100 Day Loans is not a tribal lending company, instead they are a loan matching service. Now it should be noted that their could theoretically be Native American lenders built into the 100 Day Loans network of lenders but that is just speculation. With that said, this is a somewhat removed take on Native American lenders because in this situation we can estimate that their are so many tribal lenders at this point it would be hard to imagine none of them being in the lending network for this company's matching service but at the same time there is no hard proof that they are involved in any capacity.
In either case, 100 Day Loans is a lending service (matching service) that does have more than a few complaints posted online against them. This isn't much of surprise considering what we know about this lending company, and what they admit to on their own website, which is that many of the loans that are originated (sourced) through this company are not going to be for 100 days in length. In fact, most of the loans that are sourced through 100 Day Loans aren't anywhere near 100 days, instead the loans tend to be approximately 14 days in length. Does that time frame sound familiar? It should because it's the same time allotted (roughly) for payday loans.
The 100 Day Loans website is largely a loan matching service that helps consumers procure online payday loans. This is not what many customers go into the application process thinking when they look at the name of this company. And that large discrepancy, the 100 day expectation versus the 14 day reality, leads to many complaints about this firm.
Below are some of those complaints that are scattered around the internet, these are just some samples of those that were easily found...
Just because 100DayLoans.com is in their name it is not a guarantee that you have 100 days to pay the loan back. The normal range is between eight to 20 days and then you can get an extension if you need it and that will lead to another large fee. Their fees alone range up to $15 for every $100 borrowed.
Alright, so that complaint doesn't do much to entice people to borrow from this lender, but let's do a quick comparison of 100 Day Loans to some Native American loan companies. The writer above talked about paying a 15% interest rate, as if that was a very bad rate and also mentioned 'up to' as if this was the top of the line when it comes to high rates.
The only problem is that most tribal lenders charge 30% for the outstanding amount (which is for every 14 days the loan is outstanding just like 100 Day Loans and all of the short-term lender, tribal or otherwise) and some tribal lenders, like Fox Hills Cash, actually charge $35 for every $100 borrowed which is a 35% bi-weekly rate.
This isn't a rush to defend 100 Day Loans but I think it is interesting that consumers are complaining about the rates but if they only stopped to look at what the customers of Native American lenders are paying the 100 Day Loans rate doesn't look so bad.
As a quick aside, this high rate of 15% paid bi-weekly is one sign that tribal lenders are potentially not included in the 100 Day Loans network of lenders. This is purely anecdotal evidence but there aren't too many Native American loan firms that are going to be willing to lend money (even to good credit risk individuals) for only 15% when their going rate is normally double that amount.
Another big complaint you will find about 100 Day Loans is the fact that they share information with their lending network when you submit an application with them. I find these complaints somewhat weak because the company makes it pretty clear on their website and no doubt all over their loan contract that they are not a lender, they do not originate any loans. They are simply a loan matching service and they tell anyone who is willing and able to read that this is the case.
Look at the statement below by the same person who was complaining earlier, where they complain incorrectly about what happens when you apply for a loan with 100 Day Loans...
They will sell your private information (that you provided) to everyone out there (the lenders) and that is a component of your agreement terms --- (which, by the way, are what the applicant agrees to) --- and don't bother with it (the lending service) and read the fine print.
Alright, I provided the side commentary in the parentheses are my own because I couldn't resist pointing out some distinct problems with this complaint. First off the company is technically not selling your information, the firm has established a group of lenders that they work with to get loans issued to applicants of 100 Day Loans.
Now there's no doubt that the company will benefit financially from loans that are extended (some degree of participation) but that does not translate to the company actually selling your information. The complaining consumer next says that the information "goes to everyone out there" which is not correct either, the information is shared within the network of lenders per the loan documents. But the reviewer does get the last part right, this all takes place because the applicant agreed for this to all happened, it's all in the details of how 100 Day Loans operates. And he also gets the "read the fine print" concept right, it's stunning how many consumers sign-up for these unsecured loans and do not ever bother to read what it is their agreeing to. This is their financial future and it is more than important to read everything that is in the terms of the loan.
Looking at 100 Day Loans as a lending option, it's simply not a company that I would like to use for my own personal borrowing needs. I do not want to go through a lending service, instead for me it's a better option to approach a tribal lender directly and work them one on one. Plus, my credit has not been the best so going with 100 Day Loans might not get me the results I want. I believe that most (and maybe all) of the lenders in that network are state licensed, which means that people with bad credit are not going to get many options or offers.
At least when we use a tribal lender there is no credit check and your credit history does not matter, instead the consumer just has to demonstrate that they are employed and have an active checking account (not in the red) and that's it.
There are a few Native American lenders that specialize in providing installment loans, like Plain Green Loans and Great Plains Lending, and others that provide lines of credit, like Mobiloans and Superior Funding. For me all of those companies are going to provide a longer time to repay the debt and a larger dollar amount for a loan than the 100 Day Loans network will offer. That means I will be looking elsewhere for a lot longer than 100 days when it comes to whether or not to utilize 100 Day Loans.