How to Choose the Best Online Payday Loans

Finding alternative sources of money until your next paycheck happens sometimes. If you happen to be in this situation, one great option that you can consider is loaning against your salary a.k.a payday loans. However, not all loans are the same and might be more of a burden than a benefit, if you pick the wrong one. Here are some techniques on how you can determine which online payday loan is the right one for you.

Review your budget
Loan providers like to help clients who are potentially good and reliable borrowers. So, before beginning your search for an online payday loan, go back to your overall budget, look over your expenses and see what caused the fund shortage. Was it an emergency or an impulse buy? Are you funding a new hobby or side business? These are factors that can help you figure out the kind of loan that you need and your desired loan terms before applying. Reviewing your budget will help you remind yourself to not borrow more than your paying capabilities, which can be tempting when availing short-term loans like this.

Take note of all sources of income
The amount and payout frequency of your salary help online loan companies determine the amount and payment duration than they can recommend or authorize for your application. That does not mean that your regular paycheck is the only determining factor, though. Some lenders ask if you have other sources of income such as a business or freelance job that might help you get more flexible terms.

Scope out all options and seek out the best terms. 

There are quite a number of online loan providers that you can choose from, but it is always best to do a bit of research before sending that application. Check out their websites and read up on their loan options, terms, interest rates, and fees, and compare their offers. While payday loans are often categorized as high-risk loans, there are providers who offer more reasonable and flexible terms and payment schedules than others, so don’t be afraid to send them an email or a message if you have any questions or inquiries. Reading reviews and ratings from other clients can also help you in making that decision.

Never neglect the fine print. 

Before signing up, it is best to go and double-check the loan company’s terms and conditions to see if there are any issues or concerns worth considering. These include penalty fees or hidden charges that might send your payments soaring should you avail it.  That way, you can go ask your potential loan provider early on if there are things in the TOCs that need a bit of explaining for you.

These may seem like simple no-brainer tips, but following these steps will help make your search for the best online payday loans available a lot easier than you expect. Taking these into consideration will certainly help you make an informed decision about your next loan application.

We’re All In This Together!

A message from Payment 1 Financial Corporate Office

The ongoing Covid-19 health crisis is having a dramatic impact on our communities, from the health of our friends and families to our schools and workplaces. 

During these challenging times, Payment 1 Financial is committed to taking action to help you and your family. We’re making every effort to keep our stores open, and our people are following a strict regimen of cleanliness and sanitation. We are standing by, ready to do whatever it takes to help you get through this. 

Payment 1 Financial is limiting our lobbies to two people at a time to help prevent the spread of the virus, but we are also delivering curbside service by appointment. All you have to do is call to schedule your visit—we bring the paperwork to you in your car! Click here to view our locations.

If you find yourself facing financial difficulties due to Covid-19, rest assured that we are here to help. Just contact your local Payment 1 Financial office, and let’s discuss ways that we can assist. 


  • Additional cleaning and sanitization at all locations

  • The health and well-being of our customers, staff, and families is our priority

  • Schedule curbside service by calling ahead for an appointment

For the latest information about Covid-19 and what you can do to protect yourself, visit the Centers for Disease Control online at