PERSONAL FINANCE BLOG

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310 Loan
3 Apr 2019

310 Loan

There are hundreds of instances in life where you might need an extra few hundred dollars that you don’t have at the moment. If you’re willing to pay a little extra over the long term, 310 Loans can help you solve this problem. With requirements largely the same as most lenders and a more liberal approach to loan amounts, they are a good choice when more conservative payday lenders won’t do.

Laying Out the Basics

The first thing to know about 310 Loan is what their loans actually look like. Qualifying for these loans is relatively easy with one notable exception. There is a slightly unusual requirement attached to them that, while it shouldn’t pose any trouble to most people who would be applying for this type of product, may present an unpleasant obstacle for others. In addtion to needing to be at least 19 years old with an active source of income (it is not specified that it must be from a job, but social assistance, CPP and employment insurance income is disqualified) and no bankruptcies, consumer proposals or active credit counselling mandates on your file, you must also have an active chequing account that has seen at least 7 transactions on it in the past 30 days.

Because these can be either deposits or withdrawals, most people will automatically have at least 2 paycheck deposits to count on, and with weekly groceries and monthly rent included, it should be no trouble to reach 7 transactions. However, if you don’t pay for some of those things yourself, aren’t paid as frequently, or generally live with minimal expenses, you may fall short. You can always buy a few small things to make up the deficit, but at that point you will probably be better off looking for another lender.

If you qualify, you can borrow amounts between $50 and $1,500, although new customers should expect to be approved only for amounts that are considerably lower than that maximum. You’ll be paying this amount back within 14 days ideally, just as you would with any payday loan. This lender also charges the maximum allowable APR in each province they operate within. This varies quite a bit from province to province, so you’ll need to be sure to look up what rate applies to you before you make the decision to choose these loans. Thankfully, their website is set up with a helpful landing page that asks you for your province of residence and uses that to display the current max loan rates right there, so if you answer honestly in that first instance and make a point of remembering that number as you read through the other terms, conditions and other important things to know, you’ll have an easier time navigating this process.

Applying Is Easy

Getting a loan with 310 Loan can happen in a matter of just minutes if you know what you’re doing. They use online application forms that you can easily complete with just a few pieces of personal information. If you do that and everything looks like it’s in order, you’ll be asked for documentation to prove that what you reported in terms of income is true. You should also get an offer with terms that are conditional upon you passing that check successfully. You can send your supporting documents in by email (PDF or image), fax, or by using 310 Loan’s automated bank statement capture tool (you will not be required to give out any of your sensitive information for this).

One uncommon thing that 310 Loan asks you to do near the end of the application process is to speak to them over the phone to confirm your identity. This does not take the place of the requirement to supply documentation, but simply provides an additional layer of verification. This is the least intrusive and inconvenient way they could do it, so while it might seem like a bit of pain, it’s actually not a big thing to ask in return for the increased security it gets you. With that standard in place, it’s far harder for anyone to open a loan account in your name and cause you to lose money or ruin your credit as a result. Keep that in mind and it’s unlikely you’ll be annoyed by the slightly higher demands on you as compared to other lenders. It’s a one-time thing and you really won’t notice the difference afterwards; just be prepared for a phone call at the outset.

Once you’re approved and have had your identity confirmed, you could get your money in as little as 30 minutes through an e-transfer. This isn’t guaranteed, but 310 Loan is quite confident in their ability to deliver on this estimate, so you need not worry about it being far off. If you want to be paid by direct deposit, however, you’ll be waiting a little longer, but will usually have your funds within one business day. By then, the only part of your borrowing process that will be left is your obligation to repay the full amount after just 14 days. You’ll probably owe a fairly large amount of money, so take extra care to ensure that you will not miss your deadline and face high penalties.

The Benefits of Borrowing Again

Like some other similar lenders, 310 Loan operates on a system that gets you an increased limit as the trust between you and the lender increases over time. The more you borrow from this company, the more they will allow you to borrow in the future. While most first-time borrowers won’t qualify for more than about $600, if not less, those that 310 Loan knows well can get up to $1,500. They also get access to a much faster application process reserved for retuurning customers whose information is already on file.

It’s a great idea that gives you a reason to think of them first when you need a loan in the future, especially if you had a good experience with them the first time. They explicitly tell you they want to see you again, so you know that they understand how important it is to impress you. They will be sure to give you the best service they can manage in order to leave you with the impression that you ought to come back again sometime. That’s not always something you can count on with short-term commitments like payday loans, so it’s worthy of note here.

What Do People Think?

The online verdict on 310 Loan is mixed, but not any more so than most lenders like it. The trouble with assessing payday lenders based on user reviews is that many people will leave a copmany with a bad review just because they were denied or had a hard time paying the loan back. Payday loans are often taken out in time of high monetary stress, so this isn’t that surprising even if it is damaging for the lenders who are simply trying to reach a mutually beneficial arrangement.

The better way to judge them might be by looking at their social media presence. They have an active Facebook page with nearly 4,000 likes on it at the time of writing this, so you know they have many satisfied customers to go along with the ones that are less than pleased. When someone leaves a complaint on that page, they usually get a quick repsonse from a 310 Loan defender explaining that they did not have similar issues in their own borrowing experience and calling for onlookers not to generalize due to this. For that reason, we recommend that you come to your own conclusions about this lender based on what you now know and what you feel you need from a loan provider.

Is 310 Loan For You?

310 Loan isn’t too much different from your typical payday lender, but the larger amounts they may allow you to borrow are unusual in this sector and make them one of the few options out there for borrowers with more significant money needs. For that alone, they are worth looking at. The only trouble is that larger loan amounts combined with the standard high payday loan interest rates makes for a very pricy product in the end. These loans really are quite expensive, even if what they charge isn’t at all out of step with the prices of their competitors. The fact remains that if you’re looking for a deal, you won’t find it here.

This lender is best used when you need medium-sized chunks of cash and need them fast, and they will provide even better terms and service to customers who they get to know over multiple transactions. If you fit that profile fairly well, there’s no reason to think you won’t be happy with these loans.