100 Day Loans BBB

100 day loans

Author: Better Business Bureau
Published: 3/16/2008
Category: Finance

According to the Federal Trade Commission (FTC), check cashers, finance companies, and others are making small, short-term, high-rate loans that go by a variety of names: payday loans, car title loans, cash advance loans, check advance loans, post-dated check loans or deferred deposit check loans.

With payday loans, a consumer writes a check payable to the lender for the amount he or she wishes to borrow, plus a fee. The lender gives the borrower the amount of the check minus the fee. The lender holds the check until the borrower's next payday, when he or she can do one of three things: allow the check to be cashed, redeem it by paying cash to recover the loan plus a fee, or roll it over by paying the fee to extend the loan for two or more weeks.

With car title loans, companies offer short-term loans in exchange for the borrower's car title. In this situation, the consumer may find that if he or she is unable to pay the loan back when it comes due, the car becomes the property of the loan company. The car is often sold before the consumer can accumulate the funds necessary to get the title back.

Legislation enacted by the 2002 Virginia General Assembly authorizes payday lenders to transact business in Virginia. The legislation became effective July 1, 2002.

At the same time, the SCC approved regulations for payday lending in Virginia. The rules establish certain requirements and consumer protections applicable to licensed payday lenders and the loans they make payable on the borrower's next payday.

Interesting facts

  • In finance, unsecured debt refers to any type of debt or general obligation that is not collateralised by a lien on specific assets of the borrower in the case of a bankruptcy or liquidation or failure to meet the terms for repayment.
    In the event of the bankruptcy of the borrower, the unsecured creditors will have a general claim on the assets...
  • A signature loan is a loan that is not backed by collateral; i.e., the sole criterion for the decision to grant the loan and establish the terms thereof is an assessment of the customer's credit rating. Also known as an unsecured or personal loan.
    There are many different banks or lenders that offer these types of loans but most consumers...

Additional information

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Popular Q&A

What is 100 day loans.

100 Day Loans is an online service that uses your information to match you up with lenders who can give you a cash advance, payday loan, or unsecured loan. However, they are not a lender and are only matching you with other potential lenders. Thank you for asking !

What is the Earnings to loan ratio required these days on a $100,000 loan?

Lori gave you a good answer. I think you are talking about the debt-to-income ratio. That is the ratio when you divide you gross income by the PITI on the mortgage + your cosumer debt monthly payments (auto loans, credit cards, student loans etc...).
Lenders will go above the standard ratios if you have compensating factors (good credit, money in the bank, long time on job). The ratios can get up into the high 50% with compensating factors. But even if you can get approved at high ratios, really think deeply whether that housing payment is something you can afford comfortably month…