In the wake of the economic woes in the US, payday lending has set up shop and has become one of the fastest growing industries. A short trip down just about any of the more economically depressed high streets will reveal just how widespread these companies have become. There are no big banks or even small credit unions, but neon signs offering the promise of a financial escape route. It is a product of the times, and doesn’t show any signs of slowing. Many Americans are jobless or on minimum wage and living from one paycheck to the next. As such, sudden expenses such as medical bills or auto repairs are quite understandably impossible to cover. Payday loans therefore give people the option to raise funds quickly and cover these costs, without the typically arduous application process and stringent credit checks.
“In the wake of the economic woes in the US, payday lending has set up shop and has become one of the fastest growing industries.”
Of course, questions continue to swirl about the ethical implications of such businesses, with recently imposed rules by the Financial Conduct Authority (FCA) expected to cause many payday lenders to pull out of market. These regulations are designed to limit the profit of such lenders, and stem the growth of the payday loan industry. For those with financial difficulties and bad credit, this kind of loan is the only option, though often these loans will only make things worse. Predatory lenders prey on borrowers who simply cannot afford to borrow the money, offering them the option to “roll over” on debt while interest rises, ultimately getting stuck in an endless cycle. But what of those payday lenders that adhere to regulations? Which are the predatory lenders, and which are those to trust.
Popular Payday Lenders
Here at LoansMag, we’ve taken a look at the most popular payday lenders so that you don’t have to consider these questions. Read the short overviews listed below and then head online to decide which payday lender is the right one for you:
100dayloans – Offers cash loans of up to $1,000 overnight, with quick approval and no penalty for bad credit. Outstanding benefit is the relatively long repayment period of 100 days, which is considered atypical in the payday loan industry.
CashNetUSA – Services not available in every state, but does offer loans of up to $1,500, with repayment due between 8 and 35 days from the date when you receive the loan. CashNetUSA also offers live chat support and partial refunds to those who repay early.
Check City – A direct payday lending service that offers quick and easy loans within 15 minutes of a submitted application. Applications can be filled in online or compiled over the phone, with cash provided directly and without the use of a middle man.
Check ‘n go – Offers quick-fix loans of up to $1,500, with payday loans deposited on the next business day. Convenient and secure online application process, with 24/7 customer support given to potential borrowers on the website.
NetLoanUSA – Apply online for a cash loan of up to $1,000 and receive access to funds immediately. Application process estimated to take just 7 minutes of your time. Consumers are entitled to funds regardless of their credit rating and history.
Plain Green – Next-day loans from between £250 and $1,000, with an APR of between around 300% and 380% – a figure that is significantly less than the 700% APR payday loan average. Loans to be repaid in 14 bi-weekly installments.
Personal Cash Advance – Offers payday loans of up to $500, though is not a direct lender therefore it is impossible to know the potential APR you will be paying until before the application has been processed. Applicants must be earning over $1,000 a month to qualify.
SonicCash – An easy-to-use payday loan service that offers loans of up to $500. Though, one major drawback is that consumers cannot borrow more than $200 for their first loan. Also, you must be earning at least $2,000 per month to qualify for a loan.
Seedy Cash -Offers nationwide loans of up to $1,500 for which borrowers can apply for in-store, over the phone or online. A direct lender that offers a quick approval process and even shorter approval time, though terms and conditions may vary.