Payday360Now.com – What You Need To Know
Description: Payday360Now.com is a loan matching service that claims to connect people interested in borrowing money with private lenders for short-term loans.
Old things break, a room needs repainting, appliances need spare parts, and many other such issues require us to spend in order to fix or solve them. With the current economic status, such financial requirements might prove to be difficult to meet. No matter the reasons why you’re in need of a short-term loan, Payday360.com might be just what you’re looking for in order to get the money your various emergency-situations require. What is this service about? Is it worth trying? Let’s find out more in today’s post.
Payday360Now.com – What Is It?
Payday360.com is a loan matching service that puts users in contact with private lenders with regard to short-term loans. The money they can get thus varies between $100 and $1,000. Owned by a Nevada-based company, the website started to offer its services 3 years ago. There is little information about the company, though. What you get is a contact address that can be found on other websites of this sort. We assume they are probably owned by one and the same company or different companies use the same address, which is an aspect that raises questions you should pay attention to since finances and money are involved.
Things are quite simple. You need to complete a short form in order for Payday360.com to put you in contact with private lenders. The website thus works as a middleman and cannot be held responsible for any problems that might occur. Still, the company should provide more information about the lenders or their terms of loans. There are no details about them on the website.
Before getting a loan, it is best to know as much as possible about the lender. Even if submitting an application doesn’t mean that you approve a loan, you should know more about the company you will share your personal details with.
However, there is information on the general requirements for loan approval. You should be at least 18 years old, US citizen and employed. A bank account is also required as there’s no other way you can receive the money. But that’s general information most people with loans know. There are no specific details, not even the length of the loans. We can only suppose it’s somewhere between 2 and 4 weeks since that’s the general length of payday loans. And, very important, you don’t get to know what the annual percentage rate of charge for the loan is.
It depends on the lender’s privacy indeed but they could mention at least an approximate figure in order for you to get an idea of how expensive a loan can be. It is well-known that payday loans come with high APRs and if you can’t make payments on time, they could become expensive in the long run.
Payday360.com claims that you won’t get into any trouble of this sort since the payments will be taken directly from the borrower’s bank account. It doesn’t specify that this is an option or that there are other ways for the loans to be repaid, so we could think it’s a rule applied to all loans. Not being able to choose when to make the payments and offering lenders access to your bank account are the things that make us keep our skepticism on.
Payday360.com – How Does It Work?
There aren’t many differences between Payday360.com and other similar websites when it comes to the way they work. Once you complete your application and submit it, the website will match you with one or several lenders that could offer you a loan.
When it comes to most loan matching websites, you will receive a list of links to private lenders after you sent your application. This way, you have the possibility to choose the lender you think offers loans that match your needs and financial circumstances. There is no information that Payday360.com does so, too. You could receive this list or you could be redirected to a lender and contacted directly by one or more lenders.
Applying for a loan through Payday360.com doesn’t mean or guarantee you that you will also receive a loan. This depends on the lender’s privacy, the terms of the loan, whether you are OK with them, and so on.
One thing we can assume, taking into account the fact that borrowers can receive the money in as little as 24 hours, is that the whole process is quite fast. This means that the lender evaluates an application and sends an answer to the applicant quickly.
The service is free and trying to access a loan will only cost you your personal information. If you are willing to share it with companies you might not get much information about, Payday360.com might be a good option. It connects you with private lenders, you have the freedom to accept a loan or not, therefore, there would be nothing to lose.
Still, if you are not comfortable with sharing private details such as your full name, contact address, social security number, banking information, driver’s license number, your employer’s contact details, and other such information, Payday360.com is not a great option. The company requires such information even from the very beginning when you complete the application form although they normally shouldn’t since such details are needed only when you close a contract with a lender.
Otherwise, it’s information you share and that will be used by the company for other purposes. In fact, the website mentions that the company collects and shares your personal information with affiliates and other third parties. This means your information will be used for marketing purposes, which will consequently translate into phone calls and emails you will get from unknown sources.
If you want to stop being contacted by unknown companies, you will have to unsubscribe from each company individually. You can’t the stop the company from sharing your information since you can only complete the application if you agree to this policy.
Final thoughts on Payday360.com
You can find the pros and cons yourself from what we’ve mentioned above. One more thing to add is that, despite the fact that the website started 3 years ago and is still running, there are no reviews available online. Neither good nor bad, and that raises a question.
The main pro is that, if everything goes well, you can get a payday loan in as little as 24 hours. You will know the terms of the loans only when you contact the potential lender, though, and you will have to submit sensitive personal information in order to get the matches and that is the price you will pay whether you receive a loan or not. That information is further shared with unknown companies. It’s up to you to decide if the risk is worth taking.