Payday loans have both advantages and disadvantages. Nowadays, there are dozens of companies that offer short-term credits. But what about the best payday loans in 2020?
In this article, we will show you the best firms that offer payday loans.
The payday loans are convenient whenever you remain without money or have something urgent and you don’t have enough money until your next salary. However, they come with a high interest rate, so if you miss paying the credit at its due date, you will find out what we’re talking about.
Payday loans – pros and cons
- The application process is straightforward
- You will receive a response in just a few hours
- The majority of payday loan companies will not take your credit score into the account
- You can get the money within 24 hours, tops
- Huge interest rates
- All payday loans come with high late repayment charges
- Most of the payday loan companies will apply crude methods to get their money back
Viva Payday Loans
Viva Payday Loans is the first suggestion your favorite search engine will give you whenever you look for payday loans. That’s not for nothing because Viva is the best overall payday loan company.
The service is reliable and comes with the most affordable interest rate in the industry. Also, Viva comes with the most straightforward application process.
Viva Payday Loans is available in all the states across the USA, but, like any other payday loan, comes with a high interest rate. Also, it might be too expensive, depending on the state you are in when applying.
Loan Solo comes with several methods of application. You can either apply online or by phone. It is one of the few payday loan companies to offer that.
Regarding the loans that the company offers, they are in line with the others in the market. You can borrow up to $1,000, and the interest rate is high. How much credit they give you depends on your credit score and monthly income.
Loan Solo connects borrowers to lenders and is an innovative company in the industry. On the downside, it has high loan APR rates and late fees, and the credit line is limited to up to $1,000.
Extralend promotes itself via three main features: high loan limit (up to $5,000), extended repayment period, and high security to protect the applicants’ data. On the other hand, they are not much different than other payday loan companies in the market.
The application process is straightforward, and the company will give a response in a few minutes. If you are approved, the company will deposit the money in your bank account within 24 hours.
On the downside, Extralend payday loans come with an APR of 1386%. That’s huge, but it is in line with the APR asked by other similar companies.
Indy Lend is an aggregator of lenders. The site link clients with lenders, focusing on the applicants’ credit score. Those with a bad credit score can still access a credit, though.
The platform connects clients with lenders that can offer up to $5,000 in various kinds of credits. The registration and application processes are straightforward. If you get approved, you will receive your money within 24 hours.
The advantage of payday loans via Indy Lend is that you will rebuild your credit score if you pay without latencies. Also, there is the possibility of loan renewal. On the downside, there is no guarantee for renewal.
CashNet is one of the best payday loan websites in the US at the moment. The site is very famous for its quick application procedure that requires just under five minutes to fill out. This payday loan company deposits your money into your bank account the following day.
In times of emergency need for money, this is the perfect choice for you. To request a loan at CashNet, send your information as directed at the start of the application process. One thing CashNet guarantees is that your credit score will not substantially impact your borrowing possibilities.
Payday loans are the best solution when you need money fast. However, be prepare to pay huge APR and late repayment charges if you miss to pay the credit at its due time.
In short, the before-mentioned payday loan companies are the best in the US. However, we recommend you to opt for other solutions if you are not sure that you can reimburse the credit.