Better Day Loans Review:
This Is Not A Payday Loan, But Very High Rates
Here are the facts about a Better Day Loans personal Loan
Better Day Loans is a tribal lender operated by the Kashia Band of Pomo Indians of the Stewarts Point Rancheria. It specializes in emergency installment loans for people with poor credit. Better Day allows you to apply online. If approved, your money will be transferred directly into your bank account within 24 hours. However, depending on the bank you use, access to your funds could take longer.
If you need money quickly to pay for a car repair, medical bill or another urgent financial need, here’s what you should know before applying for a loan from Better Day Loans.
Available for small loan amounts
Personal loan lenders may have higher minimum loan amounts, meaning you must borrow at least ,000. In contrast, Better Day Loans offers installment loans ranging from $200 to $5,000, so you can borrow only what you need. First-time borrowers are not eligible for loans above $1,500.
You could receive your funds in the next business day
You don’t have the time to wait for approvals or funds disbursement if you are in an emergency situation.
Better Day Loans will usually disburse funds if you apply for a loan by the deadline of 6 p.m. Mountain Time Monday to Friday. It may take longer depending on which bank you use to access your funds.
High interest rates
Better Day Loans advertises itself as an alternative to payday loans — expensive short-term loans. A typical two-week payday loan has fees that equate to an APR of nearly 400%, according to the Consumer Financial Protection Bureau.
Better Day Loans’ installment loans offer APRs higher than typical payday loans. The APR of a personal loan from the lender may be twice that of a payday loan. This high rate can cause you to end up paying hundreds or even thousands more than what you borrowed initially.
Let’s assume you are eligible for a 0 loan at 780% interest. You’ll repay $3,904.56 if you make 24 monthly payments of $162.69 and follow a semimonthly repayment schedule. This means that you will pay more than $3,000.00 in finance fees to go along with the principal loan amount.
To complete your application, you will need to speak with a representative
Better Day Loans allows you to apply online. To verify your information, you will need to speak with a customer service representative by phone before the loan can be approved. This extra step is not required by some lenders. Many personal loan lenders let you apply online to get a decision and make your application without having to speak to someone.
Fees for late or insufficient funds
It is important that you make all required payments on time if you take out a loan through Better Day Loans. You could face costly fees if you don’t pay on time. Better Day Loans may charge a $30 late fee if your payment is more than 2 days late. A $30 fee will be charged for any payment returned due to insufficient funds.
Take a closer look at the personal loan from Better Day Loans
These are more details on Better Day Loans installment loans.
Better Day Loans offers multiple payment options You have the option of making weekly, biweekly, or semi-monthly payments when you take out a loan.
First-time borrowers are subject to restrictions For a first customer, you can only borrow $1,500. Customers returning customers might be eligible to borrow up $5,000
To be eligible for a loan, you must be at least 21Better Day Loans will only approve you if you are at least 21 years old, have a regular source of income, and have a bank account.
It is not available in all states Better Day Loans does not offer loans to residents from all states. You won’t be eligible to borrow if you are not a resident of Arkansas, Colorado or Connecticut, Georgia, Kentucky and Minnesota.
No prepayment penalties —It is smart to pay off your loan early in order to save money. Better Day Loans allows you to pay your loan off at any time. prepayment penalty.
Do I need a Better Day Loans loan installment?
Better Day Loans’ high interest rates make it a very expensive way to borrow. This is something you should consider only if you don’t have any other options for handling an emergency expense.
Before applying for a loan at Better Day Loans, think about these options if you are facing an emergency such as a car repair, medical bill, or other type of financial need.
You can use a credit card. Although credit cards may have high interest rates, the APRs of these loans are usually much lower than those offered by payday lenders or Better Day Loans. You may be eligible even if you have less than perfect credit. Credit cards for people with poor credit.
Establish a payment plan. Some hospitals and doctor offices will let you set up a payment plan to split your medical bills into smaller monthly payments.
Ask for a payroll advance Consider asking your employer to advance your payroll so you can get a portion your next paycheck earlier if you are employed.
Ask for help. If you are in a difficult situation, Ask your family and friends A small loan is a cost-effective option to cover emergency expenses.
If those alternatives aren’t possible in your situation and you decide to take out a loan from Better Day Loans, develop a budget and repayment plan to ensure you can make all of your payments on time. To reduce finance charges, you may make additional payments if possible.
How to apply for Better Day Loans
Online applications are possible. But Better Day doesn’t have a prequalification option — so there’s no way to find out if you’d qualify for a loan and what interest rate you may receive without submitting a full application and triggering a hard credit inquiry.
Better Day Loans will ask you to provide your name, address and Social Security number. Also, you will need to input your routing number and bank account number.
After you submit the online application, a customer support representative will call you to verify your information. The loan can be disbursed within one to two business day if you are approved. However, this will depend on the bank.
Are you unsure if Better Day Loans is the right choice for you? These are some alternatives.
These alternatives can help you avoid paying high interest rates or find a lender who allows you to compare rates before you apply.
Earnin: The Earnin app allows you to borrow money against your paycheck, without having to pay any fees or interest (just optional tips).
Rise: Rise lets you check your potential interest rates before you apply. The rate check will not affect your credit score.
expensive form of borrowing
long term financial solution