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Best Online Payday Loans for 2016

Who are the best online payday loan companies?

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Best Payday Loan Companies

In recent years, the state of the economy and the fragile financial climate has had a huge impact on household finances. Many households have been left struggling to make ends meet and in some cases have found themselves running out of cash long before their next payday. For those who have essential costs to meet such as bill payments or buying food, this can create an unnecessary burden.

While some people are able to turn to solutions such as bank overdrafts or credit cards to temporarily tide them over, there is a large segment of the population that doesn't have this option as the result of poor credit. In cases such as these, there are payday loan companies that can provide assistance. These payday loans offer short-term help designed to hold you over until your next paycheck. If you find yourself in a similar situation, it's important that you read through this review to learn about your options in terms of obtaining a payday loan along with important factors to consider and a roundup of the top payday loan companies. People who take out payday loans pay an average of $574 in fees, so it's important to keep this as a last resort.

Best Online Payday Loans: What to Consider

The True Purpose of a Payday Loan - These payday loans are not designed to be used for simply taking out money to have a good time or spend on non-essentials, as the interest rates can be crippling and they can lead to spiraling debt if you aren't careful.

They are also not designed to be used on a regular basis, and should only be taken out when no other feasible options exist and you feel it is a last resort. For example, if you have a rent or mortgage payment or utility bills due before your next pay check and you don't want have any other options or money set aside to cover the expenses; you may consider applying for a payday loan.

If you feel you are in a position where you need to take out a payday loan, you will find that there are various payday loan companies that you can choose from and we will share details on some of those companies later in this article.

Avoiding Debt - Most people have realized that payday lenders have received a lot of bad press and this is partly due to the fact that they have apparently put people in spiraling debt. The interest rates are extremely high even though they can vary depending on where you live. A payday loan with an interest rate of more than 400% is not unheard of.

The high interest rate and the fact that some of the loans have to be paid back rather quickly and create an even bigger burden for borrowers. However, by ensuring that you not only find the right payday lender for your needs but that you borrow and repay the money you need responsibly, you can avoid this situation.

Be honest about how much money you need and make sure you truly qualify for a specific type of loan. Just because a lender says you qualify to take out a certain amount of money doesn't mean you feel the same way. It's best that you take out as little as possible or just what you need to get by and make sure you understand the repayment terms so you can make payments on-time and stay on track.

The Most Important Factors - In order to make an informed decision with regards to which payday loan company to use, it is important that you take a number of factors into consideration. This will help to ensure that you are able to find the best lender for your needs and the most suitable loan. Even if you feel rushed to come up with the extra money you need, you will not regret taking your time to weigh your options and learn about different payday loan companies and lenders so you can determine which one would best fit your situation. Some of the factors that you should consider include:

  • The terms of the loan, including the representative APR, which all lenders must publish
  • Levels of customer service and assistance received
  • Whether the company is registered and licensed in order to avoid falling victim to criminal activity
  • The reputation of the company based on reviews
  • The borrowing levels and repayment period options
  • Features of the website, such as borrowing and repayment calculators
  • Ease of application and speed of approval

The Best Payday Loan Companies

We've taken the time to comb through the vast array of payday loan lenders and companies to help narrow down some of the industry's best options. We've considered many of the factors mentioned above along with the company's reputation and public feedback from past customers online.

CashAdvance Review

  • Pros
  • Large network of lenders
  • Clear and simple business practices
  • Quick and easy application process
  • Bad credit is acceptable
  • No fees for not going forward after completing the application
  • Cons
  • High interest rates
  • Fees and rates aren't visible until you've made an account.

Cash Advance is another free loan matching service and they work with a network of over 400 lenders. Borrowers can receive loans ranging from $100 to $999 with 30-day repayment periods. They have quick approvals and don't tend to focus on the applicant's credit score when processing the loan request. Cash Advance gives borrowers a wide range of options when it comes to lenders along with no obligation or pressure to make a final decision until ready. If you choose to cancel your payday loan while still in the application process, you can do so without incurring any fees or penalties.

Cashnet USA Review

  • Pros
  • Available in more than 30 states across the USA
  • Member of the Community Financial Services Association of America
  • Online application for convenience
  • Funds can be deposited the next working day
  • 24/7 customer service & live chat
  • Cons
  • Services not available in all states

CashNet USA offers loans in more than 30 U.S. states and processes applications with lightning speed. They have a helpful tool on their website that you can use to check if CashNet provides loans in your state and what the specific limits and APR rates are. Once you complete an application through their online system and get approved, the money can be deposited into your account the very next business day. CasNet USA offers around the clock assistance with customer service representatives available 24 hours. Repayment terms are flexible and can go up until six months if needed. Borrowers can also make early or extra payments on their loan without undergoing any penalties.

Trusted PayDay Review

  • Pros
  • Works with a panel of lenders, may boost your chances of getting a loan
  • Fast and simple application process
  • Assistance available for those with damaged or no credit
  • Saves the hassle of searching through individual lenders yourself
  • Cons
  • Service may not be as speedy as with a direct lender
  • No BBB accreditation or rating
  • Cannot determine eligibility for a loan

Trusted Payday is a loan matching service that pairs borrowers with lenders as opposed to actually lending out loans as a company. Trusted Payday is ideal for borrowers who don't want to go through the hassle of searching for the best payday loan company to use or filling out several applications for loans that may not qualify for. Trusted Payday has a simple online loan request form to fill out that they submit to other lenders. They respond to your request promptly and direct you to any lenders who will approve your application for a loan. Since trusted Payday is not an actual lender, once you are matched with a lender you will have to go over all loan information and repayment details with the specific loan company you choose and not Trusted Payday.

Ace Cash Express Review

  • Pros
  • Simple application process
  • Fast approval process
  • Able to cancel within 72 hours
  • No early repayment fees
  • Cons
  • Not available in every state
  • Online apps not available in every state

Ace Cash Express provides payday loans and installment loans to borrowers in select states. Their online payday loan application takes minutes to complete and allows you to get an instant decision. Their loan application has typical requirements in terms of eligibility, but the one thing that stands out is that they will work with borrowers who aren't employed but still have a source of stead income coming in. If you receive disability or social security and have the financial means to repay the loan with interest, this may be a company that can help meet your needs. Once approved, borrowers can pick up their cash in person or have it deposited to their account.

Check Into Cash Review

  • Pros
  • Informative site
  • Transparent rates and fees
  • Apply online, in stores or over the phone
  • Cons
  • Approval process may be slow

Check Into Cash is a direct lender that has been providing payday loans and cash advances since 1993. They have only 1000 branches nationwide and allow borrowers to apply for payday loans in person or online. Their application process is not the quickest and the repayment term for a payday loan is often less than 30 days. Overall, they have a massive amount of detailed information on their site for borrowers to reference in order to become informed about the loan process, repayment and other details.

Advice for Finding the Best Online Payday Loans

If you still need to learn more about payday loans in general and how to choose the right company to meet your needs, we encourage you to review our payday loan advice column. It covers quite a few topics including the following:

When should you take out a payday loan? Most people spend a lot of time contemplating whether or not they should take out a payday loan when the idea crosses their mind. There are several important factors to consider when taking out a payday loan (as mentioned above) and our experts share tips about 3 situations when payday loans might be a best option. Most of these scenarios include times when unexpected events or emergencies occur and you don't have enough money in the bank to get by and cover your expenses until next payday.

What you need to know about payday loans. The process to take before signing up for a loan can be a time consuming and tedious one. Instead of doing extensive research about payday loans, you can check out our article about bank loans and payday loans so you can learn the difference between the two and better understand if you actually need and want to take out a payday loan.

Common Pitfalls of Payday Loans. Have you ever wondered how interest works with payday loans? Our article breaks down the calculation of interest in relation to your loan amount and helps equip you with the knowledge necessary to determine how much interest you will pay over time.

Best Online Payday Loans Recap

It is vital to remember that payday loans should only ever be used in the event of a financial emergency. As long as they are used responsibly, they can provide an important financial lifeline for those struggling to make essential payments.

To learn more about specific loan companies, we encourage you to check out our detailed and honest reviews on the top companies and lenders in the payday loan industry. Some companies and lenders only service borrowers in certain states so it's crucial that one of the first things you to is determine whether or not you are eligible and meet other requirements.

Also, be sure to check out which companies have helpful resources on their site, easy and secure online applications and a helpful and reliable customer service department. Customer service can be a crucial factor for some borrowers and it can ultimately make or break the loan experience. If you can't reach the customer service department quickly, efficiently and at flexible times throughout the day, that might stand out as a red flag.

Determining your needs, understanding your legal rights, and comparing companies and loan factors are all important parts of the process. Making sure you use the right payday loan company is a key part of finding the perfect loan for your needs.

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Questions & Answers About Best Payday Loans

What is a payday loan?

Payday loan, sometimes called a payday or cash advance is a type of unsecured loan intended to hold you over until your next paycheck. These typically don't go exceed a thousand dollars due to the high risks associated with these loans. When you apply for a payday loan, you'll be instructed to repay it the night time you receive an employment check in either a lump sum or installment payments. Depending on the organization that issues your pay day loan, you may receive it in cash, a check, through a prepaid card, or electronically. On average, the finance charge for every $100 loaned is between $10 and $30. These amounts are regulated on the state and local levels, so your APR may fluctuate depending on other factors.

What are payday loans used for?

Payday loans are best suited to pay off things like household bills, emergency car repairs and health emergencies. These small unsecured loans are intended to basically fill the gap in between pay periods. These loans are not recommended to be used on extravagances or frivolous purchases because of the relatively high APRs. Before deciding to take out any payday loan, be sure to read all the fine print which will stipulate which charges and fees apply. Based on the 1968 Truth in Lending Act, lenders are required by law to disclose the APR for every single type of loan to consumers.

What about interest rates on my payday loan?

Interest rates are definitely something to consider. Payday loan companies profit from the interest that you – the customer – are paying. Interest rates vary based on which company you choose and your geographical location. Typically, payday loan interest rates are around 400%. Even with this high interest rate, payday loans require you to pay them back quickly; otherwise you risk being charged even higher interest rates.

How much money can I withdraw for a payday loan?

Payday loan lenders will often tell you that you are eligible to take out your maximum amount. Although tempting, it is not typically advised as you will be expected to pay the sum in full plus interest. Be sure to completely understand the repayment terms to avoid unexpected charges.

What are some other things to consider?

Some very important factors to consider when getting a payday loan are the application process, the terms of the loan (and whether or not they include the representative APR), the company's customer service rating, whether they are registered/licensed, their reputation, reliability, and the repayment options.

Who are some top providers of payday loans?

There are several companies out there who offer similar services. With that said, it is important to conduct adequate research so that you are well aware of every facet of your payday loan and the company issuing it. Some payday loan companies include Ace Cash Express, Trusted Payday, Cash Advance, CashNet USA, and Check Into Cash.

When should I take out a payday loan?

Although taking out a payday loan can be tempting when you're running low on funds and have immediate expenses, be sure that it's the best decision for your circumstances. If you are low on rent and risk the chance of getting evicted because you cannot pay rent, than a payday loan may be a solution.

What are the downfalls of payday loans?

The day the loan is due, you must have the initial amount borrowed, plus the interest charges. If you do not have the money ready to be paid back, you can 'roll it over' and extend your repayment. Payday loans are also the most costly of loans to take out. Fees can range anywhere from $10 and up for every $100 and high annual percentage rates normally apply.

What can I use my payday loan to pay off?

Payday loans can assist you in paying off your household bills, unexpected emergencies, healthcare costs, and unforeseen car repairs-just to name a few. What a payday loan essential does it temporarily tie you over until you receive your paycheck so that you can carry on your life normally. It is basically a Band-Aid method for customers to hold them over until next payday.

What else should I keep in mind?

Keep in mind that payday loans are available to you, however they should not be used for unnecessary or frivolous purchases. They provide temporary financial relief which is a good thing but remember that it is a loan which means you'll have to pay it back on time, with the addition interest fees.

What should I look out for on payday loan websites?

Be sure to research the company in and out – you do not want any unexpected surprises. Read customer ratings and reviews to determine if that company stands behind their customers in times of need. Make sure the reviews are promising and that their customer service department is readily available to aid customers. Also carefully evaluate your needs and understand your legal rights while comparing companies.

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Advertiser Disclosure

In order for MoneySavingPro to remain a consumer free service, many of the companies covered in our industry reviews compensate MoneySavingPro for new sign ups.

However, the results of our comparison tools, the rankings of the providers and the information presented is not affected by compensation. Indeed, many of these companies approach us for an advertising partnership after we have already written a published their reviews.

While we try to research and review as many providers as possible in the 100+ industries we cover, we have not reviewed every company available.

Our rating system is independent of compensation and reflects our true understanding of the industry and the company based on a variety of factors. The companies that receive the highest rating will always be the providers that we believe offer the best value to the consumer.

Advertiser Disclosure

In order for MoneySavingPro to remain a consumer free service, many of the companies covered in our industry reviews compensate MoneySavingPro for new sign ups.

However, the results of our comparison tools, the rankings of the providers and the information presented is not affected by compensation. Indeed, many of these companies approach us for an advertising partnership after we have already written a published their reviews.

While we try to research and review as many providers as possible in the 100+ industries we cover, we have not reviewed every company available.

Our rating system is independent of compensation and reflects our true understanding of the industry and the company based on a variety of factors. The companies that receive the highest rating will always be the providers that we believe offer the best value to the consumer.