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PayDayMax Review: California Payday Loan Reviews |
Rating: |
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| With higher-than-legal fees and an off-shore operating base, we couldn't recommend this service less | |
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We will start off this review a little differently by stating up front that we do not recommend that anyone use this payday lender. In fact, we're only including it here to show how bad some of these services can be. This is the payday lender your mother warned you about.
We were initially suspicious of this company because their "contact us" information only includes a phone number. There is no postal address. Further investigation lead us to discover that the website operates out of Bermuda, even though the company is supposedly headquartered in Alberta, Canada. According to the website belonging to the California Department of Corporations, they do not have the DDO (Deferred Deposit Originator) license to operate in California. PayDayMax.com only specifies that they don't operate in Sacramento, California. San Francisco, though, according to their customer service is fine. The rates given on their website are based on an average. Note that members of the US Military cannot receive payday loans. If all this isn't bad enough, the Better Business Bureau has given PayDayMax a grade of F, primarily because they do not respond to complaints. Suffice it to say that PayDayMax is a mess of warning signs. Even if they do bring their rates to California standards, this company is not trustworthy. While they do offer 25% off the initial fees for new customers for the first loan, we don't think it's worth the risk of dealing with an off-shore financial company. |
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| Advertised loan amount*: | $100.00 to $255.00 |
| Fee per $100*: | N/A |
| APR: | N/A |
| Loan period: | 7-18 days |
| BBB Rating**: | F |
| California License: | Not licensed |
**Better Business Bureau rating based on 36-month reporting period
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