NetLoanUSA

• Simple Application Process
• Poor Credit Options
• Informative Website

Simple Application Process

NetLoanUSA offers a single, simple application form that is free to fill out and takes less than 10 minutes (as the page will expire after that). According to their website, the application connects borrowers to over 120 cash loan providers to find the "highest loan amount at the lowest interest rate possible." Approval can happen in as little as 90 seconds once a loan has been signed and accepted, funds can be directly deposited by the next day or even sooner, in some cases. The online application asks for:

• Loan amount
• Personal information, including name, address, phone, email, date of birth, driver's license/state ID number and state, and social security number
• Active military (yes/no)
• employment information, including the type of employment, employer name and phone number, how often and how paychecks are received, the date of the next paycheck, and monthly income
• Bank account (yes/no)
• Bank account information, including the type of account, how long the account has been open, the bank name and phone number, routing number, and account number

Applications can also be submitted over the phone and require much of the same information, including:

• Zip code
• Last four digits of a social security number
• Birthdate
• Employed (yes/no)
• Checking account (yes/no)
• How often (i.e. weekly, monthly, etc.) and how (i.e. direct deposit, check, etc.) paychecks are received
• Phone number
• Active military (yes/no)
• Approximate monthly income

NetLoanUSA is not a direct lender and therefore does not have control or final say over loan amounts, repayment term lengths, or interest rates. However, they do advertise loan amounts of up to $1,000.

Poor Credit Options

One of their main selling points is that anyone can apply and even people with a poor credit history can be matched to a lender and receive funding.

Informative Website

NetLoanUSA does provide some information about possible additional fees and some points to consider before taking out a short-term loan. They mention that short-term loans are expensive in terms of interest and should be used for immediate financial needs and not as a long-term financial solution. They also briefly explain that larger loans with longer repayment terms are more likely to have lower interest rates than a small loan amount with a short repayment term.

• Third Party Lender
• Customer Service
• Customer Complaints

Third Party Lender

Because NetLoanUSA does not issue loans directly, they do not control the loan terms; however, they state on their website that interest rates are high and will range between 391% and 782%. They do not offer any information about repayment terms but these types of loans are generally due to be repaid in full in a very short amount of time (7 to 30 days). NetLoanUSA also explains that if loans cannot be repaid, lenders may respond in several negative ways, including:

• Issuing late fees
• Sending the account to a collection agency
• Reporting the information in a way that could negatively affect credit scores
• Offering to renew, extend, or refinance the loan which may incur additional fees, charges, and interest

Customer Service

Other than the online application, NetLoanUSA provides customers only a telephone number and email address for contacting them. However, it is very difficult (or not possible) to reach a real person at NetLoanUSA through those means. Emails are not responded to and the phone number gives callers an automated, over-the-phone application that then redirects them to a lending company instead of NetLoanUSA. There is a live chat option; however, the live chat is also completely automated and pops up unsolicited on the website. The "agent" types out the same initial responses in the same order each time, regardless of any questions from the visitor. While it is very possible and easy to reach representatives at the actual lending companies, NetLoanUSA does not seem to have a customer service team at all.

Customer Complaints

The majority of complaints are regarding consumers who received a flood of marketing calls after applying for a loan from one of Blue Global Media's sites, who were charged extra fees for loans that never came through, or who was asked to provide an initial deposit that was never refunded. For the majority of the responses from Blue Global Media, they claimed that the fraudulent charges and harassing phone calls must be coming from other sites as they do not themselves collect personal information. However, personal information is clearly required to apply for a loan on the NetLoanUSA site, as well as on other affiliated sites, so this seems like an information misdirect.