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:

• 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 account.
• Have an email address.

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 loan.

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 90 days?

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.