I applied for a $1,000 loan. Here is what happened.
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When my car broke down a few months ago and I needed quick cash for repairs, my friend recommended a company called ZippyLoan.
They say you can borrow between $100 and $15,000 and have the money in your account by tomorrow, even if you have bad credit.
But are they legit or just another scam?
Keep reading to find out what happened when I tried ZippyLoan and if you should ask them for a loan too.
What is ZippyLoan?
If you’ve searched online for a personal or payday loan company, you’ve probably heard of ZippyLoan.
This is a free, no-obligation service that helps connect you with potential lenders.
If you’re looking for quick access to a personal loan through a simple, secure, and transparent process, ZippyLoan may be able to help.
Its website states that borrowers can avail unsecured personal loans with just proof of identity and a regular source of income.
Whether you need a loan for personal or family use, like making a major purchase, renovating your home, consolidating debt, or just covering an unexpected expense, ZippyLoan can help.
How ZippyLoan Works
When you use ZippyLoan, you are not borrowing directly from the company.
They are not lenders and are not involved in the loan approval process.
Instead, ZippyLoan helps connect you with potential lenders who can lend you the money you need.
Here is an overview of how ZippyLoan works.
- The first step is to complete an online form. ZippyLoan says it takes less than 5 minutes. You can fill out this form on a desktop or mobile device 24 hours a day, 7 days a week, so there are no queues or waiting.
- The second step is that ZippyLoan tries to put you in touch with a lender who will make you a non-binding offer. It shares your information with lenders on its platform to see who may be able to help you. If you receive an offer and are happy with the terms of the loan, you can electronically sign a loan agreement on the spot and have your money deposited in your bank account the next business day.
- The third and final step is to repay your loan. If you take out a payday loan, you can pay on your next pay date. You can also opt for a personal loan that offers monthly repayment for up to 60 months.
To apply for a loan from ZippyLoan lenders, all you need is proof of identity and a regular source of income.
There is no minimum credit score, so you may be able to get approved for a loan regardless of your credit history.
This makes ZippyLoan one of the best places to apply for a personal loan if you have a low credit score.
Is it safe to use the ZippyLoan website?
Plugging your personal information into a website can be daunting, but ZippyLoan is safe and secure.
They are members of the Online Lenders Alliance (OLA) and are committed to high standards of conduct. If you have any problems, you can call the OLA Consumer Helpline (1-866-299-7585) for assistance.
As ZippyLoan is not a lender, it does not perform credit checks, so your credit score will not be affected.
If you accept an offer, the lender will tell you whether they will do a soft or hard credit check before electronically signing your agreement.
Is it easy to use?
ZippyLoan’s online form is fully optimized for mobile devices, so you can apply for a personal loan wherever you are.
The form takes less than 5 minutes to complete and you should start receiving offers from lenders immediately.
One of the best features of ZippyLoan is that everything is done online so you can get approved quickly.
If a lender makes you an offer that suits you, you can sign the agreement online and receive your money the next business day.
Rates and Fees
Network lenders offer between $100 and $15,000 and are flexible on rates and fees.
The exact terms you are offered will depend on your personal circumstances and credit history, but here are some representative examples:
- Short-term or payday loans are usually due in full in 14 days and cost between $10 and $30 per $100 borrowed.
- Personal loans can be repaid over 6 to 60 months and have an annual rate (APR) of between 7.04% and 35.89%.
To give a fair review of ZippyLoan, I also wanted to give my opinion on some of the downsides of using the website.
Disadvantages of ZippyLoan?
Unfortunately, ZippyLoan is not available to residents of New York, District of Columbia, Oregon, or West Virginia.
And because it’s not a direct lender, it makes no promises that you’ll be approved or qualify for a certain rate on your loan.
Another thing to remember is that ZippyLoan won’t do a credit check when you fill out their form, but all the lenders you work with will.
Most lenders will do a credit check through one of the big three credit bureaus, Experian, Equifax or TransUnion.
This type of check can show up on your credit report and can worsen your score, so be sure to check with lenders before applying.
My experience with ZippyLoan
When my car broke down and needed repairs, I had to borrow $1,000 and asked ZippyLoan for help.
Here’s how it went.
- The application process was very simple and it took me less than 5 minutes to enter all my information.
- Within minutes I had loan offers from lenders ready to lend me. The terms of the loans were all written down and I could see what credit checks they wanted to do before I accepted the loan.
- I decided to choose a lender who offered me a 14 day loan with a fee of $15 per $100. This meant I could borrow $1,000 for two weeks and had to pay back $1,150, which I thought was reasonable.
- After accepting the offer, I had the $1,000 in my account the next day.
I found the whole process very easy and was able to get the money I needed quickly, and will use them again if I ever need emergency money.
If you’re looking for a quick loan to get you out of trouble and you’re sure you can pay it back, then I 100% recommend ZippyLoan.