I applied for a $1,000 loan. Here’s what happened.

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When my car broke down a few months ago and I needed quick money for repairs, my friend recommended a company to call ZippyLoan.

They say you can borrow anywhere from $100 to $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?

Read on to find out what happened when I tried ZippyLoan and whether or not you should apply for a loan there as well.

What is ZippyLoan?

If you’ve searched online for a personal loan or payday loan company, you’ve probably heard of ZippyLoan.

It’s a free, no-obligation service to help you match and connect with potential lenders.

If you are 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 qualify for unsecured personal loans if they only need proof of identity and a regular source of income.

Whether you need a loan for personal or family use, e.g. Whether it’s for a big purchase, renovating your home, consolidating debt, or just covering an unexpected expense, ZippyLoan can help.

How ZippyLoan works

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When you use ZippyLoan, you are not borrowing money directly from the company.

They are not lenders and are not involved in the loan approval process.

Instead, ZippyLoan helps put you in touch with potential lenders who may be able to lend you the money you need.

Here’s a quick look at how ZippyLoan works.

  1. The first step is to fill out an online form. According to ZippyLoan, this takes less than 5 minutes. You can fill out this form 24/7 on a desktop or mobile device, so there’s no queues or waiting.
  2. In the second step, ZippyLoan tries to put you in touch with a lender who will provide you with a non-binding offer. It shares your information with lenders on its platform to see who might be able to help. When you receive an offer and are happy with the loan terms, you can sign a loan agreement via email on the spot and your money will be credited to your bank account the next working day.
  3. The third and final step is paying off your loan. If you take out a payday loan, you can cash it out on your next payday. You can also opt for a personal loan that offers monthly repayments of up to 60 months.

To apply for loans from ZippyLoan lenders, all you need is proof of identity and a regular source of income.

There is no minimum credit rating, so you may be eligible 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 the ZippyLoan website safe to use?

Putting your personal information on a website can be daunting, but ZippyLoan is safe and secure.

They are a member 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 Hotline (1-866-299-7585) for assistance.

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credit checks?

Because ZippyLoan is not a lender, it does not perform credit checks, so your credit score will not be compromised.

When you accept an offer, the lender will tell you whether they will perform a soft or hard credit check before you electronically sign your agreement.

Is it easy to use?

ZippyLoan’s online form is fully mobile-friendly, so you can apply for a personal loan on the go, no matter where you are.

It takes less than 5 minutes to fill out the form and you should start receiving offers from lenders right away.

Fast Approvals?

One of ZippyLoan’s best features is that everything is done online, so you can get approved quickly.

If a lender makes you an offer that you’re happy with, you can sign the contract via email and receive your money the next business day.

Prices and Fees

Network lenders range from $100 to $15,000 and are flexible on interest rates and fees.

The exact terms and conditions offered to you will depend on your personal circumstances and credit rating, but here are some representative examples:

  • Short-term or payday loans are typically fully due in 14 days and range from $10 to $30 for every $100 borrowed.
  • Personal loans can be repaid over 6 to 60 months and have an annual rate (APR) between 7.04% and 35.89%.

In order to give ZippyLoan a fair review, I also wanted to give my opinion on some downsides of using the site.

Disadvantages of ZippyLoan?

Unfortunately, ZippyLoan is not available to residents of New York, the District of Columbia, Oregon, or West Virginia.

And since it’s not a direct lender, it doesn’t promise that you’ll be approved or qualify for a specific interest rate on your loan.

Another thing to remember is that ZippyLoan does not do a credit check when you fill out the form, but any lenders you work with will.

Most lenders do a hard credit check through one of the three major credit reporting agencies, Experian, Equifax, or TransUnion.

This type of review can appear on your credit file and lower your score, so be sure to check with lenders before applying.

My experience with ZippyLoan

When my car broke down and needed repairs, I needed to borrow $1,000 and turned to ZippyLoan for help.

That’s how it went.

  • The application process was super easy and it took me less than 5 minutes to fill in all my details.
  • Within minutes I had loan offers from lenders willing to lend me. The terms of the loans were all in writing and I could see what credit checks they wanted to do before I approved the loan.
  • I chose a lender who offered me a 14-day loan with a fee of $15 per $100. That meant I could borrow $1,000 for two weeks and pay back $1,150, which seemed reasonable to me.
  • 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 some emergency money.

If you’re looking for a quick loan to get you out of a tight spot and you’re confident you can pay it back, then I 100% recommend ZippyLoan.

Click here to visit ZippyLoan’s website and apply for the money you need today.

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