Overview: Finding the Best Payday Loan Companies & What You Need to Know about Payday Lenders

Payday loan lenders provide borrowers with payday loans, also sometimes referred to as cash advance loans. A payday loan is a short-term loan meant to tide the borrower over until their next payday.

These short-term loans typically come with much higher interest rates than traditional long-term bank loans do.

Payday loan companies help those who find themselves in a short-term financial bind be able to pay their bills and get by until their next payday.

Because payday loans come with steep interest, it is best to only utilize one when you really need one, such as to pay your rent or car payment on time.

Best Payday Loan Companies

Award Emblem: Top 6 Payday Loan Companies

It is also important to only resort to using a payday lender when you are sure that you will be able to repay the loan when it is due and not fall into the cycle of constantly paying a large fee for an extension.

Choosing a Payday Lender

Before choosing the best payday loans direct lender for you, it is important to carefully weigh the pros and cons of working with a payday lender. These types of loans should generally be considered only as a last resort.

If you have decided that a payday loan is the right route for you, there are some important factors to be considered when choosing the best place to get a payday loan.

There are multiple options available when it comes to cash advance companies. There are sure to be several payday loan lenders available locally in your area where you can go and obtain a loan face-to-face.

There are also a number of payday loan companies online, many of which service customers throughout the United States. But how do you know which is the best payday loan company for you?

Our list of the top 6 best payday loan companies can provide you with a good starting point for identifying the best payday loan lenders.

As you read through our list, it is important to carefully read through the terms and conditions provided by each company before settling on the best payday loan company and the best payday loan for you.

See Also: Best Same-Day Cash Loans | Ways to Find the Best Same-Day Cash Advance (Online or Near You)

AdvisoryHQ’s List of the Top 6 Best Payday Loan Companies to Get a Payday Loan

List is sorted alphabetically (click any of the names below to go directly to the detailed review section for that payday loan company).

Click here for 2016’s ranking of the Top 6 Best Payday Loan Companies to Get a Payday Loan From

Top 6 Best Payday Loan Companies | Brief Comparison & Ranking

Best Payday Loan Lenders

Highlighted Features

ACE Cash ExpressEasy, quick online approval process
Blue Trust LoansNo pre-payment penalties
CashAdvance.comAccess to a large network of payday lenders
CashNetUSAPayday line of credit available for last-resort borrowing
Check Into CashTitle loans for vehicles & motorcycles
Check ‘n GoRefer-A-Friend Program

Table: Top 6 Payday Loan Companies | Above list is sorted alphabetically

AdvisoryHQ’s Selection Methodology

What methodology does AdvisoryHQ use in selecting and finalizing the credit cards, financial products, firms, services, and products that are ranked on its various top-rated lists?

Please click here “AdvisoryHQ’s Ranking Methodologies” for a detailed review of AdvisoryHQ’s selection methodologies for ranking top-rated credit cards, financial accounts, firms, products, and services.

Detailed Review—Top Ranking Best Payday Loan Companies

Below, please find the detailed review of each firm on our list of top payday loan lenders. We have highlighted some of the factors that allowed these payday loan companies to score so high in our selection ranking.

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 ACE Cash Express Review

Founded in 1968, ACE Cash Express is the largest owner operator of check cashing stores in the United States. They are a payday lender that provides short-term loans, bill pay, and prepaid debit card services in addition to check cashing.

This best payday loan company specializes in serving consumers who are seeking alternatives to traditional banking. Since their inception in 1968, ACE Cash Express has served more than 38 million customers and currently services customers across 21 states.

Key Factors That Enabled This Payday Lender to Rank as a Best Place to Get a Payday Loan

Below are primary reasons we selected ACE Cash Express to be rated as a best payday loan company among this year’s top payday loan lenders.

Easy Online Approval Process

ACE Cash Express features a simple loan application for potential borrowers to fill out on their website. The application only takes a few minutes to complete, and customers are given an instant credit decision.

This top payday lender has easy minimum requirements for being approved for their best payday loan. When applying online, customers need to provide:

  • Income information
  • Social security number
  • Personal information
  • Bank account information
  • Phone number

ACE Cash Express does not perform typical credit checks on their customers, making qualifying for a cash advance from them easy even for those with less than perfect credit.

The Top Best Payday Loan Lenders

Photo courtesy of: Best Place to Get a Payday Loan

Installment Loans

For customers who need to borrow more money than is typically allotted for a payday loan, ACE Cash Express is among the payday loan companies that also offer online installment loans.

While a payday loan is typically for a small amount, usually a couple hundred dollars, an online installment loan is generally for thousands of dollars.

For these types of loans, borrowers are given a longer amount of time to repay the loan in installment, usually monthly, payments.

This best payday loans direct lender offers a simple loan application process for their online installment loan. Those that utilize the online application are granted an instant credit decision.

Currently, online installment loans are available online only in California, Delaware, Missouri, New Mexico, Ohio, and Texas. Loan amounts range anywhere from $200 to $5,000, depending on the state you reside in.

Money Transfers

As one of the oldest payday loan companies, ACE Cash Express offers services beyond what other payday loan lenders offer. For those who need to send money to friends or relatives in the U.S. or overseas, this best payday loans direct lender offers a money transfer service.

With their secure and convenient service, customers can wire money anywhere in the U.S. as well as to more than 200 countries worldwide. Transfers can be made online or in-store at one of the payday loan lender’s more than 1,000 locations.

Customers have the option of choosing either same-day or three-day service, allowing them to choose the speed and cost that best fits their needs.

Don’t Miss: Tips to Finding the Best Cash Advance Locations Near You | Guide to “Cash Advance Near Me” Questions

Blue Trust Loans Review

Blue Trust Loans is a payday lender based in Hayward, Wisconsin. This payday loan company was founded in 2014 by the Native American tribe of the Lac Courte Oreilles Band of Lake Superior Chippewa Indians.

It is important to note that as a federally recognized American Indian Tribe–owned business, Blue Trust Loans has sovereign immunity.

This generally means that they cannot be sued in court. It is important to take this factor into consideration when deciding to do business with them.

Key Factors That Enabled This Payday Lender to Rank as a Best Place to Get a Payday Loan

Below are primary reasons we selected Blue Trust Loans to be rated as a best payday loan company among this year’s top payday loan lenders.

Short-Term Installment Loans

Most payday loan lenders require the entire loan to be repaid in one lump sum on the due date, which is normally a few weeks from the date of the loan. Blue Trust Loans is different from other payday loan companies in that they offer short-term installment loans.

This best payday loan lender allows their customers to pay their loan back in installments, rather than requiring it to be paid in one lump payment.

This makes it easier for their clients to make the required payments on time and not fall into the common payday loan cycle of constantly paying an extension fee.

Most of Blue Trust Loans’s installment loans are set up to be repaid over a six-month period, helping customers to easily manage their repayments with this payday loans direct lender.

Fast Funding

Blue Trust Loans provides easy, quick funding of their loans. They realize that consumers seek out the services of payday loan lenders when they are in need of quick cash.

Once a customer has been approved for a loan and has agreed to the loan terms, this payday loans direct lender deposits the funds directly into their bank account in as little as one business day.

This quick funding can be a big benefit for those who have found themselves in a dire financial situation.

No Pre-Payment Penalty

Blue Trust Loans is among the payday loan companies online that allow customers to repay their loan before the required due date without penalty.

Many payday loan companies charge their clients a fee for paying their loan off early, but Blue Trust Loans is not one of them.

In fact, repaying the loan early may help customers to lower the amount they pay in finance charges over the course of the loan.

Customers who repay their loan early could potentially save hundreds of dollars in interest charges, making this top payday lender a great choice for a payday loans direct lender. 

Related: Check ’n Go Reviews | Is Check ’n Go Legit? Is It Safe to Get a Loan? What Is Check ’n Go?

CashAdvance.com Review

CashAdvance.com has been in business since 1997 and is headquartered in Altamont, Utah. CashAdvance.com is not themselves a payday lender, but rather they offer a service that matches consumers with payday loan lenders in their network.

On their website, CashAdvance.com claims to have helped millions of consumers obtain loans from top payday loan companies.

In order to help consumers avoid scams, CashAdvance.com says that they only work with the best payday loan lenders in the industry, and they verify that they only work with lenders who adhere to best lending practices.

Key Factors That Enabled This Payday Lender to Rank as a Best Place to Get a Payday Loan

Below are primary reasons we selected CashAdvance.com to be rated as one of this year’s top payday loan lenders for the best payday loan.

Access to Large Network of Payday Lenders

CashAdvance.com works with a large network of lenders, which makes it easy for consumers to compare options when shopping around for the best payday loan.

When a consumer submits a loan request through CashAdvance.com, it is reviewed by their extensive lender network, enabling consumers to receive multiple loan offers from multiple lenders.

CashAdvance.com is free to use, so there is no fee for being connected to their network of payday loan lenders.

There is no obligation for consumers to accept a loan offer once they have been connected to a lender, making the service a simple, hassle-free way for consumers to shop around for the best place to get a payday loan.

Personal Information Is Protected

To ensure that users’ personal information is kept safe and secure at all times, CashAdvance.com is certified by two independent services. The top payday lender service also tests its site daily to ensure that it is safe against hackers.

In addition to using advanced encryption technology to protect consumers’ personal information through their site, CashAdvance.com is also a member of the Online Lenders Alliance (OLA).

The OLA is a national organization dedicated to promoting best practices in online lending. As a member of OLA, CashAdvance.com abides by a list of OLA Best Practices as well as their Code of Conduct to ensure that their customers are fully informed and treated fairly.

Scam Alerts

Online lending scams are a growing problem, and CashAdvance.com is dedicated to helping consumers avoid them.

This top payday lender site has compiled resources on their site to help educate consumers on how to avoid scams as well as to help them report scams when they do fall victim to one.

On their Scam Report page, CashAdvance.com provides information about the common scams that plague consumers as well as on which regulatory agency to contact if you have been a victim.

CashAdvance.com is among the payday loan companies online who take a strong stance against scammers and provide consumers with the tools needed to help raise consumer awareness and generate the attention of law enforcement agencies.

CashNetUSA Review

CashNetUSA is a payday lender that is part of Enova International, a publicly traded company listed on the New York Stock Exchange as ENVA. Enova International operates multiple financial services companies that provide financial solutions to consumers in the U.S., Canada, the United Kingdom, and Australia.

CashNetUSA currently provides online lending services to consumers across 30 U.S. states. Products offered vary depending on applicants’ state of residency.

Key Factors That Enabled This Payday Lender to Rank as a Best Place to Get a Payday Loan

Below are primary reasons we selected CashNetUSA to be rated as one of this year’s top payday loan lenders.

Follows State Guidelines for Payday Loans

CashNetUSA offers payday loans to residents of states that allow them. The terms and rates of the loans differ depending on the laws of each state.

This payday lender makes it easy for customers to see what the rates and terms of their payday loans will be for their state of residency on their Rates & Terms page.

This transparency in providing their lending guidelines and why they must follow them is one of the reasons that ranks CashNetUSA among the top payday loan companies.

Payday Line of Credit

CashNetUSA differs from other cash advance companies in that in addition to standard payday loans, they also offer a payday line of credit in certain states.

Customers who choose to open a line of credit with the top payday lender are able to draw against it anytime they need quick cash, up to the amount of credit they have been approved for.

As is typical of payday loans, the interest rate for the line of credit is very high—250% or higher for most states. There is also a 15% transaction fee charged each time a withdrawal is made against the line of credit.

For these reasons, it should be used sparingly and only as a last resort.

Installment Loans

CashNetUSA is among the best payday loan lenders that offer installment loans to customers who reside in certain states. Installment loans can be easier for many customers to pay back because they allow payments to be made in increments over a set amount of time, compared to one lump sum being due.

The amount that can be borrowed as an installment loan from this top payday lender varies by states.

The term for paying back the installment loan also varies by state, but they average from 6 months to 18 months depending on the amount borrowed. The more money that is borrowed, the longer the term to pay it back.

The interest rate charged on installment loans also varies by state, but is generally quite high—being more than 300% in most states. This means that customers who choose to takeout an installment loan with CashNetUSA may end up paying more than double the original loan amount in finance charges.

This is something to keep in mind when considering taking out an installment loan with them.

Popular Article: Payday Loan Definition | What Is a Payday Loan? Pros & Cons

Check Into Cash Review

Founded in 1993 in Tennessee, Check Into Cash currently operates more than 1,000 locations across 30 states. The payday lender specializes in providing consumers with short-term credit solutions in their centers nationwide and online in select states.

Along with other best payday loan companies, Check Into Cash helped form the Community Financial Services Association of America (CFSA).

In cooperation with the CFSA, Check Into Cash works with state legislators and consumer groups at the federal level to help ensure that best payday loan practices are being followed throughout the cash advance industry.

Key Factors That Enabled This Firm to Rank as a Best Payday Loans Direct Lender

Below are primary reasons we selected Check Into Cash to be rated as one of this year’s top cash advance companies.

Online Payday Loans

While Check Into Cash does operate brick-and-mortar service centers nationwide, they are also one of the payday loan companies online.

For those who don’t have time to go to one of their stores during business hours or who don’t have a location near them, applying for a payday loan online is a quick and convenient alternative.

With an online payday loan from this top payday loan company, customers can take advantage of their quick and simple application process and get approved in seconds.

Once approved, customers can have the money deposited in their bank account in as little as 24 hours. The amount that can be borrowed and loan terms and rates vary by states, but can be found on Check Into Cash’s Rates & Terms page.

Installment Loans

In addition to payday loans, Check Into Cash is among the best payday loan lenders that also provide installment loans in states that allow them.

Installment loans are offered in-store as well as online. Applying for an installment loan online from this top payday lender is quick and secure.

Check Into Cash installment loans have longer terms and higher loan amounts that their payday loans do. Instead of having to pay the loan in full on the next payday, a Check Into Cash installment loan allows the loan to be paid off in regular fixed payments over a specific term, usually 6 to 12 months.

When an installment loan is obtained online, the payments are automatically debited from the customer’s bank account on each due date until the loan is paid in full.

Title Loans

Check Into Cash is one of the payday loan companies that offers title loans in addition to payday loans. The option to obtain a title loan is available in certain states where permissible by state law. Title loans are only offered in-store.

Depending on various factors, including a customer’s ability to repay the loan and which state they live in, some customers could borrow as much as $25,000 with their car as collateral.

A customer must have a lien-free vehicle title in their name in order to apply for a title loan. This means that the customer cannot still owe a lender for the car.

Check Into Cash uses the value of the car (or motorcycle) to determine the amount that can be borrowed. The popular payday lender offers an online appraisal form on their website to help customers determine the amount they may be able to borrow. 

Read More: Tips for Finding the Best Online Payday Loans with Bad, Good, or Poor Credit

Check ‘N Go Review

Founded in 1994 in Covington, Kentucky, Check ‘n Go has been providing consumers with short-term financial solutions for more than 20 years.

The company currently operates more than 1,000 stores with headquarters in Cincinnati, Ohio.

Check ‘n Go is one of the payday loan companies that helped found the payday loan industry’s trade organization the CFSA in 1999. They also began partnering with the National Center for Missing and Exploited Children in 2007 to increase child safety by displaying photos of missing children in their stores.

Key Factors That Enabled This Firm to Rank as a Best Payday Loans Direct Lender

Below are primary reasons we selected Check ‘n Go to be rated as one of this year’s top cash advance companies.

Payday Loans

Like many payday loan companies, Check ‘n Go offers both in-store and online payday loans. Both options are fairly easy to qualify for but what information you will need to provide depends on which option you choose.

To qualify for an in-store payday loan, customers need to provide:

  • A verified source of income
  • An active checking account number
  • Proof of age
  • Proof of income
  • A valid check
  • A government issued ID

For an online payday loan, customers need to provide:

  • A verifiable source of income
  • An active checking account and routing number
  • An active email address
  • Proof of age

Some online customers will also be required to fax documents, such as their pay stub or bank statement.

As a best payday loans direct lender, Check ‘n Go provides fast loan funding to their customers.

Customers who apply in-store can generally get their money as soon as they are approved, while online customers generally have their funds direct deposited into their bank account the next business day after approval.

Like many of the top payday loan companies online, Check ‘n Go offers online installment loans. With this option, customers have a longer term to pay back their loan and may be able to qualify for a higher amount than a payday loan.

Online installment loans are currently available from Check ‘n Go in these states:

  • Alabama
  • California
  • Delaware
  • Idaho
  • Illinois
  • Missouri
  • New Mexico
  • Ohio
  • Utah
  • Wisconsin

Because installment loans are income-based loans, your earnings will determine the loan amount that is approved.

Funds are deposited in customers’ bank accounts the next business day upon approval, and the loan is paid back over 4–8 months, depending on the amount borrowed.

Refer-a-Friend Program

Check ‘n Go is one of the best payday loan lenders that offers a Refer-a-Friend Program to their customers. Through this program, customers can earn up to $500 in e-gift cards for referring their friends.

Check ‘n Go offers a simple form on their website to fill out with the addresses of friends. Check ‘n Go then sends an email to those friends letting them know about their services.

For every friend that signs up and provides a referring customer’s email address, that customer receives a $50 e-gift card. Customers can receive up to 10 gift e-cards for up to $500 in rewards.

The e-gift card can be used at TangoCard.com to purchase e-gift cards from popular retailers such as Walmart, Amazon, and Target.

Related: Ways to Get Instant Cash Loans from Online Payday Lenders | Instant Loans Online

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Conclusion—Top 6 Best Payday Loan Companies to Get a Payday Loan

Payday loan companies offer quick and easy access to money when people find themselves in a financial bind. While utilizing a payday lender may be a convenient option, it is not a cheap one and should only be considered as a last resort.

Not all payday loan lenders utilize best practices in lending, and it can be easy to fall victim to a scam. For this reason, it is important to carefully research cash advance companies to ensure that you only do business with the best payday loan companies.

Before agreeing to a loan from payday loan companies online, make sure to always read the fine print. The top payday loan companies provide complete transparency on their websites.

This means that the best payday loan lenders provide their rates and terms in an easy-to-find place on their website so that customers can see up front how much a loan will cost them.

When looking for the best place to get a payday loan, Google customer reviews of the provider to get an idea of how they do business.

While it should only be used as a last resort, when a payday loan is necessary, this list should provide you with a good starting point for finding the best payday loans direct lender that offers the best payday loan for you.

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Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.

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