National Payday is a direct lender that offers online payday loans in the majority of states where payday loans are legal. Its loans aren’t as flexible as other direct lenders like RISE and LendUp. You can apply for a payday loan online and receive approval the same day you apply. National Payday only offers payday loans, but as an online lender, it does offer the convenience of applying from home.
To be eligible for a cash advance through National Payday you need to be at least 18, have no more than one outstanding payday loan, have a checking account that’s been active for at least three months without any bounced checks or overdrafts, and have a job where you make at least $1,000 a day.
Getting a payday loan online can be more convenient than using a storefront loan, but when compared to other lenders that offer supplementary services or longer term loans, National Payday has limited offerings. The standard term for the loan is around 16 days, but you’ll usually be expected to repay at your next payday.
After applying for a payday loan you’ll receive an approval in 24 hours at the latest. If you’re using ACH direct deposit, you’ll receive your funds in another 24 hours. You can elect to have your money wired to your account, but you may have to pay your bank’s wire transfer fee.
Rates and term information is posted online. Unlike other lenders that vary their rates and terms depending on the state you live in; National Payday has a standard rate that applies to all of its loans. Unlike other lenders that may allow you to get a loan using different sources of income, you need to be employed to receive a loan from National Payday.
One area where this lender does offer some flexibility is with repaying your loan. A standard payday loan is repaid in full when the term expires, but you can make smaller payments on a loan from National Payday. Usually the payments will be debited from your checking account, but if you need make a payment another way, you can work that out with the lender.
Payday loans are risky and can be expensive. We recommend getting one only as a last resort. You should explore and exhaust alternatives before signing on for a payday loan. Some alternatives we recommend include a personal loan through a credit union, an overdraft line of credit or finding someone to co-sign a loan with you.
National Payday is a direct lender offering only payday loans in all the states it legally can. It doesn’t offer any supplementary services or other types of loans, but it is flexible in its repayment schedule and has a standard rate for all its loans.