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Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Payday King's pay off



Customers of this company don't have to think about terms like paying off and the repayment period. Instead, repayment is made by withdrawing the agreed repayment amount from the account the next day after the paycheck arrives, sparing the borrower the time and effort to pay the loan back in person. Alternatively, you can send the required funds via Electronic Money Transfer.

Conditions of loan extension

Payday King does not publish the conditions for a loan extension. However, it recommends not to borrow more than you can repay and, most importantly, contact its team as soon as possible in case you are going to default on your loan. Payday King does not provide refinances, rollovers, or extensions to its loans in any jurisdictions that prohibit refinances, rollovers, or extensions.

Early payoff

Payday King does not mention any early repayment fees, but that does mean they do not exist. In this case, the best solution is to read reviews on this Lender on the Internet.

Tips on how to pay more efficiently

To have a positive experience with the Lender's company, make sure you never fall behind on your payments. Payday King has severe penalties for nonpayment. Each unpaid loan is subject to a $49.50 fee. In addition, any outstanding balance will incur a 59% annual interest penalty.

That's why it's essential to make sure that you have enough money in your bank account to make your subsequent payments.

Also, before you finalize the loan amount, you need to assess your financial needs. Even if you do not use a portion of the loan, you will still have to pay interest.


How do I make a payment on Payday King?

You won't have to pay the loan manually because each payment will be deducted the day after receiving your paycheck from your account—still, there is an option to repay your loan via Electronic Money Transfer.

What happens if you don't pay back Payday King?

It is better not to allow delinquencies because you will have to pay a penalty of $49.50 NSF for each failure, plus you will be charged an annualized interest of 59% that will accrue from the loan repayment date up to and including the eventual repayment date. Moreover, the case could be passed on to collection agencies to recover the debt.

Can you pay Payday King early?

Payday King does not mention this possibility. In any case, you could try to contact its customer care to find out if you can settle your loan early.

Can Payday King sue you?

If collection agencies are already handling your case, there is a significant possibility that you could face legal action. Like any other company, Payday King has every right to sue you if you default on your loan agreement. However, it is much more rational to honor your commitments and not let it come to this.

Calculate loan payments in Payday King

Payday King calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount

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Loan term

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What to pay attention to when applying for a loan from Payday King

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Payday King from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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