In a Nutshell: Better Day Loans is a tribal lender that charges astronomically high interest rates for small loans to borrowers with less-than-perfect credit. Even though the lender claims it could be able to provide your funds rapidly, you should only use this loan as a last resort. Editor’s Note: Intuit Credit Karma is compensated by outside advertisers; however, this has no bearing on
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Days Loan and What They Offer
Hello everyone! It’s likely that you have found Days Loan if you have been looking for information on payday loans. These people present themselves as direct lenders, providing online payday loans and quick cash advances even to borrowers with poor credit. But are they trustworthy, or are they just another predatory lender? We’ll talk about day loan reviews from past clients here.
In order to provide you with the truth about Days Loan, I made the decision to dig deep. I looked over their website, went through a number of client testimonials, and got all the information about their costs and rates. People, buckle up—this is going to be an exciting ride!
Overview of Days Loan’s Payday Loan Options
Depending on your state’s regulations, Days Loan provides online payday loans and cash advances with amounts ranging from $50 to $2,000. Here are the basics:
- Loan amounts: $50 to $2,000
- Term lengths: Varies by state, but typically 7-31 days
- Interest rates: Runs from about 150% to over 700% APR
- Origination fees: 10% or more of the loan amount
- Payment: Automatically taken out of your bank account on the due date
They heavily promote their guarantees of instant approval decisions to people with poor or no credit. But beware – these loans come with sky-high rates!.
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Breaking Down the Pros and Cons of Days Loan
I prefer to be upfront and honest with any lender about the pros and cons. Based on my research, the main benefits and drawbacks of Days Loans are summarized as follows:
Pros
- Fast online applications and approval decisions
- Direct lender, so no middleman
- Doesn’t check major credit bureaus
- Deposits funds quickly into your bank account
- Online account dashboard access
Cons
- Very high-interest rates and fees
- Short repayment terms with a single lump sum due
- Will hit your bank account hard on the payback date
- No early repayment discounts
- Not transparent about rates and fees
Here, there are undoubtedly some warning signs that borrowers need to be aware of. Although the speed and ease of access are nice, the exorbitant fees, in my opinion, outweigh the advantages.
What Are Days Loan’s Interest Rates and Fees?
This is where things get ugly, my friends. Days Loan attempts to conceal its true interest rates and costs, but the details are as follows:
- Interest rates range from approximately 0% to more than 700% APR, depending on your state.
- Origination fees: Up to 10% of the loan amount
- Late fees: Up to $30 after a 5-day grace period
- NSF fees: Up to $25 if automatic payment fails
Compared to other payday lenders, they assert to provide more “flexible” terms. However, their rates are actually just as exorbitant as those of other predatory lenders. We’re talking 200% rates in some cases! Definitely take caution.
What’s the Maximum Loan Amount From Days Loan?
Depending on your income level and the state in which you reside, Days Loan offers maximum cash loans of $50 to $2,000. Here’s a quick peek:
- California: Up to $300
- Florida: Up to $500
- Idaho: Up to $1000
- Illinois: Up to $1250
- Indiana: Up to $550
- Kansas: Up to $500
- Missouri: Up to $500
The restrictions are determined by state statutes governing payday loans. days loan is not permitted to give you more money than your state’s maximum amount, even if it is approved. Good to know before applying!.
How Long Does It Take to Get Funds From Days Loan?
Days Loan advertises that they deposit approved loan funds fast. Here’s a look at their timeframe if accepted:
- Application: Minutes to complete online
- Approval: Instant automated decision
- Funding: As soon as the next business day after approval
Thus, in most circumstances, you could apply on Monday morning and have the money in your account by Tuesday. Definitely rapid compared to traditional loans. But that quick cash comes at a steep price.
What’s the Best Way to Get Approved by Days Loan?
Days Loan promises a fast approval process. But here are some tips to boost your chances:
- Have an active checking account and a reliable income source
- Submit your application early in the day on a weekday
- Have ID, banking info, and references ready to go
- Start with a smaller loan amount your first time
- Set repayment dates on or right after your paydays
In the event that you have consistent income to repay the loan, you may be approved even with bad credit. But take caution—their quick approval may tempt you to take out larger loans than you can afford. Stick to what you need.
What Happens If You Default on a Days Loan?
Days Loan treats defaulted loans with the same severity as any other lender. Here’s what can happen if you miss payments:
- Repeated late payment fees eating into your balance
- Increased interest rates up to state maximums
- Harassing calls and messages from Days Loan collections
- Potential legal action and wage garnishment
- Huge hit to your credit standing and ChexSystems rating
It’s not good news to get caught up in a predatory payday loan cycle. Make sure you have tried all other less expensive options before turning to payday lenders like Days Loan. Avoid the debt spiral!.
Are There Any Discounts or Promotions From Days Loan?
Days Loan uses promotions and discounts like these to entice customers.
- Referral and loyalty discounts
- First loan-free promos (still pay fees)
- Gift card bonuses
- Giveaway contests and sweepstakes
However, be sure to read the fine print as most of their promotions have significant requirements or have very little chance of succeeding. You’re better off looking for lower-rate loan alternatives.
How Can You Pay Off a Days Loan Early?
Unlike some lenders, Days Loan doesn’t make it simple or offer incentives for early repayment. You typically have these options:
- Pay back the full balance early – no discounts though!
- Make partial payments to reduce the final debit
- Request an extension if allowed in your state
- Refinance or consolidate into another loan type
- Simply default and deal with the consequences
If at all possible, stay away from rollovers and extensions as these will keep you stuck in a perpetual cycle of payday loan debt. Have an exit strategy!.
Alternatives to Risky Payday Loans Like Days Loan
To be honest, payday loans ought to be considered an absolute last resort. Before applying for Days Loan, exhaust all other better options:
- Borrow from family and friends
- Payment plan with creditors and bills
- Traditional bank personal loan
- Employer cash advance against your paycheck
- Credit union payday alternative loan
- Crowdfunded lending communities
- Debt management services and credit counseling
- Balance transfer credit card promos
- Interest-free financing from merchants
- Local non-profit and charity assistance
Don’t be seduced by flashy advertisements and easy accessibility into payday loans like Days Loans. There are many less sly solutions available to handle financial gaps. Do your research!.
Days Loan Reviews from Real Customers
Let’s examine first-hand accounts from people who have utilized Days Loan. I collected reviews from all over the internet, and the following themes emerged:
Many customers complain about deception around rates and repayment terms. Before borrowing, make sure you have a repayment plan and have read the fine print.
Is Days Loan Legit and Should You Use Them?
Now for my expert assessment of Days Loan as a lender:
Although they are a reputable direct payday lender, loans from them should only be taken out as a last resort due to their extremely high interest rates. They also aren’t transparent about showing actual costs.
Approval is fast and money arrives quickly. However, you must pay the price in the form of harsh collection tactics, exorbitant fees, and extremely short payback terms. It’s a debt trap.
Use Days Loan only in cases where you have literally run out of other, more affordable borrowing options and have a well-thought-out repayment plan. Their predatory loans should be avoided otherwise. Don’t get caught up!.
Frequently Asked Questions about Days Loan Reviews
These are the responses to a few of the most frequent queries I receive concerning Days Loan:
What are Days Loan’s payday loan requirements?
Generally speaking, you’ll need references, a valid ID, an active checking account, and a steady income of more than $1,000 per month. No formal credit check.
Does Days Loan operate in my state?
California, Florida, Idaho, Illinois, Indiana, Kansas, and Missouri are the current states in which they provide loans. Expanding to more states soon.
How fast does Days Loan deposit approved loans?
The majority of clients state that after approval, their money is deposited as soon as the following business day. Most lenders take 3-5 days.
Is it possible for me to apply for more than one Days Loan at once?
Although it is technically possible, having several high-interest payday loans at the same time is very dangerous. Avoid it if at all possible.
What occurs if my Days Loan is not repaid in full on time?
You’ll begin to accrue costly late fines and higher interest rates. Expect constant calls from collections agents. Default should be avoided at all costs.
Is Days Loan the cheapest payday lender out there?
Definitely not. Although practical, their fees are equally exorbitant as those of other unscrupulous payday lenders. They are far from the cheapest option.
The Bottom Line on Days Loan Reviews
Well, that was a thorough analysis of Days Loan from top to bottom! In summary, even though Days Loan is a reputable company, its loans should only be taken out as a last resort because of their exorbitant interest rates.
Don’t take on more debt than you can afford to pay back when you get paid next. Have a strong exit or early repayment plan to break the never-ending cycle of debt. And seriously examine all other lower cost options first!.
Hope this deep dive into Days Loan was helpful. Stay savvy out there, compare your options, and borrow responsibly. Your wallet will thank you. Catch ya next time!.
FAQ
Is day loans safe?
Bottom line. Payday lenders frequently target those who are financially vulnerable, making payday loans a risky practice. Choose a small personal loan with quick funding to avoid getting into a payday loan debt cycle.
How does days loan work?
Payday loans are expensive, short-term loans of $500 or less that are intended to be repaid with the borrower’s next paycheck. Payday loans are frequently given to borrowers with poor or nonexistent credit, requiring only proof of identity, income, and bank account.
Why is it so hard to pay back payday loans?
Because of the extremely high interest rates—which can occasionally reach 400%—payday loans are difficult to repay. This means that the amount you owe can balloon quickly if you are unable to pay them off right away.
Is it bad to take out a payday loan?
These short-term loans are very dangerous, though, and are usually due on your next paycheck. They come with very steep interest rates and other fees. Payday loan interest rates vary throughout the United States, from 114 percent to 652 percent.
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Days Loan Review: Are They Legit?
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