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PayDayMax Review – The Good and the Bad All Discussed Here!

Here we will review the payday loan provider “PayDayMax”. Situated in Anguilla, West Indies, this lender company is offering payday loans up to a maximum of $1500.00.  In this PayDayMax review, we find their requirements for obtaining a loan through their company are quite brief in comparison to other online payday loan providers, though you will be requested to fax information to them. However easy it is to apply and however low the initial rates may appear, you may experience extremely high rates depending on how long you wish to take the loan out for.

Charges:

This PayDayMax Review also reveals they will charge you a basic fee of $18.62 for each $100 you apply for, which equates to 456.25 percent APR. This is for a loan taken out over 7 to 14 days. However, if you wish to take out a loan on a longer lending period, these rates increase. You can find rates up to $41.23 for each $100 borrowed, if you apply for a 31-day loan. If you are applying to PayDayMax for the first time, they offer a new customer interest rate of $9.31 to $20.61 for each $100 borrowed. If you can repay your loan within a 7 to 14 day period, the basic interest charge is cheaper than the industry standard, which is set at $25 for each $100 applied for; however if you are unable to repay your loan and must use the longer term loan format, the interest rates are much higher than standard.

Application Requirements:

• Must be the age of majority (in this case 18 years old)
• Must hold a valid checking account without flags
• A source of steady income
• Must not be in debt to other payday loan companies or cash advance businesses

The whole procedure is completed over the Internet, as is done with all online payday loans. To find out how much of a loan you can quality for, PayDayMax asks that you fax them a copy of your last bank statement along with a cancelled check. PayDayMax will look at your statement to determine your deposit history, and decides the maximum loan amount you are allowed, up to $1500. This process is usually quite quick once they have received your documentation, and within a few moments you can find out if you have approval for your loan, and the money is put into your bank account usually within one business day.  We found this in the PayDayMax review we did.

Many states have PayDayMax services available, though the exemptions are as follows: Georgia, Montana, Virginia, New Jersey, Colorado, Nevada, West Virginia, Ohio, and Sacramento, CA. Though it is depicted as a direct lender, the mention on their website that affiliate companies are used indicates that your application may be handled by someone other than PayDayMax.

Conditions for Repayment:

Upon filing your application, you indicate the date you wish to repay your loan, and PayDayMax will debit your bank account directly. Interest is determined based on this date, as mentioned above. They will defer your loan to a later date if you request this, however there are charges pending for this service. Your pay dates will determine if you will be asked to make a contribution toward the principle amount if you have extended the loan two or three times. To extend your loan, the company must be contacted before your due date, at the latest 4pm EST one business day before, or you will not be considered for an extension.

Customer Care:

With this PayDayMax Review completed we found that they do not provide an email address or online contact for customer support. All inquiries must be done by phone. The website offers FAQ’s with answers, though it seems they are often a bit jumbled.

In Conclusion:

Despite the convenience of being able to extend your loan several times, which not many other payday loan companies offer, the interest rates associated with doing so are quite high.