Payday One Feature:
– Borrow Up To $1,000
– $22.50 Fee/$100 Borrowed
– 586.61% APR Rate
– State Licensed Lender
Payday One Review: Find Out More About This Payday Lender
PayDay One, previously known as PayDay OK, is an online site offering payday loans for up to one thousand dollars. They also offer the unique service of depositing money in your account by the next business day if you beat the clock on their homepage when completing your application, if it is approved, of course.
As payday loans are geared towards people that need cash extremely fast and have no other way of procuring the funds, it is a smart idea to read through this payday one review and other reviews like this one before making a final decision in which payday lender you choose.
Payday One is State Licensed where required by law
ONLY resident in following states are eligible to apply:
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
How It Works
Payday One’s website is well-designed, colorful and easy to use. You simply log on to the site and submit your name and e-mail address in order to be directed to the application. There is no fax requirements that you will have to worry about and it only takes a couple of minutes to fill out the application. Approval or denial is sent to you almost instantaneously and if you are approved and finished before the time on the clock, you can expect the deposit of your loan to hit your bank the very next day. Payday One does offer direct financing, but they also offer finding a federally insured financial institution in your state, if needed.
Currently, PayDay One offers loans in twenty states including Texas, California and Hawaii. You can easily check if they serve your state on their website. They also offer four repayment options. You can pay off your entire balance, both the loan amount and finance charges, on the next payment due date or you can refinance your loan and pay off the additional charges. You also have the option to pay off the finance charges, part of the principal and refinance the rest of the balance or you can also pay off the entire balance early. The last option is the best as PayDay One not only does not penalize you for paying off the loan early, but they will prorate your finance charges.
If you are going to go through an online lender, one of the most important aspects you should consider is how secure is the website. You are entering personal and financial information that could be very damaging if it were accessed by unscrupulous people. PayDay One’s site is SSL secured, meaning they have went through the proper channels to receive a secure socket layer certificate. However, Payday One does work with many different lenders, so be sure and notice when you are redirected to a different page to enter sensitive information that the page’s URL still shows https or displays a padlock signifying your information will be properly encrypted. PayDay One is also an accredited Better Business Bureau company and is VeriSign and McAfee secured as well.
Ease of Use
Comparatively, PayDay One’s website is designed to make it fast and easy to use. When a certain step is not as clear for some people, additional information is provided to explain each step. The online application is simple to fill out and can be submitted at any time. If you complete and submit the application before the clock runs down, you will receive an approval or a denial and a deposit in your bank account by the next working day.
Fee and Interest Rates
The best part about PayDay One is how upfront they are with all their fees and the interest rate you can expect to be charged. Interest rates and fees vary by state, and notably, at this time PayDay One does not serve all fifty states. PayDay One’s average rate, as will all payday lenders, is significantly higher than the national average for a traditional bank loan, however they do have lower than average fees for payday loans. Additionally, they offer a Great Rate Guarantee that will match another similarly licensed online lender’s rates if the rate is lower than theirs.
Payday One recently and significantly increased their loan rate to $22.50 for every $100 borrowed and while interest rates vary state-to-state, you can expect to pay over 500% APR on a fourteen day loan. While this may seem like an extraordinary percentage, PayDay One offers one of the better APRs for online lenders.
PayDay One has one of the better customer service departments available and you can also apply over the phone for your payday loan. You can either contact them through their toll free 1-800 number or you can mail any questions you have to their customer service department in Fort Worth, Texas.
Overall, PayDay One offers competitive rates, nice bonuses like prorated finance charges for early pay-offs and next day deposits, easy to fill-out application and instant approvals. This PayDay One review rates them as one of the online payday lenders you should definitely check out.