Fast Day Loans is a somewhat obscure tribal lender that not many people have ever heard about. There are so many tribal loan companies in operation today do we really need to focus on this small company? The answer is no we don't have to, but the assumption here is that there are some consumers who are considering taking out a loan with this tribe-based firm. And there also might be a good number of (potential) returning customers to Fast Day Loans it makes it worth the while to talk about this small shop.
Tribal loans fall into two big categories, which is probably old news to you. In case you didn't know the tribal lending world falls into the payday lending camp and the far fewer installment lending group. Fast Day Loan is (unfortunately) in the tribal payday loan category. These extreme short-term loan shops are the ones that tend to get the bulk of complaints.
Why? It's because they really are barely issuing a loan in the first place, some of these so called debt instruments are only 11 or 12 days long. That's not long enough to utilize the funds that you borrowed. For the most part the entire payday lending business is a trap, it's a debt trap that is designed to appear as if it's some form of relief. And in a few exceptional cases it can be a relief. If your car has been towed or you are about to have your checking account closed due to severe (and ongoing) negative balances, then these are situations where the interest payments on the payday loan are alright. But the vast majority of the time there is nothing like this taking place.
Without knowing this to be 100% true I can say with a 99% degree of certainty that Fast Day Loan has this same situation taking place. The borrowers who are truly in trouble, in situations that could be considered life altering, are probably in the neighborhood of 15% to 40% of their business and please realize that the 40% is a very generous figure, I doubt it's anywhere close to that. But let's pretend it is, just for this instance. So that means that 60% (or more) of the Fast Day Loan customers are taking out a loan for some more useless, frivolous or uneducated reason.
The useless part would be if the loan was being taken to pay for another loan. This is a debt spiral that can't be solved by taking more loans to pay for existing loans, it's a mathematical disaster waiting to happen. It's the financial slow moving train wreck. The frivolous side of short-term borrowing comes when a person wants to buy something that isn't needed, like a dinner at Red Lobster or a new GPS device. You can't borrow at this huge rates to only purchase some stupid stuff.
The last one is kind of combination of the other two, and here the theme is simply don't go into debt if you don't have to. Debt is dangerous, period. Debt can wreck your finances and it can damage your relationships, it can get your family into trouble and it's just best to avoided if possible.
Since there aren't any real complaints to be found on the net about Fast Day Loan (probably since they are relatively new and completely obscure to the public) it falls to logic to provide some kind of review for this firm. The outcome is easy, just as with most tribal lenders (and all loan companies, especially anything that is qualified as short-term) and that's to avoid if possible. For Fast Day Loan there are simply other tribal loan companies that are easier to qualify for (or at least just as easy) and they provide much more information and better terms.
Let's look at Plain Green Loans, where they have a six month installment loan that goes up to $3K (although you'll probably be approved for somewhere around $2K) and the rate on that loan isn't bad, it's got a 59% APR. So just that one tribal lender completely outranks and outperforms anything that Fast Day Loan can come up with. Shop around and make sure to save all the money you can, and that's assuming you did make the fateful decision to go into debt.