PROS / This service can approve you for a loan quickly.
CONS / Although this service offers a live chat option, it is only an automated system that responds to keywords you type in.
VERDICT / 100DayLoans is the best online payday loan service in our rankings, and it sets you up with a lender to help you make your bills until your next paycheck.
Editor’s Note: This product has been removed from our site because it is no longer part of our top 10 ranking. You can still read our original review below, but Top Ten Reviews is no longer updating this product’s information.
With 100DayLoans, you can receive quick approval for a payday loan and have your money in your checking account fast. After you complete an application online or over the phone, 100DayLoans connects you with potential lenders.
All payday loan companies are heavily regulated by federal and state mandates, so most loan services have restrictions based on location. For this reason, 100DayLoans is only available for residents in 42 states.
100DayLoans offers features that make it stand out among other services. Based on the information in your application, it matches you with lenders willing to loan you money. As with most loan services, approval for the maximum amount is not likely on your first loan. But after you establish a solid payment history, lenders are more likely to extend the full amount to you. However, remember it's smart to only borrow what you need, and not more.
All loans come with an APR that you pay back along with the principal loan amount, and this interest rate is something you'll want to pay close attention to. The APR varies from state to state and from lender to lender, so 100DayLoans cannot guarantee a specific rate. Just as the amount you can borrow increases with good history, your APR may decrease over time. Keep in mind that the APR is the interest rate for a loan term of a full year. Payday loans are meant to be more short-term. Because of this, lenders typically express interest in terms of the cost per $100 borrowed on a 14-day loan.
Ease of Use
This company prides itself on offering fast loans and an easy-to-use service, taking some of the stress out of the payday loan process. It generally does not require a credit check, and you may have the option to apply and receive approval over the phone. The most common and convenient way to apply is online, and the website is intuitive and straightforward. After you complete the application, where you may need to provide a valid checking account, Social Security number and employment information, you can receive a decision on your loan quickly. After approval, 100DayLoans connects you to a third-party lender with whom you set up your loan agreement.
Like other aspects of payday loans, terms of repayment are subject to local mandates and the individual lenders with whom you make your payment arrangements.
For repayment, the lender usually withdraws payment automatically from the checking account into which the loan was originally deposited by your lender. If for some reason you cannot make your payment, depending on the lender, you may be eligible for a payment extension, but 100DayLoans cannot guarantee it. There may be no penalty if you decide to pay off your loan early, which can save you some money on interest.
Help & Support
This payday loan company offers good help and support options. You can call if you need support at any point during the term of your loan or if you decide to take out another payday loan. You can contact customer service by email as well, and the website offers a live chat option. Unfortunately, the live chat option is automated, so you aren't speaking with an actual agent; instead, the chat detects keywords and provides general answers and guidance.
When you run into financial difficulties and need a little extra cash, payday loans may be able to help you make it to your next paycheck. Our number one service, 100DayLoans, offers a quick and uncomplicated process that connects you with a lender, and in most cases you have the money in your checking account fast. It offers competitive starting APRs, and you may be eligible for more money at a lower rate as you build up a good payment history. When it comes to online payday loan companies, 100DayLoans is one of the best choices.