100 Day Loans is a company that implicitly would seem to offer a loan that lasts for 100 days, right? I mean, it would be a little misleading if a company that titles itself as 100 Day Loans to not provide access to loans that last roughly three months.
100 Day Loans is a loan matching service that doesn't provide loans that last anywhere near 100 days, in fact their average loan is right around 14 calendar days long. Specifically, 100 Day Loans has a network of lenders that they use to match loan requests with, and they do a very good job at matching lenders with would-be borrowers.
The only problem is that the average loan that's offered through 100 Day Loans is for around 14 days, give or take a few days. But the loan that's offered is rarely for anything like 100 days.
Why does the company use this terminology in the title of their company name? There's an easy answer to that question, it's because people / consumers / borrowers / desperate souls are in search of a loan that they can have for 100 days without repaying on it right away.
Getting a payday loan isn't really getting access to a loan, the debt is so extremely short-term that the funds can't be utilized for any event or purpose without having to be repaid in the amount of time that's needed by the borrower.
Really, when you stare at the facts, a payday loan is anything but a loan. There is no useful transfer of funds from one party to another. Instead, there is a gravity, where a borrower does technically get the use of some money for a few days, however the demand to repay (return) the money to the lender comes in so quickly that there actually wasn't any good chance to use the money without already scheduling the repayment, plus the interest due.
This is why 100 Day Loans is not the type of company I'm interested in borrowing from, and it's a little difficult to see how anyone could be helped by this lender.
How does all of this tie into Native American loans? After all, 100 Day Loans is not a tribal lender, why even mention this company? The reason is that tribal lenders have been getting a lot of attacks lately about their loan practices, and all this criticism has led to a good deal of scrutiny and that magnifying glass has caused a number of legal events. But why aren't state licensed "lenders" such as 100 Day Loans subject to the same level of scrutiny?
There are more than a few tribal lenders that actually have very creative, very active lending programs that are different from state licensed loan shops. Let's look at a few...
- Plain Green Loans, this is a large tribal lender that will lend up to $2,500 which is way beyond what most people will qualify for with 100 Day Loans. All payday lenders will top out around $1,000 to $1,200. Many paycheck loan companies will keep the top amount even lower, some won't go beyond $300.
- Spotloan, a tribal lender that will only lend out a maximum of $800 but at the same time this is a nice company because they will structure your first repayment to match your needs. Plus, if you need to reschedule a fixed payment date that's not a big deal with this very flexible lender.
- Mobiloans, probably my personal favorite of all Native American loan companies, because they have a lot of specific information on their site, because they publish their interest rates and they don't hide anything about their firm. 100 Day Loans can't say the same thing, as they dance around the exact nature of their lending business and use odd terminology to refer to the fact that many (most) of their customers will not get 100 days to repay the debt.
- Great Plains Lending, another good tribal loan operation that will issue up to $3,000 in a loan and makes the lending application process extremely easy.
- RadiantCash, the only tribal payday lender that I like, and that's only because of their inventive nature. This lender has a program where each subsequent loan that's taken out will result in a substantially lower APR that's applied to the next loan. While this might sound not terribly pertinent it matters quite a bit to borrowers who have to (choose to) keep coming back to borrower again and again.
When a consumer goes online looking for a new loan and they spot a website that is titled 100 Day Loans they are obviously going to be thinking about getting this amount of time to borrow funds. But unless the applicant somehow falls way outside of the normal boundaries for the typical customer there is very little chance that they will be getting this long to repay. The best way to see just how realistic the option of getting a loan for 100 days is to visit the website of the company.
That site looks like any standard online lender page that you could find many dozens of times, there are literally thousands of payday and installment loan firms out there now. However, the 100 Day Loans site is just a little different than the rest of their competition, and all you have to do is look at the fine print at the top of the front page. And yes, that's correct, it's not the fine print at the bottom of the page which is so common for tribal lenders, but in this instance it's located at the top of the page.
The message is short and it is essentially a disclaimer for potential customers to be made aware about the duration of the average loan that's issued by this company. And as is usual with these online lenders it's written in an obfuscating manner that leaves the consumer not quite sure what they just read. But just read it a couple times it's not too hard to understand.
The first line says "while certain lenders may offer up to 100 days to repay a loan, a 100 day repayment period is atypical" which is another way of saying that you aren't going to get 100 days to repay the loan you get through this company, and if for some reason you do then you are not the average borrower.
It gets better because the disclaimer continues trying to back off of the 100 day concept, where the message reads "most consumers can expect a significantly shorter repayment period" and that's the real, most direct idea right there.
When the lender is telling you (as a consumer) that "most" consumers will be getting a shorter time frame you can read that as anywhere from 90% to 99% of borrowers will not be getting the 100 days to repay.
They can most likely expect the all too common payday loan, which usually provides the customer with roughly 14 days to repay. Sometimes it can be as long as 20 days or as short as 10 days, but either way it won't be anywhere close to 100 days.
The best line is where 100DayLoans.com tries to alleviate some of this tension and confusion by saying they encourage "you to confirm your loan repayment period with your lender prior to finalizing your loan" which can be translated as saying it's all up to you as the consumer. If you get offered a 14 day loan and you sign for a 14 day loan, then it's not our fault and you can just figure out how to pay it off, because after all you're the one who agreed to this low quality loan product.
This is kind of a nice position for 100 Day Loans to be in. They aren't actually putting any of their money on the line because they are not underwriting any of the debt and they aren't actually lending money at any step in the process. They have a bundle of companies that are engaged in lending lined up for them to refer their applicants over to, and those companies will take on the burden of lending out (risking) their capital.
100 Day Loans only has to make money by matching up the potential borrower with one of their in network lenders. 100 Day Loans also has the nice situation where the title of their company causes people to come running to their site because of the enticing nature of potentially landing a loan that will last for just over three months. But now we know that's not what people (on the whole) are getting with this firm.
At 100 Day Loans, if you are a successful applicant, just understand that there is a very good chance (a fantastic chance) that you will be provided a standard payday loan that will come due the next time you get paid by your employer and not 100 days away from the time that you are approved (and get funded) for the loan.
It's kind of an important distinction, whether you have 14 days or 100 days to repay, that it seems consumers might like to understand before they get excited about getting one of these loan products.
100 Day loan,www.native-loans.com.If we can do a loan for $2000,I will pay back $4500-$5000.Please I need,this loan 740-525-3256phone,205 Broughton Have Marietta,Ohio 45750.please help me,to meet my man Thats in the US Army,thank you. Brenda Kidd
Posted by: Brenda Kidd | 06/21/2017 at 03:14 PM
I need to get a loan of $1500,my vehicle needs worked on so I can work,I work 2 part time jobs,I make $1100 a month, I can it back in a short term loan,please can you wonderful people help,thank you
Posted by: Brenda Kidd | 07/18/2017 at 01:00 PM
Sorry Brenda, this site (Native Loans) doesn't actually issue any debt products, we just discuss the industry of Native loans (or as some people call them reservation loans)
Posted by: Wesley | 03/09/2019 at 01:27 PM