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National Payday

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LAST UPDATED: April 23rd, 2021

National Payday is a cash advance or payday loan company. They operate online without physical branch locations, and their services are available across the entire United States. National Payday is a direct lender and has been operating since 2000.

They offer a quick, free application for cash advances of up to $400 for first-time borrowers and up to $1,000 for returning customers. Pre-approval can be received instantly with final approval coming through once an applicant's information has been verified. National Payday offers same-day funding through wire transfers and has moderately flexible repayment options.

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The Good

  • Fast Approval
  • Same-Day Funding
  • Information and Financial Advice

Fast Approval

The National Payday online loan application has three parts:

  • Personal information: name, address, phone number, email address, birthdate, length of time and type of residence
  • Employment information: employer, employer contact information, monthly salary, bank account information (routing number, account number, bank name), military status, payday frequency
  • Security information: password, security question, social security number, driver's license number, requested loan amount, plus optional authorization of a third party

Applicants can qualify for pre-approval in minutes, with final approval typically coming through within a few hours or the next day. First-time customers of National Payday can be approved for loans from $100 to $400, and returning customers can receive up to $1,000 in funding. Loans are repaid on the next payday that is between 5 and 16 days from the time the funds are received.

Same-Day Funding

The biggest selling points for National Payday's services are that they are fast. The application is uncomplicated, approval usually comes through quickly, and National Paydays uniquely offers same-day funding. Funds can be wired to an applicant's bank account as soon as the same day, or transferred normally in 1 to 3 business days. There may be a bank fee for receiving wired funds, so applicants should be sure to check with their bank first.

Information and Financial Advice

National Payday provides customers information and upfront advice about both the advantages and pitfalls of payday loans in general. They also provide reasons why customers should use a direct lender instead of a lending network and how to tell if a lender is one you can trust, including the length of time a company has been operating and whether or not a company has a social media presence and/or an active blog. National Payday itself has an active blog and sponsors contests and an annual scholarship fund, as well as an affiliate program and a rewards program for referrals.

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The Bad

  • High Interest Rates
  • Short Loan Terms
  • Customer Service

High Interest Rates

The biggest drawback to National Payday's service is the exceptionally high interest rates. As with any payday loan provider, the interest rates are much higher than the rates for other types of loans. However, National Payday's rates are on the high end of what even other payday loan company will typically charge. National Payday charges a 25% fee ($25 for every $100 borrowed), which turns into an enormously high annual interest rate that is determined by the length of the repayment term:

  • 16-day repayment term: 506.94% APR
  • 14-day repayment term: 651.57% APR
  • 7-day repayment term: 1303.57% APR

Short Loan Terms

Repayment terms can be as short as 5 days, which would lead to an even higher annual interest rate. While National Payday does provide some caution against taking out payday loans, the APR disclosure table (with the above information) is not visible on that webpage and is only accessible from the Frequently Asked Questions page. National Payday allows customers to choose to either pay off the balance of their loan on the initial due date or to extend their due date by making up to five partial or minimum payments before the entire balance is due. However, changes must be submitted by 2 pm on the day before the due date; otherwise, the minimum payment amount will be automatically deducted, which is solely the 25% finance charge. While this option may sound convenient to borrowers who need more time to pay back their loans, the finance charges will be added on for each payment, and borrowers will end up repaying much more than the original loan amount.

Customer Service

National Payday's customer service department provides a phone number, fax number, and online email form for contacting them. Emails are quickly returned, generally within a few hours or less, but the phone number does not allow callers to contact an actual representative.

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The Bottom Line

National Payday is a company that provides cash advances, or payday loans, for up to $400 for first-time applicants and up to $1,000 for returning customers. Their repayment term lengths vary depending on the borrower's next payday and range from 5 days to 16 days. Their application is quick and pre-approval can be instantly received. National Payday also offers same-day funding through wire transfers and flexible repayment amounts.

However, their flat-rate finance charge is higher than the rates charged by even other payday loan companies and their annual interest rates range from 506.94% to 1303.57% APR or higher. Though their customer service department answers emails fairly quickly, the phone number listed on the website does not allow callers to reach an actual customer service representative. With an extremely high APR Range, it is very difficult to recommend this company. Though you can be approved quickly, you will be locked in with high interest rates. Be sure to research multiple payday loan companies to get the best rate for your needs. 

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