Before you choose a payday loan, you should check reviews – but what details should you be looking for?
A payday loan can help you get money in a hurry to deal with a variety of scenarios. A key reason for the popularity of these loans is you don’t need perfect creditworthiness to apply. However, not all payday lenders are equally good, so comparing your alternatives is important. Luckily, you live in an age where finding reviews doesn’t require any more than an online search.
The Internet gives you easy access to payday loan company reviews, which you can use to good effect. These include professional reviews by experts in the field along with reviews from borrowers who have taken out payday loans in the past. But how can you tell which information is actually useful?
Check into Cash Loans
Check into Cash allows you to directly apply for a payday loan and have your cash when you need it.
Min. Loan Amount: $50
Loan Term: Varies upon State
Turnaround Time: 1-2 business days
Total Costs: Varies depending on the amount and your state of residency
Must be 18+
No security needed
Confidential and secure!
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Read the Check into Cash Payday Loan terms and conditions.
More payday loan reviews
Rates last updated February 2nd, 2016
Max. Loan Amount
Term of Loan
Turnaround Time
Total Cost of Borrowing $100
Check into Cash Payday Loan
$1,000
Varies upon State
1-2 business days
Varies depending on the amount and your state of residency
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Trusted Loans Payday Loan
$1,000
Varies upon State
Next Business Day
Rates and fees are determined by the lender who approves you.
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Cash Central Payday Loan
$25,000
Varies
1-2 Business days
Depends on your credit history and the state you live in.
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Trusted Loans Personal Loan
$10,000
2-60 months
Next Business Day
APR ranges from 25-450% based on your credit score.
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NetCredit Installment Loan
$10,000
Varies upon State
1 business day
Total costs will vary based on your state and credit score.
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100 Day Loan Payday Loan
$1,000
Up to 100 Days
Next Business Day
APR will depend on your credit score and your state of residency.
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LoanMart Car Title Loans
$50,000
Varies
1 business day
Based on the value of the car and your ability to make regular payments on time.
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Trusted Loans Installment Loan
$10,000
2-60 months
Next Business Day
APR ranges from 25-450% based on your credit score.
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More
Why should I read a payday loan review?
There are dozens of payday lenders in the US. While many of them are well-regarded, you can find some that are less scrupulous in their dealings. Reading payday loan company reviews gives you the ability to sift through the abundance of options and choose the best option.
A good payday loan company review gives you insight into the benefits shortcomings of that provider. Regardless of whether you’re looking at applying online at by visiting a storefront, reading reviews of the loan provider you’re considering makes sense.
What can you find out from a payday loan review?
A good payday loan review gives you all the information you need to make an informed decision.
It should cover these aspects:
Interest rate and APR.
While you have to pay interest on a payday loan, its annual percentage rate (APR) represents the true cost more accurately. The APR includes the interest as well as all associated fees that the loan may attract. This can vary considerably from one lender to another.
Fees.
Payday loan reviews should give you a clear indication of all the fees and charges that you could end up paying during the course of the loan. These include any upfront fees you have to pay as well as any ongoing fees.
Access to funds.
When you read a payday loan company review you’ll find out if it limits its offerings to the online world or if it has a physical presence as well. Online payday lenders transfer approved funds into your bank account. With a lender that has stores or kiosks, you can collect cash in person.
Repayment options.
By going through a payday loan review you’ll know what kind of repayment options you get. Lenders may let you make payments using credit cards, debit cards, online banking, phone banking, cash or checks.
The application process.
A good review should tell you how simple or complicated the application process is as well as how long it might take to complete.
About the lender.
Reading a payday lender’s review should give you some idea about the company’s history. You can find out about other products that the lender offers. Reviews can also help you find out about a lender’s level of customer service.
How can I review a payday loan to find the right one?
Going through payday loan reviews or consumer reports can help you narrow down your choices. Pay attention to these factors:
Eligibility criteria. If you don’t meet the required eligibility criteria, there’s no point in applying (and doing so might actually damage your credit rating). Checking the eligibility criteria ahead of time minimizes the chances of a rejected application.
Loan amount. Find out the minimum and maximum amount that a lender is willing to provide and see if the amount you need falls within this range. State regulations often dictate the maximum amount you can borrow through a payday loan.
Repayment method. Most lenders allow payments via direct debits from your bank account. If you wish to repay the loan using cash or checks you may have more limited options. Some lenders let you pay using credit and debit cards as well.
Additional features. Does the lender offer any additional features that might be of use to you? For example, some lenders offer higher loan amounts and better interest rates to repeat borrowers.
Frequently asked questions about payday loan reviews
Are there any popular payday lender reviews that I can read?
Yes, there are numerous payday loan provider reviews you can read online. Some examples include Payday Max reviews, Check n Go reviews, National Payday Loan reviews and Gentle Breeze Payday Loan reviews.
Are payday loans legal in all American states?
Unfortunately, no. In all, 32 American states authorize payday lending. You can check out our full list of states where payday loans are legal.
How quickly can I get money through a payday loan?
This depends on the lender you choose. Often, you can get your hands on the money the day you apply, but you may have to wait for one or two business days.