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MyPayDayLoan Review: Payday Loan Reviews |
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Rating: |
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| Not recommended: offshore company has a history of low BBB grades, no state registration, and does not display contact information | |
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MyPayDayLoan.com is another bottom-of-the-barrel payday loan lender that we wouldn't recommend to our worst enemy. Their website is a textbook example of a disreputable lender. Nevertheless, we find it important to review, if for no other reason than to warn potential customers away.
Our first criteria for reviewing a payday loan site is to look for contact information. MyPayDayLoan.com actually has no contact information listed, at least none that we could find. The small print at the bottom of the page informs us that in fact "All aspects and transactions on this site, will be deemed to have taken place in our office in Costa Rica, regardless of where you may be viewing or accessing this site." They allow loans as high as $600.00 and their fees come in at $25.00 per $100.00 (a 14-day APR of 651.79%). Interest, fees, and maximum loan amounts should normally vary by state. However, given that they don't register in the states they provide loans to, you're likely to get very different rates from what other lenders offer. If your application is accepted, you'll receive a quote. Make sure you understand the terms of your loan, including refinancing rules, before accepting your loan. At one time the Better Business Bureau game them a grade of B-, but currently the organization has no grade for them. We don't think of that as an improvement, really. If you make it as far as the application page you'll see a note saying "Please remember to check your spam folders for our email." While many websites have similar notices, we couldn't help but think that with MyPayDayLoan.com, that's probably exactly where their emails belong. |
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