Quick2Lend Review: All You Need to Know
Facing an emergency with no savings and bad credit can be stressful. However, there are several ways to get fast funding, even if traditional lenders turn you down. Quick2Lend is one of the legit companies that provide fast and safe loans to borrowers with any credit. Although it may be lifesaving in extreme cases, its high interest rates should be considered carefully and approached with caution.
Quick2Lend Overview
Quick2Lend is a connecting company that partners with a large number of direct loan providers. It introduces you application details to the network of trusted lenders, improving your chances to find a suitable loan offer with the requirements you can meet.
The service has been a member of the Online Lenders Alliance since 2005, which makes it a safe alternative to payday loans. It offers loan amounts between $250 and $3,000 that can be repaid in 3 to 36 months. However, interest rates may be quite high. Although the service claims that some loan providers offer APRs between 5.99% and 35.99%, they are only available to certain groups of borrowers, typically with good credit.
Pros and Cons of Quick2Lend Installment Loans
Quick2Lend installment loans come with the following pros and cons.
Pros:
Cons:
Flexible repayment options;
Loan amounts convenient for small emergencies;
No application or upfront fees;
Fast direct deposits;
All FICO scores are considered.
Potentially high APRs for borrowers with bad credit;
Not a direct lender;
Late and non-sufficient funds fees can be charged.
Quick2Lend Loan Features
Here’s a closer look at the key features of Quick2Lend loans.
Repayment Flexibility
You can choose a repayment period that aligns with your current financial situation. The terms can be between 3 and 36 months.
No Application Fees
The company offers completely free services and charges no fees for connecting you with a suitable lender. You will only pay interest and fees to the loan provider whose offer you accept.
Quick Funding Times
As the company states, most lenders make direct deposits in as little as 15 minutes of approval. However, there is a note. The money will reach your bank account in accordance with your bank’s policies and procedures, typically on the next business day.
Credit Score Inclusivity
The service considers borrowers with any credit histories and looks far beyond just your credit scores. This makes its loans quite accessible for underbanked applicants.
Lack of Personal Communication
The service doesn’t have a physical store and doesn’t accept phone calls. You can only contact the company online if you face a problem or have other questions regarding its services.
Third-Party Service
The company is not responsible for making loan decisions, funding loans, or collecting payments. It only helps you find an offer from a lender with the requirements you can meet.
Potentially High APRs for People with Bad Credit
Borrowers with less-than-perfect credit scores can face high loan costs and significant overpayment.
How to Apply for Quick2Lend Loans?
To complete the application for Quick2Lend loans, you need to complete just a few simple steps:
- Provide your basic personal information by filling out an online loan request form.
- Get a response from a direct lender. The process usually doesn’t involve a hard credit check, so it takes less than 1 hour.
- Receive your loan. If approved, the money will be deposited directly into your checking account. This usually happens on the next business day of approval.
Before applying, make sure you meet the following basic requirements:
- No less than 18 years old;
- Have an active checking account in your name;
- Have a steady source of verifiable income.
Keep in mind that there may be extra requirements set by a specific lender. You may also be asked to provide supporting documents or their digital copies.
Final Thoughts
Quick2Lend is a safe way to borrow a small amount to cover unplanned expenses or financial emergencies. It mostly suits borrowers with bad credit and people who need money urgently. Although it provides repayment flexibility and quick funding, there are several pitfalls in the form of potentially high APRs, limited control over the loan process, and lack of personal communication.
FAQ
Is It Safe to Borrow Money from Quick2Lend?
The service is a member of Online Lenders Alliance and uses modern security services to protect your data from third parties that are not involved in a lending process. Thus, it may be considered safe to use.
Are There Any Fees for Requesting a Loan from Quick2Lend?
Quick2Lend itself doesn’t charge any fees for its services. However, its lenders do. Thus, you need to review your loan offer carefully before signing any documents.
How Will I Repay My Quick2Lend Loan?
In most cases, the repayment is made via an automatic money withdrawal from your bank account. You and your lender have an agreed upon date and amount that will be deducted from your balance.
How Much Do Quick2Lend Loans Cost?
Your loan cost depends solely on your lender. APRs can vary widely and will be outlined in your loan agreement. Borrowers with good credit can expect to get a loan at 5.99% to 35.99% APRs. People with bad credit may be offered higher rates.