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:
It offers online payday loans in the following states:
MyPaydayLoan uses an interesting repayment system with three different ways to repay the loan:
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.
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.
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.
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.
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.
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.
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.
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.