Top Payday Loans

Payday Loans at a Glance


Online Payday Loan Lender Rankings!

Online Payday Loans in Depth Analysis.


What is a Payday Loan?

A payday loan is a short-term, small-principal loan (sometimes called a cash advance) and is usually repaid upon your next payday, although some states allow loan extensions. The Rates & Terms of the loan may vary by state. The amount that the applicant may borrow varies from state to state, yet predominantly ranges between $100 to $1000.

One of the most appealing aspects is that applicants usually do not have to provide a credit report or credit history, and cash is deposited quickly and securely into their checking accounts generally by the next business day. This means that those who do have poor or non existent credit histories still have a chance to acquire the much needed funds fast and efficiently!


In most cases, payday loan payments will be taken out of your account automatically (directly debited). However, if you do not have enough money in your account to cover the payment you are likely to incur extra charges. You are also likely to be charged interest on your balance at that point; which may end up being more than the original amount you borrowed. For those who are not on direct deposit / debit, some loan lenders will give a one business day grace period (from payday) to deposit your payment.

In certain states you may have the option to pay off the loan early, which may result in you being eligible for a refund of all or part of your finance charges upon prepayment (if applicable). If unable to make timely payments on your loan, some loan lenders offer the chance to renew or extend a payday loan.

While payday loans have many advantages, the world of lending can be confusing. So take time to educate yourself about the short-term loan process before applying for a fast cash payday loan.

What Should I Pay Attention to?


Secure Site

Consider the underlying security technologies of the payday loan site, for example the presence of an SSL certificate that indicates the use of Secure Sockets Layer encryption, as well as its policies concerning the sharing of your personal information and whether you can control or limit the extent of information sharing.

Ease of Use

Observe how well the payday lenders organize their websites. Can you find the information you need without difficulty? What does it take to submit an application? How much personal information must you give out?

Cost of Loan

Instant payday loans are far more expensive than the interest rates you would pay if your debt were on a credit card. The rates and terms vary from lender to lender and from state to state, as does the amount available to be borrowed.

Customer Service

While you compare payday loan lenders, search for any online compliments or complaints. Find out what type of customer support is available and whether it corresponds with the days and times that suit you best.


Does the loan agency require an individual (a co-signer or a guarantor) who must willfully sign part of the loan agreement with the borrower and partly assumes responsibility of repayment of a loan? Similarly, do you need to offer any collateral prior to applying for the loan?

Payday loan collection practices.

If you fail to make an agreed repayment on a payday loan most lenders will contact you by phone, post or email to rearrange your repayment. If you repeatedly fail to make repayments then they may use collection practices, take legal action or even sell your debt to a third party debt collection agency who may take even more severe actions. You should familiarise yourself with the collection practices of your chosen payday lender before you apply.

Why Choose a Payday Loan?


Do I need a payday loan?

Payday loans are extreme remedies for those with no credit card, no savings and a reluctance to borrow from family and friends when in need of a source of cash in the case of emergencies.

The requirements for applying for a payday loan are usually much less stringent than that of more conventional institutionalised banking practices, often simply requiring that the applicant be over 18 years old, have a steady income with a gross salary of over $1000 per month and that they are a resident of the state in which they apply for the loan.

However, the interest rates are often quite high because the lenders are keenly aware that applicants for payday loans are not likely to have excellent credit histories. Therefore, if you must resort to quick loans, understand the rates and terms in detail. Paying back the loan as soon as your next paycheck arrives will keep you on financial track and keep interest rates and repayments from spiralling out of control.

What are the Alternatives?

  • Contact your creditors or loan servicer as quickly as possible if you are having trouble making a payment, and ask for more time. Many may be willing to work with you if it is not a common occurance and that they believe you are acting in good faith. They may even offer an extension on your bills!

  • Consider a small loan from a credit union. Some banks may offer short-term loans for small amounts at competitive rates. Otherwise try a local community-based organization which may make small business loans.

  • A cash advance on your credit card may also be possible, but it may have a higher interest rate than other sources of funds.

  • And of course, prevention! - Make a realistic budget including your monthly and daily expenditures. Try to avoid unnecessary purchases such as the costs of small, non vital desires like a can of soft drink etc. This will in turn help to build some savings: small deposits do help! A savings fund – however humble – can help you avoid borrowing for emergencies that arise unexpectantly!