Securaloan Review for April 2019

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Securaloan Payday Loan Review

See ALL of our Payday Loan Reviews

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.

SECURALOAN

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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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

Need Money Fast? 5 Better Ideas Than a Payday Loan

When your bank account is running on empty and you're not sure how to cover your rent or other important bills, the idea of walking into a payday loan office and walking out with a few hundred dollars ...

Published:  Wed, 24 Apr 2019 13:14:00 GMT



Una Osili: Payday loans won't boost Hoosiers' financial security

Last month, the Indiana Senate passed a bill that would expand a new class of payday loans. The bill raises the limits on interest rates to 192 percent and eliminates the 72 percent cap currently in ...

Published:  Fri, 29 Mar 2019 06:10:00 GMT



Payday lender's collapse to hit borrowers

Hundreds of thousands of people who were mis-sold payday loans will receive a fraction of the compensation they are entitled to after a lender collapsed. WageDay Advance had given loans to about ...

Published:  Tue, 02 Apr 2019 21:47:00 GMT



Judge won't let Overland Park payday loan lawyer out of prison while he appeals case

Elliott J. Clark, 65, of Kansas City, MO, spent five years caught in the debt trap of payday loan interest when his wife's broken ankle began his high-interest cycle trap. By Tim Muir, an Overland ...

Published:  Thu, 28 Mar 2019 10:14:00 GMT



Payday Loans are Bad for Your Health, Study Says. Springfield Residents Share Stories

SPRINGFIELD, Mo. -According to a recent study, payday and car title loans can make you sick. Literally. Just ask Patricia Reynolds and Barbara Burgess. The two Springfield women say years of stress ...

Published:  Mon, 25 Mar 2019 05:10:00 GMT



Payday lending isn't over yet - and now its victims are being shortchanged yet again

At the payday loan industry's height, they both lent money out indiscriminately and then applied the thumbscrews to people who couldn't afford to repay. In many cases, those people ended up paying off ...

Published:  Wed, 03 Apr 2019 05:06:00 GMT



Successful UK Payday Lender Western Circle Limited Begins Offering Personal Loans Online

After several years of success in the payday loans market, Western Circle Limited has expanded to begin offering bigger and cheaper personal loans online. Western Circle Limited has made a name for ...

Published:  Wed, 27 Mar 2019 22:23:00 GMT



Indiana 'loan shark' bill backed by payday and subprime lenders advances to House floor

Indiana 'loan shark' bill backed by payday and subprime lenders advances to House floor An Indiana House committee voted Tuesday to approve a bill that would allow lenders to charge interest rates ...

Published:  Tue, 09 Apr 2019 11:33:00 GMT



More payday lenders than McDonald's: Calls grow for regulations on California's loan industry

If you are short on cash and need some money before your next paycheck, there is a quick fix for that, but you could end up paying a high price for it. There are nearly 1,300 McDonald's in California ...

Published:  Wed, 27 Mar 2019 18:20:00 GMT



NEW: Payday loan group paid KSU for favorable research, records show

Georgia considers payday loans so hazardous to borrowers that they're banned within state lines. U.S. military officers testified before state lawmakers that the high interest, short-term paycheck ...

Published:  Thu, 04 Apr 2019 12:30:00 GMT




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