There’s no shame in needing money every once in a while. Paychecks run short, appliances break down, jobs are lost, and all of these things have an effect on your financial well-being. You don’t have to suffer through these setbacks alone. 310 Loan can help you get over these little hurdles and bounce back so fast it’ll be as if nothing happened at all.
What These Loans Are Good For
310 Loan’s business model is very simple and easy to understand. These are payday loans that you can use to get up to $1,500 deposited into your bank account in a very short span of time. You are then expected to pay that amount back within 2 weeks. You could use a loan from 310 Loan to:
- Pay off some overdue bills
- Repair your car
- Tend to your sick pet
- Cover moving expenses
- And much more.
As long as the problem you’re trying to solve is a short-term one that won’t cost too much to fix, these loans are perfect for helping you address it. You know you can count on getting them quickly and without too much work on your part, so the convenience factor is on your side too.
Anyone who is of age, has a job with regular income and can show proof of at least 7 transactions in their bank account within 30 days can apply. As long as you move quickly and submit all the documentation they require from you in a timely fashion, you could have that money in less than 24 hours. You have the option to apply online like you would with most lenders like this, but if you’d prefer it, you could also apply by phone. There are some people out there who would definitely prefer to speak to someone face-to-face, but you should know that unless that really matters to you, you’ll have a much easier and faster time applying online as usual. It’s just nice to have the option to do things in a more traditional manner if you choose to.
Submitting Your Documentation
Once you’ve completed your application, you’ll need to provide some documents to the lender to do things like confirm your identity and verify that you have the job and level of income that you say you do. It’s very easy to do this in one of the four simple ways that 310 Loan accepts. You can either:
- Email the documents to them in PDF form.
- Email them in image form (as long as the full size of all attachments combined is less than 10MB).
- Use their secure bank statement capture tool to allow them to look right at your banking information without risking a security breach.
- Fax them to the lender at their corporate office.
Any one of these options is acceptable as long as all the documents get to the lender on time and in a legible format. All of them will get you results reasonably quickly, but the bank statement capture tool is usually the most expedient way to take care of this task. That said, 310 Loan understands that not everyone is comfortable with giving a lender such close access to their banking information even if the process is entirely safe for you, so they will not pressure you to use it if you do not want to.
Once you’ve submitted the necessary documents and they have been reviewed for accuracy, you will be sent your finalized loan agreement and be given the option to choose to receive your funds by email money transfer or some other method. All the other options take approximately one additional business day to process, but if you choose the money transfer option, you should have your money within 30 minutes of accepting. Since speed is a big concern for most people choosing payday loans and there is no reason not to go for this option, it’s the one most people end up taking.
It Takes Time to Build Trust
One thing to be aware of the first time you borrow from this lender is that although they technically offer loans of up to $1,500 like most payday lenders, they do not approve just anyone for this amount. You have to be a repeat customer in order to be approved for more than $600 in one loan, and it usually takes more than one subsequent loan to build up enough trust with them to get the full $1,500 amount. Most applicants won’t be able to do it, and that’s assuming that they even have the income they would need to be considered for it in the first place. That’s another barrier to getting the full amount – you’ll need to make a lot of money each month in order to convince this lender that you can pay back that much in just 2 weeks.
You’d have the same difficulties in that regard with any other similar lender, though, so it’s not something that should affect your decision regarding whether or not to choose this one specifically. You just shouldn’t count on being able to access that much at one time. If you really do need that amount, it might be more practical for you to turn to a larger personal loan in order to extend the amount of time you will have to repay the full amount; more time means less money required in each payment, which means lenders can safely approve you to borrow that much even with a lower income.
What Are the Costs Like?
Borrowing through payday is always a fairly expensive proposition. Borrowing with this lender is the same in that respect. 310 Loan charges the legal maximum in each province they operate within, and that’s different for each of them. For Ontario, for instance, the most they can charge for a short-term loan is $15 for every $100 borrowed. Most provinces allow lenders to charge even more. 310 Loan will tell you the applicable rate based on your province of residence when you apply, so you don’t have to worry about being surprised by the charge when you’ve already finished applying. You should expect high charges regardless, though, so apply with this in mind. This is a standard practice for payday lenders and for the most part, you will be paying the same fees that you would pay anywhere else.
Further, though, you should also be aware of the fees that you could face in cases of non-payment. Obviously no one plans for this to happen to them, but if you do happen to make your payment without enough money to cover that cost in your bank account and the charge is reversed, you will be charged a non-sufficient funds fee of $50 from 310 Loan in addition to whatever charges your bank might place on you. If your loan goes into delinquency after spending too long sitting without any payment happening, you will be forced to deal with collections firms and your loan will accrue up to 30% interest annually until it is paid.
You Could Earn Money With Referrals
These loans might be expensive, but the nice thing about them is that they also offer you a way to earn some of that money back if you’re lucky. If you can convince someone else to sign up for these loans, you’ll receive $50 per new customer you bring in. As an extra incentive, the person you refer will also get 20% off the fees they are being charged on their new loan, making this a mutually beneficial arrangement. If you know anyone who was even somewhat interested in the idea of a loan, it just makes sense to bring this possibility up. It’s great that 310 Loan allows their customers to do this, and when it works out successfully, everyone benefits. You’ll need friends or acquaintances to take advantage of this offer, though, so those with a large social circle end up getting more out of this arrangement on average. You shouldn’t expect to make more than a few hundred dollars at most and you almost certainly will not be able to pay off your loans like this; treat this small potential windfall as a bonus and not as a necessary component of your repayment plans.
Do You Want to Take a Loan From 310 Loan?
Borrowing from 310 Loan is not a decision with no disadvantages. Your costs will be high, and because of this, you will have little margin for error. They make up for this drawback with excellent turnaround times, convenient application options and the ability to refer friends for a little extra cash. In the end, it’s up to you to choose what matters most to you: the price or the extra features. As long as you’re okay with the setup, there’s no reason you shouldn’t apply to this reputable lender.