According to Better Day Loans, they offer fast, effective, easy, and hassle-free access to a little extra cash. However, according to many online reviews from customers, Better Day Loans is a tribal “payday loan alternative” provider. This company offers short-term, high-interest loans to people who don’t have good credit scores and need quick money. You can apply for loans online and you can get the money in your bank account within 24 hours.
- If you are looking for the most flexible personal loan option then Better Day Loans will be an excellent choice
- Better Day Loans is a licensed company and it follows all the federal laws, as well as regulations
- Better Day Loans offers various loans to people including medical emergencies, home repairs, personal loans, etc.
- The maximum principal balance for the new borrower in Better Day Loans is $1,500 and for returning borrowers the limit is $5,000
- At Better Day Loans, borrowers can prepay at any time without penalty
What Are Better Day Loans?
If you are looking for the most flexible personal loan option then Better Day Loans will be a great alternative. Better Day Loans is owned by a native American company named Kashia Band of Pomo Indians of the Stewarts Point Rancheria. Better Day Loans follows all the federal laws, as well as regulations and they, are licensed companies. Better Day Loans offer various loans that include –
1. Home repairs
2. Medical emergency
3. Bounced checks
4. Urgent car repairs
5. Personal Loan, etc.
Typical Loan Terms Of Better Day Loans
Better Day Loans offers various facilities to its customers but its products are very expensive than other payday lenders. Better Day Loans is based in Santa Rosa, CA, but due to their tribal immunity, they don’t have to obey the laws that restrict Californian payday lenders. The disclaimer section of Better Day Loans says –
“This is an expensive form of borrowing. Better Day Loans installment loans are designed to assist you in meeting your short-term borrowing needs and are not intended to be a long-term financial solution.”
Here is an overview of what you can expect when borrowing from Better Day Loans –
1. The minimum principal balance for the borrower is $200
2. The maximum principal balance for the new borrower is $1,500 and for returning borrowers the limit is $5,000
3. Subsequent payments are usually every 15 days
4. Total repayment terms may be up to one year
5. Borrowers can prepay at any time without penalty
6. The average APR is 700% – 780%
Unfortunately, Better Day Loans doesn’t provide their exact repayment terms on their website. The information is withheld until borrowers apply. Therefore, the information about the APR and length of the loan will vary.
Review Of Better Day Loans
If you are planning to apply for a loan then it is always better to crowdsource opinions on a lender before applying or entering into any contract with them. Better Day Loans is a tribal and traditional payday lender but they don’t have the greatest reputation online. If you want to know the reviews of various loan providers then the best place is Better Business Bureau. Better Business Bureau is one of the most reputable and reliable sources for information on a business’s trustworthiness. So, if you check better Day Loan’s profile on Better Business Bureau then you will see that most people have had negative experiences with the lender. Some common negative reviews from the customers are –
1. Poor communication and lack of customer support
2. Excessive interest rates and costs to borrow
3. Deceptive or misleading practices
The BBB opened a file for Better Day Loans on 12/19/2019 and since then there have been 24 official complaints and 34 customer reviews and the average rating for these reviews is just 1.12/5. Here are some customer reviews of Better Day Loans –
Brianna Bey Says:
“Better day loans is the worst business ever!! I borrowed $675 and have to pay back $5103.90. If I had that much money I would have needed to borrow $675. Now I put myself in a worse position than I started. And they just take your money out of your account without a text, a call, or an email. Customer service sucks! I asked for my first payment to be $100 to bring down payments because they only wanted $56. They did not take the $100 and my payments are now over $200. Shady if you ask me. Don’t use them, there are much better and cheaper companies out there.”
Dillon Collins Says:
“I shouldn’t have got a loan through this company I needed it to pay off a bill.
They loaned me $650 and I have to pay over $4,000 back and they do take it out every 2 weeks I get paid
I’m poor and barely getting by and I am stuck paying back this large amount of a loan I do not recommend anyone getting a loan from them
I’ve made 5 payments and that’s more than enough to pay back the $650 but no I still owe at least $3000”
Char Darby says:
“Scam!! You speak with representatives that are fast talkers and that don’t know English very well. Once you speak and give your info to the rep you’re on a three-way with a banker that will tell you this is “maybe” a recorded line. It just seems off and uncomfortable.”
Gayle Paul Says:
“I didn’t even apply for a loan, and I started receiving phone calls despite being on both the (Massachusetts) state and National Do Not Call Lists. Since 1/30/2020, I have received 31 phone calls, including 18 on 2/3 and 4 this morning before I even had coffee. One of the calls finally produced a message to either call or email, so I called and was promised by a customer support person that my number would be removed. I decided to email as well just in case, but the email address left on my voicemail isn’t valid.”
“This is not worth it. A regular payday loan is a lot cheaper than this shit!!! Don’t ever get caught up with these online loans. They are rip-offs and they are making a lot of money to keep their business running. It’s not fair how they do people. You have to read all the fine lines to this better day loan crap! I will never ever get caught up like this again. 250 dollars should not turn into 5,000. There’s no way that can make any sense. One day you will go out of business, because of how you are ripping people off. It’s wrong! If I borrowed 250 the least, I should be paying back is 350-400. Not thousands of dollars. Even the banks don’t charge that much to repay back a loan. Beware!!!!!”
Pros And Cons Of Better Day Loans
|Pros Of Better Day Loans||Cons Of Better Day Loans|
|A quick and easy online application||Excessively high-interest rates|
|Accessible loans, you can apply with bad credit scores||Extra fees for late-payments|
|You will receive the fund within one business day||You have to pay a penalty for insufficient funds, and returned item fees|
|Discounts are available if you repay via direct debits||Lack of transparency about the loan terms and costs|
|You can prepay the loan amount at any time without penalty||Poor customer service|
|Fixed installment payments||Not available in all states|
Coverage Of Better Day Loans
Before applying for Better Day Loans, you should know that credit products obtained from Better Day Loans are not available to people residing in all US states. Below are the states, from where you won’t be able to get a loan on betterdayloans.com –
2. West Virginia
9. North Carolina
10. New Mexico
11. New York
12. South Dakota
Better Day Loans: Is It Worth
Taking a loan from Better Day Loans is an extremely expensive form of borrowing because of its sky-high interest rates. If you don’t have any other options left then you can only consider taking loans from Better Day Loans. Better Day Loans can come in very handy in emergencies. For example, if you need immediate car repair, medical bill, or another emergency and you don’t have a good credit score to take a loan then you can apply for Better Day Loans. However, before applying for Better Day Loans, make sure you have a budget and repayment plan to ensure that you will be able to pay all of your payments on time.
How To Apply For Better Day Loans
It is quite easy to apply for Better Day Loans and gets approval for the loan. So, if you want to apply for better Day Loans then you can follow the below steps –
1. Better Day Loans is an online payday lender so there are no in-person applications and you can only apply for the loan online.
2. Therefore, first, visit Better Day Loans’ official website and click on the “Apply Now” button.
3. The application form will appear; in the first section provide your required personal information including the borrower’s name, address, driver’s license information, Social Security Number, etc.
4. Next, you have to select the loan type from the available options.
5. In the second part of the application form, you have to provide information regarding your income. The information includes employment income, side hustles, Social Security, passive income sources, etc.
6. In the final part of the application, you have to provide your banking information and click on the Submit button to complete the process.
FAQs About Better Day Loans Reviews
Are Better Day Loans Licensed?
Better Day Loans is a tribal company because they’re a Native American-owned business. Therefore, Better Day Loans don’t need any license and they also don’t have a license to lend from the Californian or Federal governments.
Is Better Day Loan Real?
Yes, Better Day Loans is real and it is not a scam. They are a tribal “payday loan alternative” provider and offer short-term, high-interest loans to people who need quick funds.
What Happens If I Don’t Pay Better Day Loans?
If you don’t pay better day loans then the default can lead to bank overdraft fees, collections calls, credit score damages, garnishment of your paycheck, and many more.
Do Loan Companies Check Your Bank Account?
Usually, the loan companies look at bank statements before they approve a loan application. A bank statement summarizes and verifies the income of the applicant. Therefore, it is mandatory for the lenders to check the bank statements.
References: 1 https://www.bbb.org/us/ca/santa-rosa/profile/loan-servicing/better-day-loans-1116-914683
References: 2 https://www.thedenverchannel.com/brand-spotlight/best-payday-loans-online-for-bad-credit-top-quick-loans-today
Last Updated on October 29, 2022 by Magalie D.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.