Better Day Loans |‌ BankruptcyHQ

Before you borrow, read our Better Day Loans review.

There are a lot of lending companies that cater to those who need money fast. Most of these lending institutions are aware that their clients are in financial distress, and they take use of this information to demand exorbitant interest rates. Before you work with them, be sure you understand what you’re getting yourself into. If you’re in need of a modest loan, this article will assist you comprehend Better Day Loans.

What’s Better: Day Loans or Payday Loans?

Better Day Loans is a supplier of “payday loan alternatives” for tribal communities. They provide high-interest, short-term loans that “allow you to receive cash fast and without difficulties.”

They aren’t the same as other sorts of payday loans. Rather, they provide installment loans. The borrower is given a lump sum payment up front and then must repay the principle and interest over time. Many payday lenders expect consumers to pay off their debts in full within a few weeks.

They don’t have any physical locations since they’re exclusively an online lender. The only way to apply is via their website. It simply takes a few seconds to approve a request. Funds will be transferred the following business day after an application has been accepted.

Is Better Day Loans a licensed company?

Better Day Loans does not have a loan license from the federal or state governments, but it is not required. They are a tribal lender, which means Native Americans own them. The Kashia Band of Pomo Indians of Stewarts Point Rancheria is credited with the company’s administration.

Because the American government recognizes them as sovereign countries, they are exempt from regulating payday lenders. They might charge higher interest rates and fail to comply with licensing regulations. They may also issue loans that are more than the legal limit for payday loans in California ($300).

A typical loan’s terms

Because Better Day Loans is a tribal lender, their products are more costly than those offered by other payday lenders. They are located in Santa Rosa, California, but are exempt from payday lending legislation.

They also point out that this is a highly costly method of borrowing money. Installment loans from Better Day Loans are designed to suit your short-term borrowing needs and are not meant to be a long-term financial solution.

Here’s a quick rundown of what you may anticipate if you borrow money from Better Day Loans.

  • A minimum principal balance of $200 is needed.
  • New borrowers may have a maximum principal amount of $1,500, while repeat borrowers can have an entire principal balance of $5,000.
  • The first payment must be made on the borrower’s first paycheck after receiving the cash.
  • Payments usually are made every 15 days.
  • Maximum payback lengths of one year are possible.
  • Borrowers may prepay at any time without incurring any penalties.
  • The average APR ranges from 700 to 780 percent.

On its website, Better Day Loans does not reveal the actual conditions of their repayments. The APR and loan duration will change since the information is withheld until the borrower applies.

Online Reputation Management

It is a good idea to get advice from others before entering into any deal with a lender. This aids in the weeding out of the untrustworthy. Better Day Loans, like regular payday lenders and tribal payday lenders, have a terrible reputation on the internet.

The Better Business Bureau is the most excellent location to get trustworthy lender reviews. The BBB is the most reliable source of information about a company’s dependability. Many consumers have had poor encounters with Better Day Loan, according to their profile.

The Better Business Bureau does not accredit them, although there have been persistent complaints about:

  • Customer service and communication are lacking.
  • High borrowing costs and interest rates
  • False or deceptive tactics

The BBB opened the Better Day Loans File on 12/19/2019. There have been 34 customer reviews and 24 BBB complaints since then. The average rating for these reviews is 1.12/5.

This company looks very new since the BBB just started its case in January of 2019. This implies they aren’t discussed in many other places on the internet. However, their BBB rating is nearly exclusively negative, so other consumer reviews are unlikely to disagree.


Unless there is an immediate need for cash, payday lenders are seldom employed. Even if we don’t advocate Better Day Loans, they do have certain advantages.

You may be able to get a better day loan:

  • The online application process is fast and easy.
  • You can acquire a loan even if you have bad credit.
  • Funding may be received in as little as one business day.
  • Discounts are available for direct debits.
  • You may pay in advance at any moment without incurring any penalties.

These are insufficient to address the issues they generate.


It should come as no surprise that Better Day loans have drawbacks. Traditional payday lenders and tribal payday lenders have many of the same disadvantages as these loans, including:

  • An unreasonably high-interest rate
  • Late payments, insufficient cash, and returned products may incur additional costs.
  • It’s too late to make up for the lack of loan pricing clarity.
  • There is no customer service, and communication is poor.

They aren’t accessible in every section of the country. This, on the other hand, might be good since it may help the locals.

How to Obtain a Better Day Loan

Despite overwhelming evidence to the contrary, here’s how to make a Better Day Loans loan.

  1. Visit their webpage: They are an online payday lender that does not take applications in person. On their webpage, there should be a “Apply Now” link.
  2. Personal data: The initial element of their application will include individual background information. This contains information such as the borrower’s name, address, and driver’s license number. Their Social Security Number is also included. Borrowers must pick their loan type at this point.
  3. Provide the following information about your earnings: The borrower’s income streams will be collected in the second portion of your application. This covers side hustles, job income, Social Security, and other kinds of passive income.
  4. Give your bank account information: Finally, they’ll need to get the borrower’s bank account details. By filling out this area, they may debit the borrower’s account immediately. Anyone who wishes to pay by wire transfer or another method will need this information.

All information given to Better Day Loans will be checked using national databases such as Clarity, Factor Trust, and Microbilt.

Customers’ data is shared with affiliates according to their privacy policy. You may ask them not to, but they will share your information with other parties so that they can sell to those who do.

By accepting the application, one of their customer service experts will help the borrower with the loan.

Better Day Loans Alternatives

Payday loans, particularly Better Day Loans, should only be utilized as a last option. There are other methods to receive the cash fast, even for folks with bad credit.

Consider these options if you don’t want to take the risk of dealing with a predatory lender like Better Day Loans:

  • Get a Payday Alternative Loan (PAL):

    A PAL is a better alternative than a payday lender or a tribal lender for those who are dedicated to their borrowing options. These loans may be utilized to meet many of your needs and have a lot of the same benefits, such as minimal application costs and low principle amounts. Loans are available from federal credit unions at lower interest rates.

  • You may get rid of some of your useless belongings by selling them:

    Most individuals who require a payday loan only have a few hundred dollars in their bank account. Selling your personal belongings is more straightforward and safer than taking out a loan. With the aid of the internet, there are buyers for almost everything.

  • Participate in the gig economy:

    Even loans with low-interest rates might be dangerous. For many crises, selling your possessions is not a viable option. Instead of taking out loans or selling their belongings, those who have more time and energy to work than money can endeavor to produce more. There are a variety of gig economies that cater to a variety of employees, including dog walkers.

While tribal payday lenders might be a convenient option to cover an unexpected need, they often cause more troubles than they are worth. At most, they may postpone an emergency for a short period. Worst of all, they entrap borrowers in a debt cycle from which it becomes progressively impossible to escape.

The Final Word

We can’t offer you a firm answer even though possible you don’t want to be part of the process and only want to know if Better Day Loans is a possibility. While it may be tempting to go with a fast and straightforward loan source, this is not the most excellent option.

Better Day Loans is much too expensive. A borrower who takes out a $500 loan would spend nearly $3,400 in interest costs throughout the loan under their typical plan. This is about double the legal maximum in California for nontribal payday lenders.

Even if your credit isn’t great, you should consider shifting your company to a new location if at all feasible.


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