Payday Max is one of several lending solutions available online. It is intended to be a short-term solution for people who need money quickly but can't qualify for standard loans because of credit or lending history issues. Paydaymax operates similarly to other payday cash advance services in that you make direct deposits into your bank account and use it to cover your short-term borrowing until your next paycheck arrives. Here I'll explain how they work, how to get approved fast and how to repay your loan when your next paycheck arrives.
Fees at Paydaymax are based purely on the duration of your loan and term of repayment. There are no fees if you extend your loan beyond 30 days, whether in paychecks or via automatic withdrawal from your bank account. Payday Max has a comprehensive Fees Page on their site, showing you what you will be charged, based on the term of your loan and the amount you wish to borrow. While these fees may look high, in reality the cost of using payday loans and payday max is very low, relative to the convenience and ease of application and repayment. There really isn't any reason to go through the hassle of applying for and getting approved for a payday loan, when you can simply use paydaymax to get you out of a bind quickly.
When you apply for a payday loan at Paydaymax, they'll ask you whether or not you want to opt for a single-payment or multiple-payback option. A single-payment option is ideal for those with only one short-term financial problem to solve. Paydaymax lends money to customers in small amounts, so borrowers don't have to worry about compounding interest and late fees if they miss their next payment. A multiple-payment option, on the other hand, allows borrowers to spread out the cost of their loan over multiple paychecks, so if a customer doesn't have cash available for repayment right away, he or she can choose to make another quick loan for the next paycheck.
If you're worried about your credit scores after applying for a payday advance, you have nothing to be concerned about. Most online lenders will treat all applicants equally regardless of their credit scores. The terms and conditions of each loan detail the rate of interest, fee structure, and penalties for late payments. The bottom line is that the higher your credit score, the lower your interest rate and fees. As long as you pay off your payday advance in full by its due date, you'll never face any late fees or fines.
In addition, applying for a Paydaymax cash advance loan will make your credit scores much higher. Payday cash advances are typically considered "fast cash," which enables them to deposit your requested cash immediately. This means you won't need to wait for a check in the mail. If your checking account isn't high enough, you can even get a debit card with a high credit limit. Then you can use your debit card to make the payment directly to your Paydaymax account.
Although cash advance payday loans do cost money, they often offer better terms than typical short-term loans. Unlike other short-term loans, a Paydaymax loan has a very high interest rate. The fee structure is also typically much less than with a short-term loan from a traditional bank. The best way to decide if a Paydaymax loan is right for you is to carefully consider whether it's really worth the cost. Although cash advance payday loans cost more than typical cash advance loans, they offer the convenience and peace of mind of a fast cash advance when needed most.