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Payday Loan Website Reviews - Learn Before Borrow

Updated on July 15, 2013

Getting a payday loan isn't usually considered a smart financial move; apply for one only in case of an emergency. If you are short on cash, try other strategies first. Borrow money from a friend or family. Ask for an advance paycheck from your employee. Call your credit card company and negotiate for an increased credit line. Sell your belongings on Craigslist or Ebay. Do odd jobs for people (mowing lawns, washing cars, walking dogs, etc). Only when all else has failed, then you might want to find a payday loan lender.

What's so bad about payday loans?

The interest rates for these loans usually range from high to preposterously high. If you can get a payday loan with an interest rate under 25%, you're very lucky. They are loan sharks, but you can't really blame them. The majority of borrowers they deal with usually have horrible credit, so these payday lenders do have to take risks. Another bad thing about payday cash advance is that if you can't pay it back, it will affect your credit score. Unlike pawnshop brokers, payday loan lenders report to credit bureaus. If you fail to pay back your pawnshop loan, you'll only lose your collateral. But if you keep accumulating debts from payday loans and failing to raise enough money to repay, your credit score will accordingly keep plunging lower and lower.

Do payday loans have any upside?

Yes. It is quick and convenient. Now you can apply for a payday loan and get your money on the same day with no faxing and no credit check. As long as you have a job and a checking account, your application is very likely to get approved. In addition, some people have cleverly used payday loans as a way to improve their credit score. As I've said before, payday lenders report your activities to credit bureaus. Timely repayment of the loan thus results in a positive entry in your credit history. This might be a quick way for people who have made financial blunders in the past to rebuild their credit, since it can be very hard for them to get approved for a credit card or other types of loans. However, use this credit-building trick only when you are 100% certain that you can pay back on time.

The following are some big online payday lenders. These loans have slightly different application procedures, requirements as well as terms and conditions. Choose the one that suits you best and try not to apply for more than one payday loan at a time.

National Payday

National Payday is pretty easy and straightforward. First-time borrowers can get $100 - $400 for their payday cash advance. Only returning customers may be approved for higher loan amounts. There is only one interest rate for all customers, which is 25%. The application process doesn't involve a credit check. If you don't have access to a fax machine, you may scan your documents and attach them to your online application. Most loan applications get approved within 24 hours, and some people may get cash in their account on the very same day. As long as you have a checking account open for at least one month with no bounced checks, a steady income of minimum $1,000 a month, and not more than one other pay day loan from another lender, your loan application will go through.


CashNetUSA is a bit more complicated than most payday loan websites. They will check your credit score and use that to determine the loan amount and interest rate you'll get. Bad credit won't prevent you from receiving the loan but might result in a higher interest rate. It can be quite frustrating to apply for a loan, knowing that your unimpressive credit history won't do you any good and the interest rate might turn out to be too high for you to manage. People with decent credit, however, might like this site, as they have a better chance to get a larger payday loan with a more reasonable interest rate.

EZ Payday Cash

This is one of several new sites where you can find faxless payday loans. Your credit history won't be checked, but you must have worked on the same job for at least 3 months. You must have a checking or saving account for at least 3 months as well. And your monthly income must be at least $1,000. The interest rate for a pay day loan is 30% for all customers. New customers can borrow up to $400. If you have paid off the loan in a timely manner and would like to apply for another loan, you may be able to get approved for a bigger loan. People with higher income usually have a better chance to receive a higher loan amount.

AAA Payday Cash

AAA Payday Cash is very similar to EZ Payday. You need to have a stable job and a valid checking account for at least 3 months. The interest rate for all payday loans is 25%. No credit check. No faxing. One thing that might make AAA sound more interesting for desperate borrowers with big expenses is that first-time customers may apply for up to $1000 of payday cash advance.


This online payday lender provides super quick payday loans with no faxing or credit check, otherwise it wouldn't be called SnapPayday. The requirements are not very specific. You have to be currently employed and have a valid checking account, regardless of how long you have had the job or how many months the account has been active. The maximum amount a new customer might borrow is $1500, which is higher than what you can get from most pay day loan sites. But here's the catch: the interest rate won't be determined until your application is approved. Something tells me they are likely going to charge more than other places.

If you've had any good or bad experience with payday loans, please feel free to share.


Submit a Comment

  • Om Paramapoonya profile image

    Om Paramapoonya 7 years ago

    Thanks for the read and nice comment, Daniel. :)

  • Daniel Fonda profile image

    Daniel Fonda 7 years ago from Slovenia

    I'm not exactly a fan of loaning money. Especially by not liking our monetary system whatsoever. None the less I do think this is an awesome hub and I'm certain it has helped and it will help many individuals and families, who just need a load to get out of troubles.

  • Om Paramapoonya profile image

    Om Paramapoonya 7 years ago

    Hey miz t, thanks for sharing. But how do you know they actually do that?

  • profile image

    miz t 7 years ago

    Snap Payday really do give your number to telemarkters.

  • Om Paramapoonya profile image

    Om Paramapoonya 7 years ago

    Oh you're very welcome!

  • Kimberly Venegas profile image

    Kimberly Venegas 7 years ago from Idaho

    After reading this hub i decided not to take the loan. You probably just saved me a bunch of money with this article, thanks.

  • Om Paramapoonya profile image

    Om Paramapoonya 7 years ago

    Hi! Thanks for dropping by. I understand why you frown upon them. I frown upon them, too. But I guess sometimes some people just have no other choices. It's really their last resort. And like I said, some people (responsible people!) can cleverly use payday loans to rebuild their credit scores.

  • Rastamermaid profile image

    Rastamermaid 7 years ago from Universe

    Interesting topic and info,but I frown upon payday loans simply because of the high interest rates.

    It's really usery that I thought was against the law.

    I also frown on the loans tax preparation companies do to get their hands on your tax refund,these companies are charing 36% and more to get your own money.

    Don't people realize that's not a good move,paying 35% per month from Nov til Jan or Feb.

    So you're really paying triple to get back your own money.

    Not a good look : (

  • Om Paramapoonya profile image

    Om Paramapoonya 7 years ago

    Hi rebepa3, thanks for stopping by. Glad to know you also write about this topic. I'll check out some of your hubs real soon. :)

  • rebepa3 profile image

    rebepa3 7 years ago from New York

    Hey! Amazingly detailed article. Thanks. I will refer to it often. All of my hubs are dedicated to the subject of payday loans & loans so this should really come in handy for myself & my readers.

    Thanks again!

  • Om Paramapoonya profile image

    Om Paramapoonya 7 years ago

    Thanks for dropping by, Rochelle. :)

  • Rochelle Frank profile image

    Rochelle Frank 7 years ago from California Gold Country

    I've never known of anyone using these services but I realize that it might be a last resort for some people. I didn't realize there could be one advantage-- that of rebuilding your credit score. good information.

  • Om Paramapoonya profile image

    Om Paramapoonya 7 years ago

    Really? That's horrible. How did you know it's them who did that?

  • profile image

    fred 7 years ago

    Snap Payday gave my phone number to telemarketers!

  • niponzz profile image

    niponzz 7 years ago from U.S.A.

    Very clear about Payday loans, Thank you for good article.

  • Om Paramapoonya profile image

    Om Paramapoonya 7 years ago

    You're absolutely right, Richard. Glad you stopped by. Thanks for sharing your thoughts and knowledge. :)

  • profile image

    Richard Stephen 7 years ago

    Payday loan providers may publicize interest rates of 25-30% for the length of the loan. But when expressed as an APR, as required by law, can be as high as 200-450% depending on the amount borrowed and the length of the loan. Borrowers need to be aware of these kind of number games. They can help out in a real pinch but should be used as a last resort.

  • Om Paramapoonya profile image

    Om Paramapoonya 8 years ago

    Thanks! :)

  • rebepa333 profile image

    rebepa333 8 years ago from New York State : )

    Love the article. Great thoughts.

  • Om Paramapoonya profile image

    Om Paramapoonya 8 years ago

    Thanks a lot for dropping by, Sage. And yes, in most cases, it takes a long time for people to pay off their payday-loan debts. I'd like to emphasize that people should get this type of loan only when they really need it (e.g. when they need to get their car fixed or pay their bills). A payday loan should not be spent on new gadgets or a vacation.

  • Sage Williams profile image

    Sage Williams 8 years ago

    Wow, get the money the same day, I guess you pay for it in the long run. You offer some very valuable information. Thanks for writing about this. I'm sure it will make someone stop and think before borrowing.

    Great Job!


  • Om Paramapoonya profile image

    Om Paramapoonya 8 years ago

    Yep, they're loan sharks, but sometimes some people just really don't have any other options. Thanks so much for stopping by and commenting, SweetiePie and Raymond :)

  • Raymond Tremain profile image

    Raymond Tremain 8 years ago from Metro Manila Philippines

    This way of easy money can be a trap to some people, as most would be wanting it just as a get me by loan, and te interest rates are never the same, here in aussie land they charge you high rates and many find it too hard to repay, the loans people just don't care as long as they get their money back some how, they can come and take from you to get the money.

    They are all loan sharks.

    Thanks for the good hub, it should help some one.

  • SweetiePie profile image

    SweetiePie 8 years ago from Southern California, USA

    Sometimes people need to take these loans out, but as you suggest advance researched is needed as you know what you are paying for: a loan with super high interest!

  • Om Paramapoonya profile image

    Om Paramapoonya 8 years ago

    Thanks a lot for visiting :)

  • artrush73 profile image

    artrush73 8 years ago

    Great tips thanks for sharing :), good work, thumbs up (,,)


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