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PayDayOne Review: Texas Payday Loans |
| Sign up for PayDayOne | |
Rating: |
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| Marginally lower rates, but a somewhat poor BBB rating and information sharing policy could be more customer friendly | |
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PayDayOne is a payday loan company largely headquartered in Texas, with offices in Nevada and Delaware. It's a subsidiary of ThinkCash, a large Delaware-based provider of loans. While PayDayOne is a direct payday loan lender in many states, in Texas it functions as a CSO (Credit Service Orange). CSOs act as intermediaries between consumers and 3rd party financial institutions that provide the loans. If you use PayDayOne for your payday loan, all your dealings will be with them, just as if PayDayOne was providing the loan.
In general, we liked their website. We found it easy to navigate. Multiple points of contact, including two physical addresses are available. You can view the license for your state, and see the terms specific for your location. It's a nice customer experience. To apply for a loan, simply fill out the form. PayDayOne has a low offer guarantee, so if you find a better offer from another lender, they promise to match it. While there are no options to limit sharing of your personal information on the form, you can contact them via phone, website, or email to decline some types of information sharing. Note that there's an option to have PayDayOne shop your offer around to other lenders if they can't provide a loan for you. Keep in mind that this may reveal your personally identifiable information info to third parties. PayDayOne offers Texas residents loans for amounts between $100.00 and $1000.00. Other companies we reviewed offer higher loan amounts. On the other hand, their advertised rate of $22.88 per $100.00 is a bit less than we see from other companies who charge around $25.00. This amount includes both the PayDayOne's fee and the lender's APR. The maximum loan period is 35 days, or your next pay period, generally whichever comes first. If you can't pay the loan by your next pay day, you can contact PayDayOne the banking day before it's due to refinance (4:00 PM Central Time). You can refinance your loan up to four times by paying the fees and interest, though you will accrue another $22.88 in fees for every $100.00 that you've borrowed. We would, however, caution customers against this as the fees quickly add up. Refinancing just once on a loan of $100.00, means over $45.00 in fees, nearly half of the original loan amount. Optionally, you can choose to pay the interest, fees, and 10% of the principal until the loan is paid off. Their score from the Better Business Bureau is a C+. The company has garnered a number of complaints, and the Better Business Bureau reports that they have "failed to eliminate the underlying cause of complaints." However, there are no reports of legal action against PayDayOne, and their registration is in order. So, should you get a payday loan from PayDayOne? The Better Business Bureau score is not great, and we feel they don't make opting out of information sharing as easy as they could, or as their competitor CashNet USA does. On the other hand, their advertised rates are lower than some of their competitors. Sign up for PayDayOne | Compare to Other Texas Payday Lenders |
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| Loan Range: | $100.00 to $1000.00 |
| Advertised fee per $100*: | $22.88 |
| Advertised APR (14-day loan)**: | 596.51% |
| Max Loan Period (based on pay period): | 35 days |
| Registered Texas CSO: | Yes |
| BBB Score***: | C+ |
** 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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