• Payday One is well established having been founded in 2002 and is a US based state licensed lender.
  • They are direct lenders as opposed to a loan matching service and are a subsidiary of ThinkCash Inc.
  • They currently operate as online lenders in 21 states, with their rates and fees varying by state. The maximum loan amounts vary by state and according to their website range from between $100 to and $1000. However when we enquired for more details, they said that amounts up to $1,500 were possible, even for first time applicants.
  • A real value-add provided by PaydayOne is their Great Rate Guarantee. Here they will match the price quoted by any other state licensed online lender. We don’t believe any other lender offers this service and it should in theory help you secure amongst the best payday loans in the market.
  • To fulfill their minimum criteria for loan approvals, you must be a US citizen and need to have held down a job for at least 3 months, or be able to provide a verifiable source of income. You must take home a minimum salary of at least $800 per month after tax and self-employed applicants are not permitted.
  • You must also provide a contact telephone number, email address and have a checking account for which you can show a 30 day transaction history without any overdraft charges, returned checks or negative balances.
  • Approval itself is done within minutes of completing the application form, after which you can choose how much you want to borrow. If approved by 5PM CST, funds are transferred via ACH to your checking account the next business day. A same day express transfer service is not available.
  • They run a friendly customer support telephone service during business hours which is automated off-peak. On-line chat is not available but we found them to be very responsive to emails.
  • They are a bit vague about what charges you incur if you can’t repay on your due date (usually your payday). To be fair though, this varies from state to state and they are quick to point this out. Make sure you check details of their repayment plans for your individual state and ensure you have the required amount in your account on the due date.
  • You reserve the right to cancel the loan without incurring any charges if you notify their customer services by 5pm on the next business day after the effective date of the loan.
  • They offer a fax free loan approval service which simplifies the application process. This applies to all the states they service with the exception of Illinois and Florida where faxing of documents (usually a copy of your pay stub) is required by state law.
  • In addition, no credit checks are performed for any of the states so a low credit score will not prevent you from qualifying. They do not specify if a history of bankruptcy would cause a problem. From experience, this will depend on the rules and regulations of your state. Usually past events can be ignored, but current and ongoing bankruptcy proceedings would likely lead to a rejection.
  • They are accredited by the Better Business Bureau (BBB), albeit with a relatively low rating of ‘D’ and are not members of the Community Financial Services Association (CFSA).
  • The website and online application process is secure and uses SSL security encryption.
  • In summary, the Payday One application criteria are fairly stringent compared to others and same day fund transfers are not available. On the other hand, they provide a unique price match guarantee and we found their rates and fees to be comparable to the other mainstream lenders. In addition, their website does a very good job of presenting the inter-state differences both in terms of numbers and the conditions that may apply to your specific state.

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