Better Day Loans Pros And Cons
There are a lot of loan companies advertising to people who need a little extra money right away. Everyone says that things will get better. Because they know that their customers are in a tight spot, they use that power to charge a lot of money. Before you work with any of them, you need to know what you’re getting into. If you’re in need of a small loan and are thinking about Better Day Loans Pros And Cons, read this first.
watch the below video about Better Day Loans Pros And Cons:
What does Better Day Loans do?
There is a “payday loan alternative” company called Better Day Loans, which is based in a tribe. The company gives out short-term, high-interest loans to “help you get the money you need quickly and without any problems.”
In contrast to traditional payday loans, their products are installment loans. The borrower gets the money all at once, then pays back the money and the interest over time. Most payday lenders want their borrowers to pay back the full amount by the time they get paid again in a few weeks.
They only lend money online, so they don’t have a storefront anywhere. On their website, you can only apply. It only takes a few seconds for them to give you the OK. As soon as the next business day, they’ll send them the money they have.
Does Better Day Loans have permission to do business in the state?
Better Day Loans doesn’t have a license from the state of California or the federal government to lend money. They don’t need one because they don’t have to. In other words, they’re a Native American-owned business that lends money to people. Only the Kashia Band of Pomo Indians run the business.
As a sovereign country, they don’t have to follow the same rules as payday lenders. They can charge higher interest rates, not get a license, and give out loans that are much bigger than the state limit for payday loans in California ($300).
Loan terms that are common are shown here.
Even other payday lenders charge more for their goods because Better Day Loans is a tribal lender. They’re based in Santa Rosa, California, but because they’re from a tribe, they don’t have to follow the laws that say California can’t have too many payday lenders.
It’s good to get a loan from Better Day Loans
It’s very rare for people to go to payday lenders unless they need a lot of money quickly. Even though we don’t think Better Day Loans are the best option for people who need money, they might be able to help them out, at least in theory.
Better Day Loans can help you get a loan even if you have bad credit. They can help you get a loan even if you have bad credit.
A single business day can be all that is needed to get money into your account. Direct debit payments get you a discount.
Unfortunately, these aren’t as bad as the problems they’re going to cause.
The downsides of getting a loan from Better Day Loans
Everyone should know that there are some downsides to working with Better Day loans at this point, and they shouldn’t be a surprise. These lenders have many of the same problems as both traditional payday lenders and other tribal payday lenders, such as:
* Excessively high interest rates
* Extra fees for not paying on time, not having enough money, and returning items
* Poor communication and little support for customers
Because some parts of the United States don’t have them, that might be a good thing because it helps the people who live there.
Better Day Loans Pros And Cons: Conclusion
The answer to whether Better Day Loans is a good choice for people who don’t want to know all the details is no. A quick and easy loan provider isn’t the best choice.