In this 100 Day Loans review, were going to give you an unbiased look at what they do, how they do it, and whether or not you should do business with them. In the payday loan industry there are two types of companies that you usually run into. There are the lenders themselves, and then there are the affiliate websites that make their money by generating leads for the payday lenders.
No type of company is better or worse than another based purely on type. Just as there are some good payday lenders and some bad ones, there are good affiliate sites, and lousy ones as well. It is our belief that 100 Day Loans is one of the better payday loan affiliate sites in existence. They don’t make outlandish claims and try to glorify payday loans like some sites do.
What’s in a Name?
The biggest thing you have to remember about 100 Day Loans is that the name is a misnomer. It’s actually just a regular payday loan that will be doing the next payday. Many people are under the impression that you get 100 days to pay the loan off. This would make it similar to an installment loan that you can pay off over time, but this is not the case. If you get paid weekly, your loan will be due in one week and if you get paid biweekly, your loan will be doing two weeks. If you get paid monthly, your loan will be due next month which would be the longest amount of time you would have to pay the loan off.
Deal Direct or with an Affiliate?
100 Day Loans is not an actual loan company, but rather a middleman that connects you to a network of lenders that process the actual loan. You may be wondering how 100 Day Loans gets paid if they’re not the actual company that does the lending. They collected affiliate fee by providing the lead i.e. your information, to the lending companies. This doesn’t increase the amount of your loan, it says the fee that the lending company must pay in order to get new business.
Some people prefer to deal directly with the lender, a 100 Day Loans does offer some added benefits that you don’t get when dealing direct. For example, your information is potentially more secure by using 100 Day Loans because they use state-of-the-art encryption software. If you’re dealing with a smaller lender, they may not be allowed for this type of encryption. Also, the enough time to take to apply to many different lenders at one time justifies using one service that applies to many different lenders all at once.
Another benefit to using 100 Day Loans is that you have a third party involved in case of any problems. Sometimes, when you are dealing with the lender directly you may not be set aside at their level of customer service we may run into a problem during the transaction. 100 Day Loans conserve as a sort of moderator or a go-between between you and the lender.
A Typical Payday Loan
It’s important to remember this is just a standard payday loan even though they don’t use the word payday loan very much in the copy on their website. You’ll still have to provide the same information you would in order to get accepted for the loan including your pay stub, bank account information, and other personal identification. You will not need to fax this information, because 100 Day Loans is a no fax payday lender.
An added benefit of using 100 Day Loans is that they don’t do credit checks. If you’re tired of applying for loans and getting rejected because of your bad credit, it will be refreshing to go with 100 Day Loans because even though they ask for your Social Security number they won’t be using it to run your credit. Additionally, none of the lenders that they use will be checking your credit either. This is just the benefit of using a payday loan lender, and not a standard loan company.
Another appeal to using 100 Day Loans is that you get instant approval in most cases you don’t have to wait around wondering if you are accepted or not. They also claim that 4 out of 5 people that apply get approved right away. If you’ve ever applied for a loan and waited days to get an answer you’ll appreciate this feature.
In some cases, albeit rarely, you could even have the cash in your account in as fast as one hour. Typically though, you can expect it the next day but sometimes the same day.
The application process is done completely online so you don’t have to worry about sending in forms or faxing them. The other great benefit is that the approval process is also done completely online so you don’t have to worry about staying near the phone or answering any questions from the lenders because all the information they need is collected in the application process.
One thing that we didn’t like about 100 Day Loans and that on their site it says you can get financial freedom with them. There are many ways to get financially free, but taking out a payday loan is not one of them. Everything else about their website is fine, it’s just that one statement that rubbed us the wrong way.
100 Day Loans Application Process
During the application process you’ll be asked if you’re in the military or not. This is because military personnel cannot take out payday loans because of the law that was enacted in 2007.
The minimum amount that you can take out his $100. The maximum appears to be $1000. After entering your basic information such as first and last name, street address how much you wanted take-out, how long you been living at your address, your date of birth, Social Security number, driver’s license number, and whether or not your homeowner.
Next they’ll want to know about your employment. You have to put your employer name, what type of income you have, your employer’s phone number, how many months you been employed, how often you get paid, when your next payday is, how your paid, whether direct deposit or a paper check, and how much your monthly income is.
The third step is just entering in your bank account information. Of course, lenders will say that they’re only collecting your bank account information in order to send you your money. But we are wise enough to know that this is also their method of collecting your loan on the due date. The standard information is required, like what type of account that is, how long you’ve had your bank account, the routing number, your account number, the bank’s name, and the bank’s phone number.
Terms and Conditions
The terms and conditions that you agree to basically reiterate the fact that 100 Day Loans is not a lender. Much of the fine print is used to make sure that you understand that they have nothing to do with the remaining transaction, and that their main function is to get you to complete the application.
Is 100 Day Loans a Scam?
100 Day Loans is definitely not a scam. The only thing that makes people wonder if it is or not is the name. If you’re expecting to have a loan for 100 days, that’s over three months, you’re going to be sadly disappointed when you find out that your loan is due next week, or two weeks from now. Why they chose the name that makes people believe they will have 100 days to pay off their loan is beyond the scope of this page.
100 Day Loans provides the services that they say they will the way they say they’ll do it. You enter in all of your information during application process, and they pair up your application with a lender that offers the best rate, the best terms for the information you provided.
Another reason people might think this is a scam if they think that 100 Day Loans is an actual lender. After they processed your application, 100 Day Loans claps out of the transaction. It’s now between you and whichever lender they pair you with, which may leave some people feeling duped.
Calling Their Toll-Free Number
100 Day Loans is unique in that they offer a toll-free customer service line where you can apply for a loan over the phone and speak to an actual person. When you make the call first you have to deal with an automated that will collect some basic information from you. Once you answer all the questions correctly you be put in touch with a live operator that will complete your application.
Many affiliate companies such as 100 Day Loans do not have a phone service like this. Having a staffed phone line is a giant expense for a company that doesn’t actually do the lending. This shows that they must be doing something right in order to offer a service such as this.
If you need a payday loan, we recommend going with 100 Day Loans so that you don’t waste time trying to determine on your own which lender has the best rates for your situation. The loan process is as easy as they can make it, and the approval process as fast as possible. The matter which payday loan company you end up going with, the rates are going to be pretty atrocious. So why waste time dillydallying when all you have to do is fill out a quick app and have approval within minutes?
100 Day Loans may not be perfect, but it’s definitely not a scam, and can actually be helpful when trying to take out payday loan.