According to 90 day loans website they offer no credit
check loans up to $1000. You get your cash on the same
day you apply and you get 90 days to payback your loan.
Now this sounds great but it may not
be the realty. Let’s discuss why…
According to their website to qualify
for the 90 day loan program you must:
That is it. If you have the above three,
you can qualify for the 90 day loan.
- Earn at least US Dollars $500 per
month. It does not matter if you are employed, retired
or on benefits. Everything is ok. You just need to
make $500 per month.
- Have a checking or a savings bank
- Have an email address.
Want us to
help you get a 90 day loan? Apply Here:
Now lets come back to whether 90 day
loans payday program is too good to be true.
The fact is 90 day loans offer loans
for up to 14 days only, just like any other payday loan
company in USA. However with 90 day loans you can avail
a rollover and push back your pay period for up to 90
days maximum. This is the reason why they call their
loan program - 90 days loan – which it is not.
Please remember, if you actually avail
this offer and rollover your loan for 3 months –
you may end up paying a HUGE finance fee. This is not
good for your financial health and you may end up in
a mess. So it’s advisable that you payback your
loan as soon as possible even if these guys advertise
that the loan is for 90 days.
Another fact is that 90 day loan are
loan brokers and not loan lenders. Their finance fee
may range from $10 per $100 borrowed to $30 per $100
borrowed. This looks like the fee is based on your credit
rating. If you have a good credit you may end up paying
lower fee and if you have a bad credit you may end up
paying $30 per $100 borrowed.
Now you may think how on earth they
will know your credit if they offer a loan with no credit
checks? Yes, it may be true that 90 day loans (and many
other payday loan company for that matter) do not do
credit check, but they have other means to know your
credit. Most of the payday lenders use TeleTrack to
know about your financial health.
Teletrack is a company that helps unconventional
lenders know your credit record. It is not like the
real credit report agencies, who take help from banks
and credit card companies to know about your credit.
Teletrack tracks reports from payday lenders and other
unconventional lending companies. Using the information
provided by teletrack the payday lenders offer you a
NOTE: The fee mentioned above is for
14 days only. Now if you rollover your loan for 90 days
– you will end up paying more than 6 times the
fee (90/14 = 6.4) – and you will still have to
pay back the principal of your loan. You do the math
– do you really want to rollover your loan for
We are not saying that you do not apply
your loan from 90 day loans, but just that do not keep
the money for 90 days. Return the loan as soon as possible.
Moreover this is a kind of great marketing
technique. Who won’t apply for a loan if they
are told that they can keep the cash for 90 days? When
people apply falling for the marketing trick, they are
told that it’s the same payday loan and if they
want to keep the loan for so many days they may have
to pay a high fee which may not be feasible. If you
are willing to pay such a high a fee you are welcome
to apply for a loan with them.
VERY IMPORTANT: This
advice stands good for any payday loan you have taken
from anywhere. Please payback your loan with the fee
if any AS SOON AS POSSIBLE to avoid getting into a financial
mess. Payday loans are very high interest loans are
meant for emergency cash requirement only and should
be used in that sense.