Have you ever needed a Payday Loan?
Well here’s an internet based option for getting a payday loan. Melissa from NationalPayday.com has been a loyal advertiser on Blogtrepreneur for 6 months, so when she asked for a sponsored review, I jumped at the chance!
National Payday.com allows you to apply online and receive your money in 1 business day directly deposited into your account. Although using a payday loan service isn’t the best case scenario for financial stability, it can be a life saver when you are in a pinch. You may even be able to use it to advance your business. If you need money to start an affiliate ppc campaign, buy advertising or another business expense you could use this to leverage your money. Again it shouldn’t be your first choice but is an option when you are in need of some quick money to get you by.
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How does a Payday Loan work?
With National Payday it’s all done online. You simply go to their website and fill out their application form. Once you’ve been approved, they will deposit the funds into your account which is usually completed in 1 business day. I’ve never used a payday loan or a cash advance loan but it could be an embarrassing situation if you don’t want others to know that you’re in financial difficulty, so I think that doing it online sounds much more appealing.
What are the requirements for a Payday Loan?
Unlike other loan advance options, you don’t have to give anything as collateral and there is no credit check. You simply have to have a checking account that has been open for more than 1 month and have a job making at least $1,000 per month.
Again the terms seem pretty relaxed to me because I know that some companies require that you sign over your car before you they’ll loan you money just in case you don’t pay. However, for me it would be hard to prove how much money I make because I’m the owner of my own business and I’m sure a lot of others who need loans are possibly contractors or are doing side work and may not have proof of employment.
When do I pay back the loan?
You can make payments on your loan or you can pay it all back but your payment is not due until your next payday. You log into your account online and select the payment option and enter in the required information from your check. However, National Payday does make an exception if your next payday is within 5 days and allows you to skip it and make the payment due on the next payday up to 16 days in total.
How much does it cost?
Loans are charged at 25% of the loaned amount or $25 for every $100 borrowed. Because of this reason I stated in the beginning that this should not be your first option due to the high interest rates. They are only slightly higher than a credit card, but if you are paying it off in a very short period of time the APR goes to 1000%.
Although this option is more expensive than using a credit card it can be a good option for a quick fix and can help those who can’t get a credit card. $25 per $100 seems like a lot of money to me but they are taking on a lot of risk and could be lending a lot of money.
Make sure you know what you are paying before you commit to this option because in the short term you are getting a few hundred dollars but as soon as you get paid you owe the amount borrowed + 25%, which can add up fast. For example if you borrow $400 you will owe them $100 on top.
Site Design
The site is well designed but doesn’t seem really professional or inspire too much confidence. I think that it could use some cleaning up to make it look more professional and trustworthy. Maybe that’s just because I’m on the internet all the time and know what to look for but it kind of looks like an affiliate ad landing page. I would suggest something more like PayPal’s site.
Also, the design is sort of messy and they should consider getting a design that is more gridded so that everything matches up and looks clean. Their security badges are nice to see but are poorly placed and could be moved. They have lots of informative content and it’s nice to see they are writing articles about their industry and have a blog. However, their content is not formatted to be very readable. It’s good content and informative but just needs to be presented a little better.
Roll-Up For Their Special Offer
National Payday is making a special offer to all new customers. Your first pay day loan will be completely free. Although I can’t personally say that I’ve test their product it does seem to be legit and could be a good opportunity to use someone else’s money. For first time customers you can borrow up to $300 the first time and if you pay off your loan at your next pay day then there is no charge for your loan.
Their website says that you can get up to $600 free but it is not very clear in their frequently asked questions how it works. In the FAQ section it says up to $300 and up to $600 later but on the homepage their ad says $600. I’m not sure if they are simply using a clever marketing ad to reel you in or I just don’t understand the terms. Clarifying this section could be helpful.
Regardless, being able to borrow $300 free of charge is a great deal. The only requirement is you pay off the balance at your next paycheck or you’ll be charged their standard interest rate.
Affiliate Program
That’s what I like to hear. For us entrepreneurs they offer an affiliate program which offers $30 per successful application. If you have a website about finance, deals and or discounts this could be a good promotion to add to your website. Although I haven’t heard of their affiliate manager I’m going to check them out and see what their reputation is and sign up.
Overall, National Payday has a good website that is user friendly, easy to get a loan and is offering a good deal for first time customers. Other than the design and content formatting issues that could improve their conversion rates and user trust, they seem to have a good product. Check them out – even if you don’t need to use their service you can sign up for their affiliate program and make some money.