Choosing a Payday Lender: an unbiased comparison.

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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:

 





SpeedycashSeedy 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.


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