Borrowing money many times in relatively quick succession is never ideal; still, many people will end up doing so whether they want to or not. In such cases, it makes sense to choose a lender who has policies centered around catering to these types of customers. 310 Loan is one such company. By offering a generous referral program and the chance to borrow more and more each time you come back, this lender makes themselves an appealing choice for people who choose to borrow repeatedly from them.
Going Over the Important Details
310 Loan is one of many lenders specializing in small loans that restricts the size of the loan they will give each customer based on that customer’s past patronage with them. Initially, even those with the highest incomes and the best credit scores will only qualify to receive a maximum of $600 – no exceptions. Each time you borrow from this lender, however, that amount will steadily rise. It will go up by $100 each time until it finally reached the ultimate cap of $1,500, at which point it will increase no further. Keep in mind that this is an increase in the cap only, not necessarily in the amount you will be offered. That will still depend on how much you make and how much your credit score suggests you can be trusted to pay your debts. You may be approved for larger amounts when that becomes possible, but it is equally possible that you’ll still be stuck at the same amounts that you were before. This is why you probably shouldn’t borrow from them for the sole purpose of increasing your allotted amount; unless you’re rich enough to get a loan on much better terms than you will here, you can’t count on that action paying off for you at all.
Whatever amount you end up with, you’ll still be stuck paying it back within the standard 2-week time period that most small-scale loans use. This is not a lot of time, particularly for those who take out larger amounts, but some people can handle the short time frame better than others. If you have a robust income and a lot of self-discipline, you could potentially take out the maximum $1,500 amount with no issues. Planning, however, will be key in a successful repayment. There are no options to extend your loan or renew it, so if you don’t get everything together by the designated date, you will certainly be in trouble. That goes double considering that the interest charges on these products are the maximum allowed in each province where they operate. You’ll pay a different rate depending on where you’re living. In Newfoundland, for example, the current rate is $21 for every $100 borrowed, and no lender is allowed to charge you any more than that. This, of course, does not include any charges for things like late payment, as it assumes you will live up to the promises you made when signing your loan agreement. If you do not, you may be on the hook got more money than you had originally anticipated.
Who Can (And Can’t) Apply
310 Loan’s operations may be extremely familiar to most people who have ever dealt with loans in any way, but that doesn’t mean they are accessible to everyone. In fact, this is very much not the case. While a low credit score won’t be much of an object (it never is with payday loans like this), there are still many cases in which you won’t be able to be approved for these loans. You should be prepared to be turned down by this company if:
- You’re disabled and living on government or pension payments.
- You’re retired.
- You’re self-employed.
- You’ve had a bankruptcy issue in the recent past.
- You’re working on a contract.
- You’re a student and living off of a stipend or grants.
- You work a job with an alternate pay period.
These aren’t the only situations that might disqualify you, but they are some of the most common. This is because 310 Loan requires that applicants be at least 18 years of age, have no history of bankruptcies or credit counselling in the past 2 years, be steadily (not temporarily, even if your post is temporary in name only) employed, and be able to show bank records listing at least 7 transactions (2 of which must be payday deposits) in the past 30 days. They can verify these things quickly (they tell you that you can still expect to have your loan completely processed within 24 hours), but they do insist on them being fulfilled and will not make exceptions for anyone.
None of these stipulations are unreasonable or unfounded – in fact, having these requirements in place is a sign that 310 Loan is a responsible lender that does not make decisions lightly and does not want to place their clients in an untenable financial situation. This is an ethical move that should be commended. However, it does tend to make things hard for many potential applicants. You have to fit a very particular mold in order to be served by this company, and not everyone will measure up. This leaves many prospective customers out in the cold (although there’s nothing stopping them from applying to other lenders who do serve people in their specific situation). The upside is that 310 Loan does operate in every province except for Quebec, so location at least is no issue. If you fit all of the other criteria, you likely won’t have any problem getting approved. If you’re thinking you’ll be able to meet most of the requirements but aren’t sure about the 7 transactions you need, that one at least is easily remedied, too; just go make some small purchases and you will be able to apply with no issues.
Signing Friends Up Means Benefits For All
If you happen to know some people who you think might be in the market for a loan as well, there’s another reason for you to choose to borrow with 310 Loan. They run a referral program that actually benefits both you and the person you are referring, a real rarity among these types of incentive offers. If someone takes out a loan with this company thanks to your influence and successfully makes their first payment on time, there is $50 in it for you and 20% off the fees on their loan for your referred person. That 20% discount isn’t huge, but it can add up to something substantial over time, particularly on loans that will be paid off over a longer period of time where lots of interest would normally accrue. Usually, it would be just you getting a payment, but this two-way bonus helps to ensure that more people become interested in taking up the offer. This is good for you and good for 310 Loan too – everybody wins.
Somewhat unusually, this referral program does not use personalized online links to track which new applicants were brought in by which existing customers. Rather, each potential referrer is given a code which they can then distribute to their friends, family or even acquaintances both online and in real life. When someone applies based on your recommendation, they’ll have to write down that code on their forms for you to get the credit for that. What’s nice about this less digitized process is that you can also use your name instead of that code to rack up referrals, making it easy for people who are less tech-savvy than most to still give you a little bit of income if they choose to apply. Some may prefer this way and some may prefer the other, but when it comes down to it, is there ever anything to complain about when both parties in a referral are getting a great deal?
Could 310 Loan Be the One For You?
310 Loan really is best suited for those who will borrow from them on more than one occasion; the things they do for people who do are the main thing that makes them stand out from the competition. Even though you should be careful to temper your expectations of this program, their policy of gradually increasing the loan amounts that repeat customers can get helps to give you a nice incentive to keep coming back to them. Like with all payday loans, it’s extremely important that you take the experience seriously and stick to your limits firmly, but things should go well as long as you do. They’re an especially good choice if you think you might have to come back and borrow again some day since they have an explicit policy about building trust with you in this way.
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