Given the state of the economy and the rising need of many to gain access to cash in between paychecks, we’ve decided to do a survey of some of the more popular payday loan providers in the market. We tried some ourselves, and also obtained reader feedback. There are many which are fast, reliable and efficient, and many which are scams who take your information and who knows what happens to it. It’s important to know which providers can provide you with a quick turnaround time, have relatively simple and easy application processes, and are reliable and reputable vendors. Here’s what we found.
First, the ones to avoid:
OnlineCash911: We’ve received numerous complaints on this company about failed transactions and long delays. While we estimate that this is a valid company providing valid loans, people seem to be running into delays and processing issues during the sign up process. With plenty of better options out there, we’d recommend skipping these guys. If you have a different experience with these guys, please drop a comment here.
Secure Money Store: One reader has reported that this site does not live up to its promise of a "30 second turnaround" and "$1,000 in cash in one day." Jason Collins says "it took more than one week to get the cash into my account, and only after a tedious back and forth process where the company asked for additional documentation." Other readers have reported more positive experiences, but it appears that this site overpromises on timing and convenience.
Now, the top services which obtained the best reader feedback:
Cash Central: This site gets top marks from readers and from our reviewers alike. The signup process is no-frills, 3 steps from basic contact information to employment information. The website is easy to navigate and it is easy to find contact information to call and talk to a live rep if needed. The best of all, they deliver cash quickly and securely within 24 hours. Cash Central has a bit of a higher bar to qualify in that you must be employed at your current job for over 3 months and you must provide a valid checking account - but we feel that this is bare minimum information that you should provide either way when applying for a loan (beware of providers that have much easier requirements - this could be a red flag of a scam site).
PayCheckToday: This site is an example of a professionally-run website and loan provider with an easy to navigate signup process and quick turnaround. We like the website as well as the faxless 3-step process. We’ve received four positive experience reports from readers, Dale C from Minneapolis writes: "This was my first time using a payday loan provider, and my experience with Pay Check Today didn’t scare me away. I’d use them again when I’m in a similar situation." They have a secure website, and it’s easy to speak with someone live via 800 number - this is a key component to keep in mind when evaluating payday loan providers.
Team Quick Cash: This company has a fairly spartan website (which is not a bad thing), and they are receiving good feedback from readers. Donna Cartwell from Orlando says "Quick turnaround time and good customer service. I was able to speak with someone on the phone when I had a question during the registration process. The loan was processed within 24 hours with no major hiccups, would recommend them." We tried the service ourselves and also found the process to be quick and easy, with real cash delivered quickly and securely. One tip, don’t sign up for the cash card offers during the process. Tempting as those offers may be, stick with what you came there for, the paycheck advance.
We are still fielding reports from readers and are on the lookout for new providers. If you have any experiences, positive or negative, please drop a note in the comments or send an email to thepersonalfinanceadvisor@gmail.com and we’ll get back to you. Thanks for reading!
