Days Loan Reviews: Is It Legit? What Others Won’t Tell You

Days loan Reviews. Is Days loan Legit?

Days Loan and What They Offer

If you’ve been searching for info on payday loans, you have probably come across Days Loan. These guys market themselves as direct lender offering fast cash advances and online payday loans even for bad credit. But are they legit or just another predatory lender? Here we will discuss day loan reviews by customers.

I decided to take a deep dive into Days Loan to give you the real deal on their loans. I checked out their website, read many customer reviews, and gathered all the deets on their rates and fees. Get ready – this is gonna be a wild ride!

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Overview of Days Loan’s Payday Loan Options

Days Loan offers online payday loans and cash advances ranging from $50 to $2,000, depending on your state laws. Here are the basics:

  • Loan amounts: $50 to $2,000
  • Term lengths: Varies by state, but typically 7-31 days
  • Interest rates: Runs from about 150% to over 700% APR
  • Origination fees: 10% or more of the loan amount
  • Payment: Deducted on the due date, automatically from your bank account

They advertise heavily with bad credit or no credit, promising guaranteed approval decisions within minutes. But beware – these loans come with sky-high rates!

Pros and Cons of Days Loan

I always like to lay out the good and the bad with any lender. Here’s an overview of the biggest pros and cons of Days Loans based on my research:

Pros

  • Fast online applications and approval decisions
  • Direct lender, so no middleman
  • Doesn’t check major credit bureaus
  • Deposits funds quickly into your bank account
  • Online account dashboard access

Cons

  • Very high interest rates and fees
  • Short repayment terms with a single lump sum due
  • Will hit your bank account hard on the payback date
  • No early repayment discounts
  • Not transparent about rates and fees

Definitely some red flags here that borrowers should watch out for. While the speed and easy access are nice, the outrageous rates outweigh the benefits IMO.

Days Loan’s Interest Rates and Fees

This is where things get ugly, my friends. Days Loan tries to hide its actual rates and fees, but here’s the nitty gritty:

  • Interest rates: Around 150% to over 700% APR depending on your state
  • Origination fees: Up to 10% of the loan amount
  • Late fees: Up to $30 after a 5-day grace period
  • NSF fees: Up to $25 if automatic payment fails

They claim to offer more “flexible” terms than other payday lenders. But in reality, their rates are just as outrageously high as other predatory lenders. We’re talking 200% rates in some cases! Definitely take caution.

What’s the Maximum Loan Amount From Days Loan?

The max cash you can borrow from Days Loan ranges from $50 to $2,000 depending on which state you live in and your income level. Here’s a quick peek:

  • California: Up to $300
  • Florida: Up to $500
  • Idaho: Up to $1000
  • Illinois: Up to $1250
  • Indiana: Up to $550
  • Kansas: Up to $500
  • Missouri: Up to $500

The limits are set based on state laws regulating payday loans. Even if approved, days loan can’t legally lend you more than your state’s cap. Good to know before applying!

How Long Does It Take to Get Funds From Days Loan?

Days Loan advertises that they deposit approved loan funds fast. Here’s a look at their timeframe if accepted:

  • Application: Minutes to complete online
  • Approval: Instant automated decision
  • Funding: As soon as the next business day after approval

So in essence, you could apply Monday morning and have the cash in your account by Tuesday in most cases. Rapid compared to traditional loans. But that quick cash comes at a steep price.

How to Get Approved by Days Loan?

Days Loan promises a fast approval process. But here are some tips to boost your chances:

  • Have an active checking account and a reliable income source
  • Submit your application early in the day on a weekday
  • Have ID, banking info, and references ready to go
  • Start with a smaller loan amount your first time
  • Set repayment dates on or right after your paydays

Even with poor credit, you can get okayed if you have regular income to repay the loan. But beware – their instant approval can encourage bigger loans than you can actually afford. Stick to what you need.

What Happens If You Default on a Days Loan?

Is Days loan Legit? Days loan Reviews.

Like any lender, Days Loan doesn’t take kindly to defaulted loans. Here’s what can happen if you miss payments:

  • Repeated late payment fees eating into your balance
  • Increased interest rates up to state maximums
  • Harassing calls and messages from Days Loan collections
  • Potential legal action and wage garnishment
  • Huge hit to your credit standing and ChexSystems rating

Getting stuck in a predatory payday loan cycle is bad news. Always exhaust other lower-cost options before resorting to payday lenders like Days Loan. Avoid the debt spiral!

Are There Any Discounts or Promotions From Days Loan?

Days Loan tries to reel in borrowers with discounts and promos such as:

  • Referral and loyalty discounts
  • First loan-free promos (still pay fees)
  • Gift card bonuses
  • Giveaway contests and sweepstakes

But read the fine print! Most of their promotions come with hefty strings attached or have very low odds of panning out. You’re better off looking for lower-rate loan alternatives.

How Can You Pay Off a Days Loan Early?

Days Loan doesn’t make it easy or incentivize early repayment like some lenders. You typically have these options:

  • Pay back the full balance early – no discounts though!
  • Make partial payments to reduce the final debit
  • Request an extension if allowed in your state
  • Refinance or consolidate into another loan type
  • Simply default and deal with the consequences

Always avoid extensions or rollovers if possible, as this traps you in the payday loan debt cycle long term. Have an exit strategy!

Alternatives to Risky Payday Loans Like Days Loan

Let’s be real – payday loans should only be a total last resort. Before applying for Days Loan, exhaust all other better options:

  • Borrow from family and friends
  • Payment plan with creditors and bills
  • Traditional bank personal loan
  • Employer cash advance against your paycheck
  • Credit union payday alternative loan
  • Crowdfunded lending communities
  • Debt management services and credit counseling
  • Balance transfer credit card promos
  • Interest-free financing from merchants
  • Local non-profit and charity assistance

Don’t let slick ads and convenient access lure you into payday loans like Days Loans. There are plenty of less predatory ways to deal with cash shortfalls. Do your research!

Days Loan Reviews from Real Customers

Days loan reviews from real customers

Let’s check out first-hand experiences from folks who’ve used Days Loan. I gathered up reviews from across the web – here are some common sentiments:

“The interest rates are out of control high. I deeply regret using Days Loan and will warn everyone I know to avoid them.”

“Very easy to get approved, but the fees was more than I expected. I struggled to repay on time.”

“They deposited money fast, which I needed. But their collection calls were nonstop when my payment failed.”

Many customers complain about deception around rates and repayment terms. Make sure to read the fine print and have a repayment plan before borrowing.

Is Days Loan Legit and Should You Use Them?

Time for my professional verdict on Days Loan as a lender:

Days Loan is a legitimate direct payday lender, their astronomically high-interest rates make their loans an absolute last resort.

They also aren’t transparent about showing actual costs.

Approval is fast and money arrives quickly. But you pay the price with very short repayment windows, expensive fees, and punitive collection practices. It’s a debt trap.

Only use Days Loan if you have literally exhausted all other lower-cost borrowing options and have a solid plan to repay it quickly. Their predatory loans should be avoided otherwise. Don’t get caught up!

Frequently Asked Questions about Days Loan Reviews

Here are answers to some of the most common questions I get about Days Loan:

What are Days Loan’s payday loan requirements?

You’ll generally need an active checking account, reliable income over $1,000 per month, a valid ID, and references. No formal credit check.

Does Days Loan operate in my state?

They currently offer loans in California, Florida, Idaho, Illinois, Indiana, Kansas, and Missouri. Expanding to more states soon.

How fast does Days Loan deposit approved loans?

Most customers report getting funds deposited as soon as the next business day after approval. Most lenders take 3-5 days.

Can I get more than one payday loan from Days Loan at once?

Technically you can, but it is extremely risky to have multiple high-interest payday loans simultaneously. Avoid it if at all possible.

What happens if I can’t repay my Days Loan on time?

You will start accruing expensive late fees and increased interest rates. Expect constant calls from collections agents. Default should be avoided at all costs.

Is Days Loan the cheapest payday lender out there?

Definitely not. While convenient, their rates are just as astronomically high as other predatory payday lenders. They are far from the cheapest option.

The Bottom Line on Days Loan Reviews

Phew, we covered a lot of ground here breaking down Days Loan from top to bottom! The bottom line is that while Days Loan is legitimate, their loans should be an absolute last resort due to absurd rates.

Only borrow what you can realistically repay on your next paycheck. Have a solid early repayment or exit strategy to avoid the endless debt cycle. And seriously examine all other lower cost options first!

Hope, this deep dive into Days Loan was helpful. Stay savvy out there, compare your options, and borrow responsibly. Your wallet will thank you.

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Ellie

I'm Ellie, a freelance writer with years of experience in the loan industry. Based in the United States, I founded cuploan.net, a loan finance blog providing expert advice and insights. I specialize in creating high-quality content promoting financial literacy and consumer rights to ensure fair and transparent lending access.

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