Ten Dollar Payday Loan Reviews

Ten Dollar Payday Loan REviewsTen Dollar Payday Loan might catch your attention because it sounds like a pretty good price for a loan. But upon further inspection they are saying it costs you $10 for each $100 you loan, which can still be a good deal if you compare it to some lenders rates in certain states.

For example, on a $600 loan you’d pay $60, and that same loan taken out in the state of Michigan would cost you $76.45 so you’d definitely be saving some money. It’s even true about a $100 loan, which in this case would cost you $10 at this site, and $15.45 at a brick and mortar payday lender. This would be a really easy way to know how much the loan is going to cost you, since many lenders have a complicated scale that changes depending on which loan amount you go with.

So aside from these savings, is there any other reason to go with them over more traditional rates? They’re not a direct lender, so what they’ve apparently done is assembled a network of lenders that are willing to loan at these rates. Or at least that must have been the idea. But it seems like maybe it didn’t work out so well, as there’s not much sign that they’re still in business.

Ten Dollar Payday Loan Reviews

The problem with Ten Dollar Payday Loan is that once you give them your name and email address you’re supposed to be taken to their application page, but they haven’t renewed their security certificate, so you’ll probably get a warning from your browser advising you to return to safety by clicking the back button. This is a huge red flag, and we’d advise going with a different site rather than trusting whatever site they’re trying to take you to.

There are a slew of sites out that are just trying to collect your information in order to get money in the form of an affiliate commission or by selling your information to lenders and other financial companies. Those that can’t find success end up going out of business but their website still remains, and this is a big sign that there’s not anybody manning the ship here, and that you should look elsewhere for a thriving company that can actually deliver on their promises.

Misinformation
Ten Dollar Payday Loan says that taking out a payday loan will improve your credit score. But this is not usually the case, and your credit is typically not effected at all as long as you pay the loan back as agreed. If you are late on your payments, or fail to pay altogether, you’ll be reported negatively by some lenders after a period of time. Very few lenders will actually take the time to report you positively to the credit bureaus, and since they’re not a direct lender they really don’t have any business telling you your credit will improve.

The Loan Process
The process itself should be pretty straightforward, and there are websites out there that let you apply in just a matter of minutes on a secure server. After that, a true matching service will take your data and run it through their system to see which lender can help you. Since they’ve already collected your pertinent information, it’s just a matter of accepting the lender’s offer and having the funds deposited to your account. But there’s very little to suggest that this is the process that will happen if you take a chance and give them your information.

Nothing Brought to the Table
This site brings nothing to the table that would make someone want to go with them, especially considering all of the different options that are available. There are quality lenders that offer secure application pages, and provide good information as to how the loan process works, and what you can expect when you take out a loan. There are even lenders that give you a good idea of whether it’s a good idea to take out a payday loan or not. In the end we have to give the thumbs down to this site, and recommend against going with it.

It doesn’t take much to keep a site secure, so this is just one red flag that counts as three strikes.

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