How "PayDayOne" Works
About PayDayOne
PayDayOne is one of the leading online payday loan provider in the industry. Established in 2002, the company focuses on being the most consumer-friendly lender. The company has offline loan stores in Delaware, Texas and Nevada.
Credit history checks
PayDay One does not check with the three credit bureaus. However, they reserve the right to ask for details from third party consumer reporting agencies, and this information can be used in assessing your eligibility for the loan. However, they have offered tons of loans to people with, to say the least, not-so-perfect credit history and customers turned down by similar payday loan stores.
Maximum amount offered
New customers can usually get between $100 and $1,000, depending on restrictions imposed by state regulations. Returning customers with spotless repayment history (i.e. no payment incidents whatsoever) are eligible for an increase in the maximum amount. State regulations, however, can impose a lower maximum amount. Details can be found on the company’s website, under Loan Costs and Terms.
Speed of service
PayDay One completes application verifications Monday to Friday at 5:00 PM. Once approved, the funds will be transferred to your account the same day and should appear on your bank statement the very next business day, and for requests filed in on Fridays funds are usually available the next Tuesday.
Although PayDay One claims to be the first lender to offer a fax-free service, on certain occasions they will require you to send in some documents – usually a copy of a paystub.
Costs involved
PayDay One is one of the few lenders that offers a Great Rate Guarantee: should you find a better offer, from a similarly licensed payday loan store, they will at least match it, or offer you an even better one.
All costs are totally transparent and clearly printed on the company’s website. With fees ranging from $13 to $24 per hundred dollars borrowed, PayDay One is one of the cheapest loan stores in the industry. The costs only vary from state to state and do not depend on factors like the client’s credit history, age, payment incidents with similar payday loan stores, income or past payment incidents.
Ability to refinance or extend loans
Unless you have arranged an alternate payment option, funds will be automatically withdrawn from your account at the loan’s maturity date. However, if you are unable to make a payment on the due date, you can contact PayDay One’s customer service department and ask for a repayment plan. For a modest fee, you will be offered an option to extend your loan to the next paycheck.
Overall look and feel
Featuring a fast and convenient process and low fees, PayDay One can be considered one of the best providers of quick cash. Its fabulous customer service and flexible terms make the company stand out in the industry. They offer loans by phone, online and in brick and mortar stores – what more could you ask for?
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