Payday Max Review: The Good, The Bad, and The Ugly
If you’re here for a brutally honest Payday Max review, then that’s exactly what you’re about to get.
Right now, you’re probably wondering a couple of things. First, you’re probably wondering “how did I get myself into this financial mess?” That’s okay, because we’ve all been there. I know I have. If you play your cards right, and use your head, things can get better.
Sometimes it just takes a bit of catching up, which obviously is why you’re in the market for a payday loan in the first place.
You’re also wondering if you’re about to make a smart decision or a grave decision going with Payday Max for a quick turn around loan.
The truth is a little bit in between, and I’ll explain that as I go through this review.
First, the Brutal Truth Upfront…
So I understand you’re in a financial mess, and you want to get out of it. That’s all fine and good.
I also understand the need for a payday loan at times. It’s just how life is. You get behind on bills, or an emergency creeps up on you, and you need to get out of it no matter what.
But here’s the truth…
Payday Max is good for a quick turn around loan, and they’re actually quite easy to get approved with, and the whole process can be a very quick turn around.
However, if I’m being completely honest I would say that this payday loan should be used as a last resort. In other words, you should probably try AmeriAdvance or Cash Net USA first. These are both great and they’re fairly easy to get approved with.
But they’re likely not as easy as Payday Max is…which could be part of the appeal to you depending on your situation.
So Is Payday Max Terrible Then?
The short answer to that is NO, they’re not terrible, as long as you know the truth about them and you understand the risks.
My reason for not liking them as much as, and being able to rate them as highly as the other’s is because of the fact that they’re based overseas. They’re not a U.S. based lending company, nor are they even actually a Canadian based company. They are based in Bermuda.
That does cause me to hesitate when using them.
With that all being said though, there are some good things about this company…
First let’s talk about YOU.
Right now you’re in a bit of a mess, and you need a quick loan until your next paycheck. So that basically means that right now, you’re looking to get approved for a loan quickly and even more importantly easily. The fact is that your best chance of getting approved is probably through Payday Max, even though they do make you jump through a bit more of hoops to get it.
Little ironic there, but still…because of the fact that they’re not U.S. based, makes me pretty sure that their approval process isn’t nearly as tough as the other companies that I’ve recommended on this blog and in my reviews.
In fact, for a smaller and short term loan, Payday Max is actually quite competitive. Their loan fees ($18.62 per $100 borrowed applied to loans of 7 to14 days) are a bit below the industry average.
Their qualifications are pretty reasonable…
- You must be 18 years or older
- You’ll need a valid checking account that’s in good standing
- They want you to have a verifiable income (they do want to get paid back)
- They don’t want you to have any unpaid cash advances or payday loans from other lenders
- You’re in the Clear Even With Bad Credit…
If you’ve ever thought that borrowing money was impossible because you have bad credit, in most circumstances you’re right.
But with most payday loans, and especially Payday Max, your credit really has no affect whatsoever.
They only check to see if you’ve had outstanding bank balances, if you already owe a payday loan company, or if you’re in the middle of a bankruptcy.
Unlike some other lenders, past bankruptcies don’t really matter…as long as they were in the past. So that’s another spot where they’re much more lenient and therefore may make them the lender for you. Again, sometimes depending on the situation, the risk/reward balancing act has to come into play.
How It Works With Payday Max…
Basically you’ll head over to their website, fill out an application (which is about 5 pages…a little longer than some others).
Then you may have to fax some things over, such as a copy of your bank statement and a voided check. This is so that they can verify your income and that your bank account is positive. Again, this is not standard anymore and other companies like Pay Day One for instance do not require this step.
Once approved your loan will be deposited right into your bank account!
Repayment will depend on your specific loan, but generally it’s due in about 14 days, and withdrawn straight from that same bank account automatically by Payday Max.
So What’s the Bottom Line?
If you’re in a position where you need money fast to settle an immediate problem, then a payday loan can sometimes be that quick and easy solution for you.
However you’ve got to make the decision of how desperate you are for this money. As I said, I would definitely give 100 Day Loans or Pay Day One a look before going with Payday Max because they’re U.S. based and there’s no faxing. Also for extensions on loans the price is a bit high with Payday Max.
But in a tough time sometimes you have to go with who you’re most likely to get approved by, and that would likely be Payday Max if your situation is iffy – such as you’ve had some bankruptcy issues in the past for instance.
All in all they’re not a terrible company, just not my first choice.
If you’ve read this Payday Max review and feel like they may be the best chance for you to receive a payday loan then go fill out your application by clicking here now!