PayDay One (http://www.paydayone.com) is a great option for getting loans online. The service is professional, and at $15 for every $100 borrowed for 14 days (interest rates vary by state), they are the best deal online.

So, before bouncing yourself to the poor house with returned check charges, over the limit or late fees, check out your alternatives. This service may be a good choice to get you out of a rough spot and Payday One will prorate your fee if you pay off your balance early.

This service provides two ways to apply (online and over the phone), and all lenders are US based, authorized, and state licensed. PayDay One is available in 31 states, and have the lowest interest rates we’ve seen. PayDay One even has a Great Rate Guarantee, which means they will match any lower priced loan you may find (from similarly licensed online lenders).

Secure Site:   Excellent

PayDay One appears to support safe transfers of personal information and they are SSL secured. However, since they work with a number of lenders, check for encryption indicators such as the “https” in the URL and the padlock in the right bottom of the screen. Additionally, do not send personal data like your social security number through an unsecured email account.

The PayDay One website is McAfee and VeriSign secured. furthermore,PayDay One is an accredited business by the Better Business Bureau.

Ease of Use:   Excellent

We found the application easy to fill in and submit and they rarely request additional information. You receive instant approval or denial and if approved, funds are deposited the next business day.

PayDay One also doesn’t require you to fax them anything, and was the first lender to offer fax-free loans. Not having to locate, go to, and pay for a fax machine makes the loan process a whole lot easier.

The application online is quite simple, and can be filled out and submitted at any time. You can also apply for the loan over the phone (7am to 8pm M-F, 8-5 Saturday, Central Time). Loans made before 5 pm (CT) are credited the next business day. The whole process is straightforward and easy, and the user interface for applying and managing payments is simple.

Cost of Loan:   Excellent

PayDay One has the cheapest finance charges of any of the services we looked at—others offer introductory rates but PayDay One’s are the cheapest all around. Interest rates vary by state, but we found several as low as $15 for every $100 you borrow, which amounts to an APR (Annual Percentage Rate) of 391.07% based on a 14–day loan. While extremely high on an annual basis—it’s less than half the cost of some, and significantly less than the majority of services we reviewed.

We could not find any information on how much it costs to refinance or extend a loan, so be sure to check this information out before you agree to a loan or extend a due date.

Customer Service:   Excellent

Although not perfect in this area because live chat is not offered—PayDay One does offer several ways to contact them for further information including a FAQ page, email and a telephone number.

Keep in mind that a loan may be offered through a different source and you may be required to work with their customer service.

Summary:

PayDay One offers the lowest finance fee we could find and offers a great overal process. If you are facing a potentially expensive financial predicament, and need quick relief, this service is worth investigating.