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MyPayDayLoan Review: Texas Payday Loans |
| Sign up for MyPayDayLoan | |
Rating: |
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| Not reccomended: Offshore company had low BBB scores, 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 disreputability. 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." Needless to say they're not registered as a CSO (Credit Services Organization) in Texas. That's ok, they'll still do business with you. 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%). That's actually pretty much on par with the Texas CSOs we've reviewed, only MyPayDayLoan is not bound by Texas laws. 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. Sign up for MyPayDayLoan | Compare to Other Texas Payday Lenders |
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| Loan Range: | $100.00 to $500.00 |
| Advertised fee per $100*: | $25.00 |
| Advertised APR (14-day loan)**: | 651.79% |
| Max Loan Period (based on pay period): | 14 days |
| Registered Texas CSO: | No |
| BBB Score***: | None |
** APR (Annual Percentage Rate) is provided for comparison purposes to other forms of debt. Amount is calculated by multiplying interest and fees for an average 14-day loan period over the entire year. See FAQ for more details.
*** Better Business Bureau rating as of 01/01/2011
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