It can happen to anyone. An unexpected car repair, an emergency expense, medical care, or a simple budgeting error can throw a checking account into the red.
An overdraft of even a dollar will result in non-sufficient funds fees, so your balances will fall farther into the hole. If you had the cash as a bridge from today until payday, you could avoid penalties and take care of the needs you and your family have.
Suppose there is more month than money when it comes to your cash flow. In that case, you may find yourself looking for options to handle emergencies such as these. Unplanned expenses can throw your budget off for the month, leaving you short in paying other bills, including necessities such as food and electricity.
The website PaydayMark.com is a resource available for finding the best payday loans for your situation, but you should know what you’re signing up for before applying for a loan.
In our PayDayMark review, we will look at the company in-depth, provide a PayDayMark comparison of pros and cons, and offer insight into customer reviews.
About Payday Mark
Billing itself as America’s resource for bad credit loans, Payday Mark helps those who need short-term financial help with information on loans that might be available to them. Payday Mark isn’t a lender, but it acts as a bridge toward needed help.
Bad credit can happen to anyone. Overwhelming medical bills, a shaky national economy, family emergencies, or responsibilities that outstrip finances can leave Americans without access to bank loans or credit.
A payday loan might help. These are usually loans of $1,000 or less that are over a short period, a few weeks up to a month. There’s no collateral involved, and the loans are backed by future income, such as a paycheck, dividend, or another type of income.
These loans are an option for those who cannot go to traditional banks for financial help.
Often, banks will not want to lend smaller amounts of cash – $300 for a car repair needed for driving to work, for example.
That amount, though, would be the difference between going to work and taking care of family needs and perhaps losing a job. That $300 could be the difference between having a checking account that’s balanced or overdrawn, which would leave you further in debt because of bank overdraft penalties.
Banks also turn away customers with subpar credit scores, leaving them fewer options for financial help. If just a few hundred dollars would help keep the lights on, buy food or put gas in a car for transportation to work, these customers usually don’t have access to credit cards. Payday loans may seem like the only option for some.
Personal loans are offered by lenders listed on Payday Mark. These are for more considerable sums, are repayable over longer periods, and are offered to customers who may have been turned away from banks because of their credit scores and consumer histories.
The Pros of Payday Mark
For those who need short-term financial help that a traditional bank won’t provide, Payday Mark has plenty of pros. From privacy and security to free information available 24 hours a day, seven days a week, here are some of the website’s major advantages for consumers.
- Loan options
- Free Service
- Easy Sign-Up
- 24/7 Support
- Privacy and Security
- Responsible Lenders
Let’s break these down and take a deeper look.
Selection of Loan Options
Looking for different short-term payday loan options used to mean putting on a suit and taking time off work to go to various loan organizations on their schedule, not yours.
Today, Payday Mark can be your new best friend in finding those options. With them, you get a wide selection of loan options anytime and on any day of the week, right from your home computer or even your smartphone.
Since Payday Mark isn’t a lender, you can rest assured that you are getting unbiased information about the lenders and the financial options they offer. Once you’ve armed yourself with information, you can decide which is the best option for your unique situation.
There is no obligation to take out a loan from a lender listed by Payday Mark, so if you look at the loan options and decide against them, that’s fine with Payday Mark.
Service is Free
Payday Mark will not charge you for rounding up short-term financial options for you. Service is 100 percent free with Payday Mark since the company receives compensation for advertising from participating lenders.
With Payday Mark, there is never any obligation to take out a loan from participating lenders. Registration is free and simple, so you have nothing to lose by signing up.
Signing Up is Easy
Registering with Payday Mark is fast and straightforward. It can be done online from your home computer or even from your smartphone.
Because you are registering online in real-time, you’ll have access to Payday Mark services quickly. Once they connect you with a lender that matches your qualifications, you can make a decision rapidly. You may even see funds in your checking account the next business day.
The rest of the world doesn’t keep banker’s hours. You shouldn’t have to wait from 9 a.m. to 5 p.m. to get an answer on your short-term loan.
Your job may have you working during the time an in-person loan office is open. That’s why Payday Mark is available 24/7. Whether your shift is first, second or third, Payday Mark can round up offers from short-term lenders who match your qualifications. You can connect with them anytime and get approved quickly and easily, anytime and on any day.
Privacy and Security
Security breaches are regularly making headlines as hackers target popular retailers. Payday Mark has taken essential steps to keep your personal information private and secure. Your personal information is encrypted, and they never sell your information to third parties.
Committed to Responsible Lending
Payday Mark is committed to working with responsible lenders and to educating customers throughout the lending process. While financial decisions are yours to make, Payday Mark provides the information to help you make an educated choice.
The Cons Of Payday Mark
There are cons of using Payday Mark to solve your short-term cash flow problems. Still, these tend to be disadvantages associated with payday lending and not with the offering of information on the Payday Mark website.
Payday loans may seem like a quick solution for financial problems, but they are only a quick fix. They are not a long-term solution to a heavy debt load or chronic financial difficulties. If not paid back in the agreed-upon period, these loans could leave you in worse financial shape due to interest and penalties.
Taking out more cash in a payday loan than you can repay within the period designated will only result in more serious financial woes. Late repayment of loans most likely will result in additional fees and penalties as well as collection efforts.
Keeping all of this in mind, here are a few of the disadvantages of taking out a short-term loan.
- High Interest Rates
- Different State Regulations
- Financial Decisions
We break these down for you below.
High Interest Rates
Those who are yet to establish credit or have bad credit pay higher interest rates for borrowing money. This is because of the higher risk attached to repayment, as credit scores are formulated on information such as your record of paying bills on time.
Short-term lenders on Payday Mark may have annual percentage rates or interests ranging from 200 percent to 1,386 percent. Loans made in states with no limits placed on interest charges may have even higher annual percentage rates.
Personal loans from lenders accessed through Payday Mark have rates that may be higher than those of some credit cards and repayment periods of 90 days up to six years, or 72 months.
If you decide to look for solutions to your financial problems on Payday Mark, be aware that the interest rates will be high and that you will be paying more over time if you choose to renew that loan for another term. This can happen if paying back the first loan leaves you short of cash the following month.
Regulations Differ By State
Customers of Payday Mark should be aware that some states regulate short-term lending more than others. That means that you will see a wide range of interest rates, which is the money charged for the short-term loan. Not being able to charge higher rates of interest for higher-risk loans may make some lenders more cautious in lending.
Payday Mark does not control this, but it is something that Payday Mark users encounter when searching for short-term loans on Payday Mark.
Some states not only prohibit certain types of loans or rates of interest, but they also prohibit the use of the Payday Mark website. This situation is evolving legislatively and is based on concerns over interest rates and the dangers they may present to uninformed consumers.
Payday Mark is not responsible for notifying customers of changes in laws in their states of residence. Knowing and understanding the regulations in their states of residence is the responsibility of consumers.
Financial Decisions are Yours to Make
While Payday Mark is committed to providing customers with the information needed to make the best choices for their unique financial situations, Payday Mark cannot stop its customers from making a choice that will not be in their best interests over time.
Consumers should consider seeking professional advice on their financial needs and why they may be considering taking out a payday loan. As consumers consider taking out short-term loans, they should be aware of the high rate of interest charged and the stiff penalties that can occur if you do not repay the loan on time.
Financial counseling could benefit short-term loan customers and might result in their no longer needing a payday loan to make ends meet each month. These consumers may be overextended, leading to cash flow issues that make even a small emergency loom large.
Becoming better informed as a consumer will help in making financial decisions that will be beneficial in the long term.
Each Payday Mark customer is responsible for their education and their own choices, and Payday Mark does not encourage its customers to take out short-term loans or renew loans. The website only provides information to its customers to decide whether or not to engage in payday lending.
Reviews for Payday Mark
New to the short-term lending industry, Payday Mark may be unfamiliar to many consumers. Reviews aren’t plentiful on this new lending information source yet. Still, because Payday Mark is not a lender or an agent of a lender and only provides information, this is a service many consumers would find convenient and helpful.
Payday Mark makes getting information on payday lending options easy, and using Payday Mark is 100 percent free. Payday Mark never pressures customers to take out a loan from one of the lenders listed. Payday Mark always protects the privacy and security of the personal information of its users.
Payday Mark’s value is in providing information to consumers so they can make their own informed decisions.
Payday Mark FAQs
Here are a few frequently asked questions about Payday Mark and the services provided.
Which States Does Payday Mark Operate In?
Payday Mark is available in most, but not all, U.S. states. Residents of the following states are not eligible:
- New York
- West Virginia
The states served by Payday Mark may change, depending on legislative action in those states.
Which Type Of Loans Does Payday Mark Offer?
Payday Mark doesn’t offer loans. Instead, it displays offers from short-term lenders so consumers can view their options and get in touch with those lenders for more information or take out a payday loan, usually repayable within 30 days, or a personal loan, which is repayable over a longer period, such as 90 days to six years.
Payday loans are typically for smaller sums of money, sometimes as little as $100. These loans are easier to qualify for as opposed to a personal loan, which can be for a larger sum and is repayable over a longer period. The annual percentage rate for interest on personal loans is lower than for payday loans. However, lenders may be more cautious in making personal loans.
These loans are offered through Payday Mark, but not by Payday Mark. Instead, Payday Mark makes it easier to find lenders and view their offers so consumers can compare rates and repayment periods. This allows consumers to make the best choice for their financial situation.
How Do I Qualify For Payday Mark Loans? Do They Require A Credit Check?
Payday Mark is not a lender or an agent of a lender and doesn’t do credit checks or make any decisions based on credit ratings. However, participating lenders that Payday Mark may match you with may perform credit checks with credit reporting bureaus or obtain consumer reports to determine credit worthiness, credit standing, or a customer’s capacity to repay debt.
By submitting information through Payday Mark, users are agreeing to allow participating lenders to verify information provided and check credit. Lending decisions will be made based on credit ratings and repayment histories. Credit checks for loans can affect future credit ratings.
How Much Does Payday Mark Cost?
Payday Mark is always free, and there are no fees for registering or exploring. If a user decides to, or not to, take out any loan from lenders listed on Payday Mark, there’s never a fee or obligation.
Payday Mark is compensated by participating lenders only for advertising services. Compensation from lenders is not contingent upon consumers taking out payday loans or personal loans.
The Bottom Line
According to our Payday Mark review, the company encourages customers to become financially educated to make wise decisions that will pay off for them in the future. Loans are not something to enter into without proper thought or consideration of how the debt will be repaid.
Short-term loans are not meant to be a solution to credit difficulties and long-term debt. However, there are times when a short-term loan, taken out with appropriate thought and planning, can prevent larger debt due to checking account overdraft penalties or late fees from creditors such as credit card companies.
Due to a lack of credit history, bad credit, or the small amount of money needed, some consumers cannot get the short-term financial help they need from the banking industry. That’s where Payday Mark can help consumers by listing short-term lenders based on each consumer’s qualifications and the amount to be borrowed.
PaydayMark.com is a source of information, not a lender or an agent of a lender. The website’s service could be a crucial part of financial information for consumers who need short-term financial assistance, and the best part is that you can apply from home.