Is Better Day Loans a Good Choice?

If you need a small amount of money quickly, there are several loan companies ready to help. Unfortunately, the majority of them are well aware of their target market’s predicament and take advantage of it by charging obscenely high rates. There are a few things you should know before dealing with any of them. It’s important to read this before applying for a Better Day Loans if you need a modest loan right now.

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Better Day Loans: What Is It?

It’s a “payday loan alternative” company called Better Day Loans. To “help you receive the cash you need quickly and without any difficulties,” they provide high-interest, short-term loans.

With their products, you’re getting a long-term loan instead of a payday loan. The borrower receives a one-time payment in the form of a lump sum and subsequently repays the loan with interest and principal over time. The majority of payday lenders expect their customers to pay back the entire loan amount on their next payday, usually within a few weeks.

Because they’re an exclusively online lender, they don’t have a physical address. All applications must be submitted via their website, and acceptance is quick. If an application is approved, the money will be transferred the following business day.

Is Better Day Loans Licensed?

As a result, neither the Californian nor the Federal governments have authorised Better Day Loans to make loans. The fact that they’re a tribal lender indicates that they’re owned by Native Americans. The company is run by the Kashia Band of Pomo Indians from the Stewarts Point Rancheria.

As a sovereign nation recognised by the United States government, they are exempt from many of the regulations that apply to payday lenders in the United States. They are allowed to charge higher interest rates, bypass licencing rules, and make loans much in excess of the $300 statutory cap on payday loans in California.

Is Better Day Loans a Good Choice?

A Better Day Loans loan can help you pay for an emergency auto repair or medical bill, but you should know these things before you apply for a loan with them.

Amounts as Low as $100 Are on the Table

For some personal loans, you must borrow a minimum of $1,000 before you can borrow anything else. Instalment loans from Better Day Loans range from $200 to $5,000, so you can only borrow what you need to cover short-term expenses. (First-time borrowers are limited to a loan amount of $1,500.)

Receiving Your Money the Following Working Day Is Possible

As a result, you may not have much time to wait for acceptance of your application and the release of your funds if you are in a time of need.

Better Day Loans claims that if you apply for a loan and are approved by 6 p.m. Mountain Time Monday through Friday, your money will be disbursed the following business day. However, bear in mind that the time it takes to retrieve your money will vary depending on your bank.

High Rates of Interest

As an alternative to payday loans, Better Day Loans promotes itself as a more affordable option. The Consumer Financial Protection Bureau estimates that the APR on a typical two-week payday loan is close to 400 per cent.

Instalment loans from Better Day Loans, on the other hand, have APRs that are higher than those of traditional payday loans. Payday loans have higher interest rates than personal loans from the lender. At this rate, you could end up owing hundreds or even thousands of dollars more than you borrowed in the first place.

To Finish Your Application, You Must Speak With a Customer Service Professional

You can begin the application process for a Better Day Loan online. However, you must first speak with a customer care person by phone to have your application information verified before it can be paid. Although it’s an additional step, many personal loan providers allow you to apply online and receive a decision without communicating with anyone.

Fees for Late Payment and Funds Not Available

Better Day Loans requires that you make all payments on time if you take out a loan from them. This could result in hefty fines. Better Day Loans will charge you $30 in late fees if your payment is more than two days late. You will pay a $30 fee will be charged for any payment that is returned as a consequence of insufficient funds.

Should I get a Better Day Loans instalment loan?

When it comes to borrowing money, a Better Day Loans loan is an incredibly expensive choice that you should only consider if you have no other way to cover an emergency expense.

Consider these options before applying for a loan from Better Day Loans if you’re in need of a car repair, medical expense, or any other emergency.

Use a debit or credit card to make a purchase. As a result, even while credit card APRs can be rather high, they’re significantly lower than what you’d get from lenders like Better Day Loans or payday lenders. It’s possible to get a terrible credit card even with less-than-perfect credit.

Make a payment schedule. If you have medical debts, you may be able to set up a payment plan with your doctor’s office or hospital, which may allow you to pay the cost in smaller monthly instalments.

You should ask for a pay advance. Payroll advances allow you to receive a portion of your upcoming paycheck early if you have a job.

Make an effort to get assistance from others. A more cost-effective option to pay for unexpected expenses when you’re strapped for cash is to ask friends and relatives for a small loan.

Better Day Loans: Application Process

You can start the application procedure online. As a result, Better Day does not allow you to find out if you qualify for a loan and what the interest rate will be before filling out an application and activating a hard credit query on your credit report.

Better Day Loans asks for personal information such as your name, address, Social Security number, source of income, and contact information for your job when you apply. You must also enter the account and routing numbers from your bank.

You will be contacted by a customer service person by phone after completing the online application. It’s possible that if you’re authorised, the money will be in your account in as little as one or two business days, depending on your bank.


Consider these options if you want to save money on interest or locate a lender who lets you compare rates before you apply.

You may borrow money against your next salary using the Earnin app without having to pay fees or interest (just optional tips).

Online Reputation

Crowdsourcing lender opinions before signing any deal is always a good idea. It aids in the eradication of questionable characteristics. Better Day Loans, like many other traditional and tribal payday lenders, doesn’t have a stellar web reputation.

The Better Business Bureau is the best resource for customer feedback of any lender. For information on a company’s trustworthiness, they’re the most reputable and credible resource you’ll find. You can find out what other people think about Better Day Loan by looking at its Yelp page.

Because they aren’t BBB-accredited, there have been a number of complaints against them.

  • Lack of customer service and poor communication
  • high borrowing prices and interest rates
  • False or deceptive statements or conduct

On the 19th of December, the BBB began an investigation into Better Day Loans. Since then, the BBB has received 24 formal complaints and 34 customer reviews. These reviews have a combined mediocrity of 1.2/5 stars.

Since the BBB opened its file at the end of 2019, the company appears to be new. Thus, there aren’t many more references to them on the web. It’s unlikely, though, that other consumer reports will concur with the BBB’s assessment of them.


In most cases, people don’t turn to payday lenders unless they are in a dire financial situation and need money now. Even while we strongly advise against using Better Day Loans, they do have certain perks to offer those in need.

Better Day Loans is able to provide the following services:

  • An application that you can complete quickly and easily via the internet
  • A readily available financing options despite a less than ideal credit history
  • A single business day’s worth of funding
  • Discounts for making repayments through automatic withdrawals
  • The freedom to pay in advance at any moment without incurring any fees

These, however, are insignificant in light of the issues they raise.


Working with Better Day loans has its drawbacks, but that shouldn’t come as a surprise to anyone by now. These lenders have many of the same drawbacks as other types of payday lenders, including traditional payday lenders like banks.

  • There are additional charges for late payments, insufficient cash, and returned items.
  • Until it’s too late, lack of transparency in loan costs
  • Lack of customer service and poor communication

They’re also not available in certain places of the United States, but that may be a plus for the people who reside there because it benefits them.

Final Verdict

Better Day Loans isn’t a suitable alternative for individuals who don’t need all the details and just want a yes or no answer. We’d have to say no. A quick and simple loan provider may be appealing, but these are not the ones to employ.

Better Day Loans is just too pricey. Under their usual plan, a borrower who takes out a $500 loan from them will spend nearly $3,400 in financing fees over the course of the loan. An APR of 780 per cent is nearly twice as high as the state’s cap on non-tribal payday lenders. If you are looking for other great options, you will surely get the best loan deal here.

Even if you have low credit and are in severe need of a loan, you should try to move your company somewhere else if you can.


What happens if I default on a better day loan?

The consequences of not repaying better day loans are as follows:
Better Day Loans will charge you $30 in late fees if your payment is more than two days late. In addition, if a payment is returned due to insufficient funds, a fee of $30 will be charged.

Is it possible to get a better day loan in reality?

It’s a “payday loan alternative” company called Better Day Loans. To “help you get the cash you need quickly and without any hassles,” they provide high-interest, short-term loans. Their loans are instalment loans, not payday loans like the ones you might be used to.

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Disclaimer: All the information published here are for informational and educational purposes only. Moreover, all these information are researched from official sources. However, we will not warranty the information to be accurate and completed. Do not share your bank details or personal details in the comment box. For more queries visit the official website.

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