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MyPaydayLoan.com Reviews

Mypaydayloan.com is a licensed loans provider that abides by the state’s regulations and guidelines. For over a decade, they have provided fast access to cash for their customers. The online application is simplified and fast with an option to sign up through Facebook so that you can use the details on your Facebook account. The process takes minutes and cash is quickly released.

Website: www.mypaydayloan.com

MyPaydayLoan is a Costa Rican payday loans provider and it has positioned itself as a convenient online lender for over a decade. The lender promises a fast application, approval and funds deposits. Applicants need to meet the basic requirements put forth by the provider. All persons seeking to access payday loans must be at least 18 years of age, hold an active checking account and be able to provide proof of current employment. To simplify the application process, you can sign up with Facebook and the site suggests that this could lead to a quicker approval. The service is specifically designed to offer access to emergency funds within a short time.

This is an online based application and processing happens in minutes. Normally, the approved applicants will receive the money within 24 hours or on the next business day. To receive money on the next business day, your application needs to be submitted by 3.00 P.M. EST so that the staff will approve on the same day and verification on your banking details should be done.

The working hours are 9.00 AM to 6.00 P.M. Monday through Friday and the response is heavily dependent on these business hours. Following an application, Company will notify you of the loan status via email. Although they do not perform credit checks, they always check your loan history through various databases.

You only need to be clear on how much you want to borrow and submit the application. The site promises to be prompt in the review process. Upon receipt of the funds, you are encouraged to check and confirm the due date. On the payment section of the online platform, you are also required to submit a payment request and specify the amount you are planning to pay on your due date.

During the application, be ready to hand over details like bank information, drivers license number, email address, phone number and social security number. Although there is leniency in the whole process, if you had filed for bankruptcy the lender may end up disqualifying you from receiving any money. After the signup process, you will be able to see the amount you are supposed to pay back and the due date.

On payment, mypaydayloan.com stresses that there are unlimited extensions available but you will be limited by the state of residence laws on lending.

The service is ideal for people with bad credit scores as well as those with no credit records. You can easily build your credit score with this alternative and become eligible for other credit programs.

The company discourages borrowers from taking multiple loans with several lenders. If they find out that you have some pending loans with other lenders, your loan will not be approved. The logic behind this measure is that multiple loans held at once can reduce your ability to service some loans raising your chances of being stuck in bad debts.

If you want to take a loan you have to meet these requirements:

  • Be at least 18 years old and a citizen of the US
  • Be in a position to prove current employment
  • Have an active checking account

New applicants can borrow between $200 and $600. Customers with a strong payment history on the site can qualify to borrow up to $1000.

With a simplified application process that can be finished in as little as five minutes. You also know the status of your application during the same day of application. To be much quicker, there is a Facebook signup option where you’ll use the information stored on your Facebook account in an automatic form filling.

After deciding the amount you need to borrow, submit the online application for review and wait for an email notification. If you had a successful application, you will get a notification from the underwriting department then your funds will be deposited in the provided account the next business day. This holds as long as the application has been submitted before 3.00 PM EST Monday to Friday excluding all public holidays.

The average time taken to receive the funds will be affected by the bank you choose to receive the money with.

The rates are different in different states mostly because of the laws governing payday loans in the various states. Interest rates start from 608.33% to 1564.29%. The APR is affected by the amount borrowed and the time taken to repay the loan. Customers who have demonstrated positive payment history on the site are automatically included in a step up program and can borrow as high as $1000.

They do not charge any fees for an early payment, unlike some lenders.

Mypaydayloan.com has done business for over a decade and currently, they offer the highest loan amount among all payday lenders. A new applicant will easily qualify to get $200-$600 which quite a good amount for starters. For each repayment cleared successfully, the customer’s loan limit is increased by $100.

The Facebook signup is bound to cut the application time and raise the chances of getting an approval according to the site.

When things go south and you realize that you could have trouble paying off the loan in time, you can extend the time further. However, it’s required that you pay the fees and sign another contract extending the repayment period.

Unlike several other lenders, mypaydayloans.com does not charge an early payment fee so you can freely pay the outstanding balance before the due date.

It also recommends that if any client is constantly battling a chronic debt, the first step should be seeking professional credit counseling. Additionally, you are also advised to only take an amount you can comfortably afford to pay.

As more Americans turn away from traditional lending services, company’s loan focuses on offering its services to as many clients as possible. Still, there are some states where payday loans are not allowed because the legislators associate that type of loan with negative repercussions.

At the moment, they operate in several states which include: Alabama, New Mexico, Alaska, North Dakota, Delaware, Oklahoma, Hawaii, Rhodes Island, Idaho South Carolina, Indiana, South Dakota, Iowa, Tennessee, Louisiana, Texas, Nevada, and Wyoming.

Mypaydayloan.com offers coupons that you can use to get a discount. If you use the offer, you can save up to 40% and there are times when you can get the entire loan for free.

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