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PayDay One is a payday loan service that prides itself on being quick. For every $100 you borrow, you generally pay around $22.50 (this will vary depending on your state of residence.)

You can apply for a loan with PayDay One either online or over the phone. Every lender PayDay One uses is U.S. based, authorized and state licensed. PayDay One is available in only 31 states. It has a Great Rate Guarantee, which means it will match any lower priced loan you may find from similarly licensed online lenders.

PayDay One appears to support safe transfers of personal information and it is SSL secured. However, since it works with a number of lenders, check for encryption indicators such as the “https” in the URL and the padlock in the right bottom of the screen. Additionally, do not send personal data like your social security number through an unsecured email account.

We found the application easy to fill in and submit. You receive instant approval or denial, and if you're approved, funds are deposited the next business day.

The application online is quite simple and can be filled out and submitted at any time. You can also apply for the loan over the phone (7 a.m. to 8 p.m. M-F, 8-5 Saturday, Central Time). Loans made before 5 p.m. (CT) are credited the next business day. The whole process is straightforward, and the user interface for applying and managing payments is simple.

Interest rates vary by state, but we found several as low as $22.50 for every $100 you borrow, which amounts to an APR (Annual Percentage Rate) of 586.61% based on a 14-day loan. While extremely high on an annual basis, it remains significantly less than the majority of services we reviewed. Also, it offers the Great Rate Guarantee stating that it will match the rates of similarly licensed online lenders so you may be able to use that to your advantage.

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PayDay One Summary:
9.3/10

PayDay One offers a great overall process and remains somewhat less expensive than most competing advance payday loan services. If you are facing a potentially expensive financial predicament and need quick relief, this service is worth investigating.

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PayDay One

Pros
This service prorates your fees if you pay off your balance early.

Cons
PayDay One loans are not available in every state.

The Verdict
: 9.25/10

It's a great service, but there may be better providers out there.