ever, but poverty may be a factor closer to home for Mississippi ...

Published:  Sat, 03 Nov 2018 22:56:00 GMT



Advance pay service may reduce use of payday loans

In this July 28, 2018, file photo, Luis Vazquez, an overnight support manager at Walmart in Dallas, poses for a photo with the Instapay app, developed by technology company Even, that assists him with ...

Published:  Wed, 07 Nov 2018 12:07:00 GMT



Payday loan job shadows exec's run for Connecticut governor

HARTFORD, Conn. - In his run for Connecticut governor, Republican businessman Bob Stefanowski touts his stints with blue-chip companies like General Electric and UBS Investment Bank. But the role gett...

Published:  Tue, 23 Oct 2018 05:12:00 GMT



Churches use political pressure, small-dollar loans to fight predatory payday lending

(RNS) - Anyra Cano Valencia was having dinner with her husband, Carlos, and their family when an urgent knock came at their door. The Valencias, pastors at Iglesia Bautista Victoria en Cristo in Fort ...

Published:  Tue, 13 Nov 2018 08:06:00 GMT




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