Discount Advances Payday Loan Reviews

Discount Advances Payday Loan ReviewsDiscount Advances says you can get $1500 overnight and that they can give you an instant approval. They also say that if you contact them before your due date you may be able to extend your loan by paying a fee to do so. These are just a few of the features that make this different than a typical payday loan.

Of course there are some similarities as well, like the fact that it will be due on your payday, and that they take the money from your checking account on the agreed upon date. Also, the APR is pretty similar to a payday loan. They have an introductory rate for new customers that puts you at $13 to borrow $100. By comparison there are payday lenders in the real world that will charge $15 to loan the same amount of money. After your initial loan they’ll charge you the normal rate and you’ll pay $17.50 so the first one is less than an offline loan, and the second one would be more, all else being equal.

The draw to using their service would be that you wouldn’t have to wait in line at a brick and mortar lender, and you’d save yourself the embarrassment and humiliation of having to go into your local lender and announce to the world that you’re having trouble managing your money. They also allow you to receive your money through MoneyGram which would be nice if your bank account is messed up and you don’t want the money to go into it.

Our Discount Advances Payday Loan Reviews

Getting reviews on a lender like Discount Advances is a sort of Catch-22. You can only trust them so far, as most people that bother to come back and report on their experience are going to be disgruntled. Since payday lenders are not held in the best light already, basically having two strikes against them from the start, the reviews you’ll see are going to be slanted for sure. So unless you see just 100% of of the people saying they’re horrible, you can trust that they’re likely trying to do the best they can, it’s just a business where it is hard to make people happy.

A Case Study
The standard APR that they charge may sound good at first, but it’s not really the best way to go if you’re looking to save a few bucks on fees. For example, in the state of Michigan you can loan a maximum of $600 and the most a lender can charge on that is $76.45. You can take out up to two loans at once so you could feasibly get $1200 cash in one day, and the fees you’d pay in total would be $152.90. If you compare that to the standard fees being charged by Discount Advances, you’d find that you’ll pay $105 on a $600 loan, and if you take out $1200 you’ll have to pay back $210.

Your state may have different maximums as far as how much you can loan out, and how many loans you can have out at one time, but it’s in your best interest to check out all of the facts and go with the service that makes the most sense. A traditional lender will also give you cash in hand on the spot, so you have to weigh all of your decisions and go with the best option. In the above example you’re saving almost $60 just by going local.

MoneyGram is a Nice Feature
Being able to receive your funds via MoneyGram makes this one online lender that is doing their best to make the process go smoothly. Many online lenders only offer the option of getting your money into your bank account. This can slow down the process, because many banks take their sweet time to get wired money into your account and available. Also, if your bank account is overdrawn and you need the money to pay your other bills first, you don’t want the money to go to the bank because they’ll make sure they take theirs first.

Overall, we’re going to suggest giving Discount Advances a try, but only if you’ve burned your bridges at your local lenders, or you just don’t have the time to go in person.

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