PAYDAY MAX REVIEW

  • PayDayMax Ltd. is an offshore direct lender based in Anguilla in the British West Indies.
  • It’s important to note that their rates and fees vary depending on length of loan. Fees are standard for 7-14 day loans, but increase dramatically thereafter all the way up to the maximum 31 day loan. Similarly, their fees are lower than the industry average in the 7-14 day band, but above average for longer term loans.
  • New customers benefit from a 25% reduction on the initial finance fee. Note this only applies to the finance fee of the first 14 days of the loan and does not apply to extensions.
  • Their fees are based on a minimum 14 day loan term, so you will pay the same fee even if you pay back your loan before the 14 days have elapsed.
  • In most cases faxing is not necessary, though they don’t have a blanket no fax payday policy. Instead they treat each application on a case-by-case basis, so in some cases they may require you to fax in your bank statement to cover 30 days of past transactions together with a voided check.
  • Based on the history of funds they see being deposited into your account a regular basis, they will lend up to a maximum of $1,500 emergency cash.
  • Credit checks are not performed so you can get a bad credit payday loan, but they do run a Teletrack check, which is a database shared with other loan agencies to verify if you have any other loans outstanding.
  • Once approved, funds are transferred electronically the next business day assuming you are approved by 4pm PST or 7pm EST.
  • Alternatively, for an additional $10, you can pick-up your funds instantly at any of the 16,000 MoneyGram locations. Note that MoneyGram transactions are limited to $890 and to $490 in Arizona.
  • As with most payday lenders, you set the date for repayment at the time of application and the loan together with interest and charges are transferred back to the lender on that date electronically.
  • PayDayMax Ltd. operates a 24/6 Monday through Saturday PST customer service line.
  • Their website is very easy to navigate and their application process quick with 5 steps in which you also create login account using your email.
  • The account makes it very easy to re-apply as a returning customer. Also as a repeat customer, your statement covering 30 days of transactions will hold for a further 90 days, thereby allowing you a no fax payday loan.
  • You can receive an extension on your unsecured personal loan, but you will need to pay a finance charge. In addition, you’ll also need to make a contribution towards the loan principal after the second or third extension, depending on when you receive your paycheck.
  • They allow a maximum of one outstanding loan with them at any one time, but do accept applicants with open loans from other companies.
  • Their website application process is secure.
  • If you have a history of past bankruptcies you will still be considered, though not if the proceedings are still ongoing.
  • PayDayMax.com also run a Preferred Member Reward Program. Here you can get a 10% discount on your 6th loan, a 20% discount with your 11th loan and a 30% discount with your 16th loan. However, we would warn against taking out this quantity of loans and recommend seeking alternative means and/or independent financial advice.

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One Comment on “Payday Max Review”

  1. Doris Blair12/07/08 15:49

    I need to borrow $1000 and pay it back in two monthly payments…August 4 and September 4. I just paid off my loan with you.

    DORIS BLAIR All information the same…Same bank and same bank account. I need it deposited on Monday morning ASAP, July 9th. Thank you.

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