Ash The Great | Oct 31, 2017 | 0
100 Day Loans Review – A Short-Term Loan Finding Company
100 Day Loans is a company that offers emergency loans. They get the money to you quickly, but you have to pay it back within just 100 days. In addition, you do not need a stellar credit rating in order to get a loan with 100 Day Loans. As with most emergency loan companies, the interest rate is rather high. It is fairly easy to get a loan with 100 Day Loans, especially if you earn more than $1000 per month, (hint hint, writing that you earn less than $1000 per month will result in an automatic rejection). You also need a checking account, a phone number, and home address. Most of them also prefer that you have a valid driver’s license too.
(Update – If 100 Day Loans contact you saying you are “Approved” for a loan when you have not actually applied for one, then it is a scam. Usually, loan adverts say you are “Pre-Approved.” There are very few legitimate lending companies that claim you are “Approved” before they have all your details and they have ran a soft search on your credit).
eCheck.org Brand Principles
There are very few occasions where getting an emergency loan is a good or wise financial idea. Our website is all about building wealth and gaining financial freedom and security. We advise that you do not consider any form of short-term loan or emergency loan because they are almost always a bad financial idea. Please consider all your options prior to getting a short-term loan with a company such as 100 Day Loans.
For example, if your water bill is going to be overdue if you do not get the loan, then what about letting it go overdue rather than getting yourself into more debt. Even if your water company charges you late fees, it will probably still cost you less than if you went and got an emergency loan.
What Does 100 Day Loans Do?
Despite what it appears like when you visit the website, 100 Day Loans is not a lending company or a lending institution. 100 Day Loans is more like a comparison website. It directs you to different companies who may be willing to lend to you.
You enter your details into the system and the website comes up with a bunch of lenders who are willing to lend money to you. The fact you are not lending from 100 Day Loans is the reason why their “Lending policy” seems so messy when you look it up via online reviews. It is why, on the surface, the company seems to lend to some people at one rate and to another people at a wildly different rate. The same is true despite different people having the same credit rating.
If you qualify for a loan, then there is no obligation to sign up for it. If you do decide that you want the loan on offer, then you need to read the terms and conditions carefully because they are not going go to be good.
Take the time to understand just how much you are borrowing and how much the interest is. There will probably be finance charges, and you need to understand the due dates or date, and just how much you will be required to pay on those dates.
100 Day Loans – Pros
- They are able to get money to you fairly quickly. It is true that other online lenders are able to get money to you just as quickly, but 100 Day Loans will probably find you a loan company even if you have a terrible credit rating.
- 100 Day Loans doesn’t really find you low-cost loans because most of the companies they refer you to are looking to give short-term loans and high interest rates. Nevertheless, like with most loan companies, if you own a house, then they are willing to give you a lower rate for your loan. At the very least, they will be more willing to give you the loan.
- Not making any promises, but in many cases the 100 Day Loans company directs you to lenders who view you as per-qualified because 100 Day Loans did the “sorting” for them. You were swept over to their website, and ergo you are per-qualfiied and they will start the loan process whenever you are ready.
- The website is secure enough, but there is always a risk of a server-side attack. Security is not a big issue until you get to the lender and start uploading your financial details. Never the less, to give 100 Day Loans its due, the website itself is pretty secure.
- I am in two minds about their email policy. If you sign up with 100 Day Loans or get a quote, then you are going to get marketing emails as often as they wish. Obviously, I think that fact sucks. However, on their home page there is a very small link at the bottom of the home page where it allows you to opt out of their marketing emails. This link is not altruistic in nature because it is at the very bottom of the page and it is tiny. Yet, them offering a way for users to opt out of their emails without having to open an email and unsubscribe is fairly uncommon.
100 Day Loans – Cons
- As with every short-term loan company and every emergency loan company I have ever known and reviewed, the interest rates are “Fecking” ridiculous. They start at 6.63% (so they say) and they go up to 225%.
- The 100 day loan name is misleading. Both I and our research team thought that we would have 100 days to repay the loan, but the repayment/due date seemed to vary depending upon your circumstances, your credit rating and the amount you wish to borrow.
- I know that it is a common practice, but many of the lenders you are redirected to will have you sign up for your loan again. This includes websites where you are pre-qualified for a loan. Not all of them, but some of them will ask you to enter all your information again, which is annoying because it shows a lack of consideration on the part of the 100 Day Loans website and the associated lenders.
- Be very careful if they ask for your employer’s phone number because there are individual lending companies that will abuse the number. If you are smart, then you will give them one of your phone numbers and see if they actually call and what they ask or try to get from the person they believe is your employer.
Is 100 Day Loans A Scam?
100 Day Loans is not a scam, but quite a few scammers try to pass themselves off as 100 Day Loans. This is especially true with phone and email scammers. Please be very careful when dealing with companies that claim to be 100 Day Loans. There are plenty of negative online reviews about 100 Day Loans where people have been “had” by scammers pretending to be from 100 Day Loans.
Is 100 Day Loans Right For Me?
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If you are in a situation where you really need the money quickly and you are sure that other longer-term lenders will not lend it to you, and if you are not able to get access to your credit card (or you don’t have one), then maybe you can consider using 100 Day Loans because it is a short-term loan company. However, I strongly suggest that you do not use 100 Day Loans or any other short-term lender because they only make a bad situation worse. If you cannot afford your bills right now, then how do you expect to pay them next month when they are just as bad and yet you also have your new debt bill too.