We have all felt the financial pinch from time to time, with more bills than money, and nowhere to turn. Many folks decide to go with a payday loan instead of getting one from a bank as there are fewer things needed, and the decision is made much faster. So long as you have a job you can usually get a loan. Most of these ask that you pay them back in 28-30 days. The 100 Day Loans company promises you just that, 100 days to repay what you have borrowed. This sounds good in theory, but is it really?
When checking out their website the first thing that was noticed was that there were no fees or interest rates listed before you had to start entering your personal information. Knowing that payday loans usually run about a $20.00 or more fee per month, plus the interest they charge, which can be 50% or higher, one could use this as a starting point for guessing what the loan will cost. But why should you have to guess? Even once you have started the process none of the fees or interest rates is given. You must complete the process and be funded before they will tell you.
100 Day Loans asks for approval to share your information with other lending companies and banks, if you forget to click no, then get ready for the downpour of phone calls and e-mails from everybody and their uncle. They also request your banking information so they can do the direct deposit of the loan, but this also allows them to make direct withdrawals for the repayment of the loan. If you do not have regular paydays, this could wind up leaving you overdrawn, and in trouble with your bank, not to mention anyone you may have written a check too. While no instant loan is perfect, one that will not tell you upfront what you will have to repay is not a safe way to go. Even their how it works section does not say. They do not even have a phone number you can call to ask questions before you apply.
Article Source: Ezine Articles
When checking out their website the first thing that was noticed was that there were no fees or interest rates listed before you had to start entering your personal information. Knowing that payday loans usually run about a $20.00 or more fee per month, plus the interest they charge, which can be 50% or higher, one could use this as a starting point for guessing what the loan will cost. But why should you have to guess? Even once you have started the process none of the fees or interest rates is given. You must complete the process and be funded before they will tell you.
100 Day Loans asks for approval to share your information with other lending companies and banks, if you forget to click no, then get ready for the downpour of phone calls and e-mails from everybody and their uncle. They also request your banking information so they can do the direct deposit of the loan, but this also allows them to make direct withdrawals for the repayment of the loan. If you do not have regular paydays, this could wind up leaving you overdrawn, and in trouble with your bank, not to mention anyone you may have written a check too. While no instant loan is perfect, one that will not tell you upfront what you will have to repay is not a safe way to go. Even their how it works section does not say. They do not even have a phone number you can call to ask questions before you apply.
Article Source: Ezine Articles
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