Negotiate a settlement. If restructuring the payback terms isn’t an option, the credit counseling agency will try to work with the lender to determine a settlement amount that will resolve the debt altogether. If you can pay off the loan with a lump-sum payment (this is the time to ask Mom or Dad for help), the agency may be able to settle the debt for a percentage of the outstanding amount.
California Residents: Flurish Inc. dba LendUp is licensed by the Department of Business Oversight, pursuant to the California Deferred Deposit Transaction Law, license #1004393, and the California Financing Law, license #6054610. LendUp loans made under the authority of its CFL license are made pursuant to the California Financing Law. LendUp credit cards are not offered under any license regulated by the California Department of Business Oversight.
4. Stay on top of your payments. Commit to a loan length that you know will work for your budget. For instance, if your loan length is three years, do the math and see if you can manage to pay it off in two. If there are no prepayment fees, you’ll save on the interest. However, if you can’t, your credit won’t be affected negatively and you’ll still be adhering to the terms of the loan.
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In a perfect world, you could rely on a credit card to cover emergency expenses. But, as you might have already guessed, most Americans don’t have that kind of available credit on hand to use either. In fact, according to a Harvard University study, nearly 40 percent of households making less than $40,000 a year have no credit cards at all.2 And one in ten Americans have no credit score whatsoever!3
Need some more clarification on the loan process and what a payday loan will mean for you? Of course you do! We are committed to educating our Customers on our products and are here to help answer any questions you have. Take a look at the list below of our most frequently asked questions. Don’t see what you’re looking for on this quick list? View the extended FAQ page, give us a call, or hop into a store, and we’ll be sure to give you the fast and friendly service you are looking for!
If you’re falling short on your bills and just trying to make it paycheck to paycheck, a payday loan may be exactly what you’re looking for. A payday loan is a small principal, short-term loan that typically is paid back around the time of your next pay day. With Speedy Cash, we make receiving money when you need it a breeze with our fast application process, quick lending decision, and the opportunity to get your cash upon approval. Whether you apply online, in-store, or over the phone, we promise you’ll receive the same easy, fast and friendly service. Hit apply now to stay on top of your monthly expenses.

When considering a pay day loan, make sure you only get loans when you really need them (not just to purchase non-essentials), that you will be able to repay the loan when it comes due (this is where some people get into trouble), and that you have selected a reputable, reliable, and fair payday loans company. To help with this last step, below is a list of the top ten payday loans providers.


A minority of mainstream banks and TxtLoan companies lending short-term credit over mobile phone text messaging offer virtual credit advances for customers whose paychecks or other funds are deposited electronically into their accounts. The terms are similar to those of a payday loan; a customer receives a predetermined cash credit available for immediate withdrawal. The amount is deducted, along with a fee, usually about 10 percent of the amount borrowed, when the next direct deposit is posted to the customer's account. After the programs attracted regulatory attention,[89][90] Wells Fargo called its fee "voluntary" and offered to waive it for any reason. It later scaled back the program in several states. Wells Fargo currently offers its version of a payday loan, called "Direct Deposit Advance," which charges 120% APR. Similarly, the BBC reported in 2010 that controversial TxtLoan charges 10% for 7-days advance which is available for approved customers instantly over a text message.[91]
Often, you see APRs listed for payday loans as high as 600%. Because you pay the loan back in two weeks to a month, the APR serves mostly as a gauge of how expensive the loan is. Payday loans charge a finance fee, which ranges from $10 to $30 for each $100 you borrow. We chose to include this fee rather than APRs to give you a better idea of how much you’ll end up paying if you decide to get a payday loan.
If you are unable to pay your loan when it is due, Moneytree offers a payment plan for payday loans only. You must request a payment plan before the deposit time on the day your loan is due to restructure the payment terms to at least four (4) substantially equal payments. You may choose this option once per 12-month period. There is no charge to enter into the payment plan. 
Signature loans, or installment loans, are not regulated by the same law. Lenders that make installment loans can charge 27 percent interest on loans up to $2,910. This interest rate is similar to a high-interest credit card. However, signature loans can have a prepayment fee, which lets the lender charge you extra money if you pay the loan back early.
You don't always have enough money in the bank to make it to the next payday. Unexpected expenses exceed your savings, and you need some way to supplement your short-term cash flow. Figuring out the best payday loans (or best alternatives to a payday loan) to fit your needs requires understanding these loans and knowing what to look for in a lender.
California: A payday loan costs approximately $17.65 per $100 borrowed. For example, a $100 loan due in 14 days would have a total repayment amount of $117.65 and has an APR (Annual Percentage Rate) of 460.16%.* Moneytree, Inc is licensed by the Department of Business Oversight pursuant to the California Deferred Deposit Transaction Law to make consumer loans. Licensed by the Department of Business Oversight pursuant to the California Finance Lenders Law to make business loans. Loans made or arranged pursuant to a California Financing Law license.
Payday lenders have made effective use of the sovereign status of Native American reservations, often forming partnerships with members of a tribe to offer loans over the Internet which evade state law.[72] However, the Federal Trade Commission has begun the aggressively monitor these lenders as well.[73] While some tribal lenders are operated by Native Americans,[74] there is also evidence many are simply a creation of so-called "rent-a-tribe" schemes, where a non-Native company sets up operations on tribal land.[75][76]
Twelve million Americans use payday loans every year, according to the Pew Charitable Trusts. Generally anyone with a checking account and steady income can obtain a payday loan. However, it is most common for borrowers who don’t have access to credit cards or savings accounts to use this type of loan. “Payday loans for bad credit” are attractive to people with no credit or credit problems.

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Note that accounts closed in good standing stay on your credit report for 10 more years, so it doesn’t affect your credit age in the near term. After 10 years, the closed account will only lower your average age if you close old accounts and keep newer ones around. If you close newer accounts and keep the old ones open, this may actually help improve your credit score.
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