The Payday Hound aims to help you make informed decisions about payday loans.
Payday loans are a controversial product. They have high APR's when compared to traditional credit products like credit cards and personal loans, but have similar fees when compared to unintended credit products like bank overdraft charges and late fees. One of the most concerning aspects of payday loans is the many stories of predatory lending practices where surprised borrowers accumulate enormous fees over a very short period of time. Opponents of payday lending advocate banning it completely. To us, it is not clear if an outright ban is the right path, as it may limit the choices available to consumers who already have few options (see Payday Loans Too Taboo to Touch).
This view is supported by studies from the Federal Reserve Board, initial research by the Consumer Financial Protection Bureau, and most likely by your own experiences. A ban on payday lending does not address the need for emergency credit. So as we wait for regulations to protect you, we believe the best way to protect yourself is to educate yourself. To that end, we seek to help you arm yourself with facts and tools on payday lending.
We truly hope The Payday Hound helps you. Please let us know how we are doing at moc.dnuohyadyapeht@kcabdeef. Learn more about us here.
In addition to our reviews and analyses, we offer a payday loan application. This application provides access to payday lenders and helps to offset some of our costs.
We send visitors or applications to affiliate networks and direct payday lenders. When a user applies on our site, the application is sent to our network of payday lenders. If a lender accepts the application, it pays us a fee. On average this fee is between $2-$9. Another way we are paid is if you visit a lender from our site and take out a loan. This fee is generally around $25-$75 per funded loan.
We rank all lenders using the same criteria independent of our financial relationship. Our list of paid lenders and networks include,
We rank each site based on a “Sniff Test,” pricing, and features.
COST: Pricing is based on the cost of a $300, 14-day, payday loan in the State of Delaware.
FEATURES: The Features section located in each lender's individual review is based on features that differentiate lenders. For example, some lenders provide live chat or phone support, have applications in Spanish, or do not require references. Standard features, such as faxless applications and next business day funding only impact lenders if they do not provide these standard features.