Best and Worst Payday Loans Alternatives

Payday loans are preferable during a financial emergency or when you need the money immediately. The fast credit can be provided unconditionally, even if your credit history is bad.

Meanwhile, having high credit scores, and at least several days to wait for an approval, Americans can apply to various financial institutions for a credit, and get beneficial conditions and affordable interest rates. Let’s highlight the available alternatives.

Traditional Banks

69 banks are available in the USA nowadays. The largest ones are:

They hold the largest total assets that exceed 9 billion of US dollars altogether. Additionally, they are remarkable in terms of market capitalization. Meanwhile, according to the recent Consumer Reports’ survey, the institutions are not the most top-rated.

The customers considered multiple factors such as wait time, open hours and convenience of locations, customer service, giving the general satisfaction scores. According to the reviews, small, regional lenders are the best to apply. These banks are customer-oriented and flexible. They create user-friendly mobile apps and feature-rich websites, ensuring the highest quality, relevance and clarity of the information on the financial products they promote and offer.

Therefore, among the largest US banks, only Chase is highly rated in terms of the customers’ satisfaction. Meanwhile, the most top-rated banks overall are:

Therefore, the bank representatives consider the reviews and the customers’ satisfaction scores and make improvements in the credit policies.

The Smaller Alternatives

But for payday loans, short-time and fast credits are provided by multiple other lenders. They include credit unions, small financial institutions and online banks. According to the above-mentioned survey, the customers rely on them more than on the Megabanks, especially when it concerns credit cards, mortgages and saving accounts.
These monetary institutions are beneficial as they offer better credit conditions, charging lower interest rates on various loans. Online lenders and banks are also listed among the top-rated institutions, for instance:

They also provide affordable interest rates for loans, offering better conditions for saving accounts. Meanwhile, most Americans don’t close their accounts due to the banks’ wrongdoing activities such as deceptive marketing or illegal debt collection practices. Only 11 % of customers have left the banks due to lack of social responsibility on their side.

What to Consider when Choosing a Lender

Going to open an account, take into account that:

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