PayDay bank sounds nice as it has proper loan issuance protocol and PayDay Card makes it extremely convenient to access ones loaned amount and repay it back.
Honestly, everything related to banks, you need to carefully study the information on the interest on loans and how they will charge interest. In general, the new system of bank loans is a step in the new time of all financial services.
If you decentralize the loan business there will also be much more transparent competition for lower interest rates. Right now you can't really tell whether banks collude and increase interest rates to have a better loan business. In a decentralized world collusion is not possible.