247loan.com was established in 1998. The organization is a Third Party Lender, meaning that they take a potential borrower's application and match them up with one of the several lenders they work with. Due to this the interest rates, fees, payment information and terms of contract are not a set standard but vary from lender to lender. Being an online entity, they do not have an established physical location, but work from multiple satellite sites.
247loan.com provides a free online application with a quick (generally 90 second) turnaround time for approval. They also boast a 24 hour a day, 7 day a week business model. The application process requires you provide the following personal information:
This information is designated to be used for verification and payment purposes. The company claims that it is not their practice to use a borrower's private information for any other purposes.
Once the application is approved 247loan.com generally funds the borrower within a business day. Though holidays, weekends and government schedules are observed, which means depending on the timing of the loan approval it could be several days before the money can be processed and sent to the borrower's account.
247loan.com is a Third Party Lender. This means that the borrower is never directly connected with the lender themselves. This means that despite promoting the fact that they have no requirement for credit checks, they still do have to run them on the lender's behalf. This also pokes holes in their claim that they can get you a loan if you have good or bad credit. This is not to say that they do not help people with bad credit, but that they can be denied the loan by merits of credit.
Payday Loans do not meet all the lending requirements in all 50 states, and so many loan companies do not have services available in those states. 247loan.com did not have any mention of restriction on their sites. The application process did not define any state boundaries either, allowing for a potential borrower to request a loan from any of the 50 states. However, with the restrictions of some states, this could be the reason for an application being denied funding. Depending on the loan duration, amount and lender the interest rates range from 260.71% to 1825% APR. Along with the high interest rates, 247loan.com also has fees that could apply for a variety of reasons, but that are determined by lender and therefore have no further information available about them.
Contacting the company proves difficult as their automated phone system tends to place callers in an infinite loop rather than get them in touch with an agent. Also, because they are a third party lender, the borrower does not have the option to speak with the lender directly. A top the phone line issue is the fact that they are primarily an eBusiness and therefore do not a singular physical location, but rather, many satellite locations, so going into a location will not aid a borrower in meeting with an agent.
Timiki Paige Tuscaloosa, AL
5 years ago