Membership is 100% FREE
& it only takes few minutes to apply.
Funds transfer instantly
Money is transferred to your account immediately after the loan is approved.
Simple & transparent fees
Rainy Day has no upfront fees. You only pay for the days you need, and the fee is very simple - $1/day after your free days have been used. No hidden fees.
Five free days, four times a year
Rainy Day provides a total of 20 free days a year to make it free to borrow when there is a short term emergency.
It just gets better
As you develop a repayment history with Rainy Day, the deal just gets better - higher credit limits, the ability to invite friends, and more free days.
No funny business
We are a direct lender. Your information is stored securely and never shared. No hidden fees.
Improve your credit score
Rainy Day will report positive repayments to the credit bureaus once enough history is established.
What is Rainy Day?
We hope to revolutionize the short-term lending space with what we call "Socially Driven Lending".
Our goal is to provide a real alternative to the high costs, hidden fees and predatory practices associated with most short-term lending. We provide loans with no interest or fees of any kind for the first 5 days to make it free to borrow money when there's a short-term emergency.
If you need the money longer than 5 days, fees are very simple: $1 a day. There are no hidden fees. The total amount shown in the slider to the right is all you'll pay for your loan.
What is Socially Driven Lending?
Socially driven lending means two things to us:
- Creating a lending option that genuinely helps solve problems rather than making them worse.
- Applying the lessons learned by Grameen Bank and other successful microfinance institutions (MFIs) through social media to create a virtually connected lending community, and to make new loans largely based upon the recommendations of that community.
Our hope is to grow exclusively through the recommendations of our members. Rainy Day members who repay their loans on time will be able to invite friends to join. If a friend successfully repays their loans, the amount both can borrow will increase. Overtime, we hope to be able to offer members who consistently repay on time, and invite friends who repay on time, lots of additional benefits.
How to Apply
The application process is simple. There is no credit check, no need to fax anything and no paperwork. You just need two things:
Active more than a year
Checking or Savings
To be able to lend money with low fees, or no fees, we need to keep default rates very low. In order to do that, we rely on our customers to help us in two ways:
- To only borrow what they can pay back on time
- To only recommend friends and family member who they feel will repay their loans
As such, most new Rainy Day members are accepted based on the recommendation of a current Rainy Day member. If you have a friend or family member who is currently a Rainy Day member, you can join immediately with their recommendation. If not, you'll be placed on the waiting list when you finish the brief application.