Better Day Loans review: Not a payday loan — but extremely high rates

Written by: Kat Tretina
• Updated •2 min read
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Pensive woman sitting at desk in the living room looking at laptopImage: Pensive woman sitting at desk in the living room looking at laptop

In a Nutshell

A tribal lender offering small loans to people with less-than-perfect credit, Better Day Loans charges extremely high interest rates. While the lender says it may be able to disburse your funding quickly, this loan should be an absolute last resort.
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What you need to know about a Better Day Loans personal loan

Better Day Loans is a tribal lender operated by the Kashia Band of Pomo Indians of the Stewarts Point Rancheria. It specializes in emergency installment loans for people with poor credit.

Should I get a Better Day Loans installment loan?

With its sky-high interest rates, taking out a loan from Better Day Loans is an extremely expensive form of borrowing — something you might consider only if you have no other option for dealing with an emergency expense.

If you’re facing a necessary car repair, medical bill or another emergency, consider these alternatives before applying for a loan from Better Day Loans.

  • Use a credit card. While credit cards can have fairly high interest rates, their APRs are typically much lower than you’d get with Better Day Loans or payday lenders. Even with less-than-stellar credit, you may qualify for credit cards designed for people with bad credit.
  • Set up a payment plan. If you have medical bills, some doctor offices and hospitals will allow you to set up a payment plan and split the bill into smaller monthly payments.
  • Request a payroll advance. If you’re employed, consider asking your employer for a payroll advance to get a portion of your next paycheck early.
  • Ask for help. If you’re in a tight situation, asking friends or family for a small loan can be a more cost-effective way to pay for emergency expenses.

If those alternatives aren’t possible in your situation and you decide to take out a loan from Better Day Loans, develop a budget and repayment plan to ensure you can make all of your payments on time. If you can, make extra payments to get rid of the loan early to reduce the amount of finance charges that accrue.

*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the personal loan, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.

About the author: Kat Tretina is a personal finance writer with a master’s degree in communication studies from West Chester University of Pennsylvania. Obsessed with her many side hustles, she focuses on helping people pay down their … Read more.