Depending on your state of residence, PayDay OK will become the lender itself or it will find a federally insured state financial institution to loan you the money.

It offers you with several repayment options that are very good. You can pay off the loan and finance charges completely on your next pay date. You can also pay off the loan finance charges and refinance the loan. You can Pay finance charges and part principal (in $10 increments) and refinance the loan. You can also pay the loan back early and receive prorated finance charges.

The bad part is if you do not contact them with repayment information they will automatically deduct a payment of 10% of the original loan amount plus the finance charge due on the due date from you checking account.

PayDay OK has the cheapest finance charges of any of the services. They charge a fee of $10 for every $100 you borrow, which amounts to an APR (Annual Percentage Rate) of 260.71% based on a 14–day loan. While extremely high on an annual basis—it’s less than half the cost of the majority of the other services.

After comparing benefits and weaknesses, I give it 5 stars rating