At Top Ten Reviews, not every service makes our lineup. For payday loans, National Payday and My Payday Loan are two services that didn't quite make the cut but are worth noting. Take a look at our condensed reviews for the two viable payday loan companies.
National Payday operates in all 42 states that allow payday loans. This direct lender offers loans of up to $1,000, but generally approves first-time borrowers between $100 and $400, which is typical of payday loan lenders. The fee for the advance is $25 for each $100 you borrow and APRs range between 560% and over 1,000%, which is significantly higher than the services on our lineup.
To be approved, you must provide personal information, have a valid checking account, be employed and take home at least $1,000 after taxes monthly. The approval process takes a few minutes. Generally, you'll receive your money the next day, but you may even receive it the same day as you apply, depending on the time you submit your application.
This service uses your banking information to directly deposit your funds and to automatically withdraw your payments when they are due. Like most payday loans, the maximum term is around two weeks, giving you time until your next paycheck to pay off your loan. This company does not offer extension or rollovers, but you can apply for another loan the same day you pay off your current loan.
Verdict: National Payday offers competitive rates and loan amounts, but the max APR is much higher than the services on our lineup, making this a less appealing option.
My Payday Loan
While every company charges fees and applies interest, My Payday Loans has steep fees and interest rates compared to the services on our lineup. However, this is a direct payday loan lender, so you have the benefit of only dealing with the company from which you borrow your money. You can take advantage of a payday loan with this service if you live in one of the 24 participating states.
This service offers loans up to $1,000 and charges an additional $30 in fees per $100 borrowed, which is more than many other services that only charge between $15 and $25. The average APR for the service is 782%, which is not the highest possible APR, but is much higher than the best payday loans.
The application process is similar to other payday loan services and requires your basic personal, banking and employment information. You must be employed and take home $1,000 after taxes each month. Approvals take less than 60 seconds, and generally, you will have your money deposited directly into your account the next day. The normal term of a payday loan with this service is 14 days, after which your first payment is due.
Verdict: With My Payday Loan, you pay higher fees and interest rates than you would with any service on our lineup, which is why it did not quite make the cut.