When you run into a financial bind, payday loans are a quick way to get money in as little as 24 hours. These types of loans don’t require good credit or collateral. They are however; much more expensive than traditional which could be a major pitfall.
Experts highly recommend that people stay away from them because of the vicious debt cycle they put customers in. Payday companies however, say to only use them for emergency situations.
Of course, for most consumers it doesn’t work out that way. It can take months to repay a payday loan. In many cases, they have to take out another one just to cover it.
The choice is still yours. If you’re determined to take out a payday loan, at least go with a company that has a pretty good rating. Here is a list of payday lenders ranked according to reputation and overall costs.
- Ace Cash Express
- Check Into Cash
- Cash Central
- CashNet USA
- Cash 1
- Check N Go
- Speedy Cash
- Cash Store
- Pay Day Loan Today
