The difference in opinion is mainly due to your personal situation, hence people that have high quality credit ratings and have easy access to low interest loans from the mainstream banks are more likely to consider payday loans as predatory bankers.
Whilst someone that has a poor credit rating is most likely to consider them life savers, when in dire financial distress because they are the only way to get money without checks being carried out on your credit record/history.
Is 100 Day Loans Legit?
100dayloans.com is the original payday loan company that introduced payday loans over a one hundred day payment return period. There are many copycat companies and fake start ups, but 100dayloans.com was the first and that company is what this blog is analysing, but are they legit?
The legitimacy of this company sometimes comes into question because they frequently change the visual look of their homepage, i am not sure why any company would want to do this, but they do and as of the time of writing this post the homepage has changed three times in as many weeks, so on appearance this does not bode well for the companies legitimacy.
However just because they flip the look of their website homepage, does not necessarily mean they are fakers, to the contrary my research has shown that they are a perfectly legitimate company.
Reasons for legitimacy
- They have a verisign trust seal on their website, when you click through it actually works! (Verisign are one of the leading site verification companies)
- They have a contact phone number that works
- They have a customer service email address that works
- They are who they say they are (whois lookup is the same as the address on their website)
They are one of the most popular website based loan companies, currently ranked 11394 most popular site in the US by alexa research data.
Legitimacy of payday loans according to the Consumer Federation of America
The website set up to assist US consumers of payday loans is http://www.paydayloaninfo.org/ they state the following....
Payday loans are extremely expensive cash advances that must be repaid in full on the borrower's next payday to keep the personal check required to secure the loan from bouncing. Cash-strapped consumers run the risk of becoming trapped in repeat borrowing due to triple-digit interest rates, unaffordable repayment terms, and coercive collection tactics made possible by check-holding.
So as you can see they strongly believe that payday loans are expensive and that they carry a high risk of becoming trapped in a payday loan cycle.
As mentioned previously these are obviously well known facts, but try telling that to someone with a bad credit record that needs to feed their kids and doesn't have the financial means to do so.
The site does have some very good advice, learn how payday loans work here, check the legal status of payday lending in your state here and how to get consumer help here.
