ASAP Finance
4.8
6.3
Overall Score
Author: Kaitlyn Short
ASAP Finance offers fast and secure online matching services to connect borrowers with top-rated direct payday lenders. Online payday loans, also known as cash advances, are short-term borrowing solutions to provide borrowers with money quickly for unexpected expenses.
In contrast to loans through traditional financial institutions, payday loans do not require good credit or a conventional credit check. Payday lenders base decisions on minimal eligibility criteria that include the following:
- Be at least 18 years or older
- Provide proof of regular income
- Provide a valid email address and phone number
- Be a United States citizen or permanent resident
- Have a valid checking or savings account
- Be a resident of one of the eligible payday loan states
Through the ASAP Finance online application, the entire process of applying to receiving funds takes one or two days. The loan amount for payday loans range from $50 to $1,000. Payday loans are a high APR option with fees that may range from $10 to $25 per $100 offered. The repayment period is usually in two to four weeks when a borrower receives their next paycheck.
Top Ranked Companies
The Good
- Simple, Online Process
- Discloses State Regulations
- Scholarship Award Program
Simple, Online Process
The entire process of applying for a payday loan to receiving funds can be as quick as one or two days. To apply for a payday loan, borrowers simply need to submit the simple three-step online loan application with all pertinent personal information through ASAP Finance. After submission, borrowers receive a quick decision and are connected to lenders who give offers that include the lender’s interest rates and loan terms. Once an agreement has been made with the lender and the contract e-signed, the lender will directly deposit the loan amount into the bank account by the next business day.
Discloses State Regulations
State regulations for payday and online personal loans vary based on the state in which the borrower resides. Regulations may include the amount of the loan, the interest and fees that can be charged, the terms and repayment timetable, allowed number of rollovers, and payment extensions. ASAP Finance discloses some of the states’ regulations for payday loans and which states prohibit payday loans on its site for clients’ information. Regulations are prone for modification, so it is advised that clients additionally check state official websites.
Scholarship Award Program
ASAP Finance has a biannual scholarship in which one selected winner is awarded $500 to be used towards their education. To be eligible, students must have United States citizenship and be current high school seniors and undergraduate students. To apply, students must submit a 700 word essay on the given topic and then "like" and "share" at least one of ASAP Finance’s Twitter or Facebook profiles. Submission deadlines are in June and December with winners announced in July and January.
The Bad
- Indirect Lender
- Time in Business Undisclosed
Indirect Lender
ASAP Finance does not provide loans to borrowers. The company is an online matching service that connects borrowers to top-rated lenders. As an indirect lender, rates, fees, and loan terms are undisclosed as they vary based on loan and vendor. Borrowers will need to compare rates, fees, and loan terms with other payday loan companies after receiving an offer from the connected lender. Borrowers are unable to research lenders before applying as ASAP Finance does not disclose the lenders it partners with.
Time in Business Undisclosed
It is unclear how long ASAP Finance has been in business as its time in business is undisclosed on its site. The number of years in operation may be an indicator of a reputable company.
The Bottom Line
ASAP Finance may be a good option for borrowers who have urgent financial matters, but are unable to acquire loans through traditional financial institutions because of factors such as time limitations or bad credit.
ASAP Finance is not a direct lender; it connects borrowers to short term loan lenders. This requires additional research from the borrower into the rates, fees, and loan terms as these vary based on the lender. Partner lenders are also undisclosed on the company’s site. It is important to research the lender to establish if it is reputable. We recommend researching the lender through the Better Business Bureau, reading reviews, and verifying that it does not have findings from the Consumer Financial Protection Bureau (CFPB) before making an agreement or signing a contract.
Payday loans are high-cost short-term loans and an expensive way to borrow as they typically have high APR rates and fees. We do not recommend taking out a payday loan unless the borrower is confident they can repay it back in full and on time. We also recommend comparing rates, fees, and loan terms with offers from additional lenders to ensure the consumer’s best financial interest.
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Monika Dillan
3 years ago
Reply from ASAP Finance
Dec. 30th, 2021
Glenn Hegie Chicago, IL
3 years ago
Reply from ASAP Finance
Best Regards, Gregory Allen from BadCreditCashASAP.
Aug. 31st, 2021
