MyPaydayLoan Review | Loans Like MyPaydayLoan | Credit Raters us-lenders
Last updated: 28th Feb 2020

MyPaydayLoan Review

In cases of financial emergencies, we all need someone, or somewhere we can lean on. One place you can get help in times of monetary crisis is at MyPaydayLoan. MyPaydayLoan is an online lender that offers quick and reliable cash advance loans. 

Unlike traditional banks where you have to wait as long as 7 business days to receive the allocated funds, with MyPaydayLoan, once your loan is approved, funding is done on the same day. MyPaydayLoan aims at making the process as easy as possible for you. 

Whatever financial emergencies you are looking to solve, whether paying for bills, special event or paying for your car insurance, you can rest assured that MyPaydayLoan has got your back. 

How much do MyPaydayLoan Loans Cost? 

The MyPaydayLoan payday loans charges are higher if you compared them to traditional lending institutions. If you are applying for a loan at MyPaydayLoan for the first time, you can only qualify for loan amounts between $200 and $1,000.

 Once you repay the 1st loan, you can qualify for higher amounts. Each time you repay a loan, you are eligible for $100 increments on the maximum loan amount you qualify for. The maximum amount you can get at MyPaydayLoan is $1500.

As for the charges, you will pay a $30 interest rate per $100 borrowed. With MyPaydayLoan, you can expect an average annual percentage rate of up to 789.15%. However, these rates are bound to vary account to specific state regulations. 

In case you choose the auto-pay option to repay for your loan and your payments fail due to insufficient funds, you can expect additional fees charges. This includes a $50 late fee and a $25 return item fee. 

Key features of MyPaydayLoan

One advantage of using MyPaydayLoan as your creditor is that you can even qualify with bad credit. Also, MyPaydayLoan doesn’t perform a full credit check. However, it does with alternative databases such as Telecheck and Teletrack. 

Another advantage of using MyPaydayLoan is that you receive same day funding. For instance, if you submit your application on weekends and it’s approved before 11:40 am Eastern time, you will receive the funds in your checking account by 5 p.m. 

However, if you apply for a loan on a holiday or weekend after 11:40, you will receive your funds on the next business day. Here are some of the pros and cons of working with MyPaydayLoan;


  • Easy and quick application process 
  • Same day approval and funding 
  • Secure online application 
  • Accepts both good and bad credit scores 
  • No hidden fees 
  • No paperwork 
  • No hard credit checks


  • High loan fees
  • Additional charges for late/missed payments 


How do I change my loan repayments method? 

The best way to go about it is to contact the MyPaydayLoan support department. You can send them an email or call them at 1-888-269-2303. But you should submit the request by 2:00 pm EST on the day prior to the due date. However, this may vary based on other factors such as Federal holiday. 

How does bank auto-pay option work? 

Your loan payment is directly deducted from your bank account on the morning of the due date (after midnight). You must make sure your bank has sufficient funds. Insufficient funds in your account can cause additional fees such as late repayment fees and bank overdraft fees. 

How long does it take to receive the allocated funds? 

Once you submit your application, your loan will be reviewed, and you will be notified of the amount of loan that you qualify for. Once you sign the loan agreement, you can expect to receive the funds on the same day. However, if your loan is approved after 11:40 am, you will receive the funds on the next business day. 

Eligibility Criteria

To be eligible for a loan with MyPaydayLoan, you must fulfill the minimum mandatory requirements. MyPaydayLoan requirements include;

  • Must not have filed for bankruptcy in the past year or have filed for bankruptcy more than once
  • Must be employed for at least 5 months 
  • Must not  have a current loan with them 
  • Have an active bank account – have existed for 3 months or about. 
  • Be a U.S citizen 
  • Be at least 18 years old 

Some of the factors that can disqualify you for a loan with MyPaydayLoan include having several bank overdrafts, giving wrong/false information, and having unverifiable information, among others. 

Also, before qualifying you for a loan, MyPaydayLoan performs a check to verify your loan and writing history with a national database. However, this check doesn’t include a hard credit check, so your credit score won’t be hurt. 

State Availability

Even if you meet the minimum requirements set by MyPaydayLoan, you still won’t qualify for a loan if you don’t live in the eligible states. MyPaydayLoan only offers online loans to parties in the following states;

  • Alaska 
  • Alabama 
  • Delaware 
  • Idaho
  • Indiana 
  • California 
  • Florida 
  • Hawaii 
  • Illinois 
  • Michigan 
  • Iowa
  • Louisiana 
  • Minnesota 
  • Nevada
  • Mississippi 
  • North Dakota 
  • New Mexico 
  • Texas
  • South Carolina 
  • Rhode Island 
  • Tennessee 
  • Oklahoma 
  • Wyoming
  • Wisconsin 

Customer support

The fast loan approval and funding is evidence that MyPaydayLoan has got the best customer support, team. Unlike other lenders that don’t process a loan on weekends, at MyPaydayLoan, you can access even on weekends. 

As well, if you need any assistance, such as requesting a loan repayment extension, you can send them an email or call them. They are friendly, understanding, attentive, and will reply to all your inquiries on time. 

Application process

The application process at MyPaydayLoan is among the easiest and fastest one you can find with online lenders. To apply for a loan, visit the MyPaydayLoan website and click on the “Apply Now” option. 

Fill all the information requested on the application page and then click “Submit.” During the application, you can be required to provide information such as;

  • Your names 
  • Date of birth 
  • Proof of employment/income
  • Financial information – an active bank account 
  • Residential location 
  • Loan history 
  • Social Security Number 
  • Driver’s License Number

Once you submit your application, wait for the MyPaydayLoan team approval. If you are approved for a loan, you will be provided with a loan agreement with the respective repayment terms. Once you sign the agreement, your funds will be deposited into your bank account on the same day. 


MyPaydayLoan aims at solving your financial crisis with the most reasonable and affordable terms. As long as you meet the MyPaydayLoan minimum requirements, you can expect to access funds on the same day. 

You can always rely on MyPaydayLoan services to meet your financial emergency needs regardless of your credit ratings.