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GADCapital is a payday loan company that uses their lender network to match potential borrowers with a source of funding. They offer their services for several similar types of loans, including payday loans, title loans, installment loans, and merchant cash advances. They also provide a debt consolidation service.

It is unclear how long GADCapital has been operating, and there is very little information available about them apart from their website. GADCapital is headquartered in Florida, and while it seems that anyone can fill out an application with them, their services may not be available in all states; however, they do not provide a clear list of restricted states anywhere.

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The Good

  • Loan Options
  • Fast Approval
  • Loan Consolidation Services

Loan Options

GADCapital offers several similar types of funding and services:

  • Payday loans: small loan typically repaid on the borrower's next payday
  • Title loans: secured loan that uses the equity of a vehicle as collateral
  • Installment loans: small loans paid back over time (14 to 18 months) in smaller payments
  • Merchant cash advances: unsecured, revenue-based business loans

The basic requirements for each type of loan are mostly the same: applicants must be at least 18 years old (25 years old for installment loans), be a U.S. citizen, have a steady monthly income ($800 minimum for payday loans, $1,300 minimum for installment loans), and have an active bank account that allows for direct deposits. The amount of time it takes for funds to be deposited varies from service to service. The payday loan application asks for the following information:

  • Requested loan amount
  • Personal information: name, phone number(s), address, length of time at residence, homeowner (yes/no), birthdate, social security number, driver's license number
  • Employment information: type and amount of monthly income, how paychecks are received, employer name, how long employed, frequency of paydays, date of next two paydays
  • Military status (yes/no)
  • Marital status
  • Financial information: bank name, length of time with bank, routing number, account number, account type

The application can be filled out and submitted online or over the phone.

Fast Approval

Once an application is submitted, it is instantly reviewed for pre-approval, and usually, a lender from GADCapital's network will contact the borrower within 90 seconds to let them know they've been approved.

The lender will then electronically send loan documents for review and signing; in most cases, there is no need for the borrowers to fax or mail in anything.

Funds are deposited by the next business day. GADCapital is not a direct lender but rather screens applicants to make sure they fit the requirements of their network lenders.

The specific terms of each payday loan, such as interest rate, loan amount, late fees, and repayment schedule will be decided by the lender based on the borrower's information. That being said, GADCapital does advertise for payday loans of up to $500 and repayment terms of 2 to 4 weeks, depending on how frequently a borrower is paid.

Borrowers are encouraged to pay back their loans early if at all possible without any early payoff penalties. If borrowers cannot pay back the loan in full on the due date (generally their next payday), many lenders will allow them to extend or rollover the amount left to the following payday for a small fee.

Lenders may also charge late fees or insufficient funds fees if warranted.

GADCapital has a great infographic about the facts and figures on short-term loans. They have statistics about income trends, short-term loans, credit card situations, and payday loan affordability and facts. While they do definitely advertise the benefits of payday loans elsewhere on their website, many of the statistics speak for themselves and warn against taking out a short-term loan.

Loan Consolidation Services

GADCapital also offers loan consolidation services. Once a monthly payment has been calculated, based on the overall amount of debt and what the borrower can afford, borrowers will start putting that monthly amount into a separate bank account. When enough money has accrued, GADCapital will negotiate repayments with the owed lenders. Most lenders will work with GADCapital, though there is no guarantee, and the process takes anywhere from 6 to 18 months.

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The Bad

  • Contacting the Company
  • Interest Rates
  • Third Party Lender

Contacting the Company

GADCapital provides customers with a few methods of contacting customer support:

  • Phone number
  • Email address
  • Mailing address

There is also a completely automated "live" chat that pops up on each page of their website. However, emails do not get responses and the phone number leads callers to an automated application and then directs them to a third-party lender. It seems as though it is not possible, or is at least very difficult, to reach an actual representative of GADCapital.

Interest Rates

As with any payday loan company, the interest rates attached to a payday loan will be significantly higher than the interest rates on other types of loans. GADCapital is not a direct lender and so does not have control over the interest rates; however, they do state that the rates will be between 390% and 780% APR, which, while completely average for the payday loan industry, will mean and will vary for each borrower based on the loan amount and repayment schedule.

Third Party Lender

Because GADCapital connects borrowers to their network of lenders, applicants know that their personal information, including social security number and bank account number, is going to be shared with other businesses. While this is simply an upfront part of the process, it is very likely that more than one loan company will reach out to the applicants. Customers should be prepared to receive marketing information from several possibly unsolicited sources.

There are very few online reviews of GADCapital, good or bad. The lack of objective information is a little concerning, especially combined with the fact that GADCapital is not a direct lender but rather sends borrowers' information to their network of lenders. Giving out sensitive personal information over the internet is always risky, but without more information about GADCapital, it does not seem like a safe idea. 

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The Bottom Line

GADCapital is a short-term loan company that matches borrowers with their network of lenders. They do not issues loans themselves, but they do advertise payday loan amounts of up to $500, due on the borrower's next payday, with interest rates that range from 390% to 780% APR. GADCapital does not have any specific information about additional fees or charges, as those will be decided by the lender.

In addition to payday loans, customers may also apply for other similar types of loans, such as title loans, installment loans, and merchant cash advances. GADCapital also offers a loan consolidation service.

GADCapital's application appears to be open to anyone but there may be some restrictions based on the applicant's state of residence; however, this information is not clearly stated anywhere on their website. GADCapital is not a recommended payday lender at this time, due to the lack of information available on this company.

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