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Aids in immediate financial need First time borrowers receive a discounted interest rate Basic qualifications for application Extensions in payment if needed

High interest rates (highest in industry) Cyclical Complaints re: interest and unauthorized account activity Minimum payment (extensions) are applied to interest only

While PayDayMax is a solution to financial struggle in the moment, it only increases the tightening of purse-strings later on.

PayDayMax - Review: The Merry-go-round of Payday Loans

The definition of living pay-cheque to pay-cheque has morphed since the invention of corner-side buildings offering advances of “Up to $1,500 in cash. Today!” Really, $1,500… Now? Think of all the holiday shopping or vacationing that could be done with all that cash burning a hole in your pocket!  Fancy dinners out, movie-dates, those cute pair of stilettos you’ve been eyeing… It’s so tempting.

Let’s be honest, most people don’t venture down the road of payday loans, with their extremely high interest rates, because they want to eat somewhere special or sport a coveted pair of shoes. Most people do venture down the road of payday loans, with their extremely high interest rates, because they’re in an urgent financial jam. Bills need to be paid… Now. Groceries need to be bought… Now. Cars need new starters… Now.

Truth be told, it’s a last ditch effort to reel in the tough situations that arise in the working-poor family. A-lenders (banks and other reputable financial institutions) are difficult to obtain funds from but payday loan officers step in with their magical-high-interest-rate-wands and grant “Up to $1,500 in cash. Today!” making that feeling of desperation subside. If only for a few days.

Sure, it seems a little ridiculous, a person taking out a loan that could incur a whopping 650% APR, but when there doesn’t seem to be a way out, it’s necessary to make one. Since the nosedive of the economy in recent years, payday loans have become something of the norm. They’ve shed their stigma; besides, there are still those pesky bills, groceries and car parts to take care of.

Enter: In terms of location, servicing the entire US with exception to the states of Georgia, Montana, Ohio, Virginia, New Jersey, Colorado and Nevada as well as the city of Sacramento, CA, PayDayMax has a stronghold on the online loans market. And, while it’s all about location-location-location, we need to consider more than proximity. We need to put our glasses on and read the fine print.

Visiting the homepage of, we’re met with some enticing offers: New customers only pay $13.97 on a $100 loan (based on a two week period, the minimum length of loan) – or, an APR of just 364.09% (25% less than their standard APR). Sounds like a steal, right? Are you ready for a math equation?

  • Borrowed: $1,500 (there are bills, groceries and car parts needing payment)
  • Interest: $210 ($14 x ea. $100 loan)
  • Pay back: Hmmmm… That’s right. $1,710 taken from your next paycheque. Oh, geez.

Let’s put the numbers aside and dig deeper into As part of their philosophy they claim that “A dollar today is better than a dollar tomorrow!” – One would assume that’s neither a glass-half-full nor glass-half-empty statement.

Based out of Anguilla, British West Indies, provides a straightforward online form, requiring very little information, for prospective borrowers to complete. Basic determining factors include:

  • 18 years old +
  • Good standing checking account
  • Verified income
  • No other payday/outstanding loans

The double-edge sword permits extension of advances, which might come in handy when that $1,710 is deducted from your paycheque. It also comes with a price tag, as most things do. Instead of paying the full amount on the repayment date, you’re only required to pay the interest. Three extensions later, you’ve paid $630 in interest only. Insert gasp here.

While the reviews published on are from a positive point of view, there are other sites that beg to differ. A few complaints state that interest doubled in the first month of the loan while others concluded that there were unauthorized fees taken from their accounts.

Either way, we can all agree that it’s not as bad as selling your soul to the devil.

Date Reviewed: October 12, 2011, 12:55 pm
Reviewed by melissamac
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Reviewer has never tested this product, all content in this review is purely based on speculation and should be treated as entertainment only.

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