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SpeedyNetLoan Loan Review- READ THIS BEFORE Applying!

Last Updated: 23. September 2019
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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.

SpeedyNetLoan provides matching services, connecting borrowers to their ideal lending partners. The service makes it easy to get funding no matter your history or financial status with just a single application.

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

Pros

  • Multiple loan types and different terms and rates
  • Accessible in almost every state
  • Bad creditors can get funding

Cons

  • Barebones website with no information on how to contact support and sketchy FAQ section
  • Rates and terms are inaccessible until you go through the application process

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.

It’s essential to be cautious during the sign up process for these products. This is because you can end up owing two to three times what you borrow on the longer-term loans, and many have difficulty repaying the short-term loans without reborrowing.

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:

  • Name
  • Date of birth
  • Address
  • 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.

FAQ

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.

All trading carries risk. Views expressed are those of the writers only. Past performance is no guarantee of future results. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate. This website is free for you to use but we may receive commission from the companies we feature on this site.
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Nica is a BA Political Science degree holder who fell in love with writing after college. She specializes in financial technology and cryptocurrency. At her young age, she was already able to work with founders who graduated from Harvard, tech startups funded by Y-Combinator, CEOs of multi-million dollar blockchain companies, investment companies in London and many more.

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