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| My PayDay Loan Star Ratings |
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We needed some extra cash, so the StarReviews team decided to perform paycheck advance reviews to put us in-the-know on the best payday loans out there. My Payday Loan is one site we came across and we liked their website interface, as it was both intuitive and easy on the eyes.
What's New with My Payday Loan?- FREE payday loans for first-time customers.
- Refer-a-friend process gives opportunity for free loans.
- No faxing required.
StarReviews' Favorite My Payday Loan Feature:
This is one of the few payday loan companies that offer free loans to first-time borrowers, making this a great choice if you plan on paying the loan back in full on the due date and not renewing it thereafter. A payday loan can assist you in an emergency time of need and for some people who intend to use it solely for this purpose, having the option to receive the loan free of fees is an outstanding feature to have in your time of need.
The My Payday Loan Loan Process:
The My Payday Loan application process is a bit more drawn-out and time-consuming than some of the other payday loan companies we reviewed. While the site is not hard to navigate, you must provide the company with your name and email address before even being taken to the application page. This can mean email advertising later on. If your application is submitted and approved prior to 5:00 pm EST, the funds can be deposited into your bank account overnight.
My Payday Loan Payments:
Payments are taken directly out of your checking account. You have the option of paying the entire loan at once, paying a partial payment plus all finance charges or paying only the finance charges. If you do not specify that you would like to make a partial payment at least two business days prior to your due date, the entire loan amount plus fees will be deducted from your checking account automatically.
My Payday Loan Requirements:
In order to qualify for a no-fax payday loan with My Payday Loan, you must have a active checking account that has been open for at least 90 days with no negative activity, you must have been employed by your employer for at least 6 months and you must have a monthly income of at least $1,000.
My Payday Loan Features:- $100 to $300 for first-time borrowers.
- Up to $400 for second-time borrowers.
- Up to $1,000 for long-established borrowers.
- Loan periods ranging from 10 to 14 days.
My Payday Loan Pricing Plan:
For the first payday loan with My Payday Loan, you will not be charged any interest if you pay the loan off in full on or before the due date. If you do not pay the balance in full or if you take out a future loan, the fees are $25 for each $100 borrowed.
Customer Support:
There is no customer support options on the My Payday Loan website, although you will be emailed with contact information after you submit your application. There is a detailed FAQs section, though.
Upside:
Free loans for first-time borrowers.
Downside:
No customer support contact information.
My Payday Loan Summary:
My Payday Loan has what most paycheck advance services have: convenient loan options. They even offer free loans for first-time borrowers and a refer-a-friend program that rewards you in ... you guessed it, free loans. They don't really offer same-day cash loans or anything like that, as your loan application is approved and funds are deposited overnight. The application is a bit time-consuming, so plan accordingly. We really liked that My Payday Loan gives long-established borrowers the chance to borrow up to $1,000. This is a definite perk. There is a FAQs database here, but no real customer support (you are emailed with contact information after applying for a loan). All in all, this is a decent payday loan site.
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