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BETTER DAY LOANS PROS AND CONS
Is Better Day Loans Legit? Better Day Loans is a tribal lender based in Santa Rosa, California, operated by the Kashia Band of Pomo Indians of the Stewarts Point Rancheria. The company is a tribal lender, which means that they are Native American-owned Businesses but also adhere to their native country rules.
The American Government recognizes them as a sovereign nation; thus, they do not have to obey the rules that govern payday loan lenders. They even give loans higher than the California state limit for payday loans funding that is a maximum of $300. They also charge exorbitant interest rates for their loans.
Here is a Better Day Loans reviews.
BETTER DAY LOANS – PROS
Better Day Loans is a ready lender for the people who need a little bit of cash in the shortest time possible. Unlike the other lenders who target the payday and provide payday loans that are paid in a lump sum on that day, these lenders allow borrowers to pay their loans in installments.
They allow the borrowers to access the money they need and then load the interest and divide them in equal installments for the agreed period.
The best thing with the Better Day Advances is that you can pay the installments at any time without incurring penalties.
Better Day Loans offers loans to people who do not seem to qualify for other traditional loans because of the poor credit rating. The Advances can help you get your borrowed money very fast, and they have a support team that helps you through the application process.
Through their assistance, you can complete the application quickly and have your money in your bank the next business day. They, therefore, offer the best solutions that help you to reach your short-term borrowing goals.
The company is one of the places to rush to when you find yourself in a sudden emergency, and the loans, once disbursed, you can use for anything you deem appropriate. The lenders differ from most traditional lenders who want to follow the money to see that it goes to the specific need specified in the application.
BEWARE! Always read the fine print and if you do not get questions answered go elsewhere. You can find some of the top lenders here.
The verification process is very short and precise, which makes the loan disbursement to be very fast.
The lenders do not go through the pain of visiting your property or using a list of requirements before you can qualify for the loan.
BETTER DAY LOANS – CONS
The lenders target people in a tight spot, and they use that to charge outrageous interest rates. However, they are not Better Business Bureau accredited, and most people claim not to have a good experience with the lender.
Better Day Loans are online lenders who do not have a physical location, and the only way to access their credit is through an online application on their website. They do not offer face-to-face customer service and, therefore, no room for asking many questions.
These advances are very expensive because the interest rates are very high, with the average APR between 700% – 780%. And at the same time, the lenders do not display or provide their exact repayment terms on their website, and thus, many borrowers get to borrowing too expensive loans without fully understanding the terms. The only time they reveal the repayment terms is after the borrower has already made the application.
Most lenders offer highly-priced loans to borrowers who have poor credit because they consider them high-risk individuals. Unfortunately, Better Day Loans are not an exception, and therefore you will have to pay very high rates when you approach them with a poor credit report.
The loans are short-term, and therefore you cannot borrow a lot of money as you are limited by the repayment period allowed. It is also advisable to read reviews from other borrowers to know what they have experienced with the lender before committing yourself.
HERE ARE THE TYPICAL BETTER DAY LOAN TERMS
The minimum principal amount that you can borrow is $200
You have to make your first payment installment on your next payday after receiving the funds.
The highest initial amount of loan you can get is $1500, and you can get up to a maximum of $5,000, if you are a second or third-time borrower.
The installments are supposed to be paid in 15 days until the loan is fully repaid.
These advances are short-term, and therefore, the highest repayment period is up to 12 months.
The best way to deal with Better Day Loans is to understand everything about their lending terms and conditions so that you make an informed decision.
Disclaimer: This article is meant for educational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice.