100DayLoans.com is a new advance payday loan website that uses a built in search engine to find lenders willing to give you a short term loan in just 24 hours, regardless of whether you have bad credit or no credit.
When applying for a loan at 100 Day Loans, it can take as little as 90 seconds to receive approval, and technically speaking, the loan money can be directly deposited into your bank account in as little as one hour.
More typically, however, the money will be distributed the following business day as the loan will be approved and you will have to accept all the terms and rates and file it with the lender before the funds can be dispersed.
As your credit score, credit report, and credit history will not be taken into account, 4 out of 5 applicants that apply for loans with 100DayLoans will be approved.
What Is A Payday Advance Loan?
A payday loan is a short term loan that is often advertised as a good option for those with bad credit or no credit, as credit is not really taken into consideration when deciding to approve the loan.
Instead, lenders will look at your employment history and income level when deciding whether or not to approve a loan. Payday loans are also generally used for smaller amounts of money intended to get you through short periods of time, usually $500-$1000.
These loans generally need to be repaid between 8 and 25 days after the funds are deposited into your account, depending on what you agree to with your specific lender.
Aren’t Payday Loans Dangerous?
Generally speaking, yes. Because payday loans are given to people regardless of credit score or collateral and are dispersed within 24 hours they tend to carry a much higher APR than standard installment loans.
APR, or the annual percentage rate, is the interest you will be expected to pay on the money you have borrowed. In payday loan lending, it is not uncommon for APRs to be 100% or higher.
Because the APR is so high, people often fall into a cycle of borrowing the payday advance and then not being able to pay it back, which requires them to borrow more money or to incur fees and penalties.
Payday lending has gotten so predatory in the US that individual states have begun passing laws to limit APRs and payback schedules. 100DayLoans.com says that their search engine takes into account state laws when matching you with an appropriate lender.
Note: If you’re interested in learning more about Payday Loans check out our detailed guide, “Payday Loans Explained: Should You Ever Get One?” for more info.
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