Payday lenders are a dime a dozen these days, but even in a crowded market, Payday King does their best to set themselves apart. With clear policies and a setup that favours those who keep coming back to them again and again, this particular lender has a lot to offer even if it sits at a similar price point to its competitors.
Payday King’s Loan Fundamentals
On the surface, Payday King’s loans are much like what you would get from any other similar lender. It’s possible to borrow up to $1,000 at the top end of things (although this isn’t available to every customer, as you’ll see below), and no matter how much you decide to take, you’ll be responsible for paying it back with interest within 14 days. If you don’t pay your funds back at the end of those 14 days, you will be charged $49.50 as a penalty. You may also be liable for non-sufficient funds fees from your bank, but that depends on your individual situation and the bank you are using.
As for the interest rates, they hit right on the maximum amount that many provinces allow payday lenders to charge, a very high 546% APR. This lender does not currently serve Saskatchewan, Manitoba, BC or Alberta, most likely because they have different regulations regarding those limitations. If you do not pay up on time, you’ll be subject to interest at a rate of 59% per year. If you continue to leave your account in delinquency, the lender will turn your account over to a collections agency to pursue payment as necessary. There are no other fees or charges to worry about beyond these ones, however.
Repayment happens automatically, helping you avoid those heart-stopping moments when you realize your loan is supposed to come due that very same day. As long as you have enough money in your account to complete the transaction, you don’t have to worry about that process at all. However, keep in mind that that late payment fee discussed above still applies if you let the repayment go through via the automated process while not having the funds to cover it, so you should be very careful about keeping at least enough money in your chequing account to fully pay off your loan as soon as you get within a few days of the due date.
The Difference That Clarity Makes
This might seem like a lot of information, but in truth, the average prospective lender would not have to look very far to find it themselves. It’s all listed in normal-sized font right on their homepage, so it’s safe to say that transparency is a benefit you can count on when it comes to this lender. Many payday lenders would try to hide this information or at least would make you look for it if you happened to need, hoping that keeping these details off the prominent parts of their website and documentation will make their loans seem more appealing. That’s an understandable approach to take, but it isn’t always the best choice for the consumer. With Payday King, you and your comfort and level of understanding are the priority, and that’s a great reason to choose them all on its own.
Perks For Borrowing Again
Many payday lenders are happy to serve you just once, but Payday King is different. They specifically position themselves as being friendly to repeat borrowers. The minimum you can borrow from Payday King is $100 in all cases, but the $1,000 maximum is not available to everyone, at least not at first. The usual limit is just $150 for first-time borrowers, which won’t be useful in many situations. Still, even that small amount of money can go a long way, and you can eventually build up a reputation with the lender that will bring you closer to the maximum amount. The more you borrow, the more you get.
If you’re a returning customer, Payday King also makes things even easier for you on the logistical side by allowing you to log in to the account you would have set up the last time, streamlining the application process even further for you. When combined with the added chance to qualify for an increased loan limit on subsequent applications, it’s obvious that this lender really likes to encourage their borrowers to become repeat customers and keep coming back to them over time. That’s great news for people who think they might need more loans in the future, because it signals that they value your business and prefer to develop a rapport with the people they serve rather than just sitting back and collecting their money. It’s not usually recommended to rely on payday loans like this in the long term, but if you’re going to do it anyway, you could do worse than to turn to Payday King in particular for that service each time.
Payday King’s Online Reputation
Gauging what people think of Payday King can be a tricky process because opinions are so divided. Though the company has only 2.5 stars on Trustpilot, the reviews that make up that score are almost perfectly split between 1-star and 5-star reviews. This suggests that getting a loan from them is a polarizing experience that not everyone enjoys, but that will also be a perfect fit for others with different needs. You should consider which one you’re more likely to be before you sign up, or you might regret your decision – that’s not an outcome that would serve either you or this lender.
Are They Worth It?
Payday King loans are ideal for people who need a lender who can offer them a small amount of money in a predictable and transparent manner. If you anticipate that you might be going back to them multiple times, you can expect an even better experience. While ideally you won’t ever take out these loans unless you really need them, this company is not a bad option if that is the case.