PayDayOne Review: Texas Payday Loans
|Marginally lower rates, but a poor BBB rating of F and information sharing policy could be more customer friendly|
In general, we liked PayDayOne's 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. The reason we gave them a low rating however, is because their BBB score is down to an F.
The BBB issued an F score because the company has garnered over 70 complaints in 3 years, with 25 of them being in the last 12 months. Also, the Better Business Bureau reports that they have "failed to respond to 3 complaints filed against business." However, there are no reports of legal action against PayDayOne, and their registration is in order.
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.
Interest, fees, and maximum loan amounts will vary by state. If your application is accepted, you'll receive a quote. Make sure you understand the terms of your loan, including refinancing rules, before accepting your loan.
So, should you get a payday loan from PayDayOne? The Better Business Bureau score is a sign that you shouldn't, and we feel they don't make opting out of information sharing as easy as they could, or as their competitor CashNet USA does. Their advertised rates are lower than some of their competitors, but with so many complaints against them, you are better off choosing a different 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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PayDayOne Forum Posts
- PayDayOne Review
Here is NextAdvisor's review of PayDayOne: http://www.nextadvisor.com/payday_loans ... review.php