We all have our own priorities when it comes to borrowing money. If you choose to use 310 Loan for this purpose, you’ll have little trouble getting access to a significant sum of money in a short amount of time and with easy-to-reach customer service backup. In return for this service, though, you’ll find yourself paying quite a bit for the privilege and potentially jumping through some hoops you didn’t anticipate facing at the outset. In this article, we’ll discuss what this trade-off means and whether or not any of these things should impact your decision to borrow from them.
What You’ll Get
If you know how payday lending generally works, there’s not much about the basics of 310 Loan’s operations that will surprise you. They provide small loans of up to $1,500 and that you’ll be expected to pay back in 14 days. Like many payday lenders, this one charges the maximum allowable amount in each province in which they operate, as they are required to by law. This means that applicants in certain provinces will pay less for the same loan than they would if they lived in another place, technically making the pricing unfair to those who live in provinces with less stringent payday loan laws. However, as we said, this is an extremely common practice. It’s not outside the norm for this sector and even if it does ask a lot of the borrower, it’s nothing that other lenders like this won’t do as well. For that reason, it’s not something to critique 310 Loan for, but just one more point to be accepted regarding your choice to do business with them. There are enough upsides to the services they provide that the high expense will be worth it in many cases.
Some Potential Concerns
Another thing that you should know about this lender right off the bat is that there are two main barriers that you might face when trying to borrow from them. First of all, they restrict the amount you can borrow until you’ve built a reputation with them. While the uppermost amount they will lend you is technically always $1,500, only repeat customers will ever qualify for that. If you’re borrowing with them for the first time, you’ll only get a loan worth $600 at the very most. If you need something closer to the higher end of what they’re willing to lend, you’ll be out of luck in the near future. Beyond that, though, they have somewhat exacting requirements for supporting documentation. In order to get a loan with this company, you’ll need to have an active Canadian bank account that has had at least 7 transactions made to or from it in the past 30 days. This is far from an impossible thing to produce and helps to show the lender a few your usual spending patterns and what they can expect you to be able to pay for your loan. However, not everyone uses their bank account so regularly, and it isn’t an appealing prospect to have to make a few more transactions just to fulfill those requirements. At least the costs of doing so can be kept low if you simply buy a few candy bars or something, so there’s no need to go to too much expense to remedy the issue.
The Process is Swift
Choosing 310 Loan means choosing an easy application process that gets finished quickly and that gets your money to you with few delays. Their online application form only takes a few minutes to fill out, allowing you to get that out of the way fast. At that point, you’ll need to go through the proper verification procedures. You’ll need to either fax or mail in a set of documents to prove your income and other financial details (you’ll be given a full list of what you need if you choose this method), or you can use the electronic tool they’ve developed to send them secure screenshots that they can use instead. Obviously, this last method is by far the fastest, and it makes things extremely convenient for you.
You won’t be waiting long once you’re finished, either. Getting your funds by email money transfer only takes about 30 minutes once you’ve indicated that you’re choosing that option. For any other payment method, things will take a little bit longer, but you can expect to wait at most one full business day. For that reason, you can count on this lender to get money to you rather quickly if that’s something you need to worry about. They’ve promised fast money and they will keep their word.
Give Referrals, Get Money Back
In a nice added bonus, if you do become a customer of this lender, you’ll get access to the peer-to-peer referral program that they run to help attract more business through their existing clients. The idea is that by having customers like you recommend 310 Loan to people they know, those people will then go on to borrow themselves, driving up their revenue with relatively little work on their part. Instead, they’ll pay you a token sum for your efforts. You’ll be eligible to receive a payment of $50 for each new customer that you bring to 310 Loan through your personal recommendations (you’ll have a special link to give people specifically for this purpose).
It’s not only you who will benefit when you do this, though; aside from the benefit of getting a loan from a company that they know they can trust, the person who you refer will also receive a rebate of 20% off the fees charged by the lender for the loan they take. Although 310 Loan is far from being the only lender who offers a cash incentive for referring new customers to them, there aren’t many who also offer an incentive to the person being referred like this. Not only is this a nice gesture that may make you more willing to recommend them in the first place, but the prospect of getting a discount will also likely entice a few prospective referrals who weren’t quite sure whether they wanted to take the bait or not. Everyone likes getting a discount on the things they buy, and it’s often the psychological tipping point that clinches a deal.
Giving You More Options For Your Application
The final point that we’ll note in this lender’s favour is that while their application process is obviously based mostly online, you can also apply by phone if you choose to do so and access help by telephone at any time. This type of service is becoming increasingly rare as loan companies switch over to online-only applications in order to save on the costs of employing human workers to speak to customers directly. That’s an understandable evolution, but it still makes things hard for people who aren’t comfortable using the internet for important tasks like loan applications. Many older people, for instance, probably wouldn’t even consider doing business with a particular lender if they had to apply for their loan all online. 310 Loan is here for people like this, and that fact alone will probably be enough to make them the lender of choice for many out there. For those who are tech-savvy enough to feel at ease doing things digitally, online applications are of course available as well. Either method should result in a relatively swift turnaround time that won’t leave you waiting days to get the money you’re after; you can choose which one you would like to use based on your situation and preferences alone.
A Good Reputation Is a Good Sign
You always want to hear good things about any lender you are considering borrowing from, and while 310 Loan doesn’t have the same level of instant brand recognition that many others in this space do, people do speak positively about it for the most part. Many are not thrilled with their high costs, but since they state their interest rates up-front and cannot fairly be looked down upon for that, which many borrowers acknowledge. Additional services like their telephone support may be one of the reasons that they currently have nearly 4,000 likes on Facebook, a good indicator of their relative popularity. While they’re not perfect, it would seem that many people are happy enough with what they have to offer to review them positively.
What’s the Last Word on 310 Loan?
310 Loan payday loans are not cheap and never will be; there’s no way around that. However, just because affordability isn’t one of their strong suits doesn’t mean that they aren’t quality products that could be very helpful for some people. You need to judge for yourself whether things like the top-notch referral program and the potential for phone support are enough for you to go ahead with borrowing from them even at great cost to you. Make sure that you calculate the full cost of the loan you’ll be getting beforehand so you know exactly what you’re getting into, and if the idea still sounds good to you, you can go forth and apply without any reservations holding you back.