ActionPayday.com is both a direct lender and a loan matching service. It is a subsidiary of FSTT Financial Services, a company entirely owned by the Flandreau Santee Sioux Tribe, which operates within the Tribe's reservation in South Dakota. Its loans are therefore subject to the laws and regulations of the Flandreau Santee Sioux Tribe.
The Washington State Department of Financial Institutions has a consumer alert on Action Payday for conducting business in Washington without a license and for withdrawing excessive fees, not providing the company's location, sending unsolicited loan applications and obtaining personal information from consumers without their knowledge or consent. (http://www.dfi.wa.gov/consumers/alerts/action-payday.htm) It seems like ActionPayday.com has since stopped doing business in Washington.
FSTT Financial Services provides payday loans through ActionPayday.com to eligible customers. Customers who don't qualify for a loan are directed to ActionPayday's loan matching service, which connects them to compatible lenders in the network. Eligibility is determined through a short form that takes a few minutes to complete. In some cases borrowers have to fax documents to substantiate the information submitted online.
Interest rates vary from 353.23% for 31-day loan and 368.75% for an 8-day loan. ActionPayday.com charges a $30 fee for every $100 borrowed. This means a $500 loan has a $150 finance charge, whether you pay it in 8 days or 31 days. The equivalent APR changes depending on the term of the loan.
First-time customers can borrow up to $500. Return customers who have paid previous loans can gradually increase their maximum loan amount to $1,500.
ActionPayday.com's payday loans and loan matching services are not available in Arkansas, Colorado, Georgia, Ilinois, Kansas, Massachusetts, Maryland, Missouri, New Hampshire, Oregon, New York, Pennsylvania, Washington and West Virginia.
As with most payday lenders the application process is fast and simple. The form only takes minutes to complete and the eligibility requirements are minimal. To qualify you must be at least 18 years old, have a regular source of income, an email address, a verifiable phone and an active bank account. ActionPayday.com will not perform a regular credit check but they might look into your prior loan history with payday lenders.
ActionPayday.com provides both lending and loan matching services. This can save you time by providing access to its network of lenders, if you don't qualify for a direct loan with ActionPayday.com. However, take into consideration that by using this service customers authorize ActionPayday.com and its lending partners to send promotions and offers without limitation by email, telephone and direct mail.