Before reviewing 100 day loans we should understand why people apply for a payday loan.

In case of an emergency and when there is not enough cash available, a payday loan can be of great help to solve the financial problem temporarily. Once the problem is solved the loan receiver can payback the loan with a fee on their next payday which is usually a maximum of 14 days in the US. (Please note that this may not be true for all companies but since most companies in the USA pay their employees every fortnight we have taken this as an example. For a list of the payday dates in the US click here. Some companies pay their employees once every month or 30 days, but payday lenders usually lend for only 14 days max. Also note that though lenders call it fee, if we calculate it on the basis of APR (annual percentage rate) it comes to a very high APR of 300+%. Therefore payday loans are not legal in many states in the USA, but that is beyond the scope of this article.)

Why not loans form bank?

Emergency cash requirement most of the times is not huge. It could be for some bill payment or car repair etc. In most cases the maximum amount required is $1000. A typical cash loan is between $100 and $500. Taking out a loan from bank is a very cumbersome process, Moreover banks usually do not entertain such small loans since they cannot charge a high fee therefore this business does not make sense to them. Also banks do not offer a loan to someone with a bad or no credit, whereas payday loans are offered to people with bad credit.

What happens if I write a check even if I don’t have cash in my bank account – at least the problem can be deferred for two days?

No you can’t do that for two reasons.

1) Its not legal. If a check gets bounced you can be dragged to court for alleged fraud. Lawsuits may follow and your life will become hell. You might lose your job as well.

2) A Bounced Check (a.k.a. “rubber” or “non-sufficient funds” - NSF checks) comes with a high fee. As an example a $200 bounce check can cost you $20 fee.

This option is never ever advisable. Therefore in situations like these a payday loan comes as a boon.

So why not any other payday loan company? Why a 100 Day Loan?

Ok. Let’s now talk about the payday loan fee. Typically on a 14 day loan, the fee averages $15 for each $100 loan. However if you are unable to pay you can ask for an extension. And if you do that, it will involve additional fee. This can go to about $25 for a $100 loan for 30 days. Now ask for another extension and you do the math. Every extension will involve a fee. Eventually you will reach a point where you will not be able to pay back the money.

100 day loans on the other hand is a payday loan company with a difference. As the name suggests the main benefit of a 100 day loan is that it gives you a few more days to pay back your loan. But we strongly recommend you to read the following to fully understand how this may be possible.

IMPORTANT: However NOT everyone gets a loan for a full 100 days. It depends on your credit history with payday loans. Yes they do TeleTrack (a unique payday loan credit tracking system where they know your credit history vis-à-vis payday loans.) You see payday lenders are not much bothered about your history with other loans such as mortgage, debt consolidation, auto loans or any refinance loans – what they are bothered is that if you payback your payday loans on time or not. If you do it’s great and they may offer you a loan with slightly longer tenure which may extend upto 100 days or less.

But we have seen that in most cases they don’t offer loans for so many days as it gets very risky for lenders. If you do apply for a loan with them you should consider bargaining for a longer time to payback your loan, as this is what they advertise.

This kind of advertising has made 100 day loans a very popular site for payday loans. Well we can’t tell you the exact percentage of consumers getting a loan for 100 days, but we can tell you that they are in minority.

We are in the payday loan business too, and we know how difficult and risky it is to lend cash for so long. We are sure even if you do manage to get a loan for 100 days you will have to pay high fees to keep the loan for so long.

Now you may be thinking how much fee for a 100 day loan? Since we don’t have anything to do with 100 day loans business we cannot tell exactly what they charge if they actually offer you a loan for 100 days. But since we are also in this business, we can say for sure they offer it on a rollover.

A rollover is another loan from the same lender to payback the previous loan. Now whenever you go for a rollover, you are paying a fee which has nothing to do with your payback amount. It means you are taking a payday loan after a payday loan. As written earlier you do the math how much fee you may end up paying.

The fee for a 100 day loan depends on the state you reside. It ranges from $5 to $20 per $100 borrowed. Comparing with the benefit the loan program offers, this is a low fee. As with any other loan company, bad credit is ok but it totally depends on the lender. They have 160 lenders in their network which is quite good because it increase competition and reduces the fee you are going to pay.

Disclaimer: We may or may not be right about 100 day loans or its business model as we are not involved directly or indirectly in the business of 100 day loans. We are an affiliate of 100 day loans but are not affiliated to any business that they do. We do get commission if a loan gets passed if a visitor applies through our link. But since we understand payday loan business we try to give the most accurate knowledge to our visitors about any company we review. Visitors are requested to use their own knowledge involving any financial transaction.