It takes minutes, but finding the best one can take hours of your time. We decided to simplify the process by just showing you the factual information about ten best rated payday loan companies. We rated each company on a point system in which is discussed in detail below the cross reference chart.
Loan Review Process
All information that was collected about the top ten payday loan companies (i.e. OpenLoansCA, Inc. in California) was obtained directly from the actual website’s themselves. This review was done from an objective standpoint of being a user, not an actual lender. We have taken what is considered to be the most important features of the loan process and listed them below. With that data we compiled the results needed to build a rating platform.
Basics Rules of Evaluation
1. No sites were contacted for answers not found on the site itself.
2. No intervention from the lenders were allowed in this review.
3. All reviews were conducted by a third party so no external influence was considered.
Foundation of Ranking System
Scoring on each category was based upon “0” being the lowest and “5” being the highest. This scale was built comparing the best site with the worst.
No loan site in this review had a perfect score as you can see from the results. The criteria for a perfect 5 star rating in all categories was designed to be almost impossible. Final representation was done with the use of stars, small scales, checks, comments, and a cross reference chart. Each site also had an individual page that displays the actual comments from the reviewer including information that could be pertinent to your decision process.
1. Loan Cost (interest and fees)
This category came first in our review because this is the primary concern when borrowing money. If that cost could be determined easily on the website, we posted it. If not, we stated it by using “Var” or “varies” meaning that it fluctuates based upon each individual applicant or, “INA” meaning that the information is not available on the site.
Why not show the interest and fees?
Many payday loan sites have rates and fees that depend upon a few major factors that we have listed below. By first answering the questions on the application they can determine which lender available to them can offer you the best rates for the amount of money you need. Yes, many of these companies use multiple different lenders in which to obtain the best loan for you.
Some of the deciding factors for the rates and fees for your payday loan include:
– Your net pay (what you take home after taxes)
– How long have you been employed at the same job?
– What state do you live in? (fees are greatly influenced by this because of local laws)
– How old are you?
– Do you own a home?
– Are you retired or do you have some sort of pension income?
– How often are you paid?
2. How easy is the loan process?
We took a very serious look at how easy it was to actually apply for the loan. Cosmetics may not seem important, but color, presentation, layout design, and graphics play a large part of how easy it is to find information rapidly without to much chaos distracting you. The application form and how well it was documented including the help system also played a major roll in determining this score.
3. Customer Service
It was hard decision in which order these categories should have been placed. Customer service in many ways is more important to many of us than cost. Do you want a loan in which you can’t contact someone if you have questions? Of course not! Our requirements involved asking these questions.
a. Does the company have telephone support and is it toll free?
b. Do they have live chat? (this allows for immediate answers without using the phone)
c. Do they post openly their email address asking you to use it for assistance.
d. Do they have an online form available for questions prior to loan application completion.
e. Do they appear customer oriented or are they more focused on financial gain?
f. Was the FAQ’s developed from customers questions with real answers?
4.Privacy – Secure Internet Connection – Encryption – Safe Application
The first and foremost question was the connection used by your web browser on any page of the loan companies web site that asked for personal information. Some sites virtually had no protection for your personal and private financial data while others used full encrypted connections. Next was the process to obtain this information from you with the use of a form or email and how that was implemented. Last but not least! Did they pay a third party company to test their site on a regular basis to make sure that it was not currently being hacked, or could be broken into easily in the future? We hope that the information we complied during the review process will help you obtain the funds you are looking for more rapidly, and give you the background so that you can be a well informed “smart loan shopper”.
Thank You, All reviews were based on the status of the site at which time they were visited. Sites change and in the process they may not have been updated on our comparison chart, or the individual review page in which they are located. We are not responsible for the accuracy of this information. It has been provided as a reference for you and can not be used for anything other than that. Please make sure to read all contractual agreements prior to signing or agreeing to the terms before placing your loan with any company. Questions should be answered first for your own security prior to applying for your loan. We can’t guarantee that any of these companies will give you a loan and we are not responsible for your privacy.