Several unique terms and phrases describe the features of services we review on this site, some easier to grasp than others. This list briefly defines terms relevant to Payday Loan Services.

Ratings

Secure Site

This criterion refers to whether the site offers protection of personal information by using Secure Socket Layer (SSL) protocol or other method to encrypt transferred data.

Ease of Use

This ranking evaluates not only how simple it is to submit an application, but also how well the site is organized and whether it is easy to find desired information.

Cost of Loan

This is the costs associated with a loan, including fees and interest equated in an Annual Percentage Rate (APR).

Customer Service

This refers to the various ways that a consumer can get help or support from the loan provider. Usually this is in the form of email or phone support, FAQ pages or live chat.

Features

Cash Advances

Often payday loans are also referred to as cash advances.

Nation Wide Service

Typically, most of these services do not offer nation wide service because of the various laws that apply within each state. Some services include a majority of the nation while others only include specific states.

Cost of Credit per $100 Borrowed

This is the fee per $100 borrowed; for example, for a two–week loan of $500 with a fee of $30 per $100, the cost of the loan is $30 X 5 or $150 plus the original balance to total $650.

APR (Annual Percentage Rate)

A calculation based on the fees associated with the loan, which is typically in the hundreds or thousands percent range. However, many services offer a prorated fee for early repayment.

Number of Days Loan & Interest is Based On

Many services publish a disclosure page that shows what the fee and interest is if a loan is paid off in 5 or 18 days. Because these loans are due based on individual agreements, it is impossible to compare rates unless compared at a set number of days.

Maximum Loan Amount

his is the maximum amount of money the service lends for a single loan; however, most services will not loan the maximum amount to first time applicants. Generally, most services will loan a smaller amount and increase the amount after the customer has established a good repayment record.

Loan Approval Time Frame

The amount of time it takes to receive an approval response after submitting an application; this period can range from immediately to up to 24 hrs.

Overnight Deposit to your Account

Typically, most services will direct deposit money directly into a checking account within 24 hrs.

Loan Repayment Due Date

This is the date the loan balance is due in full.

Direct Deposit - Checking Account

Once an application is approved, funds will be directly deposited into a checking account.

Repayment Method of Loan - Electronic Transfer

On the due date, the total amount of the loan is electronically transferred out of a checking account.

Loan Extension or Renewals

For a fee, the service can extend a due date. Check the loan services’ FAQ pages for Loan Extension or Renewal policies.

Maximum # of Loan Extension or Renewals

Payday loans are short–term loans only, and are designed to be paid back quickly. Most services only allow a certain number of extensions, usually five or less.

Cancellation of Loan Option

This provides an opt–out option after funds have been deposited. Some services will release borrowers from their loan agreement if they return the funds within 24 hours, check with the service regarding its cancellation policy.

Various Payment Options

Typically, the service will offer several repayment options in the event that the balance cannot be paid by the due date. However, all policies are different and need to be evaluated on an individual basis.

Faxed Documents Required

Some lenders may require additional information to be faxed to them before approval.

Credit Approval Required

All loans, contrary to what some of the advertisements may lead people to think, will need to be approved. Many services do not do an extensive credit check but they do review available databases immediately to access loan risk.

Apply by Phone

Some services offer to take your application over the phone as well as online.

Time Period before Applying for Another Payday Loan

Once a loan is repaid, this is the required time lapse before the borrower can apply for the next loan.

Loan Qualification with Outstanding Payday Loans

Some services will allow borrowers to take out a loan even if they have an outstanding loan with another service. Check the service policy regarding this.

Privacy Policy & Site Encryption

Many of the sites have a privacy policy regarding what they do with personal and banking information. We have identified those sites that use a SSL (Secure Socket Layer) protocol. This SSL protocol is visible in the URL address of the service, typically on the pages where personal and banking information is submitted. HTTPS is used to access secure Web servers when authentication and encrypted communication is desired. Using HTTPS instead of HTTP directs the message to a secure port number rather than the default Web port number of 80. The session is then managed by a security protocol. HTTPS encrypts the session data using the SSL protocol, which ensures protection from eavesdroppers or man–in–the–middle attacks. Additionally, a small padlock icon should appear in the lower–right corner when the page is secure.

If you do not see "HTTPS" in the URL address or the padlock icon on the page where social security number and banking information is submitted, then beware. Just because a site posts that they are secure does not mean they are secure, false authentication certificates can be fabricated.

Loan Application Information

Monthly Take Home Pay after Taxes

This is the minimum income the lender requires after taxes.

Pay Dates

These are the dates of upcoming paydays.

Valid Checking Account

A valid checking account is one that has been used recently, is open and in good standing.

18+ Years of Age

Laws governing most states require applicants applying for a loan to be at least 18 years of age.

Currently Employed 90+ Days

Many of the services require a minimum of 90 days of steady income.

Full-time Employment - Not a Temp Service

Some services require 90 days of employment that is not through a temporary service.

Social Security Number

SSN is required in the application.

Driver's License

Current driver’s license number is required for applicants.

Citizen or Permanent Resident of the US

Applicants are required to be legal US citizens or permanent residents.

Current Home & Work Phone Number

Valid home and work phone numbers are required; some services also require three references.

Valid email Address

An email address is required for submission.

Loan Disqualification due to Bankruptcy

Many services state that they will not disqualify your application due to a bankruptcy unless it has not yet been discharged. Even if "Charge Offs" exist, they may still approve a loan.

Loan Service's Home

This is the location related in the contact information according to their Alexa page.

Loan Service - Online Since

This is when the service went online according to Alexa.

Help/Support

Live Help

Some services provide instant assistance through chat or Instant Messaging.

Phone Support

The best services provide helpful and responsive phone support during reasonable business hours.

FAQ

Frequently Asked Questions (FAQ) pages answer commonly asked questions.

Email Address

Many services provide customer or technical support through email contact.

 ©2003 – 2008 TopTenREVIEWS, Inc.