SpeedyNetLoan Loan Review 2020 – READ THIS BEFORE Applying!
Financial emergencies call for fast solutions, and SpeedyNetLoan touts itself as one such solution. What sets this service apart from the rest? Is it the right choice for you?
We have undertaken a thorough review of the platform to help you make an informed decision on whether to sign up for the service or not.
Read on to find out its features, benefits and downsides before you sign up.
What is SpeedyNetLoan?
SpeedyNetLoan is a loan connection service that works with multiple lenders to help you get the loan you need regardless of your circumstances.
As a result of its operational model, it offers services in almost all states and tons of options to suit different borrowers.
Pros and Cons of a SpeedyNetLoan Loan
SpeedyNetLoan Vs Short term online loan providers, how does it compare?
SpeedyNetLoan is a loans marketplace that connects both individual and institutional lenders and borrowers. It stands out due to the fact that you don’t need a stellar credit score to qualify for loans on the platform, its extended maximum loan limits and also the fact that it is available in virtually every part of the country. But how does it compare to such other online personal and installment loan service providers like Opploans, Advance America, and CashNet USA? We compared their services and summed their key highlights in the table below:
How does a SpeedyNetLoan loan work?
As a matching service, SpeedyNetLoan operates on a simple model. The idea behind their model is to help individuals who cannot meet the strict eligibility requirements that traditional financiers like banks set for borrowers.
As such, even if your credit score is far from perfect, you may still qualify for a loan with one of the lenders here. Note however that since these are unsecured loans, the interest rate will be higher if you are a higher risk borrower.
Instead of filling out multiple applications on different sites, they allow you to fill out just one. And then, based on the information you provide, they try to find the ideal lender for you.
They will consider such aspects as the amount of money you want to get and the preferred repayment terms. Other factors they take into consideration include your credit score as well as affordability, which is your ability to repay the loan.
In order to assess this, they will request personal information such as your employment status and monthly earnings.
You can borrow amounts ranging from as low as $100 all the way up to $5,000 on this platform. These vary in loan durations, with some of its lenders offering short term repayment periods while others offer longer terms.
You may therefore need to pay back the amount by your next payday, or you could take out a loan for up to 5 years.
Similarly, the APRs and fees that different lenders on the platform charge vary significantly. Unfortunately, this part is not within your control. In most cases, you will need to go through the application process so as to find out how much a loan will cost.
On the bright side though, you do not have to sign up for any loan if you do not find the terms satisfactory.
Among the top highlights of this lender is that it offers services in 48 states. This means that almost everyone can access its services, with a few exceptions.
What loan products does SpeedyNetLoan offer?
The lender offers all sorts of short term loans since they act as a matching service and not a direct lender. These include:
- Payday loans
- Short term installment loans
- Long term installment loans
What other store services does SpeedyNetLoan offer?
They do not offer any other store services.
SpeedyNetLoan Account Creation and Borrowing Process
1. To create an account and borrow here, visit the site and select the amount you need, the range of your credit score and the purpose of the loan.
2. Click “Get Cash Now” and provide your personal details.
Details include identity information, income and employment, contact information and bank account details.
3. Submit your application and wait for a response from one of their partner lenders.
Eligibility Criteria for SpeedyNetLoan Loan
In order to qualify for a loan on this platform, consider the requirements you need to fulfill:
- Be at least 18 years or older
- Have a regular source of income
These are the basic criteria, though your actual lender may have additional qualification requirements for you.
Information Borrowers Need to Provide to Get SpeedyNetLoan Loan
When applying for a loan on the site, you will need to provide the following information:
- Date of birth
- Residential status
- Employment details
- Income information
- Bank account details
What states are accepted for SpeedyNetLoan loans?
SpeedyNetLoan works in all US states with the following exceptions:
- Washington DC
- New York
- West Virginia
What are SpeedyNetLoan loan borrowing costs?
SpeedyNetLoan does not have a specific amount in borrowing costs as it is not a direct lender. Instead, every lender on the platform works with their rates and fees. Additionally, the rate you pay will depend on your state of residence.
Every state has its state limits on interest rates payable on different forms of credit. These have the objective of protecting borrowers from predatory lenders. Some lenders charge the maximum statutory amount while others offer friendlier terms.
Always assess this thoroughly before signing up for any loan.
SpeedyNetLoan Customer Support
SpeedyNetLoan does not have the best reputation online. To start with, their website does not give any contact information for the support team.
In addition to this, the site does not have accreditation from Better Business Bureau and is not listed on Trustpilot. On BBB, it has a D+ rating due to its low transparency.
Notably though, you need not worry so much about its reputation as it only serves as a connection service. Instead, you need to take time to assess the customer support and other features of your actual lender.
Before signing up for a loan, make sure that the lender in question is legit and take time to read through the reviews of other borrowers.
Is it safe to borrow from SpeedyNetLoan?
Generally speaking there are no safety concerns associated with borrowing from this lender. It makes use of 256-bit SSL encryption to keep user data safe.
But keep in mind that being a connection service, it will share your information with other lenders to find you a match. And as a result, you may get plenty of marketing emails, for a long time after taking out a loan.
However, you can opt out of this by emailing support though it may take up to 3 months before they completely delete your information.
SpeedyNetLoan Review Verdict
As its name suggests, SpeedyNetLoan is a fat funding service, ideal for financial emergencies. They offer matching services with tons of other lenders, making it easy to find a perfect fit with ideal conditions.
The best part is that no matter what your history or situation is, you will likely find a lender to finance your request. But the worst bit is that you have to go through the application process to know the rates and terms and even the identity of your lender.
It is not the most ideal arrangement but could work during financial crises.
Do I need any documents to apply for a loan?You may or may not need any documentation, depending on your actual lender’s requirements.
Can I get a personal loan on the platform?Yes. But in most cases, this will need a high credit score and monthly income.
Why does the lender ask for banking information?To confirm your identity as well as use it to fund your request.
When will I get my loan?It may take between 1 and 2 days, depending on your lender.
Can I repay my loan early?That will also depend on your lender. Check to find out if there are any fees or penalties for early repayment as these could outweigh the benefits of early repayment.
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