NetLoanUSA is a company that connects short-term personal loan borrowers to lenders through its website. They do not issue loans directly but rather provide one free, quick application that then connects applicants to a lender who can meet their needs. Applicants can borrow up to $1,000 with generally quite short repayment term lengths and variable, though high, annual interest rates.
NetLoanUSA is one of several similar businesses under the larger Blue Global Media parent company. NetLoanUSA and Blue Global Media have one physical location in Arizona, and all of their business is handled online or over the phone. Blue Global Media has been in operation since 2004, although it is unclear if NetLoanUSA has been an active company since then as well.
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:
Applications can also be submitted over the phone and require much of the same information, including:
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.
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.
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.
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:
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.
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.