PayDayMax Review: Texas Payday Loans
|Not recommended: Don't let the low advertised fees tempt you to do business with this unregistered, off-shore company|
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 Located in Alberta, Canada. According to the website belonging to the Texas Secretary of state, they are not a registered CSO (Credit Services Organization). This leaves customers with no recourse for complaint.
When we reviewed PayDayMax for California, we noted that the advertised fees were higher than the law allowed. That's because they advertise a "typical" fee, not tailored to any particular location.
What's the risk? Well, first of all the Better Business Bureau has given PayDayMax a grade of F, primarily because they do not respond to complaints. This isn't a surprise; one would be hard pressed to find their office to deliver a complaint.
Suffice it to say that PayDayMax is a mess of warning signs. Even their offer of 25% off the initial fees for new customers for the first loan should not entice anyone to trust this service.
** 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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PayDayMax Forum Posts
- PayDayMax Review
Here is NextAdvisor's review of PayDayMax: http://www.nextadvisor.com/payday_loans ... review.php