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MyPayDayLoan Review: California Payday Loan Reviews |
| Sign up for MyPayDayLoan | |
Rating: |
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| We do not recommend doing business with this lender: unlicensed, high fees, not based in the U.S. | |
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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 reads like a textbook example on how to create a disreputable payday loan site. Nevertheless, we find it important to review, if for no other reason than to warn potential customers away.
Out of instinct, we always check a payday lender's website for its 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." Needless to say they do not have a Deferred Deposit Originator license for California. That's ok with them; they'll still do business with you anyway. Since they run their business out of Costa Rica, don't count on filing any complaints against them. Because of this non-adherence to specific state laws they advertise loans as high as $600.00 and fees as high as $25.00 per $100.00. That's a 14-day APR of 651.79%. While the information on their site is not California-specific, we couldn't find any fine print that excludes the state. And there's no one we could call for rate verification. Note that members of the US Military cannot receive payday loans. The Better Business Bureau formerly gave MyPayDayLoan a grade of B-, which we thought was a pretty high achievement for such a dodgy site. Currently, there is no rating listed for them, but we're not attributing that to any probable improvement. 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 reputable 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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| Advertised loan amount*: | $100.00 to $255.00 |
| Fee per $100*: | $25.00 |
| APR: | 651.79% |
| Loan period: | 7-18 days |
| BBB Rating**: | Not rated |
| California License: | Not licensed |
**Better Business Bureau rating based on 36-month reporting period
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