My Symple Loan Review : The Pros and Cons of This Payday Loan Company 2024

Payday loans can provide fast cash when you need it, but they also come with high-interest rates and fees. My Symple Loan is an online payday lender that offers quick loans with flexible repayment terms. In this My Symple Loan review, we’ll take an in-depth look at their services, interest rates, repayment options, eligibility criteria, and more. Read on to learn if My Symple Loan is the right lender for your short-term borrowing needs.

Overview of My Symple Loan

My Symple Loan provides short-term, unsecured personal loans ranging from $100 to $3000. Approved borrowers can get their loan funds as soon as the next business day after approval. My Symple Loan offers payday loans, which are designed to meet emergency or short-term needs until the borrower’s next paycheck.

This online lender is not a direct lender but works with a network of third-party lenders and tries to match borrowers with a lender offering suitable loan terms. The company was founded in 2015 and is headquartered in Delaware.

Loan Amounts and Terms from My Symple Loan

  • Loan amounts range from $100 to $3000
  • Loan terms are 7 to 31 days
  • Extensions may be available but they come with additional fees
  • Payments are due on your next payday

The amount you can borrow and the loan term offered depends on your income, existing debt, and state lending regulations. My Symple Loan sets lending amounts and terms based on what their network of lenders is willing to offer you.

Interest Rates and Fees Charged by My Symple Loan

My Symple Loan itself does not disclose upfront fees or interest rates charged since these can vary widely based on your state, credit profile, income, and other factors. Here are some common fees and APRs associated with My Symple Loan:

  • Origination fees up to $30 per every $100 borrowed
  • Approximate APR of 400%
  • Late payment fees of $15 to $30 after a 10-day grace period
  • Non-sufficient fund fees of $15 to $30
  • Extended payment plan fees of $50 every 14 days

Since My Symple Loan works with third-party lenders, your actual costs may be higher or lower. Be sure to carefully review the full loan terms before accepting an offer.

Eligibility Requirements from My Symple Loan

To qualify for a payday loan from My Symple Loan and their network of lenders, you must meet the following eligibility criteria:

  • Be at least 18 years old
  • Have a regular source of income
  • Have a valid checking account
  • Have a working phone number and email address

When you apply, My Symple Loan will request access to view your bank account transactions and statements to determine your income sources. Lenders will check your income, existing debts, and credit report to make a lending decision.

You do not need good credit scores or to be employed to qualify. The lenders just want to see you have regular income sufficient to repay.

My Symple Loan’s Application Process

Applying for a loan from My Symple Loan takes just a few minutes online or via your mobile device. Follow these steps:

  1. Go to and click “Apply Now”
  2. Enter your basic personal information like name, address, date of birth
  3. Provide your income source, bank account details, employment info
  4. Enter the loan amount and term you require
  5. Provide a valid ID, bank statements, and any other documents required
  6. Read and accept the loan terms and e-sign the agreement
  7. My Symple Loan will connect you with a lender who may transfer funds as soon as the next day

Before accepting a loan offer, be sure to carefully read the terms, repayment schedule, total fees and interest due, and other details. Get clarity on any confusing parts of the agreement.

Repayment Options Offered by My Symple Loan

My Symple Loan offers the following options to repay your loan:

  • Pay in full on your next payday– This is the standard repayment schedule where the lender will withdraw the full loan amount plus fees from your bank account on the agreed due date.
  • Extended payment plan– Some states allow a 60 to 90-day extended plan to make multiple smaller payments, but additional fees apply.
  • Early repayment– You can pay back the loan early without penalty to minimize interest charges. Make payments via bank transfer or debit card through the My Symple Loan portal.
  • Automated repayment– Most lenders will require agreeing to automated withdrawals from your bank account on the due date. Make sure funds are available to avoid insufficient fund fees.
  • Online portal payments– My Symple Loan has an online portal where you can log in and make one-off payments toward your loan as needed.

Always communicate with the lender if you anticipate having trouble repaying on time and see if alternative arrangements can be made. Late and non-payment can badly damage your credit score.

How to Qualify for Same-Day Funding from My Symple Loan

My Symple Loan advertises that funding may be possible on the same day you apply if you meet the eligibility criteria. Here’s how to improve the chances of same-day approval and funding:

  • Apply early in the day– Loan applications submitted before 10 am on weekdays stand the best chance.
  • Provide all requested documents– Submit bank statements, pay stubs, W2s, and a valid photo ID to speed up verification.
  • Meet income thresholds– Lenders look for a monthly take-home income of at least $1200 or a weekly take-home of $500 minimum.
  • Have an account with direct deposit– Having your paycheck directly deposited to your bank can help show reliability.
  • Borrow a smaller amount– Loan requests below $500 tend to get same-day handling.
  • Have an open and active checking account– Your account should have a positive balance and show regular transactions.
  • Have a contactable phone number and email– So the lender can get in touch quickly if any queries come up.

Same-day loans are not guaranteed. But following the above tips can help give your application priority handling.

Pros of Getting a Payday Loan from My Symple Loan

Here are some potential advantages of using My Symple Loan for short-term borrowing needs:

  • Fast approval and funding– My Symple Loan promotes approvals within minutes and funding as soon as the next business day for qualified applicants.
  • Simple application– Their online and mobile process is straightforward. You just need basic personal and employment details.
  • Works with poor credit– Having bad credit scores does not disqualify you as with banks and credit cards.
  • Direct lender matching– My Symple Loan works with a network of lenders across many states providing good approval odds.
  • Flexible loan terms– Borrow for as little as a week or as long as a month depending on your pay cycle.
  • No collateral required– The loans are unsecured so you don’t put assets like your home or car at risk.

For quick access to funds during an emergency, My Symple Loan makes it easy to get approved as long as eligibility criteria are met. Just make sure to only borrow what you can afford to repay.

Cons of Getting a Payday Loan from My Symple Loan

While payday loans provide fast cash, they also have some drawbacks to consider:

  • Very high-interest rates– APRs of 200% to 700% are typical, making costs excessive if not repaid quickly.
  • Risk of debt cycles– The short terms make it likely you’ll need to reborrow, incurring new fees each time.
  • Aggressive collection practices– Defaulting can lead to calls from collectors, bank account withdrawals, and legal action.
  • Fee heavy– Origination fees, late fees, and insufficient funds fees can multiply costs.
  • Credit damage if unpaid– Like any loan, not repaying in full and on time hurts your credit report and scores.
  • Eligibility limitations– Those with very bad credit or no checking account may not qualify with any lender.
  • Uneven lender terms– Loan costs and terms can vary widely depending on the lender you get matched to.

Payday loans can make sense for true emergencies if used carefully. However, safer borrowing options like credit cards or family loans may be available at lower cost.

Alternatives to Consider Before My Symple Loan

Due to the high costs, payday loans should be a last resort. First, explore these My Symple Loan alternatives for access to cash:

  • Get a credit card cash advance– Credit cards charge high interest too but likely below short-term loan rates.
  • Ask your employer for an advance– Some companies will provide paycheck advances interest-free or at a low cost.
  • Borrow from family or friends– People close to you may offer low or no-interest financing. Offer to sign a contract.
  • Apply for an installment loan– Banks and credit unions offer installment loans up to $5000 or more with lower rates.
  • Get help from nonprofits– Organizations like United Way provide 0% interest loans and other assistance.
  • Consider 401k/IRA withdrawals– You can take loans against your retirement accounts and pay yourself back over time.
  • Negotiate/extend your bills– Contact utility companies, mortgage lenders, etc. to request due date extensions or payment plans.
  • Use low and no-interest credit cards– Shift balances to cards offering 0% intro APRs on purchases and balance transfers.

Exhaust safer borrowing options before turning to high-cost lenders like My Symple Loan. But if you do need their services, borrow conservatively and repay on time.

The Bottom Line – Is My Symple Loan Recommended?

My Symple Loan provides easy access to payday loans ranging from $100 to $3000. The quick approvals and next-day funding make these loans helpful for covering emergency costs when other funds are not available quickly enough. Just be sure to only borrow what you absolutely require and can realistically repay by your next paycheck.

The very high-interest rates of 400% or more make payday loans expensive. Also, consider the risk of reborrowing when initial loans come due before you have full funds to repay. This can trigger a downward debt cycle.

For occasional emergency borrowing used responsibly, My Symple Loan does offer a valuable service thanks to fast approvals, no credit minimums, and direct lender matching. Just be prudent when using payday loans and exhaust safer alternatives first whenever possible. Only you can decide if the convenience and quick cash are worth the steep costs.

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