PayDay One

PayDay One Review

So many of us struggle day to day with meager paychecks, and we end up stumbling into a company like PayDay One. We live hand to mouth, trying our hardest to put any little bit of money away that we can, and can sometimes end up short at the end of the month when the bills are due but there is still a family in the nest room that needs to be fed.

Times are hard in a tough economy and people often look to payday loans to help them out in their times of need. PayDay One is a company that provides payday loan services, in order to try to help you get through these tough times.

A payday loan is a quick loan that is obtained over the Internet and is appealing because of the short amount of time it takes the company to deposit the money into your account, often only one day. Most people get payday loans in order to pay unexpected medical bills, get their car fixed or help out with the monthly bills.

Payday loans are called payday loans because they are usually due by your next payday, or in a couple of weeks, whichever may come first. They don’t have many requirements, which causes them to be given astronomically high prices. They can often land people in more financial troubles then they had to begin with, but they can also be a quick fix if you need a little extra cash to get you through to the next payday.

Review of PayDay One

PayDay One provides payday loans to people who are in need of some fast cash. They provide quick loans with a three-step process that includes applying for the loan, getting approved for the loan and having the money deposited into your account. This fast process appeals to many people who don’t have enough time to wait for an approved loan from the bank, or those who don’t need large amounts of cash, but small amounts to make it through one month.

With PayDay One you have the option to manage your account online. You are given a username and pass code which allows you access to your loan at all times so you can track how much you owe, your payment due dates and the overall amount that you will have to pay, making it very easy to handle from home.

Getting the Loan

The requirements for obtaining a loan from PayDay One are not difficult. You must have an e-mail address to apply for a loan so you have a way to access your online account after the loan is given to you. You also must have a checking account and a job or a regular source of income such as social security, disability, alimony etc. From this source of income, you must be bringing at least $800 bi-weekly into the home in order to ensure that you will be able to pay your loan back. Finally, for the obvious, you must be an 18-year-old citizen.

The requirements for a payday loan are not hard to meet, but because of this most anyone is eligible. This makes it so that anyone can receive the money, no matter what type of risk they are, making the rates that PayDay One charges very high and hard to meet if you are someone in a financially tight position.

Paying The Loan Back

PayDay One allows options for you to pay the loan back so you can choose a plan that fits your lifestyle the best. They give you the option of paying the loan back in one lump sum, or you are given the option of paying it back in smaller installments, which may require you to pay more interest in the long run.

PayDay One requires you to pay the money back fast and in high amounts. For example, if your borrow $1,000, you will have to pay around $300 a month in order to pay that back, eventually resulting in you paying them around $2,600 overall, almost three times the amount that you borrowed from them in the first place. If you are in a position in which you need to borrow that money in the first place, you probably don’t have an extra $300 to spare that month.

Be careful when choosing a payment plan to pay back your loans. Depending on the payment plan that you choose, you may end up digging yourself a bigger hole than the one you were originally in.


PayDay One has an APR rate of 455%. This is ridiculously high is the world of loans. They allow you to borrow a maximum of $1,000 and a minimum of $100, and you will end up paying $25 dollars for every $100 that you borrow. This is a lot of money, and should only be done if there are no other options.

PayDay One’s rates are average for the payday loan world. Most borrowers that you will find in the market will charge the $25 fee. PayDay One is transparent about its loans. They are not a scam, even though they may overcharge. Charts and spreadsheets are available on their website before you apply for the loan, so you will know what you have to pay before you make the decision.

PayDay One’s Rates are different from state to state and they only serve California, Delaware, Texas, South Carolina, Utah, Hawaii, Idaho, Ohio, Illinois, Kansas, Louisiana, New Mexico, Maine, Nevada, Mississippi, Missouri, Rhode Island, South Dakota, Wisconsin, and Wyoming.

Our Recommendation

PayDay One loans are offered at the average rates for the payday loan market. They rates are too high for the average loan, but they are an option for fast money in your account if it is needed immediately. We only recommend this type of loan if you are in an emergency.

Overall, PayDay One is typical of what you will find in this industry. Their customer service is a step above some others because of the online account access that you are given to keep track of your money and what you are going to owe later. They also provide a phone number and email address as well as online chat in order to help you with any questions that you may have, but in general payday loans are not a good choice and you should not choose them unless they are your only option.