Does 100 Day Loans Really Work?

100 Day Loans is just one of several payday loan brokers that promises to find you a personal loan quickly, and without a lot of hassle. If you’ve been searching for a lender, you might be enticed by the prospect of a matching service and filling out just one application instead of several. But does this actually work, and will it result in you getting a loan, or are you just coughing up your personal information for nothing?

Overview
If you’ve done a bit of research on the payday loan industry, you’ll have seen that it isn’t too pretty. Many people consider it predatory lending, and it’s pretty hard to deny this when you see what the fees and interest look like as an Annual Percentage Rate. 100 Day Loans can’t be considered a bad company, or even a scam, because that would be like killing the messenger. They don’t actually lend you any money, so they’re not even a lender. They’re more like eHarmony where they’re trying to match the best lender to your needs. Okay, that might be over-simplifying it, but you get the point.

The Claim
100 Day Loans claims that they have a vast network of payday advance companies that are ready to get you approved in mere minutes. They say that their software automatically chooses the right lender for you based on how much money you need, and the lowest rates available. They will also try to get you the most money possible, based on your residence, your income, and how long you want to take to pay the loan off.

They also make some of the more common claims that are found on payday loan sites, like how a payday loan can help you, and even bring you “financial freedom” – I didn’t make that up, they actually say that. Payday loans are rarely beneficial, but if your back is against the wall there’s only so much you can do. But companies shouldn’t embellish them, or try to make it seem like they’re doing you a favor.

The Hype
The hype about 100 Day Loans mostly comes from their name. They don’t state anywhere on their official site that you get 100 days to pay off your loan, but many review sites out there have mistakenly told consumers that this is indeed the case. You have the normal time allotted for payday loans, typically your next payday unless that comes too soon, like less than a week. So most likely you will not have anywhere near 100 days, and more like 2 weeks, standard in the industry.

The Cost
There’s no cost to you, it’s free to apply. The cost is passed on to the lender that you go with, and they happily pay the fee in order to acquire a new customer. It’s not known what sort of fee they must pay, but it does not effect the cost of your loan, and you won’t be paying a higher rate than if you would have dealt directly with the lender by finding them on your own.

The Commitment
You’ll have the same sort of commitment that you would with any other payday loan lender out there, because that’s who you’ll be dealing with. 100 Day Loans is not an actual lender, but is just a broker that has compiled a network of lenders and a software system that allows them to quickly search through them and match them up with your specific needs and income level.

Evaluation
If you come to terms with the fact that doing business with a payday loan company is not really going to benefit you at all, but could only potentially save you from NSF charges and late fees, 100 Day Loans is not a bad company. In fact, they are not part of the problem, because they’re not lending you any money directly, and they’re not increasing the amount you’ll end up paying to get the loan.

The fee that 100 Day Loans collects is taken from the lender as a finder’s fee for bring you to them. Think of them as headhunters that are in business to collect your information and sell it for a tidy fee. It is not known how much they take from the lender for sending them the lead, but it is probably a nominal fee, which adds up from the high volume of applications they process.

Final 100 Day Loans Review

Some people ask if 100 Day Loans is a scam, and others have even lumped them into pot with all of the other payday loan lenders, but this is not really fair. They are a payday loan aggregation service, taking a mess and organizing it for you so you don’t have to sift through hundreds, and even thousands of lenders out there. It’s hard to make a villain out of them, since they are free to the consumer, will potentially save you hours trying to find the right lender, and provide a secure way of delivering your information.

There is one part of the process that many people don’t like, and that’s the part in the terms and conditions that openly states that your information will be sold and shared with all of the lenders in the network. Reports show that you’ll be inundated with spam after you fill out your application, which is why we recommend opening a separate email account for the application process, or using your filters in Gmail to help it avoid the inbox.

Our Recommendation
If you absolutely need a payday loan, then the 100 Day Loans service is a good way to find the best rate for you, and the highest amount available to lend. It definitely beats going from site to site trying to find a lender that will loan to you at rates and conditions that you approve of. Also, it beats having to fill out form after form with the same information, especially when many online lenders work together and share information any way.

What do you think? Does 100 Day Loans work or not?