The Payday Hound

Why Use The Payday Hound

The Payday Hound aims to help you make informed decisions about short-term loans. These loans include both payday loans and installment loans.

Payday loans are a controversial product. They have high APR's 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 (see Payday Loans Too Taboo to Touch).

The Federal Reserve Board, and initial research by the Consumer Financial Protection Bureau, and, most likely, your own experiences paint a more nuanced situation. A ban on payday lending does not address the need for emergency credit. This approach makes an inherent assumption that payday loan users are stupid. Assuming consumers are incapable of making rational decisions creates an inefficient market place. We believe a combination of effective regulations combined with fact-based education will improve short term lending options. And indeed, since we've the started The Payday Hound we've seen numerous changes in the short term lending market. Getting things done right takes time and there are seldom easy solutions. So as we wait for regulations to work their way through the system, 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 short-term lending.

Please drop us a note, and let us know how we are doing: moc.dnuohyadyapeht@kcabdeef. Learn more.

How We Get Paid

In addition to our reviews and analyses, we provide links to lenders, and a loan application.

Our links to lenders give direct access to lender websites and applications. Some of these lenders pay us a fee when you click to their sites via the links we provide, and receive a loan. These lenders pay on average $25 to $75 for a funded loan. We also provide a loan application. We send completed applications to a network of direct payday and installment lenders who pay us on average $2-$9 per funded loan. The links and applications help to offset some of our costs. We rank all lenders using the same criteria. Our list of paid lenders and networks include,

How Do Our Payday Loan and Installment Loan Rankings Work?

We rank each site based on a “Sniff Test,” pricing, and features.

SNIFF TEST: Lenders score higher on the Sniff Test if they are licensed in each state in which they operate, have physical storefronts, are U.S. based, display contact information, and have a privacy policy. The Sniff Test also incorporates Better Business Bureau ratings, accreditation and complaints. Finally, we also interview and talk with lenders. This is a subjective score where we try to capture lender integrity.

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.

How do our Secured Card rankings work? (BETA)

The Payday Hound ranks each secured card based on pricing. We also provide a description capturing features that can get lost in the fine print. For example, some cards do not have a Grace Period meaning they charge interest immediately on your purchases even if you pay you balance off in full each month.

PRICING: Pricing includes annual fees, monthly fees, purchase APR and cash advance APR.

PRICING DOES NOT INCLUDE: Pricing does not include other fees such as late penalties, re-load fees, or application fees. It also does not include the impact of Grace Periods and additional revenue some cards may offer like interest on deposits. We highlight these differences in our description but final terms must always be reviewed on the lender's website.

How do our Prepaid Cards rankings work? (BETA)

The Payday Hound ranks each prepaid card based on pricing. We also provide a description for what type of user benefits most from each card.

PRICING: Pricing includes activation fees, monthly fees, ATM fees and signature transaction fees.

PRICING DOES NOT INCLUDE: Pricing does not include other fees such as bill payment, paper statement fees, or call center fees. These fees are listed in the more information section. We highlight differences in our description but final terms must always be reviewed on the lender's website.

Contact Us

The Payday Hound

2360 Corporate Circle
Henderson, NV 89074-7722

moc.dnuohyadyapeht@kcabdeef

Payday Hound Users

If you do not see a lender you would like reviewed, send us an email and we will review them. Thank you.

Financial Service Providers

Our reviews are based on our independent analysis of your offerings using your website, conversations with your staff, domain registration data and Better Business Bureau reviews. If we have misrepresented your business, please send us an email with supporting data and we will correct it. In addition if you'd like us to review your offerings please let us know. Thank you.