Each of us may find ourselves in urgent need of money when the next paycheck is still a few weeks away. Usually, we turn to family and friends in the first place, but there are days when they can't lend us the amount we need, or we don't want to ask them for a loan, and we try to find another way to get money quickly.
One option that can help in this situation is instant money lending apps. So today, we want to do an independent review of the PayDaySay app, a platform that allows anyone over 18 to get a loan without a credit check.
In our PayDaySay review, we will examine:
- How to use this online application;
- What are the terms and conditions of loans provided by this company;
- What are the pros and cons of the platform;
- On which devices it's available;
- And a lot of other information we have analyzed to get a ready answer for your question if it is a good decision to use this application.
The reading time of the PayDaySay app review is about 10 minutes. We hope this information will be helpful to you!
Pros and Cons of Paydaysay
Let's start with a brief overview of the benefits of this platform:
- You can get five different types of loans between $100 and $5,000;
- You only need your passport, address, and phone number to get money; no proof of capacity to pay, and no other documents are required;
- You don't need to go to the bank and stand in line; your request is processed in real-time wherever you are;
- Another significant benefit is that you can get a loan at any time because the app works 24/7;
- You always get money within one business day, and often even earlier, within a few minutes;
- One of the great advantages of the app is that there is absolutely no cost, no monthly subscription, and no entry fees;
- Loans received through PayDaySay can be repaid early with no early repayment fees.
However, this platform also has a few significant disadvantages:
- PayDaySay is a website that pairs your loan application with a creditor willing to lend you money. Its responsibility is limited to protecting the data you provide to it, but interest rates, penalties, fees, and other essential details are outside the app's area of competence;
- Interest rates on loans can be as high as 2.290%;
- Most loans are for a short term of 2-3 weeks;
- If you don't pay back the loan on time, you can get into a debt trap, so you should only use this app if you know you can repay the loan timely.
How Does Paydaysay Work?
Imagine you need money urgently and decide to use the PayDaySay app. What steps would you have to go through?
- Download the app or open the company's website. It is available for any smartphone or desktop computer.
- Fill out a short form with your name, address, phone number, and information about the type of credit you need. The app works around the clock, so you don't have to adjust to its work schedule - you can sign up when it's convenient for you using any device.
- Once you've filled out the first application, you'll receive offers from lenders ready to give you money. Read them carefully and choose the best option for you. The most important aspects to pay attention to are the estimated loan balance, fees, and interests.
- Once you have chosen a matching loan, enter your bank account information and click the button to confirm your loan acceptance.
The platform needs your checking account so that lenders can make direct deposits to your debit card. So be careful to specify your existing bank account and ensure the linked bank account is the one you want the money to be deposited into.
If you don't want to sign up immediately and give information about your bank accounts but are curious about the terms of different loans, you can go to the website and do a little research there.
The platform's home page lists the five types of credit available through the app. Choose which one you need, like a personal loan, and see the available options.
For example, the first company offers a small personal loan of $100 daily at 59%-199% APR. The repayment terms are short - until you get your paycheck. Then, this company releases the money through a direct deposit within one business day, rating 5 out of 5. No credit history check is required.
Another service provider can offer more favorable terms with less costly overdraft fees. Its interest charges are between 6% and 36% APR, and the repayment terms range from 90 days to 70 months.
The maximum amount that can be obtained through direct deposit is $10,000, and the users' rating is 4 out of 5. No minimum deposit is required.
It is also essential to understand that not all lenders are willing to give first-time users the maximum possible loan amount. For example, some offer newcomers as little as $300, while others can deposit $800 to your card.
In any case, whoever you are and whatever credit history you have, you can be sure that you will find your lender in this app.
Let's start with an overview of the products and services that are available in the app. At the moment, there are five types of financial products:
You can use them for any purpose, like moving or wedding expenses. These loans are usually small and are available for up to a month at 50-400% APR. These loans do not require credit checks, do not show up in credit bureaus, and do not require collateral.
These loans are given for up to several years. Their amount in this application can be as high as $10,000; they are repaid in fixed monthly payments. The interest on this kind of loan is lower, but it depends entirely on your credit history and repayment history on the platform. Yes, as the app states, some lenders may do a credit check if you want to borrow a large amount of money.
These loans are usually used to cover medical payments, fix your car, treat your pets, or in case you lose your job. It is important to remember that you have to pay back any loan! So if you have an emergency, make sure that you will be able to repay what you have borrowed and that you will not make an already difficult situation worse.
Sometimes because of a lot of previous credit or high-interest rates on your credit card, you find yourself in a credit trap. One way to get out of it is to pay off all your previous debts with just one easier-to-pay loan. However, before taking this step, calculate whether such a decision is profitable.
If you are an entrepreneur and want to rent new space, buy products or equipment, hire additional staff, or implement a new idea, you can take out a business loan. This loan is the least common, but that doesn't mean there isn't a lender who can help you. PayDaySay partners with many financial companies to help you and your business improve.
These loans are about getting money quickly in an emergency; remember that they shouldn't be used as long-term financial solutions.
There are only a few criteria you have to meet to get a loan. You are required to:
- Be at least 18 years old;
- Have official employment;
- Live at a U.S. address;
- Have a U.S. bank account.
It's important to mention again that PayDaySay is a platform that provides information services, not a financial institution. That's why you can't know in advance what your loan terms and conditions will be – that's the responsibility of each lender, not the app.
However, you can be sure you'll get a loan within 24 hours online, even if you don't qualify under all the above conditions.
And there is one more advanced feature we’d like to discuss – the permission to pay your loan off earlier without any additional fees. The app states that they decide to give you information only about those lenders who allow such things.
This feature is so important because it’s one of the ways to reduce interest charges. If you receive funds earlier than expected, you can log in to your account and click on the button to pay back the entire loan amount.
However, it’d be better if you look one more time into your loan terms and make sure there are no fees for such action, and when you repay the credit earlier, the remaining interest rate will be reduced in your favor.
Finally, a couple of tips for using the app:
- Be careful to keep track of the date the lender is supposed to receive your last payment. Many lenders charge extra fees for even one day of delay;
- When you receive your loan, calculate exactly how much money you have to pay out and when. Then, integrate these payments into your overall planning and budgeting process, so you don't forget anything.
PayDaySay Fees & Rates
As we said above, the application is a platform for finding a lender, not a financial institution. Therefore, we can only roughly estimate fees and rates.
What we can say for sure is that the app is free. You don't need to pay any membership fee or monthly fee to use it. Everything else is up to each lender you will interact with.
Once you apply for money, different financial institutions will start sending you their offers. This is when you should determine the loan terms, including total cost, annual percentage, interest rates, additional fees, monthly expenses, and overdraft fees.
All these factors depend on your information about how much money you need, for how long, whether you have a successful track record with such loans, how old you are, what your job is, etc.
This is why you should never agree to a loan until you have carefully read all the terms and calculated whether you would be able to pay it back on time.
PayDaySay Safety and Security
PayDaySay is a secure app that primarily protects all the information you provide to it. Your data, including banking information, will only be used within the app and only be available to the creditor who agrees to give you a loan.
As for getting the money, you don't have to worry about that as well.
PayDaySay is a partner of reliable financial accredited organizations, which have been operating for a long time and have thousands of satisfied customers.
But, again, the key is to read the contract; it is your main guarantee of financial security.
Trustworthiness & BBB Rating of PayDaySay
Can you trust the PayDaySay platform? The answer to the question is known only to those who have already used its services, so let's see what they say about it.
The first thing we can notice is a relatively high user score. The average rating of 100 app users is 4.7 out of 5.
They emphasize that it is a good platform for those who need money on a day-to-day basis, it's easy to use, and there are no problems for anyone who wants to get a loan.
Of course, it would be better to get information from independent sources, such as the BBB Rating (Better Business Bureau), but this organization has not verified the app.
PayDaySay Mobile Support and Accessibility
This app is available only on the App Store for iPhones and iPads. If you have a smartphone or tablet on Android or want to use PayDaySay from your desktop, you will have to go to their website. You can register and get credit on the app or website, there is no difference.
However, you should be aware that the site's services are not accessible in several U.S. states. Currently, it is not functional for West Virginia, New York, California, and Arkansas residents.
Customer Service at PayDaySay
Regarding customer service, the company has no problems. All questions about the site's services will be answered in writing within 24 hours after you send a letter to their email.
In addition, the company's contact service is available Monday to Sunday with no breaks or weekends, so you can always email them at their mailbox or fill out a form right on their website.
However, it is essential to pay attention to the fact that the platform representatives never contact or call their users first and don't discuss credit terms with clients.
So, for example, if you are called with a proposal to reduce the interest rate on your loan, you should know it's not PayDaySay, it's fraudsters.
Is PayDaySay a Good Choice for You?
Let’s compare PayDaySay with three other apps with similar features that can be used as alternatives: Dave, Brigit, and Money Lion.
|Amount of a loan||$20 to $5000||$5 to $200||$50 to $250||$25 to $250|
$1 monthly membership, $2 to $6 to get a loan faster
|$10 per month paid plan||$1 to $8 to get a loan instantly|
|How quickly can you get a loan||5 minutes to 24 hours||Up to 3 days. If you pay an express fee, you’ll get your money within 8 hours||If you request money till 10 A.M., you’ll receive it the next business day morning||12 to 72 hours if you don’t pay for instant delivery of a loan|
|Repayment Date||As your lender decides, but usually, until your next paycheck||As you decide and your lender agrees, but usually until your next paycheck||Next paycheck, but can be extended a bit||Your next payday|
|Annual Rate||200% to 2200%||From 400%||Over 500%||Over 300%|
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How We Review
- First, we sign up for the app ourselves and go through the entire process of using it. If there are any errors, problems, or hidden traps, we write about them in our article;
- Next, we communicate with the company's support to find out how quickly they respond and whether they help their clients;
- The next step is a detailed study of the company's website and all of its services;
- Then we review users' feedback on several platforms;
- And finally, we make an independent comparison of a few more companies to show you the unbiased difference between the apps.
In this way, the review process is as similar as possible to the experience that ordinary users have.