Trusted Payday Review – Get All the Facts! (Payday Loan Reviews)
A recent survey by MagnifyMoney.com reports that 56.3% of Americans have less than $1,000 available in their combined financial accounts, which means that well over half of U.S. residents are living paycheck to paycheck.
This situation has driven a lot of U.S. consumers to seek loans from payday loan companies like Trusted Payday.
What is Trusted Payday & How Does it Work?
Trusted Payday is an online application portal where customers can be matched to a Trusted Payday lender. This site was created to meet the growing demand of those who are looking for a way to compensate for financial vulnerabilities due to an emergency or unexpected critical expense.
When your child gets sick, your car breaks down, your home gets flooded, or your long-term employment is cut short by layoffs and downsizing, it’s sometimes difficult to know where to go.
When in doubt, you can turn to Trusted Payday reviews where you’ll find Trusted Payday with a 5-star rating through Top Consumer Reviews.
It is important to note that Trusted Payday is not a payday lender, and they themselves do not approve loans or set rates. They are also clear about making no guarantees.
Instead, they have gathered the resources necessary for you to make an educated choice as you compare payday loans and lenders in which you are matched. As we compiled our Trusted Payday loans reviews, we found ourselves impressed with their direct relationship to over 70 top-quality Trusted Payday lenders that could be a match for online applicants.
What Is a Payday Loan?
A payday loan is a low-dollar loan that can also be referred to as a cash advance, a short-term loan, or installment loan. Trusted Payday is not a lender, but they do attempt to match applicants with top-quality lenders based on pre-determined criteria. These types of loans are designed to be used by consumers on a rare occasion for emergency or critical needs only.
Do not confuse a payday loan with a title loan. Trusted Payday lenders do not require your car’s title as they work through your bank account to deposit your cash and make withdrawals. A title loan will use your paid-for car’s title as collateral for your short-term loan.
When approved for a payday loan, the lender (not Trusted Payday) will deposit the approved amount into your bank account. The lender you agree to use will then withdraw their agreed-upon payment on the date(s) due, along with the associated fees, which will all be clearly stated in your lending contract. Depending on the loan’s terms, you may only have one payment due, or you may be committed to making several payments at designated (and agreed-upon) times.
Trusted Payday not only wants to be your go-to resource for payday lenders; they are also adamant about education, financial responsibility, and helping consumers avoid fraud. As you confer with others to compare payday loans, it is important to first understand all the aspects involved in a Trusted Payday loan as well as the benefits and possible downfalls.
According to Trusted Payday, their lenders offer short-term, low-dollar loans (ranging from around $500 to $1000) meant to bridge the income gap until your next payday. This is a high-interest loan with varying annual percentage rates (APR) with some going as high as 400% or more. These rates are considered high in comparison to compounding credit card rates or other types of loans for larger amounts. Finding the lender and rate that’s right for you can be done in part by researching Trusted Payday reviews.
Why Do People Look for a Cheap Payday Loan?
Image Source: BigStock
Since the majority of families live with such a narrow financial margin, many find themselves without an emergency fund or savings account. Bankrate.com estimates that around 63% of Americans say they would be unable to pay for a $1,000 medical or car repair bill.
Borrowing from an individual, using a credit card, or obtaining a traditional loan also isn’t an option for many. That’s why more and more consumers are researching Trusted Payday reviews. Once the consumer is comfortable with the process, they take the next step by applying online to see if Trusted Payday is able to match them with lenders where they can obtain the funds they need in case of an emergency or immediate need that cannot be paid for in other ways.
Is a Trusted Payday Loan the Right Option for You?
Basic financial education dictates that it is wise to avoid debt and pay out-of-pocket for expenses when you are able. A payday loan should be used only as a last resort for unexpected, critical expenses and emergencies.
In reviewing Trusted Payday’s services, their loan information will help you look at the long-term effects of obtaining a short-term loan from a lender with whom you may be matched. You will then be directed to the lender’s website to complete the process where you will also want to read their Trusted Payday loans reviews.
For some families, finding a cheap payday loan is the only option available when presented with situations like these:
- Utilities are due to be shut off before your next payday. In this case, the fees for a payday loan would typically be less than the fees and fines owed to the utility company to have the account reinstated and turned back on.
- It could put your job in jeopardy when a car breaks down, especially if there are no other options for transportation. A Trusted Payday loan could help you get your car fixed fast, and could be a less expensive option than losing your job and finding yourself in need of new employment.
- Accounting mistakes happen. Also, a variety of other unexpected circumstances can leave your bank account empty when a big bill comes rolling in. Through the Trusted Payday application process, you could be matched with a lender that can get you the cash you need to bridge the gap until your next payday to avoid bounced-check fees.
- If you’re a business owner, you may have a big payment due to one of your vendors that is out of sync with your cash-flow. A Trusted Payday loan could be a cheaper option than putting your business relationship on the rocks.
If you find yourself in need of a cheap payday loan on a recurring basis, Trusted Payday recommends that you seek out a credit counseling service or meet with a non-profit financial counseling service in your community.
What are the Downfalls of Using Trusted Payday’s Loan-Matching Service?
1. They are not accredited or rated by standard business agencies. Because Trusted Payday is not actually a lender, they are not yet rated by the Better Business Bureau. It is important to research and rely on Trusted Payday loans reviews to determine your best course of action. However, they are a part of the Online Lenders Alliance (OLA) with a commitment to abide by a list of best practices and code of conduct to ensure customers are fully informed and fairly treated.
2. There are varying results depending on time of submission. Although Trusted Payday’s application portal is open 24/7, you won’t get the best results unless you submit your application during normal business hours. If you are looking for a quick response, many lenders will not be able to accommodate your time-frame if you submit your application during a lender’s downtime.
3. The response rate could be less than expected. You will get fewer responses during off-hours, which could make a big difference in your chance of being accepted for a loan. If you do submit an application through Trusted Payday after-hours and are told there are no matches found for you, try submitting your application again during normal business hours as there’s a chance you could get a better response.
4. You could be left empty-handed in a time of need. It is also possible that you will not be matched with a lender no matter when you submit your application. If that becomes the case, Trusted Payday will do their best to connect you with other networks or offers, but they are not able to offer any guarantees.
Image Source: BigStock
What are the Benefits of Using Trusted Payday’s Online Loan-Matching Service?
1. It saves time. It takes time to research individual lenders and go through an application process only to find out you don’t qualify. Trusted Payday makes the overall process easier and quicker for consumers who need a solution fast.
2. It’s easy and convenient. Trusted Payday has a simple initial application process (that takes less than 3 minutes) and will accept loan applications 24 hours a day, 7 days a week. For those who don’t work traditional hours, this is feature is helpful.
If a lender is found that matches your criteria, you will be connected to their website directly to complete the lender’s more detailed application process. If the lender is open and operating at the time you submit your application, you could receive an approval within 30 minutes of submission. If approved, some lenders can have funds in your bank account within an hour, though it might be 24 hours or more.
3. No application fees. At Trusted Payday, your credit is your bank account. Since there is no credit check, there is no cost to apply to different lenders if you happen to get connected with one that does not approve your final application.
Trusted Payday does make it a point to let you know that once you are connected with a lender, the lender may have additional fees and credit checks that need to be completed before your loan can be approved and finalized.
4. The site is informative. On Trusted Payday’s site, you will find an easy-to-read page on how it works that details the process you will experience when using their service. You will also find a list of Frequently Asked Questions (FAQs) that helps consumers find the answers they need.
Popular Article: CashNetUSA Review – What You Should Know Before Using CashNetUSA
What are the Overall Results of our Trusted Payday Review?
If you are in need of a payday loan, we think that Trusted Payday should be included in your research as you compare payday loans and lender options. Since Trusted Payday does not charge any fees to the consumer, it is a low-risk option as you investigate possible payday lenders to find a potential cheap payday loan that is right for you.
AdvisoryHQ (AHQ) Disclaimer:
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.
Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.