PayDayOne.com Reviews – Legit or Scam?

Pay Day OnePayDayOne.com is a website specializing in payday loans for people seeking up to $1,000.  Pay Day One offers to approve loans quickly enough that you even have the opportunity to have the money deposited into your account on the next business day if you complete your application by the time the clock on their homepage counts down.

In general, payday loans are meant for people who have an immediate need for cash and don’t seem to have any other means of getting it.  Since the people who apply for these loans often do so when in desperate circumstances, the companies can charge extremely high interest rates, so high the nationwide average has reached 390% APR.

People who defend the payday loan industry claim that these rates are so high because the companies must be able to immediately provide the money to their clients, and the default rate on payday loans is so high that companies must have a way to offset their losses.  Unfortunately, most of the people who are in need of a payday loan don’t have any other options, because traditional banks and institutions won’t help them.

So Is Pay Day One a Scam?

Well, it depends on how you define a scam.  PayDayOne.com is very upfront with all their terms.  They advertise clearly that their average APR is around 455%, which is substantially higher than the national average.  They even show you a timetable that lists what your payments would be, depending on how much you borrowed, what your APR was, and how long it took you to pay the loan back.

However, that being said, just because Pay Day One isn’t necessarily a scam does not mean it’s a good idea to borrow money from them.  The interest rates of payday loans are so exorbitantly high, and their payback schedules so intense, it’s almost impossible to successfully pay them back.

For example, their chart shows that if you borrow $1000 that you wish to pay back in monthly payments, you’ll have to pay them $348.33 a month to keep up with their payment schedule, eventually resulting in paying them $2,786.50, almost three times what you originally borrowed, and in well under a year.  It’s hard to imagine someone’s circumstances being that they need to borrow $1,000, but then magically have an extra $348 to spend every month thereafter.

Another serious problem that you should consider is that Pay Day One is an online payday company, servicing almost half the country.  But each individual state has their own rules and regulations for the operations of payday loan companies. The interesting thing about PayDayOne.com is that they make you choose what state you are in before showing you their loan terms, which leads an individual to believe that they are paying attention to these individual rules.

However, this isn’t the case.  For example, the state of Illinois doesn’t allow payday loan companies to charge more than $15.50 in interest for every $100 you borrow, which translates to $155.00 in interest.  PayDayOne.com is charging almost $1800 in interest.  But, since they are an online company not based in Illinois, it is unclear whether or not they must abide by these guidelines.

The unfortunate reality is that payday loan companies like Pay Day One don’t need to be a scam in order to be a bad idea.  While they may offer a quick fix to your immediate money problems, they’ll only cause worse money problems for you down the road.

Note: If you’re interested in learning more about Payday Loans check out our detailed guide, “Payday Loans Explained: Should You Ever Get One?” for more info.

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Customer Responses, Reviews, or Complaints

Average Rating for " Pay Day One " is 0 out of 5 based on reviews.
  • I'VE NEVER DONE BUSINESS WITH THESE PEOPLE, BUT HERE IN THE PAST FEW WEEKS I AM RECEIVING EMAILS STATING THAT I OWE $1150 AND IF I DON'T PAY I'M GOING TO BE THROWN IN JAIL. WHEN I ASK FOR PROOF OF THIS SO CALLED LOAN THEY GIVE A STATEMENT ABOUT HOW THEY'VE TRIED TO CONTACT ME 9 TIMES WITH REGISTERED MAIL AND PHONE CALLS. SORRY I GET MAIL EVERYDAY BUT SUNDAY AND HAVE NEVER SIGNED FOR A LETTER AND MY PHONE HASN'T RANG. THEY TELL ME BECAUSE OF THIS THEY CAN'T SEND ME ANYTHING BECAUSE IT'S THEIR POLICY. NOW THEY TELL ME THEY HAVE A WARRANT ISSUED TO MY COUNTY SHERIFF DEPT. THIS IS NOTHING BUT A SCAM, I HAVE CHECKED OTHER REVIEWS FOR THIS COMPANY AND THEY HAVE WORD FOR WORD WHAT MY EMAILS SAY. I'M SORRY DID ALL OF US JUST UP AND DECIDE TO IGNORE OUR MAIL....TOTAL SCAM!!!!! I'VE CONTACTED THE LOCAL AUTHORITIES AND NO WARRANT, PLEASE BE CAREFUL
  • I am currently fighting a loan threat for a loan I never applied for nor took out HELP!!! Any suggestions to clear this matter up quickly
  • Payday One lent $1,000.00 to someone using my ID. I am having a super dreadful time getting this sorted out. I receive as many a 5 phone calls each day asking how I want to clear this loan. I get a different answer from a different agent each time I talk with someone.

    I have quit answering Payday One calls while I try to have the police fraud department handle what they can to stop this nonsense.

    Thumbs down to Payday One.

    WATCH YOUR I.D!
  • Scam 100% but legal
  • I was going to get a loan, and went thought the whole process but did not take the loan, and or have any money deposit in my account. Now I just got a phone call from payday one, stating that I am up for wage garnishment for money I never took or got. Now they are telling me that I owe them $1,700.00 and they would settle for $395.00. The lady I spoke with was Ms. Lee and then I told her I was going to get a lawyer involved and she quickly changed her name to Ms. Jones and hung up on me. This is a scam. I have done the online request for payday loans and never took one, but yet I keep getting calls from places like this for me to pay off loans that I never took. BIG TIME SCAM!!!
  • Ya i'm not sure if you guys just used this a long time ago when they first got started or something but i've been using them every 2 weeks for over a year. NEVER had an issue not even once. Everything is prompt and the rates are low. The only 2 small complaints I do have is they wont let me take more than $300 every 2 weeks. Also, I guess they are only available in 2/3 of the states.
  • DO NOT take a loan out from this organization! They offer little in the way of customer service and are very difficult to deal with. I took out a loan and am paying if off so I do not have to deal with these bozos!
  • I wasn't sure if I would have all the money to pay in full by the due date so I did just the interest, well it turned out I did, unfortunately it was the weekend when I realized I would have the money. It wouldn't let me change my option on the site so I had to wait till the next business day to call. When I did I asked if I could just pay the remaining balance an the said I would have to wait a few days but that I would also have to pay the interest again even though I had just made a payment. Actually the payment still had not even gone through an yet I was gonna have to pay the 167 something of interest AGAIN! I was beyond mad, I will never do business with them again!!
  • AS With all payday loans one must use caution, they have great customer service and will work with you. I understand their fees are high however this shouldn't be used for a long term payment loan because you will pay more than you should. If in a bind and need money quickly it is convenient with the direct deposit into account and it saves the embarrassment of walking into payday loan places.
  • A Payday One loan for $300.00 takes as long to pay off then it really should this include interest. The is a sad thing and our country is allowing these type of loan companies to do what they do. Which interpret "they don't care about the American people."
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