100 Day Loans was the first loan provider to launch a 100-day repayment period. Most payday lenders require repayment within 30 days, so this is a significant help to borrowers who need more time to pay their loans back. We've see a number scam reports surfacing on the Web about 100 Day Loans, so we decided to test out the site ourselves and report our experiences.
What you should know
100 Day Loans is not a loan servicer themselves, but rather works with has hundreds of loan providers who they have pre-qualified to provide loans with 100 day repayment terms. They then match you quickly with the best loan provider who can fulfill your loan based on your situation, location and profile.
100 Day Loans was founded in 2005 and has been providing matching services for loan providers since then. The company's website receives approximately half a million visitors per month and is secured with Verisign and Trust-e certifications. As of this writing, 100 Day Loans is still pending a review and rating by the Better Business Bureau, you can check their site to see if this has been updated,
How long does the loan process take?
To apply for a loan, you need to fill out an online form, providing some basic information about yourself. You'll need to be employed and have an income of at least $800 per month in order to qualify. You'll also need a valid US checking account and be 18 years old. See loan application requirements.
How long until I have access to funds?
During our application, we received an instant email confirmation, and then 2 hours later we were approved with a new loan. After agreeing to accept the new loan, the funds were deposited into our account within 3 hours.
Can I apply with bad credit?
100 Day Loans specializes in special credit situations and can absolutely lend to borrowers with credit history problems. Low FICO score or recent bankruptcy are situations the company can guide you through. Because the default rates are lower when consumers have more time to pay, 100 Day Loans is able to lend to more consumers. Even with a less-than-ideal credit score, chances are good that you can get approved with them. Fill out a free application.
How much can I borrow?
You can request a loan of up to $2,000. Most first-time borrowers will qualify for less than this. We applied with a FICO score of 550 and received $600. Your loan size will vary based on your specific situation and location.
Better than 2-week sites
Most quick loan sites require a payback within 2 weeks. 100 Day Loans is the first to offer an extended payback period. We think the entire industry will follow soon. In fact, we suspect that many of the scam reports out there are being generated by competitive sites who are losing business.