PayDay OK Reviewer's Comments
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This service advertises “half–price loans” and it proves to be true, at $10 for every $100 borrowed for 14 days, they are the best deal online and our “TopTenREVIEWS Gold Award” winner.
So, before bouncing yourself to the poor house with returned check charges, over the limit or late fees, check out your alternatives. This service may be a good choice to get you out of a rough spot and Payday OK will prorate your fee if you pay off your balance early.
This service provides four different repayment options, including one that's unique to Payday OK. If you do not contact them with a repayment preference, 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. The loan is then automatically refinanced.
PayDay OK Screenshots. Click to Enlarge
Secure Site:
PayDay Ok appears to support safe transfers of personal information and they are SSL secured. However, since they work 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.
Ease of Use:
We found the application easy to fill in and submit and they rarely request additional information to be faxed. You receive instant approval or denial and if approved, funds are deposited the next business day.
Depending on your state of residence, PayDay OK will be the lender or they will find a federally insured state financial institution to loan you the money.
There are several repayment options:
- 1. You can pay off the loan and finance charges completely on your next pay date.
2. Pay off the loan finance charges and refinance the loan.
3. Pay finance charges and part principal (in $10 increments) and refinance the loan.
4. Pay the loan back early and receive prorated finance charges.
Cost of Loan:
PayDay OK has the cheapest finance charges of any of the services we looked at—others offer introductory rates but PayDay OK's are the cheapest all around. 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.
We could not find any information on how much it costs to refinance or extend a loan, so be sure to check this information out before you agree to a loan or extend a due date.
Their non–sufficient fund (INF) charge is more than other service's at $25.
Customer Service:
Although not perfect in this area because live chat is not offered—PayDay OK does offer several ways to contact them for further information including a FAQ page, email and a telephone number.
Keep in mind that a loan may be offered through a different source and you may be required to work with their customer service.
Summary:
PayDay OK offers the lowest finance fee we could find and offers a variety of repayment options. If you are facing a potentially expensive financial predicament, and need quick relief, this service is worth investigating.
Please Note: We did not actually acquire a loan from any of the services we reviewed. We cannot make any statements about how a service operates once a loan is attained, we merely compared available information.
©2008 TopTenREVIEWS, Inc.
