National Payday Review

This National Payday review will showcase a rather dull and pointless lender in the payday industry. There is such an over-saturation of payday lenders that it begs the question of why is there a need for a company such as National Payday. They don’t offer anything out of the ordinary, there’s no killer app here. They provide the same disservice of high-interest loans to people in need. They don’t have many redeemable qualities and it’s a wonder why anyone would choose to do business with them.

Perhaps they try to fill the void between online lenders and brick-and-mortar companies, but they don’t have the benefits of either one. With offline stores you get to see who you’re lending from face to face. With online lenders you are able to loan more than you are in-person. By dealing with an online lender that only offers a maximum of $400 and wants your bank account information to directly take the money from your account.

National Payday review

National Payday Review: They’re Proud of the Usual

The features that National Payday lists as what makes them a great company to do business with are basic and industry-standard. For example they have a large graphic on their webpage that shows that they provide same day cash. All payday lenders will give you cash on the day you apply, that’s the point. Also, they say that you will have approval in minutes. All payday companies are able to determine your eligibility quickly.

They state in numerous areas that they are a no fax lender, but in their FAQ they talk about going to Kinkos or a UPS Store if you don’t have a fax machine. So which is it, fax or no-fax? And Kinkos hasn’t been around for years, time to update your website.

They also state that they’re secure and private. All payday lenders are required to maintain secure facilities and systems and to keep your information confidential. They also showcase that they have a high approval rate. All payday lenders have high approval rates if you meet the basic requirements.

They’re Expensive
At 25% this is expensive, even for a payday lender. Just as an example, in the state of Michigan you can get a $100 payday advance from Advance America and Check N’ Go for the state-mandated fee of $15. This boils down to just 15%. On a $300 loan National Payday will charge you $75, but the above mentioned lenders will only charge you $45. Sure, they’d love to charge you as much as National Payday, but the state will not let them. They both charge the same amount because that’s the law of the land.

By not having to conform to state-based regulations National Payday charges consumers and arm and a leg to take out money, while still functioning like a payday lender in all other respects. Money is money, it spends the same no matter where it comes from so payday lenders can only compete on service, convenience, and cost. It seems that National Payday has decided not to compete with local lenders on cost. Although compared to other online lenders that charge whopping rates on amounts of $1000-$2500 and more they aren’t the worst of the bunch.

They Have an Affiliate Program
National Payday is willing to give affiliates $110 for each approved loan someone sends them. How is this possible, you ask? It’s a good question seeing how their biggest loan amount is $400 and they charge 25%. That means that they are giving their affiliate the $100 fee plus an extra $10. How could they make any money with this program? Easy. They are banking on the fact that someone that takes out one loan will be back for more. If they give their affiliates the first fee, it’s fine, that’s just the cost of acquiring a new customer. If payday lenders really were interested in helping consumers they wouldn’t be able to rely on repeat business. But they do.

Final National Payday Review: Avoid
There’s not much reason to go with National Payday over the lenders in your area unless you live in a rural part of the country without many businesses nearby. You’ll be paying more for the same money and the same terms. The biggest reason people have for not going to their local lender is that they don’t want to be seen at a payday loan place. This is understandable, but not woth paying more money in your time of financial distress. Swallow your pride, save some money, and vow to never let yourself get into this sort of situation again.

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