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MyPaydayLoan, or mypaydayloan.com, has offered online payday loans since 1999.
It is a member of the Online Lenders Association and is owned by a Costa Rican company, Zarvad III S.A.

First-time applicants can borrow $200-$1,000. Once the first loan has been paid off, borrowers are eligible for progressively higher amounts, in increments of 100, with a max of $1,500.

MyPaydayLoan Eligibility Requirements:

  • Be a U.S. citizen
  • Be 18+ years old
  • Be currently employed (verifiable)
  • Have an active checking account

It offers online payday loans in the following states:

  • Alabama
  • Alaska
  • California
  • Delaware
  • Florida
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Louisiana
  • Michigan
  • Minnesota
  • Mississippi
  • Nevada
  • New Mexico
  • North Dakota
  • Oklahoma
  • Rhode Island
  • South Carolina
  • Tennessee
  • Texas
  • Wisconsin
  • Wyoming

MyPaydayLoan uses an interesting repayment system with three different ways to repay the loan:

  • Minimum payment (just the fees on your principal) and extend with a new contract (and a new fee of $30 per $100 principal)
  • Pay the full amount (fees + principal)
  • Pay more than the minimum amount (fee + some of the principal) and extend with a new contract (and a new fee of $30 per $100 principal for two weeks).

The minimum payment amount is just the fees associated with your current principal.

This company specializes in borrowers with bad credit and doesn’t do a full credit check with the major bureaus; however, it does check with alternative databases like Teletrack or Telecheck.

Keep reading for the pros and cons of working with this payday lender.

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The Good

  • Same Day Funding

Same Day Funding

MyPaydayLoan offers same day funding, if your loan application is received and approved before 11:40 a.m. Eastern on weekdays. Funds should be sent to your checking account via direct deposit by 5 p.m.

If applications are received on the weekend, bank holiday, or after 11:40, then your funds will get to you the next business day. Likewise, weekend applications are not immediately processed, so your funds will be deposited on the next business day.

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The Bad

  • Personal Information
  • Loan Fees
  • Eligibility
  • Payments
  • Additional Fees
  • Free Loan

Personal Information

When you apply for a loan with MyPaydayLoan.com, you have to accept several policies, including a Third Party Data Sharing Policy, which allows MyPaydayLoan to forward your information to another lender if you aren’t approved for a loan offer.

The application terms also state:
You understand and agree that Mypaydayloan.com is not responsible for affiliate’s or third party’s handling of the    information. These parties each have their own policies for collecting, sharing, and using your information and if you desire to stop receiving communications, offerings, marketing, or any other type of service from affiliates or third parties, you should request removal by contacting the affiliate or third party directly.

Loan Fees

MyPaydayLoan charges $30 per every $100 borrowed. This is really expensive. Many other lenders in the industry only charge $15 per $100 borrowed. As this lender operates in many states, it is unusual that its loans all have the same annual percentage rate (APR): 782.15%. Most other lenders’ interest rates and repayment terms vary according to state limits.

Eligibility

While the lending service specializes in bad credit loans, if you have filed for bankruptcy in the past year or you have filed multiple times, you are not eligible.

Payments

To repay a loan, you have to submit the request by 2 p.m. Eastern on the business day before your due date.

If you fail to submit a payment request on-time, at the company’s discretion, MyPaydayLoan may debit the minimum payment due (which is the fees associated with your current principal).

The way that this renewal process is structured, while it may seem good on the day, seems to be keeping people in long-term debt. It automatically renews the loan without reducing the principal, as an extended payment plan would.

Additional Fees

If a payment fails to be debited because of insufficient funds (NSF), the collections team will try to contact you. If this happens, you will be charged a $25 return item fee and a $50 late fee.

Free Loan

While the site has passing references to a “Free Loan” with fees waived, this offer is not actually explained anywhere on the site. We would appreciate a little more transparency about this offer, so it seems a little more legitimate.

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The Bottom Line

While it's great that MyPaydayLoan can get customers a fast cash advance, and it offers a minimum payment instead of full principal+fee debit, it seems like this company intends to get a renewal customers paying a fee over and over, for the same principal amount. This could lead to a long-term financial issue.

This company’s questionable policies make us unable to recommend them at this time.

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