Research reveals that 1 out of every 6 Americans has taken a payday loan at least once in their lifetime. So it’s no wonder that the payday lending industry is a thriving one and you can find payday lending offices spread all across the US.
Payday loans can be lifesaving in certain scenarios, but it’s important to choose a proper and trust-worthy lender. It is also advised not to abuse of such types of loans, as they have pretty high rates. Interests on such loans are high enough as it is and the last thing you need when you’re on a really tight budget is to make deals with scammers who’ll shove hidden fees and insane interest rates down your throat.
Here are 3 of the best payday loan lenders you can find right now:
Advance America. The company covers 28 states, being one of the most widespread payday lending companies in the US. In order to get a loan, you have to go to one of their locations or you can choose to apply for a loan online. Requirements and rates are the same regardless of the method you opt for. You need to give your ID, SSN and to provide a proof of income. While you might have to wait up to 2 days to obtain the loan if you apply at their locations, if you decide to apply online, you might receive the money even on the same day.
Rates differ from state to state and might be of up to $22 for a $100 loan. It’s still a high amount, but that’s the case with all payday lenders and actually, Advance America has lower rates than most competitors.
CashNetUSA. This company is also renowned not just for payday loans, but also lines of credit and installment loans. You can apply for a loan in-person or online, although, the bad news is that CashNetUSA is not the fastest when it comes to giving you the money. It may take up to a few business days until you get the loan, even if you apply online, although it usually takes only 1 business day. Here are the states that are NOT covered by the company: Arizona, Arkansas, Colorado, Connecticut, District of Columbia, Georgia, Indiana, Iowa, Kentucky, Maryland, Massachusetts, Montana, Nebraska, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, South Dakota, Vermont and West Virginia. The minimum and maximum loan amounts differ from state to state, as do the charges applied. The minimum fee is around $9 for $100 borrowed, while the maximum is $25 for $100.
AceCashExpress. While it only operates in 19 states, in some of them, AceCashExpress has the lowest fees in the industry. You can apply for a payday loan online or in-person, at one of their locations and, unlike with most competitors, with this company, you can get the money faster if you apply in-person, than online. If you apply at one of their locations, you can get the money almost instantly, while for online applications, the money may be transferred into your account only within 2 working days. With this company, you can obtain payday loans anywhere from $100 to $1,500.
When it comes to charges, AceCashExpress has different fees, depending on the state. In California for instance, the fee is $17/$100 borrowed, while in Wisconsin, $26/$100.