Which Companies Offer The Best Online Payday Loans
If you have less-than-perfect credit and are facing an unexpected expense you can’t afford, you may be wondering, who are the best direct payday lenders? Payday lenders provide short-term loans to consumers with bad credit or no credit history. Interest rates vary depending on the state you live in and the lender you choose but generally range from $10 to $30 for every $100 you borrow.
As with any service, it’s important to shop around to ensure you’re getting competitive rates and quality customer service. Here are some tips to help you find the best direct payday lender for your situation.
Who are the best online payday lenders
With so many payday loans on the market, it’s hard to determine which one is the best. But there are about a dozen industry-leading companies that rise to the top, which we’ve compiled and broken down for you. They receive high marks from customers for providing fast funding and a good customer experience. On top of that, most of the best direct payday lenders will have active licensing information that you can look up to verify information in your state.
What to look for in a direct payday lender
Even if a lender comes recommended, you’ll still have to do your due diligence to make sure it’s right for you. Here are some things to look for in a payday lender that can help you narrow down your search and find the best fit.
Reading customer reviews online can help you figure out if a lender is reputable and easy to work with. Trustpilot and the BBB website are both great places to look for unbiased company ratings. Many publications and rating sites will review online lenders, which can help you compare companies and choose the best one for your situation.
Trustworthiness Of The Lender
Before you apply for a direct payday loan, it’s important to make sure the payday lender you’re planning to borrow from is legitimate. Criminals may pose as lenders to steal your money and financial information. In 2019 alone, there were nearly 45,000 reports of personal and business loan scams.
A good way to protect yourself and vet the lender you’re considering is to look up the company on the Federal Trade Commission’s website. If your search reveals that the lender has been involved in any lawsuits for violations like deceptive lending practices, it’s best to move on and find another company. You can also contact your state’s Department of Financial Services to verify that you’re working with a reputable, licensed lender.
Another important factor to consider when choosing a direct payday lender is the financing terms it offers. Some companies will only fund loans that are a few hundred dollars, while others will lend $1,000 or more. Repayment terms also vary from lender to lender, ranging from a few weeks to several months. Figure out how much money you need to borrow and when you can pay it back so you can find a loan that suits your needs.
Shop Around For The Top Payday Loan Offers
Shopping around can also help you secure a loan with competitive rates and fees. The best, most transparent payday lenders usually post rate and fee information on their websites, which will allow you to calculate how much each loan will cost you. Some companies will even let you apply for a loan without checking credit.
Companies that have been in business for a long time have fine-tuned their processes and may be able to provide better customer service than startups. Look at when the companies on your shortlist were founded and how many loans they’ve funded to get an idea of their experience level. Some direct online lenders in our directory are more transparent and provide a better customer experience than others. To find the best company for you, look up reviews, compare loan offers, and figure out if the lender has a good reputation. A good place to start is our convenient directory of Direct Payday Lenders. You will find many of the best short term lending companies and you can compare different financing terms and amounts.